Stock Dividend Fund, Inc. – ‘N-Q’ for 9/30/14

On:  Monday, 10/20/14, at 12:10pm ET   ·   Effective:  10/20/14   ·   For:  9/30/14   ·   Accession #:  1330833-14-24   ·   File #:  811-21576

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a          5±    20K 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                                  2±     8K 

N-Q   —   Quarterly Schedule of Portfolio Holdings of a Management Investment Company
Document Table of Contents

FORM N-Q                                                                        

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT               
INVESTMENT COMPANY                                                              

Investment Company Act File Number           811-21576                          

Exact Name of registrant as                  Stock Dividend Fund, Inc.          
Specified in charter                                                

Address of principal executive office        8150 N. Central Expwy              
Suite #M1120  
                             Dallas, Texas 75206

Name and address of agent for service        Laura S. Adams                     
                               8150 N. Central Expwy
            Suite #M1120
                             Dallas, Texas 75206

Registrants telephone number, inc. area code 214-360-7418                       

Date of fiscal year end:                     12/31                              

Date of reporting period:                    09/30/14                           

Item 1.  Schedule of Investments                                                

STOCK DIVIDEND FUND, INC.                                                       
SCHEDULE OF INVESTMENTS (Unaudited)                                             
SEPTEMBER 30, 2014                                                              

DESCRIPTION                                 SHARES      MARKET VALUE            
-----------                                 ------           -------            

COMMON STOCKS ? 95.16%                                                          

Metal Mining Services-5.12%                                                     
Southern Copper Corp.                    64,600          1,915,390        

Industrial Inorganic Chemicals-5.28%                                            
Olin                                  78,190          1,974,298           

Gold Ores-3.72%                                                                 
Barrick Gold Corp                     95,000          1,392,700           

Petroleum Refining-10.51%                                                       
Holly Frontier Corp                      35,411          1,546,752        
Valero Energy Corp                       51,474          2,381,702        
                                                --------
                                                 3,928,454

Electric Services-5.67%                                                         
Entergy Corp                           27,420          2,120,389          

Semi Conductors and Related Devices-7.02%                                       
Intel Corp                           75,409          2,625,741            

Mining Machinery-5.76%                                                          
Joy Global Inc                               39,486          2,153,566    

Telephone Communications, Except                                                
Radiotelephone-5.03%                                                            
Verizon                                  37,655          1,882,373        

Computer and Office Equipment-5.99%                                             
Hewlett Packard                          63,153          2,240,037        

Leather and Leather Products-2.50%                                              
Coach, Inc.                                    26,254            934,905  

Electric Services-8.26%                                                         
Exelon                                43,100          1,469,279           
Hawaiian Electric                           60,975          1,618,887     
                                            --------
                                               3,088,166

Drilling Oil and Gas Wells-3.81%                                                
Diamond Offshore Drilling Inc.           41,618          1,426,249        

- Continued -                                                                   

STOCK DIVIDEND FUND, INC.                                                       
SCHEDULE OF INVESTMENTS, continued                                              
(Unaudited)                                                                     
SEPTEMBER 30, 2014                                                              

DESCRIPTION                                 SHARES      MARKET VALUE            
-----------                                 ------      ------------            

Crude Petroleum and Natural Gas-18.87%                                          
Occidental Petroleum Corp                17,942          1,725,123        
Chevron Corp                                 11,963          1,427,425    
ConocoPhillips                           29,370          2,247,393        
Murphy Oil Corp                          29,146          1,658,699        
                                                  --------
                                                 7,058,640

Telephone Communications-4.66%                                                  
AT&T                                     49,500          1,744,380        

Iron Ores-2.96%                                                                 
Cliffs Natural Resources                106,483          1,105,293        

Total common stocks (cost $31,301,100)               $  35,590,581        
                                      --------

STOCK DIVIDEND FUND, INC.                                                       
SCHEDULE OF INVESTMENTS, continued                                              
(Unaudited)                                                                     
SEPTEMBER 30, 2014                                                              

