# EDGAR Filing Document

**Accession Number:** 0000764157
**File Stem:** 0001435109-23-000033
**Filing Date:** 2023-2
**Character Count:** 100274
**Document Hash:** 1d0f75a3e535c0f421b75e070348328e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-23-000033.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001435109-23-000033

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUND SHORE FUND INC
- **CENTRAL INDEX KEY:** 0000764157
- **IRS NUMBER:** 061332926
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04244
- **FILM NUMBER:** 23666903

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207.347.2000

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

## Series and Classes Contracts Data

### Sound Shore Fund, Inc. (Series ID: S000004519)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000012417 | Investor Class      | SSHFX           |
| C000135035 | Institutional Class | SSHVX           |

```
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">UNITED STATES</div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">SECURITIES AND EXCHANGE COMMISSION</div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">WASHINGTON, D.C. 20549</div></pre>
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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

# INVESTMENT COMPANIES

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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;"> </div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">Investment Company Act file number 811-04244</div></pre>
```

# SOUND SHORE FUND, INC.
Three Canal Plaza, Suite 600

Portland, Maine 04101

T. Gibbs Kane, Jr., President

8 Sound Shore Drive

Greenwich, Connecticut 06830

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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">Date of fiscal year end: December 31</div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">Date of reporting period: January 1, 2022 – December 31, 2022</div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;"> </div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;"> </div></pre>
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<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

**Item 1. Reports to Stockholders.**

December

31,

2022

(Unaudited)

Dear

Investor:

The

Sound

Shore

Fund

Investor

(SSHFX)

and

Institutional

(SSHVX)

class

shares

advanced

13.18%

and

13.25%,

respectively,

in

the

4th

quarter

of

2022,

ahead

of

the

Russell

1000

Value

Index

(Russell

Value)

which

was

up

12.42%.

The

2022

full

year

declines

for

SSHFX

of

10.59%

and

for

SSHVX

of

10.40%

were

behind

the

Russell

Value's

decline

of

7.54%.

We

are

required

by

FINRA

to

say

that:

Past

performance

is

no

guarantee

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Investment

return

and

principal

value

will

fluctuate

so

that

an

investor's

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

For

the

most

recent

month-end

performance,

please

visit

the

Fund's

website

at

www.soundshorefund.com.

The

bear

market

during

2022,

which

saw

the

Standard

&

Poor's

500

Index

(S&P

500)

down

almost

25%

at

its

September

trough

and

finish

the

year

down

18%,

represents

the

7th

such

occurrence

in

Sound

Shore's

nearly

45-year

history.

The

Federal

Reserve's

battle

to

tame

inflation,

including

a

basis

point

increase

in

the

funds

rate,

clearly

took

its

toll

on

stocks

as

it

did

on

most

asset

classes.

Meanwhile,

the

war

in

Ukraine

and

a

COVID

stimulus

hangover

both

added

further

pressure,

leading

to

a

prolonged

(and

unresolved)

debate

about

an

impending

recession.

During

the

spring

and

summer

market

sell-offs,

many

stocks

began

to

discount

a

much

slower

economy.

Inclusive

of

a

fourth

quarter

partial

rebound,

Sound

Shore

finished

the

year

well

ahead

of

the

S&P

500,

but

short

of

the

Russell

Value.

Although

disappointing,

it

is

not

uncommon

to

endure

short

periods

of

being

out

of

step

with

our

primary

benchmark

as

we

were

this

year,

until

value

is

recognized.

In

fact,

our

recent

experience

echoes

an

anecdote

from

the

firm's

early

days.

After

a

similarly

lackluster

1980

–

our

second

full

year

in

business

–

we

met

with

the

firm's

founding

client,

Cap

Cities

Broadcasting

and

its

legendary

CEO,

the

late

Tom

Murphy.

Following

our

review

of

the

portfolio's

performance

and

holdings,

Tom

turned

to

us

and

said

with

a

chuckle,

"Well

.

.

.

maybe

you

guys

should

quit

while

you're

behind."

