STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2024
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
COMMON STOCKS ? 98.41%
Pharmaceutical Preps-16.57%
AbbVie Inc. 8,730 $ 1,551,321
Bristol-Myers Squibb Co 37,368 2,113,534
Pfizer Inc. 47,761 1,267,099
---------
4,931,954
National Commercial Banks-14.22%
Bank of America 44,380 1,950,501
Citigroup Inc. 22,232 1,564,910
Wells Fargo 10,166 714,060
---------
4,229,471
Cigarettes-11.31%
British American Tobacco Industries 41,314 1,500,524
Altria Group, Inc. 35,673 1,865,341
---------
3,365,865
Petroleum Refining-10.65%
Chevron Corp. 12,916 1,870,753
Valero Energy Corp 10,569 1,295,654
---------
3,166,407
Telephone Communications, Except
Radiotelephone-10.48%
AT&T 77,649 1,768,068
Verizon 33,788 1,351,182
---------
3,119,250
Electronic Computers-5.82%
Apple Inc. 6,917 1,732,155
Paper Prods-4.77%
Kimberly-Clark Corp 10,833 1,419,556
Gold and Silver Ores-4.62%
Newmont Corp. 36,957 1,375,540
Computer Communications Equipment-4.22%
Cisco Systems Inc. 21,206 1,255,395
- Continued ?
STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS, continued
DECEMBER 31, 2024
DESCRIPTION SHARES MARKET VALUE
----------- ------ ------------
Canned, Frozen & Preserved Fruit, Veg-4.19%
The Kraft Heinz Company 40,557 1,245,505
Biolog Prod-4.08%
Amgen Inc. 4,659 1,214,322
Food and Kindred Products-3.74%
Conagra Brands Inc 40,105 1,112,914
Pipe Lines (No Natural Gas)-3.74%
HF Sinclair Corp 31,734 1,112,277
----------
Total common stocks (cost $23,273,496) $ 29,280,612
----------
SHORT-TERM INVESTMENTS ? 1.38%
Schwab Money Market Fund (Single Class Fund)
-current interest at 0.45% 410,903 $ 410,903
--------
Total short-term investments (cost $ 410,903) 410,903
--------
Total investment securities ? 99.80% (cost $23,684,399) 29,691,515
Other assets less liabilities ? 0.20% 58,639
--------
Net assets - 100.00% $ 29,750,154
============
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, 2024:
Investments Other
in Financial
Level Securities Instruments *
----- ---------- -----------
Level 1:
Common Stock $29,280,612 $ 0
Short term investments 410,903 0
----------- ------------
Total Level 1: 29,691,515 0
Level 2 0 0
Level 3 0 0
----------- ------------
Total $29,691,515 $ 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 December 31, 2024, the Fund did not own any other
financial instruments.