                                  SHARES      FAIR VALUE
SHORT-TERM INVESTMENTS ? 4.85%                ------        --------            
Schwab Money Market Fund                                                  
  -current interest at 0.00%   1,814,254     $ 1,814,254
                                                --------

Total short-term investments (cost $ 1,814,254)         1,814,254         
                                                --------

Total investment securities ? 100.01% (cost $33,115,354)  37,404,835            

Other assets less liabilities ? (0.01%)                       (4,546)           
                                                --------

Net assets - 100.00%                                   $  37,400,289            
                                            ============

The Fund adopted Financial Accounting Standards Board Statement of              
Financial Accounting Standards No. 157, Fair Value Measurements (FAS            
157). In accordance with FAS 157, 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. FAS 157 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 - other significant observable inputs (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 September 30, 2014:              

                  Investments          Other
                      in                   Financial
Level                         Securities           Instruments *    
-----                         ----------           -----------      
Level 1                       $37,404,508          $          0     
Level 2                                 0                     0     
Level 3                                 0                     0     
                         -----------          ------------
Total                         $37,404,508          $          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.                                                 

THIS IS AN UNAUDITED STATEMENT                                                  
See accompanying notes to these financial statements.                           
NOTES TO FINANCIAL STATEMENTS                                                   

Investment Transactions ? Purchases and Sales of investment securities          
(excluding money market funds) for the nine months ended September 30,          
2014 were $7,993,179 and $9,665,406, respectively.  At the end of the           
period, net unrealized appreciation for Federal Income tax purposes             
aggregated $4,289,481, of which $6,516,549 related to unrealized                
appreciation of securities and ($2,227,069) related to unrealized               
depreciation of securities.  The cost of investments at September 30,           
2014 for Federal Income tax purposes was $31,301,100, excluding short           
term investments.                                                               

Item 2.  Controls and Procedures                                                

a)      Laura S. Adams is the President and Treasurer of the Fund and has       
concluded that the Registrant?s disclosure controls and                         
procedures(as defined in Rule 30a-3(c) under the Investment                     
Company Act of 1940 are effective as of a date within 90 days of                
the filing date of this report that includes the disclosure                     
required by this paragraph, based on the evaluation of these                    
controls and procedures required by Rule 30a-3(b) under the                     
Investment Company Act of 1940 and Rules 15d-15(b) under the                    
Securities Exchange Act of 1934, as amended.                                    

b)      There were no changes in the Registrant?s internal control over         
financial reporting (as defined in Rule 30a-3(d) under the                      
Investment Company Act of 1940 that occurred during the                         
Registrant?s last fiscal half-year that has materially affected,                
or is reasonably likely to material affect, the Registrant?s                    
internal control over financial reporting.                                      

Item 3.  Exhibits                                                               

Separate certifications for each principal executive officer and                
principal financial officer of the registrant as required by Rule 30a-          
2(a) under the Investment Company act of 1940 are filed herewith.               

SIGNATURES                                                                      

Pursuant to the requirements of the Securities Exchange Act of 1934 and         
the Investment Company Act of 1940, the registrant has duly caused this         
report to be signed on its behalf by the undersigned, thereunto duly            
authorized.                                                                     

                                 Stock Dividend Fund, Inc.

                               By /s/ Laura S. Adams
                                         -------------------------
                                      Laura S. Adams
                                 President

Date:  10/20/2014                                                               

Pursuant to the requirements of the Securities Exchange Act of 1934 and         
the Investment Company Act of 1940, the registrant has duly caused this         
report to be signed on its behalf by the undersigned, thereunto duly            
authorized.                                                                     

                                 Stock Dividend Fund, Inc.

                               By /s/ Laura S. Adams
                                               -------------------------
                                      Laura S. Adams
                                 Treasurer

Date:  10/20/2014                                                               

Dates Referenced Herein

This ‘N-Q’ Filing		Date		Other Filings
Filed on / Effective on:		10/20/14		None on these Dates
For Period End:		9/30/14
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