Fortunately,

Tom

and

Cap

Cities

stuck

with

us

and

our

contrarian

value

investment

process

added

value

above

the

market

for

the

duration

of

the

34-year

relationship.

More

specific

to

Sound

Shore's

2022

results,

we

were

encouraged

by

the

performance

of

several

holdings

that

delivered

fundamentally,

while

also

receiving

credit

for

that

from

the

market.

For

sure,

our

energy

holdings

were

up

sharply

with

that

sector,

including

oil

service

provider

Baker

Hughes,

with

the

industry's

best

balance

sheet,

and

US

producers

EOG

and

Coterra,

both

of

which

we

sold

at

target

valuations.

Away

from

oil

and

gas,

this

diversified

roster

also

included

drug

giant

Merck,

manufacturing

outsourcer

Flex,

and

medical

distributor

Cardinal

Health.

These

stocks

all

rose

versus

a

declining

market

as

stable

to

improving

earnings

and

cash

flow

for

the

year

were

common

to

them

all.

By

contrast,

some

of

our

holdings

fell

quickly

to

levels

that

reflected

(in

our

opinion)

very

severe

economic

declines

as

inexpensive

valuations

compressed

even

further.

Cases

in

point

included

women's

pharmaceutical

health

maker

Organon,

auto

OEM

leader

General

Motors,

and

super-regional

bank

First

Republic.

Apparel

maker

PVH

was

another,

as

it

fell

on

consumer

spending

concerns

and

despite

the

company's

core

business

continuing

to

grow.

The

stock

bottomed

during

the

summer

when

it

traded

for

five

times

2022

earnings

and

a

staggering

three

times

longer-term

earnings

power,

as

outlined

by

the

management

team

at

their

analyst

day

in

March.

With

leading

brands

such

as

Tommy

Hilfiger

and

Calvin

Klein,

along

with

a

strong

balance

sheet

to

withstand

a

sales

slowdown,

PVH

is

executing

well.

After

a

solid

report

in

November,

the

stock

rebounded

nicely

this

quarter.

THREE

CANAL

PLAZA,

PORTLAND,

ME

04101

1-800-551-1980

Having

been

through

a

number

of

economic

slowdowns

as

mentioned

above,

we

highlight

these

holdings

as

their

stock

prices

went

to

valuation

levels

well

beyond

previous

cycles,

and

for

that

we

are

accountable.

Most

of

these

holdings

were

valued

at

times

earnings

or

less

early

in

2022,

only

to

trade

even

lower,

despite

modest

adjustments

to

their

2022

earnings

and

free

cash

flow

estimates.

Our

expectations

for

what

was

already

discounted

in

their

prices

was

premature,

yet

in

each

case,

balance

sheets

are

strong

and

managements

are

focused

on

improving

returns

and

generating

free

cash.

Having

said

all

that,

we

remain

steadfast

in

executing

our

strategy,

which

includes

having

sober

expectations

for

the

economy

in

2023. When

you

examine

similar

periods

such

as

the

post-1994

market

sell

off

due

to

the

Fed

tightening

and

2011's

sell

off

caused

by

the

European

crisis,

Sound

Shore

rebounded

over

the

following

few

years

as

our

portfolio

held

a

lot

of

value.

We

believe

the

current

period

offers

that

same

potential

as

only

a

few

times

in

our

history

have

we

seen

our

portfolio

valued

as

attractively

(as

evidenced

by

our

price

to

earnings

and

price

to

cash

flow

multiples)

as

it

is

today.

As

we

exit

a

volatile

2022,

we

are

especially

encouraged

by

two

factors:

First,

since

the

market's

pandemic-bear-market

bottom

in

2020,

our

results

have

led

both

the

S&P

500

and

the

Russell

Value.

This

is

similar

to

prior

periods

of

market

correction

that

provided

opportunities

for

Sound

Shore

to

achieve

attractive

returns

in

the

coming

years,

as

shown

in

Exhibit

1. Although

they

appear

directionless,

markets

are

more

balanced

and

less

fueled

by

the

mega-cap

FAANG

stocks.

