# EDGAR Filing Document

**Accession Number:** 0001288872
**File Stem:** 0001288872-23-000006
**Filing Date:** 2023-2
**Character Count:** 57943
**Document Hash:** b7759157420d0037eba5d32d3f12dd38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001288872-23-000006.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001288872-23-000006

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stock Dividend Fund, Inc.
- **CENTRAL INDEX KEY:** 0001288872
- **IRS NUMBER:** 550862665
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21576
- **FILM NUMBER:** 23644421

**BUSINESS ADDRESS:**
- **STREET 1:** 8150 N. CENTRAL EXPRESSWAY
- **STREET 2:** SUITE M1120
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206
- **BUSINESS PHONE:** 214-360-7410

**MAIL ADDRESS:**
- **STREET 1:** 8150 N. CENTRAL EXPRESSWAY
- **STREET 2:** SUITE M1120
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206

## Series and Classes Contracts Data

### Stock Dividend Fund, Inc. (Series ID: S000011865)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000032422 | Stock Dividend Fund, Inc. | SDIVX           |

```

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:  811-21576

Stock Dividend Fund, Inc.
(Exact name of registrant as specified in charter)

8150 N. Central Expressway #M1120     Dallas, Texas  75206
(Address of principal executive offices)

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

Registrant?s telephone number, including area code:
  800-704-6072

Date of fiscal year end:  December 31

Date of Reporting Period:  December 31, 2022

Item 1.  Report to Shareholders.
STOCK DIVIDEND FUND, INC.

ANNUAL REPORT
DECEMBER 31, 2022

Stock Dividend Fund, Inc.
8150 N. Central Expressway #M1120
Dallas, Texas 75206
1-800-704-6072

Fund Symbol: SDIVX

Dear Shareholders of Stock Dividend Fund, Inc.,

The Fund ended 2022 with a Net Asset Value per share of $26.67, after paying an
income dividend of $0.8526 per share and long term capital gain of $0.5721 per
share on December 28, 2022, which in total is up from a Net Asset Value per
share of $27.92 at the beginning of the year.

For the period December 31, 2021 through December 31, 2022 the total
return of the Fund was up 0.67% versus the S&P 500 down 18.11% and the iShares
Large Cap Value etf which was down 7.01%.  The S&P 500, which at the beginning
of the year was still meaningfully driven by large cap technology stocks with
high valuation levels and virtually no dividend income, has started to
underperform value oriented portfolios like the Fund.  We are confident that
money will continue to flow back toward value and income and our portfolio will
perform well.

The turnover of the Fund in 2022 was near average expectations at 29% as we
weighted toward our most attractive positions and took advantage of realizing
capital gains and offsetting losses when possible.

The Fund continues to hold what we feel are very high quality companies with
stable cash flows and relatively conservative and transparent balance sheets.

The Fund begins 2023 with a meaningfully above market internal portfolio
dividend yield, companies with relatively low debt levels on average, strong
cash flows and low retirement and pension liabilities, all of which we would
expect to perform well going forward.

Our top holdings and industry group exposures, as of December 31, 2022, are
listed on the following page.

We look forward to excellent performance in 2023.

Sincerely,

Steven Adams
Portfolio Manager

STOCK DIVIDEND FUND, INC.
Top Ten Holdings and Asset Allocation
December 31, 2022

Top Ten Holdings*
(% of Net Assets)

Chevron Corp.				   6.53%
The Kraft Heinz Co			   5.74%
Cummins Inc.				   5.17%
Kimberly-Clark Corp			   5.10%
AbbVie Inc.				   4.99%
IBM					   4.95%
Amgen Inc.				   4.87%
Universal Corp				   4.82%
AT&T Inc.				   4.81%
Altria Group Inc			   4.70%
                                        ------
                                        51.68%

Asset Allocation
(% of Net Assets)

Petroleum Refining                                               10.91%
Computer and Office Equipment                                     8.55%
Pharmaceutical Preps                                              8.46%
Telephone Communications, Except Radiotelephone			      7.78%
Canned, Frozen & Preserved Fruit, Veg				5.74%
Engines and Turbines                                              5.17%
Paper Prods							5.10%
Biolog Prod							4.87%
National Commercial Banks                                         4.83%
Raw Farm Food                                                     4.82%
Cigarettes							4.70%
Life Insurance							4.48%
Electronic Computers                                              3.92%
Gold and Silver Ores						3.66%
Variety Stores                                                    3.58%
Compu Comm Equip						3.47%
Semiconductors and Related Devices                                3.25%
Retail Drug Stores						2.93%
TV Stations							2.81%
Other Assets, Less Liabilities, Net                               0.97%
                                                                -------
                                                                100.00%

*Portfolio holdings are subject to change and are not recommendations of
individual stocks

STOCK DIVIDEND FUND, INC.
PERFORMANCE SUMMARY

The graph below represents the changes in value for an initial $100,000
investment in the Stock Dividend Fund from its inception, December 27,
2004 to
years ending through 2019.  These changes are then compared to a $100,000
investment in the S&P 500 Index for the same period.  Returns shown
include the
reinvestment of all dividends but do not reflect deduction for taxes a
shareholder would pay on distributions or redemption of Fund shares.  Past
performance is not predictive of future performance.  Investment return and
principal value will fluctuate, so that your shares, when redeemed,
 may be worth
more or less than the original cost.

