STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2022
DESCRIPTION SHARES MARKET VALUE
----------- ------ -------
COMMON STOCKS ? 98.14%
Petroleum Refining-14.03%
Chevron Corp. 14,330 2,333,354
Phillips 66 8,432 728,440
Valero Energy Corp 18,302 $ 1,858,385
---------
4,920,179
Computer and Office Equipment-8.59%
Hewlett Packard Inc. 42,844 1,555,237
International Business Machines Corp. 11,216 1,458,304
---------
3,013,541
Pharmaceutical Preps-7.76%
AbbVie Inc. 9,869 1,599,864
Pfizer Inc. 21,646 1,120,613
---------
2,720,477
Telephone Communications, Except
Radiotelephone-7.72%
AT&T 62,553 1,478,127
Verizon 24,089 1,227,094
---------
2,705,221
Gold and Silver Ores-5.59%
Newmont Corp. 24,690 1,961,621
Cigarettes-4.89%
Altria Group, Inc. 32,853 1,716,569
Life Insurance-4.85%
Prudential Financial, Inc. 14,395 1,701,057
Raw Farm Food-4.83%
Universal Corp. 29,174 1,694,134
Electronic Computers-4.80%
Apple Inc. 9,633 1,682,018
TV Stations-4.70%
Paramount Global 43,586 1,647,987
The accompanying notes are an integral part of these financial statements
- Continued ?
STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS, continued
MARCH 31, 2022
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
Canned, Frozen & Preserved Fruit, Veg-4.60%
The Kraft Heinz Company 40,930 1,612,233
Semi-Conductors and Related Devices-4.46%
Intel Corp 31,526 1,562,429
Paper Prods-4.22%
Kimberly-Clark Corp 12,010 1,479,152
Biolog Prod-4.08%
Amgen Inc. 5,921 1,431,816
Engines and Turbines-3.98%
Cummins Inc. 6,812 1,397,209
Drug Store-3.75%
CVS Health Corp 12,983 1,314,009
Variety Stores-3.42%
Walmart 8,065 1,201,040
National Commercial Banks-1.87%
Wells Fargo 13,500 654,210
----------
Total common stocks (cost $24,082,998) $ 34,414,902
----------
SHORT-TERM INVESTMENTS ? 1.74%
Schwab Money Market Fund (Single Class Fund)
-current interest at 0.01% 610,357 $ 610,357
--------
Total short-term investments (cost $ 610,357) 610,357
--------
Total investment securities ? 99.88% (cost $24,693,355) 35,025,259
Other assets less liabilities ? 0.12% 42,966
--------
Net assets - 100.00% $ 35,068,225
============
STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FAIR VALUE OF INVESTMENTS
In accordance with U.S. generally accepted accounting principles (?GAAP?),
fair value is defined as the price that the Fund would receive to sell an
asset or pay to transfer a liability in an orderly transaction between market
participants at the measurement date. GAAP also establishes a framework for
measuring fair value, and a three-level hierarchy for fair value measurements
based upon the transparency of inputs to the valuation of an asset or
liability. Inputs may be observable or unobservable and refer broadly to the
assumptions that market participants would use in pricing the asset or
liability. Observable inputs reflect the assumptions market participants
would use in pricing the asset or liability based on market data obtained
from sources independent of the Fund. Unobservable inputs reflect the Fund's
own assumptions about the assumptions that market participants would use in
pricing the asset or liability developed based on the best information
available in the circumstances. Each investment is assigned a level based
upon the observability of the inputs which are significant to the overall
valuation. The three-tier hierarchy of inputs is summarized below.
Level 1 - quoted prices in active markets for identical investments.
Level 2 - observable inputs other than quoted prices (including quoted prices
for similar investments, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The following table summarizes the valuation of the Fund's investments by the
above fair value hierarchy levels as of March 31, 2022:
Investments Other
in Financial
Level Securities Instruments *
----- ---------- -----------
Level 1:
Common Stock $34,414,902 $ 0
Short term investments 610,357 0
----------- ------------
Total Level 1: 35,025,259 0
Level 2 0 0
Level 3 0 0
----------- ------------
Total $35,025,259 $ 0
=========== ============
* Other financial instruments are derivative instruments not reflected
in the Portfolio of Investments, such as futures forwards and swap contracts,
which are valued at the unrealized appreciation / depreciation on the
instrument. As of March 31, 2022, the Fund did not own any other financial
instruments.