Our

process

is

identifying

very

good

value

in

this

environment,

albeit

with

a

realistic

expectation

that

an

uncertain

economy

may

require

a

bit

more

patience.

Second

(but

not

entirely

separate),

the

market's

value-growth

tug

of

war

appears

to

be

changing

as

well.

This

is

typical

of

a

higher

interest

rate

backdrop,

as

illustrated

in

Exhibit

2. Exhibit

Sound

Shore

performance

results

after

crisis

sell-offs:

Exhibit

These

factors,

combined

with

our

team's

intense

focus

on

enduring

businesses

with

the

most

attractive

valuations,

should

bode

well

for

our

investors.

While

we

have

every

expectation

that

2023

may

be

a

difficult

year

for

the

global

economy

-

there

is

no

shortage

of

bearish

forecasts

–

it's

the

prices

you

pay

now

that

can

reap

rewards

later

on.

Indeed,

as

referenced

above,

at

December

31,

2022,

Sound

Shore's

portfolio

had

a

forward

price-earnings

multiple

of

10.4 times

consensus

estimates,

a

meaningful

discount

to

the

S&P

500

Index

at

16.7 times

and

the

Russell

1000

Value

Index

at

13.8 times.

It

is

our

belief

that

the

Sound

Shore

portfolio

has

tremendous

value,

and

we

have

been

heartened

by

longstanding

clients

that

added

to

their

investments

during

2022. Many

thanks

as

always

for

your

investment

alongside

ours.

Sincerely,

SOUND

SHORE

FUND

Harry

Burn,

III

John

P. DeGulis

T. Gibbs

Kane,

Jr.

Co-Portfolio

Managers

Important

Information

Performance

data

quoted

represents

past

performance

and

is

no

guarantee

of

future

results.

The

Fund's

Investor

Class

1,

5,

and

10-year

average

annual

total

returns

for

the

period

ended

December

31,

2022

were

-10.59%,

5.14%,

and

9.90%,

respectively.

The

Fund's

Institutional

Class

1,

5,

and

10-year

average

annual

total

returns

for

the

same

period

were

-10.40%,

5.32%,

and

10.10%,

respectively.

Fund

returns

assume

the

reinvestment

of

all

dividend

and

capital

gain

distributions.

As

stated

in

the

current

prospectus,

the

total

annual

operating

expense

ratio

(gross)

is

0.93%

for

the

Investor

Class

and

0.83%

for

the

Institutional

Class.

The

net

expense

ratio

for

the

Institutional

Class

is

0.75%

pursuant

to

an

expense

limitation

agreement

between

the

Adviser

and

the

Fund.

This

agreement

is

in

effect

until

at

least

May

1,

2023. The

performance

for

the

Institutional

Class

prior

to

its

inception

on

12/9/13

is

based

on

the

performance

of

the

Investor

Class,

adjusted

to

reflect

the

lower

expense

ratio

of

the

Institutional

Class

(net

of

expense

reimbursements).

The

Standard

&

Poor's

500

Index

is

an

unmanaged

index

representing

the

average

performance

of

500

widely

held,

publicly

traded,

large

capitalization

stocks.

The

1,

5,

and

10-year

average

annual

total

returns

for

the

same

period

were

-18.11%,

9.42%,

and

12.56%,

respectively.

The

Russell

1000

Value

Index

measures

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

expected

growth

values.

The

1,

5,

and

10-year

average

annual

total

returns

for

the

same

period

were

-7.54%,

6.67%,

and

10.29%,

respectively.

The

Russell

1000®

Growth

Index

measures

the

performance

of

the

large-cap

growth

segment

of

the

US

equity

universe.

It

includes

those

Russell

1000

companies

with

relatively

higher

price-to-book

ratios

and

higher

expected

growth

values.

It

is

not

possible

to

invest

directly

in

an

Index.

Data

presented

reflects

that

of

the

underlying

holdings

of

the

Fund,

not

of

the

Fund

itself.