              Inception  Year End Year End Year End Year End Year End Year End
              (12/27/04)  2004     2005     2006     2007     2008    2009
Stock Dividend ---------  -------  -------  -------  -------  ------- --------
Fund           $100,000  $100,680 $107,735 $130,128 $136,817 $87,618 $103,836
S&P 500 Index  $100,000  $100,150 $105,007 $121,588 $128,069 $80,696 $102,049

               Year End Year End Year End Year End Year End Year End Year End
               2010     2011     2012     2013     2014     2015     2016
Stock Dividend -------  -------  -------  -------- -------  -------  ---------
Fund           $122,973 $132,921 $151,264 $193,996 $188,913 $157,205 $214,380
S&P 500 Index  $117,438 $119,892 $139,063 $184,064 $209,207 $212,094 $237,397

               Year End Year End Year End Year End Year End Year End
               2017     2018     2019     2020     2021     2022
Stock Dividend -------  -------  -------- -------- -------- --------
Fund           $263,841 $248,617 $288,946 $284,467 $349,269 $351,609
S&P 500 Index  $289,150 $276,456 $364,369 $431,376 $555,095 $454,567

STOCK DIVIDEND FUND, INC.
PERFORMANCE SUMMARY (continued)

$570,000|
$560,000|
$550,000|                                                                      *
$540,000|
$530,000|
$520,000|
$510,000|
$500,000|
$490,000|
$480,000|
$470,000|
$460,000|
$450,000|                                                                      *
$440,000|
$430,000|                                                                  *
$420,000|
$410,000|
$400,000|
$390,000|
$380,000|
$370,000|
$360,000|
$350,000|                                                           *      #   #
$340,000|
$330,000|
$320,000|
$310,000|
$300,000|
$290,000|                                                    *        #
$280,000|                                                         *       #
$270,000|
$260,000|                                                     #
$250,000|                                                         #
$240,000|                                                *
$230,000|
$220,000|                                                 #
$210,000|                                         *  *
$200,000|
$190,000|                                    #    #
$180,000|                                     *
$170,000|
$160,000|                                             #
$150,000|                                #
$140,000|            #                    *
$130,000|        #    *              #
$120,000|         *              #*   *
$110,000|    #*
$100,000| #*                 #*
$90,000|                #
$80,000|                 *
        ___________________________________________________________________
04 05  06  07  08  09  10  11  12  13  14  15  16  17  18  19  20  21  22

        #=Stock Dividend Fund       *=S&P 500 Index

STOCK DIVIDEND FUND, INC.
PERFORMANCE SUMMARY (continued)

                5 Day   Annual Annual Annual Annual  Annual Annual  Annual
                Return  Return Return Return Return  Return Return  Return
                2004    2005   2006   2007   2008    2009   2010    2011
Stock Dividend  ------  ------ ------ ------ ------  ------ ------  ------
Fund            0.68%   6.65%  21.19% 5.14% (35.96)% 18.51% 18.34%  8.09%
S&P 500 Index   0.15%   4.85%  15.79% 5.33% (36.99)% 26.46% 15.08%  2.09%

                Annual Annual Annual  Annual   Annual  Annual Annual
                Return Return Return  Return   Return  Return Return
                2012   2013    2014    2015    2016    2017   2018
Stock Dividend  ------ ------ ------  ------   ------  ------ --------
Fund            13.80% 28.25% (2.62)% (16.78)% 36.37%  23.07%  (5.77)%
S&P 500 Index   15.99% 32.36% 13.66 %   1.38 % 11.93%  21.80%  (4.39)%

                Annual Annual  Annual  Annual       Average
                Return Return  Return  Return    Annual Return
                2019   2020    2021    2022     5 Year   10 Year
Stock Dividend  ------ ------  ------  ------   ------   ------
Fund            16.22% (1.51)% 22.78%   00.67%   5.91%    8.78%
S&P 500 Index   31.48% 18.39%  28.68%  (18.11)%  9.41%   12.54%

STOCK DIVIDEND FUND, INC.
EXPENSES
DECEMBER 31, 2022

As a shareholder of the Fund you incur ongoing costs including
management fees, transaction costs, potential early redemption fees and other
operating expenses.  This example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.  This example is
based on an investment of $1,000 invested at the beginning of the period and
held for the entire six month period of June 30, 2022 to December 31, 2022.

Actual Expenses
The first line of the table below provides information about actual
account values and actual expenses.  You may use the information in
this line, together with the amount you invested at the beginning of
the period, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,500
account value divided by $1,000 equals 8.5), then multiply this result
by the number in the first line under the heading "Expenses Paid During
Period" to estimate the expenses you paid on your account during the
period.

Hypothetical Example for Comparison Purposes
The second line of the table below provides information about
hypothetical account values and hypothetical expenses based on the
Fund's actual expense ratio and an assumed rate of return of 5% per
year before expenses, which is not the Fund's actual return.  The
hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing
in the Fund to other funds.  To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs such
as sales charges (loads), redemption fees, or exchange fees.
Therefore, the second line of the table is useful in comparing ongoing
costs only.

