STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 2024
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
COMMON STOCKS ? 97.81%
Pharmaceutical Preps-15.68%
AbbVie Inc. 9,730 $ 1,771,833
Bristol-Myers Squibb Co 30,245 1,640,186
Pfizer Inc. 46,798 1,298,645
---------
4,710,664
National Commercial Banks-15.01%
Bank of America 44,380 1,682,890
Citigroup Inc. 32,275 2,041,071
Wells Fargo 13,500 782,460
---------
4,506,421
Petroleum Refining-12.79%
Chevron Corp. 12,916 2,037,370
Valero Energy Corp 10,569 1,804,023
---------
3,841,393
Cigarettes-10.60%
British American Tobacco Industries 53,354 1,627,297
Altria Group, Inc. 35,673 1,556,056
---------
3,183,353
Telephone Communications, Except
Radiotelephone-9.27%
AT&T 77,649 1,366,622
Verizon 33,788 1,417,744
---------
2,784,366
Pipe Lines (No Natural Gas)-4.95%
HF Sinclair Corp 24,633 1,487,094
Paper Prods-4.67%
Kimberly-Clark Corp 10,833 1,401,249
Canned, Frozen & Preserved Fruit, Veg-4.60%
The Kraft Heinz Company 37,437 1,381,425
Gold and Silver Ores-4.41%
Newmont Corp. 36,957 1,324,539
- Continued ?
STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS, continued
MARCH 31, 2024
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
Biolog Prod-4.41%
Amgen Inc. 4,659 1,324,647
Food and Kindred Products-3.96%
Conagra Brands Inc 40,105 1,188,712
Electronic Computers-3.95%
Apple Inc. 6,917 1,186,127
Computer Communications Equipment-3.52%
Cisco Systems Inc. 21,206 1,058,391
----------
Total common stocks (cost $23,758,947) $ 29,378,381
----------
SHORT-TERM INVESTMENTS ? 1.88%
Schwab Money Market Fund (Single Class Fund)
-current interest at 0.45% 563,658 $ 563,658
--------
Total short-term investments (cost $ 563,658) 563,658
--------
Total investment securities ? 99.69% (cost $24,322,605) 29,942,039
Other assets less liabilities ? 0.31% 93,057
--------
Net assets - 100.00% $ 30,035,096
============
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, 2024:
Investments Other
in Financial
Level Securities* Instruments **
----- ---------- -----------
Level 1:
Common Stock $29,378,381 $ 0
Short term investments 563,658 0
----------- ------------
Total Level 1: 29,942,039 0
Level 2 0 0
Level 3 0 0
----------- ------------
Total $29,942,039 $ 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 March 31, 2024, the Fund did not own any other financial
instruments.