Forward

P/E

(estimated

price-to-earnings)

is

a

measure

of

the

P/E

using

forecasted

earnings

for

the

P/E

calculation.

Book

value

is

the

accounting

value

of

a

company's

assets,

minus

its

liabilities.

Return

on

equity

(ROE)

is

a

measure

of

financial

performance

calculated

by

dividing

net

income

by

shareholders'

equity.

FAANG

stands

for

Facebook

(now

Meta

Platforms),

Amazon,

Apple,

Netflix,

and

Google

(now

Alphabet).

Basis

points

is

a

unit

of

measure

to

describe

the

percentage

change

in

the

value

of

financial

instruments

or

the

rate

change

in

an

index

or

other

benchmark.

OEM

is

Original

Equipment

Manufacturer.

The

price-

to-earnings

ratio

is

a

method

of

measuring

a

company's

value.

The

P/E

ratio

is

calculated

by

dividing

the

company's

market

value

per

share

by

the

earnings

per

share

(EPS).

The

price-to-cash

flow

ratio

is

a

financial

multiple

that

compares

a

company's

market

value

to

its

operating

cash

flow.

An

investment

in

the

Fund

is

subject

to

risk,

including

the

possible

loss

of

principal

amount

invested.

Mid

Cap

Risk:

Securities

of

medium

sized

companies

may

be

more

volatile

and

more

difficult

to

liquidate

during

market

downturns

than

securities

of

large,

more

widely

traded

companies.

Foreign

Securities

Risk:

The

Fund

may

invest

in

foreign

securities

primarily

in

the

form

of

American

Depositary

Receipts.

Investing

in

the

securities

of

foreign

issuers

also

involves

certain

special

risks,

which

are

not

typically

associated

with

investing

in

U.S.

dollar-denominated

securities

or

quoted

securities

of

U.S.

issuers

including

increased

risks

of

adverse

issuer,

political,

regulatory,

market

or

economic

developments,

changes

in

currency

rates

and

in

exchange

control

regulations.

The

Fund

is

also

subject

to

other

risks,

including,

but

not

limited

to,

risks

associated

with

value

investing.

The

views

in

this

letter

were

those

of

the

Fund

managers

as

of

12/31/22

and

may

not

necessarily

reflect

their

views

on

the

date

this

letter

is

first

published

or

anytime

thereafter.

Investment

and

Performance

Comparison

(Unaudited)

The

following

chart

reflects

a

ten-year

comparison

in

the

change

in

value

of

a

hypothetical

$10,000

investment

in

shares

of

the

Investor

Class

of

the

Fund,

including

reinvested

dividends

and

distributions,

with

a

broad-based

securities

market

index.

The

Russell

1000

Value

Index

(the

"Russell

Value")

measures

the

performance

of

the

largest

1,000

U.S.

companies

(based

on

total

market

capitalization)

that

have

lower

price-to-book

ratios

and

lower

expected

and

historical

growth

values.

The

Fund

is

professionally

managed,

while

the

Russell

Value

is

unmanaged

and

is

not

available

for

investment.

The

Russell

Value

excludes

the

effect

of

any

expenses,

which

have

been

deducted

from

the

Fund's

return.

The

performance

table

and

graph

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

SOUND

SHORE

FUND

-

INVESTOR

CLASS

VS.

RUSSELL

VALUE

Past

performance

cannot

predict

nor

guarantee

future

results.

Investment

return

and

principal

value

of

an

investment

in

the

Fund

will

fluctuate

so

that

an

investor's

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Results

of

an

investment

made

today

may

differ

substantially

from

the

Fund's

historical

performance.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

As

stated

in

the

current

prospectus,

dated

May

1,

2022,

the

total

annual

fund

operating

expense

ratio

(gross)

is

0.93%

for

the

Investor

Class

and

0.83%

for

the

Institutional

Class.

Subsequently

for

the

fiscal

year

ended

December

31,

2022,

the

total

annual

operating

expense

ratio

(gross)

for

the

Investor

Class

was

0.94%

and

0.85%

for

the

Institutional

Class,

as

shown

in

the

financial

highlights.