                                                    Expenses Paid
               Beginning        Ending              During Period*
               Account Value    Account Value       June 30, 2022
               June 30, 2022    December 31, 2022   to December 31, 2022
           -----------------    -----------------   ---------------------

Actual            $  1,000.00       $1,006.23            $   4.30

Hypothetical**    $  1,000.00       $1,021.00            $   4.33

*Expenses are equal to the Fund's annualized expense ratio of 0.85%,
multiplied by the average account value over the period, multiplied by
184 days/365 days to reflect the one-half year period.
** Hypothetical return assumes 5% return before expenses.

STOCK DIVIDEND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2022

ASSETS
   Investment securities, at fair
          value(cost $24,648,863)           $  31,641,812
   Cash                                           253,921
   Dividends receivable                            73,361
                                              -----------
              Total assets                     31,969,094
                                              -----------

LIABILITIES
   Advisory fees payable                           22,884
                                              -----------
              Total liabilities                    22,884
                                              -----------

NET ASSETS -
   Equivalent to $26.67 per
   share based on 1,197,880 shares
   of common stock issued and outstanding;
   100,000,000 shares authorized,
   $0.001 par value                          $31,946,210
                                             ============

NET ASSETS CONSIST OF:
  Common stock				     $      1,198
  Paid-in capital                              24,952,063
  Net unrealized appreciation                   6,992,949
                                             ------------
Net assets                                   $31,946,210
                                             ============

Net asset value per share                    $      26.67

The accompanying notes are an integral part of these financial statements
STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022

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

COMMON STOCKS ? 99.05%

Petroleum Refining-10.91%
   Chevron Corp.                            11,615      $   2,084,776
   Valero Energy Corp                       11,028          1,399,012
                                                            ---------
                                                            3,483,788

Computer and Office Equipment-8.55%
   Hewlett Packard Inc.                     42,844          1,151,218
   International Business Machines Corp.    11,216          1,580,222
                                                            ---------
                                                            2,731,440

Pharmaceutical Preps-8.46%
   AbbVie Inc.                               9,869          1,594,929
   Pfizer Inc.                              21,646          1,109,141
                                                            ---------
                                                            2,704,070

Telephone Communications, Except
Radiotelephone-7.78%
   AT&T                                     83,429          1,535,928
   Verizon                                  24,089            949,107
                                                            ---------
                                                            2,485,035

Canned, Frozen & Preserved Fruit, Veg-5.74%
   The Kraft Heinz Company		 45,081		1,835,248

Engines and Turbines-5.17%
   Cummins Inc.                              6,812          1,650,479

Paper Prods-5.10%
   Kimberly-Clark Corp			12,010		1,630,358

Biolog Prod-4.87%
  Amgen Inc.				5,921		1,555,091

National Commercial Banks-4.83%
   Citigroup Inc.			 21,792		  985,652
   Wells Fargo                              13,500            557,415
                                                            ---------
							1,543,067

Raw Farm Food-4.82%
   Universal Corp.                          29,174          1,540,679

The accompanying notes are an integral part of these financial statements
-	Continued ?
STOCK DIVIDEND FUND, INC.
SCHEDULE OF INVESTMENTS, continued
DECEMBER 31, 2022

DESCRIPTION                                 SHARES        MARKET VALUE
-----------                                 ------        ------------
Cigarettes-4.70%
   Altria Group, Inc.			32,853		1,501,711

Life Insurance-4.48%
   Prudential Financial, Inc.		 14,395		1,431,727

Electronic Computers-3.92%
   Apple Inc.                                9,633          1,251,616

Gold and Silver Ores-3.66%
   Newmont Corp.			 24,790		1,170,088

Variety Stores-3.58%
   Walmart                                   8,065          1,143,536

Computer Communications Equipment-3.47%
   Cisco Systems Inc.			23,296		1,109,821

Semi-Conductors and Related Devices-3.25%
   Intel Corp				 39,326          1,039,386

Retail Drug Store-2.93%
  Walgreens Boots Alliance                  25,039            935,457

TV Stations-2.81%
   Paramount Global			53,271		  899,214

                                                           ----------

   Total common stocks (cost $24,648,863)               $  31,641,812
							   ----------

SHORT-TERM INVESTMENTS ? 0.79%
   Schwab Money Market Fund (Single Class Fund)
              -current interest at 0.45%    253,921    $      253,921
                                                             --------

   Total short-term investments (cost $   253,921)            253,921
                                                             --------

Total investment securities ? 99.84% (cost $24,902,784)    31,895,733

Other assets less liabilities ?  0.16%                         50,477
                                                             --------

Net assets - 100.00%                                   $   31,946,210
                                                         ============

The accompanying notes are an integral part of these financial statements
STOCK DIVIDEND FUND, INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2022

INVESTMENT INCOME
   Dividends (net of ADR withholding)                    $  1,248,404
   Interest                                                       652
                                                         ------------
          Total investment income                           1,249,056
                                                         ------------

EXPENSES -
   Advisory fees                                              279,328
   Wire Fees                                                      615
