STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
COMMON STOCKS ? 98.79%
Pharmaceutical Preps-15.92%
AbbVie Inc. 10,036 $ 1,555,279
Bristol-Myers Squibb Co 30,245 1,551,871
Pfizer Inc. 46,798 1,347,314
---------
4,454,464
National Commercial Banks-13.64%
Bank of America 44,380 1,494,275
Citigroup Inc. 32,275 1,660,226
Wells Fargo 13,500 664,470
---------
3,818,971
Petroleum Refining-11.79%
Chevron Corp. 12,916 1,926,551
Valero Energy Corp 10,569 1,373,970
---------
3,300,521
Cigarettes-10.72%
British American Tobacco Industries 53,354 1,562,739
Altria Group, Inc. 35,673 1,439,049
---------
3,001,788
Telephone Communications, Except
Radiotelephone-9.21%
AT&T 77,649 1,302,950
Verizon 33,788 1,273,808
---------
2,576,758
Gold and Silver Ores-5.47%
Newmont Corp. 36,957 1,529,650
Canned, Frozen & Preserved Fruit, Veg-4.95%
The Kraft Heinz Company 37,437 1,384,420
Pipe Lines (No Natural Gas)-4.89%
HF Sinclair Corp 24,633 1,368,856
Biolog Prod-4.80%
Amgen Inc. 4,659 1,341,885
- Continued ?
STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS, continued
DECEMBER 31, 2023
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
Electronic Computers-4.76%
Apple Inc. 6,917 1,331,730
Paper Prods-4.70%
Kimberly-Clark Corp 10,833 1,316,318
Food and Kindred Products-4.11%
Conagra Brands Inc 40,105 1,149,409
Computer Communications Equipment-3.83%
Cisco Systems Inc. 21,206 1,071,327
----------
Total common stocks (cost $23,786,910) $ 27,646,097
----------
SHORT-TERM INVESTMENTS ? 0.98%
Schwab Money Market Fund (Single Class Fund)
-current interest at 0.45% 274,094 $ 274,094
--------
Total short-term investments (cost $ 274,094) 274,094
--------
Total investment securities ? 99.77% (cost $24,061,004) 27,920,191
Other assets less liabilities ? 0.23% 63,335
--------
Net assets - 100.00% $ 27,983,526
============
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 December 31, 2023:
Investments Other
in Financial
Level Securities* Instruments **
----- ---------- -----------
Level 1:
Common Stock $27,646,097 $ 0
Short term investments 274,094 0
----------- ------------
Total Level 1: 27,920,191 0
Level 2 0 0
Level 3 0 0
----------- ------------
Total $27,920,191 $ 0
=========== ============
*All investments in securities are classified as ?Highly Liquid?.
** 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 December 31, 2023, the Fund did not own any other
financial instruments.