The

Institutional

Class'

net

expense

ratio

is

0.75%

since

the

Fund

Adviser

has

agreed

to

reimburse

essentially

all

of

the

ordinary

expenses

of

the

Institutional

Class

(excluding

advisory

fees,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

extraordinary

expenses

and

all

litigation

costs).

This

agreement

is

in

effect

until

at

least

May

1,

2023. For

more

information

about

expense

reimbursements

please

see

the

Notes

to

Financial

Statements.

#### AVERAGE

#### ANNUAL

#### TOTAL

#### RETURN

#### as

#### of

#### December

#### 31,

#### 2022

#### One

#### Year

#### Five

#### Years

#### Ten

#### Years
Sound

Shore

Fund,

Inc.

Fund

—

Investor

Class

(10.59)%

5.14%

9.90%

Sound

Shore

Fund,

Inc.

Fund

—

Institutional

Class

(10.40)%

5.32%

10.10%

Russell

1000®

Value

Index

(7.54)%

6.67%

10.29%

Sound

Shore

Fund,

Inc.

SCHEDULE

OF

INVESTMENTS

December

31,

2022

See

Notes

to

Financial

Statements.

Sector

Weightings

(a) (as

of

December

31,

2022)

as

a

percentage

of

Net

Assets

(Unaudited)

Share

Amount

Value

Common

Stock

(96.0%)

(a) Communication

Services

(2.7%)

Alphabet,

Inc.,

Class A

(b) 273,650

$

24,144,139

Consumer

Discretionary

(15.8%)

General

Motors

Co.

826,305

27,796,900

Lennar

Corp.,

Class A

323,995

29,321,548

PVH

Corp.

499,615

35,267,823

Tempur

Sealy

International,

Inc.

685,225

23,523,774

Victoria's

Secret

&

Co.

(b) 748,495

26,781,151

142,691,196

Consumer

Staples

(2.7%)

Conagra

Brands,

Inc.

623,725

24,138,157

Sound

Shore

Fund,

Inc.

SCHEDULE

OF

INVESTMENTS

(Continued)

December

31,

2022

See

Notes

to

Financial

Statements.

Share

Amount

Value

Energy

(7.3%)

Baker

Hughes

Co.

764,950

$

22,588,974

Kinder

Morgan,

Inc.

1,289,075

23,306,476

TotalEnergies

SE,

ADR

316,565

19,652,355

65,547,805

Financials

(21. 2

%)

Bank

of

America

Corp.

658,445

21,807,698

Berkshire

Hathaway,

Inc.,

Class B

(b) 103,450

31,955,705

Capital

One

Financial

Corp.

323,230

30,047,461

First

Republic

Bank/CA

239,550

29,198,750

Morgan

Stanley

200,685

17,062,239

SVB

Financial

Group

(b) 114,715

26,400,510

Wells

Fargo

&

Co.

846,570

34,954,875

191,427,238

Health

Care

(13.5%)

Cardinal

Health,

Inc.

234,590

18,032,934

Hologic

,

Inc.

(b) 298,785

22,352,106

Merck

&

Co.,

Inc.

214,155

23,760,497

Organon

&

Co.

1,019,655

28,478,964

Pfizer,

Inc.

561,030

28,747,177

121,371,678

Industrials

(9.2%)

FedEx

Corp.

110,525

19,142,930

Huntington

Ingalls

Industries,

Inc.

111,445

25,708,133

PACCAR,

Inc.

200,115

19,805,381

The

Boeing

Co.

(b) 95,330

18,159,412

82,815,856

Information

Technology

(17.1%)

Applied

Materials,

Inc.

195,570

19,044,607

Flex,

Ltd.

(b) 1,868,435

40,096,615

Lam

Research

Corp.

31,155

13,094,446

Micron

Technology,

Inc.

369,475

18,466,360

NXP

Semiconductors

NV

176,730

27,928,642

Oracle

Corp.

428,440

35,020,686

153,651,356

See

Notes

to

Financial

Statements.