                                                             --------
          Total Expenses                                      279,943
                                                             --------

          Net investment income                               969,113
                                                         ------------

GAIN(LOSS)ON INVESTMENTS -
   Net realized gain on investments                           650,326
   Net decrease in unrealized appreciation                 (1,370,282)
     of investments                                       -----------

         Net realized and unrealized gain
           on investments                                   (719,956)
                                                         ------------

   Net increase
        in net assets resulting from operations          $   249,157
                                                         ============

The accompanying notes are an integral part of these financial statements
STOCK DIVIDEND FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS

                                          Year Ended      Year Ended
                                          Dec 31, 2022    Dec. 31, 2021

INCREASE(DECREASE) IN NET ASSETS
FROM OPERATIONS:
   Net investment income                    $   969,113    $    839,093
   Net realized gain (loss)on investments       650,326       5,022,741
   Unrealized appreciation(depreciation)
     of investments  		               (1,370,282)        528,732
          				       -----------    ----------
      Net increase (decrease) in net assets
      resulting from operations                 249,157       6,390,566

DISTRIBUTIONS TO SHAREHOLDERS FROM
   Net investment income                       (969,113)       (839,093)
   Realized gains                              (650,326)     (5,022,741)
                                            -----------    ------------
         Total Distributions                 (1,619,439)     (5,861,834)

CAPITAL SHARE TRANSACTIONS-NET                  278,992       4,026,536
                                            -----------    ------------

TOTAL INCREASE (DECREASE) IN NET ASSETS      (1,091,290)       4,555,268

NET ASSETS, beginning of year                33,037,500      28,482,232
                                            -----------    ------------

NET ASSETS, end of year (includes          $31,946,210    $33,037,500
   undistributed net income of $- and       ===========    ============
   $-, respectively)

The accompanying notes are an integral part of these financial statements

STOCK DIVIDEND FUND, INC.
FINANCIAL HIGHLIGHTS

PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
ENDED:
                        YEAR     YEAR      YEAR     YEAR     YEAR
                        ENDED    ENDED     ENDED    ENDED    ENDED
                        2022     2021      2020     2019     2018
                        -----    ------    ------   ------   ------
Net asset value,
  beginning of year     $27.92   $27.67   $28.98    $26.01   $29.93
                        ------   ------    ------   ------   ------
Income (loss)from investment
operations:
  Net investment income  0.84      0.86      0.83     0.76     0.71
  Net realized and
  unrealized gain
  (loss)on investments  (0.67)     5.41     (1.28)    3.46    (2.51)
                         ----    ------     -----     -----    -----
Total from
  investment operations	 0.17      6.27     (0.45)    4.22    (1.80)
                         ----    ------     -----     -----    -----
Less distributions from:
  Net investment income (0.85)    (0.86)    (0.83)   (0.76)   (0.71)
  Net realized gains    (0.57)    (5.16)    (0.03)   (0.49)   (1.41)
                        -----     ------    ------   ------   ------
    Total distributions (1.42)    (6.02)    (0.86)   (1.25)   (2.12)
                        -----     ------    ------   ------   ------
Net asset value,
  end of year          $26.67    $27.92     $27.67   $28.98   $26.01
                       ------    ------     ------   ------   ------

Total Return             0.67%    22.78%     (1.51)%  16.22%  (5.77)%

Net assets, end of
   year(in 1000's)     $31,846    $33,037   $28,482  $33,105  $28,273

Ratio of expenses to
   average net
   assets(a)             0.86%     0.85%      0.87%    0.85%    0.86%

Ratio of net investment
   income to average net
   assets                2.97%     2.63%      3.15%    2.74%    2.24%

Portfolio turnover
   rate (annualized)    28.97%    38.45%     34.06%   14.41%   28.64%

(a) The Fund's actual expenses are calculated daily at 0.85% of net
asset value (NAV).

The accompanying notes are an integral part of these financial statements
STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

Stock Dividend Fund, Inc. (the "Fund") was incorporated in the
State of Texas on April 6, 2004 and is registered under the
Investment Company Act of 1940 as a non-diversified, open-end
management investment company.  The investment objective of the
Fund is to achieve growth and income by investing primarily in
dividend paying common stocks.  The effective date of the Fund's
registration with the SEC was November 29, 2004.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
The accompanying financial statements have been prepared on the
accrual method of accounting in accordance with accounting
principles generally accepted in the United States of America.

Use of Estimates
The preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in net assets from
operations during the reporting period.  Actual results could
differ from these estimates.

Security Valuation
Securities listed on a national securities exchange or in the over-
the-counter market are valued at the last quoted sales price on the
day of valuation, or if no quoted sales price was reported on that
date, the last quoted bid price.  Short-term investments are valued
at fair value.  Securities for which quotations are not readily
available are valued at their estimated fair value as determined
in good faith by the Fund's Board of Directors.

Securities Transactions and Investment Income
Securities transactions are recorded on a trade-date basis.
Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis.  Realized gains and losses
are determined on a specific identification basis of the securities
sold.  Unrealized gains and losses resulting from the appreciation
and depreciation of securities carrying values are included in the
statements of operations.

Distribution of Income and Gains
The Fund declares and pays dividends annually from net investment
income and from net realized gains, if any.  Distributions from
realized gains for book purposes may include short-term capital
gains, which are included in ordinary income for tax purposes.
