# EDGAR Filing Document

**Accession Number:** 0001288872
**File Stem:** 0001288872-23-000003
**Filing Date:** 2023-2
**Character Count:** 20675
**Document Hash:** b891709bf673dc9b30d65a63beebc4ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001288872-23-000003.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001288872-23-000003

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21576
- **FILM NUMBER:** 23644310

**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           |

## Internal

```

Report of Independent Registered Public Accounting Firm

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

In planning and performing our audit of the financial
statements of Stock Dividend Fund, Inc. as of and
for the year ended December 31, 2022, in accordance
with the standards of the Public Accounting
Oversight Board (United States), we considered the
Company's internal control over financial reporting,
including controls over safeguarding securities, as
a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an
 opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly,
 we express no such opinion.

The management of the Company is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and
related costs of control. A company's internal control over
financial reporting is a process designed 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 (GAAP). A
company's internal control over financial reporting
includes those policies and procedures that (1) pertain
 to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions
 and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial
statements in accordance with GAAP, and that receipts
 and expenditures of the company are being made
only in accordance with authorizations of management
and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or
disposition of a company's assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes
 in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
 exists when the design or operation of a control
does not allow management or employees, in the normal
course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A
material weakness is a deficiency, or combination of
deficiencies, in internal control over financial
 reporting, such that there is a reasonable possibility
 that a
material misstatement of the Company's annual or interim
financial statements will not be prevented or
detected on a timely basis.

Our consideration of Stock Dividend Fund, Inc.
 internal control over financial reporting was for
 limited
purpose described in the first paragraph and would
 not necessarily disclose all deficiencies in internal
control that might be material weaknesses under
standards established by the Public Company
Accounting Oversight Board (United States). However,
 we noted no deficiencies in the Company's
internal control over financial reporting and its
 operation, including controls over safeguarding
securities,
which we consider to be a material weakness as
defined above as of December 31, 2022.

This report is intended solely for the information
 and use of management and the Board of Directors of
Stock Dividend Fund, Inc. and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these
specified parties.

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

Dallas, Texas
February 17, 2023
To the Board of Directors and
     Stockholders of
     Stock Dividend Fund, Inc.
     Page 1

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001288872

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000011865

**Class ID Record:1**
- **Class ID:** C000032422

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Stock Dividend Fund, Inc.

- **Item B.1.b - Investment Company Act file number:** 811-21576

- **Item B.1.c - CIK:** 0001288872

- **Item B.1.d - LEI:** 549300O5P21ZW4MRUI06

- **Item B.2.a - Street 1:** 8150 N Central Expwy

- **Item B.2.a - Street 2:** #M1120

- **Item B.2.b - City:** Dallas

- **Item B.2.c - State:** TX

- **Item B.2.e - Zip Code:** 75206

- **Item B.2.f - Telephone:** 2143607410

- **Item B.2.g - Public Website:** N/A

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Steven Adams

- **b. Street 1:** 8150 N Central Expwy

- **Street 2:** #M1120

- **c. City:** Dallas

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 75206

- **g. Telephone number:** 2143607410

- **h. Briefly describe the books and records kept at this location:** All

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Laura S Adams      | Yes                     | N/A                                     |
| Vicky L Hubbard    | No                      | N/A                                     |
| Jennifer T Lapeyre | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Steven Adams

- **b. CRD Number, if any:** 001777285

- **c. Street Address 1:** 8150 N Central Expwy

- **   Street Address 2:** #M1120

- **d. City:** Dallas

- **e. State, if applicable:** TX

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 75206

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** None

- **ii. SEC file number:** 008-000000

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Turner, Stone & Company, LLP

- **b. PCAOB Number:** 76

- **c. LEI, if any:** N/A

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Stock Dividend Fund, Inc.

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Stock Dividend Fund, Inc.

- **b. Series identification number, if any:** S000011865

- **c. LEI:** 549300O5P21ZW4MRUI06

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Stock Dividend Fund, Inc. | C000032422                                | SDIVX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Adams Asset Advisors, LLC

- **ii. SEC file number:** 801-61797

- **iii. CRD number:** 000120573

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Adams Asset Advisors, LLC

- **ii. SEC file number:** 084-06063

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** TX

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Stock Dividend Fund, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300O5P21ZW4MRUI06

- **iii. State, if applicable:** TX

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Stock Dividend Fund, Inc.

- **ii. LEI, if any:** 549300O5P21ZW4MRUI06

- **iii. State, if applicable:** TX

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Stock Dividend Fund, Inc.

- **ii. LEI, if any:** 549300OP21ZW4MRUI06

- **iii. State, if applicable:** TX

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Stock Dividend Fund, Inc.

- **ii. LEI, if any, or other identifying number:** 549300O5P21ZW4MRUI06

- **iii. State, if applicable:** TX

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** N/A

- **b. SEC file number:** N/A

- **c. CRD number:** N/A

- **d. LEI, if any:** N/A

- **e. State, if applicable:** TX

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Charles Schwab

- **ii. SEC file number:** 008-0129938-1

- **iii. CRD number:** 000005393

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $0.00

**Aggregate Commission:** $0.00

**Item C.17.a. Principal transaction counterparties.**

| Name   | SEC file number   | CRD number   | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| N/A    | N/A               | N/A          | N/A   | TX      | US        | $0.00                     |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $32,672,060.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Stock Dividend Fund, Inc.

**Date:** 2023-02-17

**Signature:** Steven Adams

**Title:** CCO