Sound

Shore

Fund,

Inc.

SCHEDULE

OF

INVESTMENTS

(Concluded)

December

31,

2022

Share

Amount

Value

Materials

(2.1%)

Cleveland-Cliffs,

Inc.

(b) 1,187,415

$

19,129,256

Utilities

(4.4%)

Vistra

Corp.

1,712,065

39,719,908

Total

Common

Stock

(96.0%)

(cost

$725,615,375)

864,636,589

Short-Term

Investment

(4

.

%)

Money

Market

Fund

(4.0%)

First

American

Government

Obligations

Fund,

Class X,

4.09 %

(c) 35,329,961

35,329,961

Total

Short-Term

Investment

(4.0%)

(cost

$35,329,961)

35,329,961

Investments,

at

value

(100.0%)

(cost

$760,945,336)

$

899,966,550

Other

Assets

Less

Liabilities

(0.0%)

368,726

Net

Assets

(100.0%)

$

900,335,276

(a) More

narrow

industries

are

utilized

for

compliance

purposes,

whereas

broad

sectors

are

utilized

for

reporting

purposes.

(b) Non-income

producing

security.

(c) Percentage

disclosed

reflects

the

money

market

fund's

class

X

shares

7-day

yield

as

of

December

31,

2022. ADR

American

Depositary

Receipt

Sound

Shore

Fund,

Inc.

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2022

See

Notes

to

Financial

Statements.

ASSETS

Investments,

at

value

(Cost

$760,945,336)

$

899,966,550

Receivables:

Capital

shares

sold

436,820

Dividends

1,482,830

Foreign

tax

reclaims

231,112

Prepaid

expenses

67,563

Total

Assets

902,184,875

LIABILITIES

Payables:

Capital

shares

redeemed

1,139,339

Accrued

liabilities:

Advisory

fees

556,799

Administrator

fees

12,500

Transfer

agent

fees

and

expenses

53,020

Custodian

fees

12,761

Compliance

and

Treasurer

Services

fees

and

expenses

15,750

Professional

fees

42,500

Other

accrued

liabilities

16,930

Total

Liabilities

1,849,599

Net

Assets

$

900,335,276

COMPONENTS

OF

NET

ASSETS

Common

stock,

at

Par

Value

$

25,529

Paid-in

Capital

765,934,570

Distributable

earnings

134,375,177

Net

Assets

$

900,335,276

NET

ASSET

VALUE

Net

Assets

-

Investor

Class

Shares

$

519,226,635

Shares

Outstanding

-

Investor

Class

(100,000,000

shares

authorized,

par

value

$0.001)

14,793,140

Net

Asset

Value

(offering

&

redemption

price

per

share)

-

Investor

Class

Shares

$

35.10 Net

Assets

-

Institutional

Class

Shares

$

381,108,641

Shares

Outstanding

-

Institutional

Class

(100,000,000

shares

authorized,

par

value

$0.001)

10,736,142

Net

Asset

Value

(offering

&

redemption

price

per

share)

-

Institutional

Class

Shares

$

35.50 12

Sound

Shore

Fund,

Inc.

STATEMENT

OF

OPERATIONS

FOR

THE

YEAR

ENDED

DECEMBER

31,

2022

See

Notes

to

Financial

Statements.

INVESTMENT

INCOME

Income:

Dividend

income

(net

of

foreign

withholding

taxes

of

$217,554)

$

20,

,

Total

Income

20,

,

Expenses:

Advisory

fees

(Note

3)

8,008,592

Administrator

fees

158,661

Transfer

agent

fees

and

expenses

-

Investor

Class

Shares

613,775

Transfer

agent

fees

and

expenses

-

Institutional

Class

Shares

56,245

Custodian

fees

80,671

Compliance

and

Treasurer

Services

fees

and

expenses

(Note

3)

153,963

Directors'

fees

and

expenses

(Note

3)