Dividends are paid upon Board approval by the end of each calendar
 year.

STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Federal Income Taxes
The Fund's policy is to continue to comply with the requirements of the
Internal Revenue Code that are applicable to regulated investment
companies and to distribute all of its taxable income, including
any realized gains on investments, to its shareholders.  The Fund also intends
to distribute sufficient net investment income and net capital gains, if any, so
that it will not be subject to excise tax on undistributed income and gains.
Therefore, no federal income tax or excise provision is required.

Net investment income (loss), net realized gains (losses) and the
cost of investments in securities may differ for financial
statement and income tax purposes.  The character of distributions
from net investment income (loss) or net realized gains (losses)
may differ from
their ultimate characterization for income tax purposes.  At December
31, 2022, there were no material differences.  Also, due to the
timing of dividend distributions, the fiscal year in which amounts
are distributed may differ from the year that the income or
realized gains were recorded by the Fund.

Subsequent Events
Subsequent events were evaluated through February 17, 2023, the date the
financial statements were available for issuance and filed.

STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS

3.    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 included within Level 1
that are observable for the asset or liability, either directly or indirectly
(including quoted prices for similar investments, interest rates, prepayment
speeds, credit risk, etc.).

Level 3 - significant unobservable inputs for the asset or liability (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, 2022:

                                    Investments          Other
                                    in                   Financial
      Level                         Securities           Instruments *
      -----                         ----------           -----------
      Level 1:
         Common Stock               $31,641,812          $          0
         Short term investments         253,921                     0
                                    -----------          ------------
            Total Level 1:           31,895,733                     0
      Level 2                                 0                     0
      Level 3                                 0                     0
                                    -----------          ------------
      Total                         $31,895,733          $          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, 2022, the Fund did not own any other financial
instruments.

STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS

3. FAIR VALUE OF INVESTMENTS (continued)

Transfers between levels are recognized at the end of the
reporting period.  There were no transfers between level 1 and
level 2 during the year.  There were no level 3 investments held by
the Fund during the year ended December 31, 2022.

4. CAPITAL SHARE TRANSACTIONS
Capital share transactions in the Fund's $0.001 par value common
stock were as follows:

                          Year Ended             Year Ended
                       December 31, 2022     December 31, 2021
                       -------------------   -------------------
                       Shares       Amount     Shares       Amount
Shares sold            2,743   $    80,213    41,349   $1,228,200
Shares issued in
  reinvestment of
  dividends	          61,226     1,619,439   210,857     5,861,834
                     --------     --------   --------    ---------
                      63,969   $1,699,652   252,206     7,090,034

Shares redeemed      (49,516)   (1,420,882)  (98,148)   (3,063,535)
                     --------     --------   --------    ---------
Net increase(decr)    14,453       278,770   154,058     4,026,499

Beginning of year  1,183,427    24,674,179 1,029,369    20,647,680
                   ----------   ----------  ---------    ----------
End of year        1,197,880  $24,952,949 1,183,427  $24,674,179
	==========	  ==========  =========    ==========

5.  INVESTMENT TRANSACTIONS

The aggregate cost of purchases and proceeds from sales of investment
securities, excluding short-term investments, aggregated $9,852,411
and $9,545,293, respectively, for the year ended December 31, 2022.

6. TAX MATTERS

Income and long-term capital gain distributions are determined in accordance
with Federal income tax regulations, which may differ from accounting principles
generally accepted in the United States.

On December 28, 2022, the Fund paid an income distribution of $0.8526 per share
to shareholders of record on December 27, 2022 for a total distribution of
$969,113 (100% qualified), and a long-term capital gain distribution of $0.5721
per share for a total distribution of $650,326.

STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS

6. TAX MATTERS (continued)

On December 27, 2021, the Fund paid an income distribution of $0.8628 per share
to shareholders of record on December 23, 2021 for a total distribution of
$839,093, a short term gain of $0.8843 for a total of $860,030, and a long-term
capital gain distribution of $4.2801 per share for a total distribution of
$4,162,710.

On December 21, 2020, the Fund paid an income distribution of $0.8316 per share
to shareholders of record on December 18, 2020 for a total distribution of
$831,222, and a long-term capital gain distribution of $0.0295 per share for a
total distribution of $29,526.

The Fund?s distributable earnings on a tax basis are determined only at the end
of each fiscal year.  As of December 31, 2022, the Fund?s most recent fiscal
year-end, the components of distributable earnings on a tax basis were as
follows:

Unrealized Appreciation                    $  6,992,950
Undistributed Realized Long-Term Gains     $          0
Undistributed Ordinary Income              $          0
                                            -----------
   Total Distributable Earnings, Net       $  6,992,950

As of December 31, 2022, the tax basis components of unrealized appreciation
(depreciation) and cost of investments were as follows:

Gross tax appreciation of investments      $  7,878,655
Gross tax depreciation of investments      $   (885,705)
                                              ---------
Net tax appreciation of investments        $  6,992,950

Federal tax cost of investments,
   Including short-term investments        $24,648,863

As of December 31, 2022, open Federal tax years, subject to examination,
include
the tax years ended December 31, 2020 through December 31, 2022.   As of and
during the year ended December 31, 2022, the Fund did not have a liability for
any unrecognized tax benefits.  The Fund has no examination in progress and is
not aware of any tax positions for which it is reasonably possible that the
total tax amounts of unrecognized tax benefits will significantly change in the
next twelve months.

7. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

The Fund and the Advisor are under common control and the existence
of that control may create operating results and financial position
different than if they were autonomous.

The Fund has an investment advisory agreement with Adams Asset Advisors,
LLC (the "Advisor") to provide investment advisory services to the
Fund. Steven Adams is managing member of the Advisor and is also

STOCK DIVIDEND FUND, INC.
NOTES TO FINANCIAL STATEMENTS

7. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued)

an officer and shareholder of the Fund, and his wife, Laura S.
Adams is a member
of the Advisor and also a director of the Fund.  Under the terms
of the agreement, the Fund will pay the Advisor a monthly fee at
the annual rate of 0.85% of the Fund's average daily net assets.

The fee is computed daily and payable monthly.  The Advisor has
contractually agreed to pay all operating expenses of the Fund,
except brokerage fees and commissions, interest, taxes and
extraordinary expenses.

The advisory fee for 2022, as computed pursuant to the investment advisory
agreement, totaled $279,328, of which $22,884 was payable on December 31, 2022.

The Advisor acts as the transfer agent for the Fund, with Fidelity Investments
as the sub-transfer agent.  There are no fees associated with these services.

The Fund acts as its own custodian, effective September 1, 2008, and is in
compliance per requirements of Rule 17f-2.  There are no fees associated with
these services.

8.  REDEMPTION FEE

To discourage short-term trades by investors and to compensate the Fund for
costs that may be incurred by such trades, the Fund may impose a redemption fee
of 2% of the total redemption amount if shares are held less than 365 days.  For
the year ended December 31, 2022, there were no redemption fees received by the
Fund.

ADDITIONAL INFORMATION (Unaudited)

PROXY VOTING INFORMATION
Adams Asset Advisors, LLC, the Fund?s Advisor, is responsible for exercising the
voting rights associated with the securities held by the Fund.  A
description of our policies and procedures on fulfilling this responsibility is
available without charge, upon request, by calling 1-800-704-6072.  Information
about how each Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 may be obtained (1) without charge,
upon request, by calling 800-704-6072 and (2) on the SEC?s website at
http://sec.gov.

QUARTERLY FILING OF PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission (SEC) for the first and third quarters of each fiscal
year on Form N-Q.  The Fund's Forms N-Q are available on the SEC's website
athttp://www.sec.gov.  The Fund's Forms N-Q may also be reviewed and copied at
the SEC's Public Reference Room in Washington DC.  Information on the operation
of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

LIQUIDITY RISK MANAGEMENT PROGRAM
The Fund has adopted and implemented a written liquidity risk management program
as required by Rule 22e-4 (the ?Liquidity Rule?) under the Investment Company
Act.  The program is reasonably designed to assess and manage the Fund?s
liquidity risk, taking into consideration, among other factors, the Fund?s
investment strategy and the liquidity of its portfolio investments during normal
and reasonably foreseeable stressed conditions; its short and long-term cash
flow projections; and is cash holdings and access to other funding sources.

During the fiscal year ended December 31, 2022, the Board of Directors reviewed
the Fund?s investments and determined that the Fund held adequate levels of cash
and highly liquid investments to meet shareholder redemption activities in
accordance with applicable requirements.  The Board of Directors concluded the
Fund?s liquidity risk management program is reasonable designed to prevent
violation of the Liquidity Rule and that the Fund?s liquidity risk management
program has been effectively implemented.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT
At an in-person meeting held on January 20, 2023, the Board of Directors,
including a majority of Directors that are not "interested" persons of the
Fund(as the term is defined in the 1940 Act), re-approved the Advisory
Agreement based upon its review of the qualitative and quantitative
information provided by the Investment Advisor.  The Directors
considered, among other things, the following information regarding the
Investment Advisor:

1)	Nature, extent and quality of services provided by the Advisor?
   The Directors reviewed the nature, quality and scope of current
services provided by the Advisor under the Advisory Agreement.  The
Directors also analyzed the experience of the Investment Advisor and
capabilities as a portfolio manager, noting that the Advisor has managed
separate account portfolio?s successfully with assets far in excess of the
Fund?s NAV for decades.  The Advisor?s Form ADV was reviewed as well as
internal compliance policies and experience managing other portfolios.  In
addition, the portfolio and brokerage transactions of the Fund were
reviewed.  Based on this review, the Directors concluded that the range and
quality of services to be provided by the Investment Advisor to the Fund
were appropriate and to support the selection of the original Investment
Advisor.

2)	Investment performance ? The Directors reviewed the performance
 of the Fund
as compared to market benchmarks for various time periods.  This review
focused on investment strategy and long term performance potential.  For
2022 the Fund was up 0.67% versus down 18.11% for the S&P 500 Index and
down 7.01% for the iShares Large Cap Value Index.  For the five years
ending 2022 annualized the Fund was up 5.91% versus up 9.41% for the S&P
500 Index and up 6.53% for the iShares Large Cap Value index.  For the ten
years ending 2022 annualized the Fund was up 8.78% versus up 12.54% for the
S&P 500 Index and up 9.92% for the iShares Large Cap Value Index.  It was
noted that growth oriented strategies with high p/e technology weightings
like the S&P 500 have outperformed value oriented strategies for several
years.  The Directors concluded that the performance of the Fund managed by
the Investment Advisor, both short term and longer term, was satisfactory
and in-line with similar Value oriented Funds.