192,090

Professional

fees

102,500

Registration

fees

-

Investor

Class

Shares

25,412

Registration

fees

-

Institutional

Class

Shares

25,480

Printing

and

postage

fees

-

Investor

Class

Shares

47,370

Printing

and

postage

fees

-

Institutional

Class

Shares

30,302

Miscellaneous

96,363

Total

Expenses

9,591,424

Expense

Reimbursements

-

Institutional

Class

Shares

(Note

3)

(465,466)

Net

Expenses

9,125,958

Net

Investment

Income

,

7,

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

ON

INVESTMENTS

Net

realized

gain

on

investments

29,

909

,

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(16

,

798

,

515)

Net

realized

and

unrealized

loss

on

investments

(13

,

889

,

144)

Net

decrease

in

net

assets

from

operations

$

(127,962,018)

Sound

Shore

Fund,

Inc.

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

Notes

to

Financial

Statements.

For

the

Year

Ended

December

31,

2022

2021

Operations:

Net

investment

income

$

,

927

,

$

11,710,053

Net

realized

gain

on

investments

29,

909

,

265,625,978

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

(16

,

798

,

515)

(14,100,501)

Increase

(decrease)

in

net

assets

from

operations

(127,962,018)

263,235,530

Distributions

to

shareholders:

Investor

Class

Shares

(24,089,369)

(149,441,808)

Institutional

Class

Shares

(18,465,211)

(124,411,263)

Total

distributions

to

shareholders

(42,554,580)

(273,853,071)

Net

capital

share

transactions

(Note

6):

Investor

Class

Shares

(59,444,715)

35,265,160

Institutional

Class

Shares

(116,267,466)

63,302,817

Total

capital

share

transactions

(175,712,181)

98,567,977

Total

increase

(decrease)

(346,228,779)

87,950,436

NET

ASSETS

Beginning

of

the

year

1,246,564,055

1,158,613,619

End

of

the

year

$

900,335,276

$

1,246,564,055

Sound

Shore

Fund,

Inc.

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2022

1. Organization

Sound

Shore

Fund,

Inc.

(the

"Fund")

was

incorporated

under

the

laws

of

the

State

of

Maryland

on

February

19,

1985

and

is

registered

as

a

diversified,

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940

(the

"Act").

The

investment

objective

of

the

Fund

is

growth

of

capital.

The

Fund

qualifies

as

an

investment

company

as

defined

in

Financial

Accounting

Standards

Codification

946

—

Financial

Services

—

Investment

Companies.

The

total

number

of

shares

of

common

stock

which

the

Fund

is

authorized

to

issue

is

200,000,000,

par

value

$0.001

per

share

of

which

100,000,000

shares

are

designated

to

the

Investor

Class

and

100,000,000

shares

are

designated

to

the

Institutional

Class.

The

Board

of

Directors

(the

"Board")

may,

without

shareholder

approval,

classify

or

reclassify

any

unissued

shares

into

other

classes

or

series

of

shares.

Each

share

of

the

Fund

has

equal

dividend,

distribution,

liquidation

and

voting

rights

(except

as

to

matters

relating

exclusively

to

one

class

of

shares),

and

fractional

shares

have

those

rights

proportionately.

2. Significant

Accounting

Policies

These

financial

statements

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP"),

which

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

disclosure

of

contingent

liabilities,

if

any,

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

increase

and

decrease

in

net

assets

from

operations

during

the

fiscal

period.

Actual

results

could

differ

from

those

estimates.

The

following

represents

the

significant

accounting

policies

of

the

Fund:

a. Security

Valuation

Exchange-traded

securities

including

those

traded

on

the

National

Association

of

Securities

Dealers'

Automated

Quotation

system

("NASDAQ"),

are

valued

at

the

last

quoted

sale

price

or

official

closing

price

as

provided

by

independent

pricing

services

as

of

the

close

of

trading

on

the

system

or

exchange

on

which

they

are

primarily

traded,

on

each

Fund

business

day.

In

the

absence

of

a

sale,

such

securities

are

valued

at

the

mean

of

the

last

bid

and

asked

prices.