3)	Cost of services to the Fund and profitability of the Advisor ? The
Directors considered the Fund?s management fee and total expense ratio of
the Fund relative to industry averages.  The Directors determined that the
Advisor is receiving a fee (0.85%) that is in line with fees charged for
other funds and that the Advisor is operating profitably, is viable and
should remain an ongoing entity.  The Directors also noted that the Advisor
is paying all expenses (except transaction commissions) associated with
managing the Fund out of the management fee, which is very advantageous to
shareholders versus other funds.

4)	Economies of Scale ? The Directors considered information regarding
economies of scale with respect to management of the Fund and noted that
the Fund and its shareholders are already experiencing and benefitting from
an expense ratio (0.85%) that would be expected from that of funds with
significantly larger asset bases.

5)	Conclusions ? Based on the above review and discussions, the Directors
concluded that it is in the best interest of the Fund and the shareholders
to approve the Advisory Agreement.

Board of Directors Information (Unaudited)
Stock Dividend Fund, Inc.

December 31, 2022

The business and affairs of the Fund are managed under the direction of the
Fund's Board of Directors.  Information pertaining to the Directors of the Fund
are set forth below.  The Fund's Statement of Additional Information includes
additional information about the Fund's Directors, and is available without
charge, by calling 1-800-704-6072.  Each director may be contacted by
writing to the director c/o Stock Dividend Fund, Inc, 8150 N. Central
Expressway, Suite M1120, Dallas, Texas, 75206.

INDEPENDENT DIRECTORS

Name and Age       Position  Term/ Principal Occupation  Other Public
                             Yrs*  Past five years       Directorships
                                                         Served**
------------------ --------  ----  --------------------- -------------

Vicky L. Hubbard    Director  1    Teacher/Administrator,
Age 64                             Prince of Peace School,
                                   Tech Co. Manager prior

Jennifer T Lapeyre  Director  1    Retired in 2019, prior
                                   Account Rep for non-profits
Age 60                             at Auction Source, LP
                                   (2010-2019) Dallas, Texas

INTERESTED DIRECTORS

Laura S. Adams      Director, 1    Member, Adams
Age 61              President      Asset Advisors
                    Secretary
                    Treasurer

*All Directors have served since the Fund?s Effective date of registration with
SEC, November 29, 2004.
**The number of portfolios in each Fund complex overseen is one.  Each Director
oversees one portfolio.

This report and the financial statements contained herein are submitted for the
general information of shareholders and are not authorized for distribution to
prospective investors unless preceded or accompanied by an effective
prospectus. Nothing herein contained is to be considered an offer of sale or
solicitation of an offer to buy shares of Stock Dividend Fund, Inc.  Such
offering is made only by prospectus, which includes details as to offering
price and material information.

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of Stock
Dividend Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and
liabilities, including the schedule of investments, of
Stock Dividend Fund, Inc. (the ?Fund?) as of December 31,
2022, the related statements of operations and changes
in net assets for the year ended December 31, 2022,
including the related notes, and the financial highlights
 for the
year ended December 31, 2022 (collectively referred to as
 the ?financial statements?).  In our opinion, the financial
statements present fairly, in all material respects, the
financial position of the Fund as of December 31, 2022 and the
results of its operations and its changes in net assets
for the year ended December 31, 2022, in conformity with
accounting principles generally accepted in the United
States of America.

Basis for Opinion

These financial statements are the responsibility of the
 Fund?s management. Our responsibility is to express an
opinion on the Fund?s financial statements based on our
audit. We are a public accounting firm registered with the
Public Company Accounting Oversight Board (United States)
 (?PCAOB?) and are required to be independent with
respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations
 of the
Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in
accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether
due to error or fraud. The Fund is not required to have,
 nor
were we engaged to perform, an audit of its internal
control over financial reporting. As part of our audit,
we are
required to obtain an understanding of internal control
 over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Fund?s internal
control over financial reporting. Accordingly, we express no
such opinion.

Our audit included performing procedures to assess the risks
 of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audit
also included evaluating the accounting principles used and
significant estimates made by management, as well as
evaluating the overall presentation of the financial
statements. Our procedures also included confirmation of
securities owned as of December 31, 2022, by correspondence
 with the custodian and others; when replies were not
received, we performed other appropriate auditing procedures.
 We believe that our audit provides a reasonable basis
for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current
period audit of the financial statements that were
communicated or required to be communicated to the audit
committee and that: (1) relate to accounts or disclosures
that are material to the financial statements and (2) involved
 our especially challenging, subjective, or complex
judgments. We determined that there are no critical audit matters.

/s/ Turner, Stone & Company, L.L.P.

Dallas, Texas
February 17, 2023

We have served as the Fund?s auditor since 2018.

Item 2.  Code of Ethics.  The registrant, as of the end of the period
covered by this report, has adopted a code of ethics that applies to
all officers and employees of the Fund.  The registrant updated and
amended its code of ethics on February 21, 2020 but did not grant
any waivers or
exceptions to the code during the covered period.

Item 3.  Audit Committee Financial Expert.  The entire Board of
Directors, in effect, acts as the audit committee.  The Board has two
financial experts serving on the Board.  Laura Adams and Jennifer Lapeyre
are the financial experts.  Mrs. Adams is an "interested"
Director and Mrs. Lapeyre is an "independent" Director.

Item 4.  Principal Accountant fees and services.
(a)-(d)  Total fees billed to the registrant for the last two fiscal years for
professional services rendered by the registrant?s independent auditor were as
follows:
                       December 31,2022       December 31, 2021
Audit                  $14,000                $14,000
Audit-Related fees     $0                     $0
Tax preparation fees   $0                     $0
Other fees             $0                     $0

Audit fees include amounts related to the annual audit of the registrant?s
financial statements, spot checks for compliance with Rule 17f-2 and services
normally provided by the auditor in connection with statutory and regulatory
filings.  The registrant performance tax preparation internally.

(e)(1)  The directors have not adopted pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-10 of Regulation S-X.

(e)(2) None

(f) Not applicable

(g) The aggregate fees billed for the most recent fiscal year and the preceding
year by the registrant?s independent auditor for non-audit services rendered to
the registrant, its investment advisor, and any entity controlling, controlled
by, or under common control with the advisor that provided ongoing services to
the registrant were $0 and $0, respectively.

(h) Not applicable

Item 5.  Audit Committee of listed Registrants.  (Not applicable)

Item 6.  Schedule of Investments.  Schedule of Investments is included
as part of the report to shareholders filed under Item 1 of this Form.

Item 7.  Disclosure of proxy voting policies and procedures for closed-
end management investment companies.   (Not applicable)

Item 8.  Portfolio Managers of Closed-End Management Investment
Companies.  Not Applicable to open-end investment companies.

Item 9.  Purchase of equity securities by closed-end management
investment companies.  (Not applicable)

Item 10.  Submission of Matters to a vote of security holders.  (None)

Item 11.  Controls and Procedures

a)     The Fund's President has concluded that the Fund's disclosure
controls and procedures are sufficient to ensure that information
required to be disclosed by the Fund in this Form N-CSR was
recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and
forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the
report.

b)     There were no significant changes or corrective actions with
regard to deficiencies or material weaknesses in the Fund's internal
controls or in other factors that could significantly affect the
Fund's internal controls subsequent to the date of their evaluation.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.  (Not applicable)

Item 13.  Exhibits.

a)	(1)Code of Ethics- Filed with N-CSR and hereby incorporated by
reference as Exhibit (p) of Post-Effective Amendment No. 28
(485BPOS)of our Registration under the Securities Act of 1933 filed on
2/14/2021 and can be viewed on the SEC.gov website under company filings.
A copy of the Code of Ethics can also be obtained by calling us at 1-800-
704-6072.

    (2)Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
   of 2002- Attached

b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002- Attached

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
By /s/ Laura S. Adams
--------------------------------------
Laura S. Adams
President
Principal Executive Officer and Principal Financial Officer

Date  2/17/23

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the
capacities and dates indicated.

Stock Dividend Fund
By /s/ Laura S. Adams
--------------------------------------
Laura S. Adams
President
Principal Executive Officer and Principal Financial Officer

Date  2/17/23

```

## Ex-99.Cert

```

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Laura S. Adams, certify that,

1) I have reviewed this report on Form N-CSR of Stock Dividend
Fund, Inc.:
2) Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in
light of the circumstances under which such statements
were made, not misleading with respect to the period
covered by this report;
3) Based on my knowledge, the financial statements, and
other financial information included in this report,
fairly present in all material respects the financial
condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant
as of , and for, the periods presented in this report;
4) The registrant's certifying officer (Laura S. Adams)
is responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under
the Investment Company Act of 1940)for the registrant and have:

a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which
this report is being prepared;
b) designed such internal control over financial reporting to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this report (the "Evaluation Date"); and
d) presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date.

5) The registrant's certifying officer (Laura S. Adams) has
disclosed, based on the most recent evaluation, to the
registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize, and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and

6) The registrant's certifying officer (Laura S. Adams) has
indicated in this report whether or not there were significant
changes in internal controls or in other factors that could
significantly affect the internal controls subsequent to the
date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

Date:  February 17, 2023

/s/ Laura S. Adams
------------------
Laura s. Adams
President
(sole person responsible for this report)

```

## Exhibit 99.906

```

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Stock
Dividend Fund,  Inc. (the "Fund"), hereby certifies, to best of her
knowledge, that the Fund's Report on Form N-CSR for the period
ended December 31, 2022 (the "Report"), fully complies with the
requirements of Section 13(a) or 15(d), as applicable, of the
Securities Exchange Act of 1934 and that the information contained
in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Fund.

Dated:  February 17, 2023

/s/ Laura S. Adams
-----------------------
Laura S. Adams
President
(sole person responsible for this report)

```