Non-exchange-traded

securities

for

which

over-the-counter

market

quotations

are

readily

available

are

generally

valued

at

the

mean

between

the

current

bid

and

asked

prices

provided

by

independent

pricing

services.

Investments

in

other

open-end

regulated

investment

companies

are

valued

at

their

publicly

traded

net

asset

value

("NAV").

Pursuant

to

Rule

2a-5

under

the

Investment

Company

Act,

the

Board

has

designated

the

Adviser,

as

defined

in

Note

3,

as

the

Fund's

valuation

designee

to

perform

any

fair

value

determinations

for

securities

and

other

assets

held

by

the

Fund.

The

Adviser

is

subject

to

the

oversight

of

the

Board

and

certain

reporting

and

other

requirements

intended

to

provide

the

Board

the

information

needed

to

oversee

the

Adviser's

fair

value

determinations.

The

Adviser

is

responsible

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

in

accordance

with

policies

and

procedures

that

have

been

approved

by

the

Board.

Under

these

procedures,

the

Adviser

convenes

on

a

regular

and

ad

Sound

Shore

Fund,

Inc.

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

December

31,

2022

hoc

basis

to

review

such

investments

and

considers

a

number

of

factors,

including

valuation

methodologies

and

significant

unobservable

inputs,

when

arriving

at

fair

value.

The

Board

has

approved

the

Adviser's

fair

valuation

procedures

as

a

part

of

the

Fund's

compliance

program

and

will

review

any

changes

made

to

the

procedures.

The

Adviser

provides

fair

valuation

inputs

pursuant

to

its

fair

valuation

procedures

if

market

quotations

are

not

readily

available

(including

a

short

and

temporary

lapse

in

the

provision

of

a

price

by

the

regular

pricing

source)

or,

if

in

the

judgment

of

the

Adviser

the

prices

or

values

available

do

not

represent

the

fair

value

of

the

instrument.

Factors

which

may

cause

the

Adviser

to

make

such

a

judgment

include,

but

are

not

limited

to,

the

following:

(i) only

a

bid

price

or

an

asked

price

is

available,

(ii) the

spread

between

the

bid

price

and

the

asked

price

is

substantial,

(iii) the

frequency

of

sales,

(iv) the

thinness

of

the

market,

(v) the

size

of

reported

trades,

and

(vi) actions

of

the

securities

markets,

such

as

the

suspension

or

limitation

of

trading.

Fair

valuation

is

based

on

subjective

factors

and,

as

a

result,

the

fair

value

price

of

a

security

may

differ

from

the

security's

market

price

and

may

not

be

the

price

at

which

the

security

may

be

sold.

Fair

valuation

could

result

in

a

NAV

different

from

one

determined

by

using

market

quotations.

Valuation

inputs

used

to

determine

the

value

of

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

-

quoted

prices

in

active

markets

for

identical

assets

Level

-

other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

-

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Pursuant

to

the

valuation

procedures

noted

previously,

equity

securities

(including

exchange-traded

securities

and

other

open-end

regulated

investment

companies)

are

generally

categorized

as

Level

securities

in

the

fair

value

hierarchy.

Investments

for

which

there

are

no

quotations,

or

for

which

quotations

do

not

appear

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Adviser

under

the

Adviser's

fair

valuation

procedures.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund's

investments

categorized

in

the

fair

value

hierarchy

as

of

December

31,

2022:

Sound

Shore

Fund,

Inc.

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

December

31,

2022

At

December

31,

2022

,

all

equity

securities

and

open-end

regulated

investment

companies

were

included

in

Level

in

the

table

above.

Please

refer

to

the

Schedule

of

Investments

to

view

equity

securities

categorized

by

sector/industry

type.

b. Security

Transactions

Security

transactions

are

recorded

on

a

trade

date

basis.

Realized

gain

and

loss

on

investments

sold

are

recorded

on

the

basis

of

identified

cost.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

an

accrual

basis.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

practicable

after

the

Fund

determines

the

existence

of

a

dividend

declaration

after

exercising

reasonable

due

diligence.

Income

and

capital

gains

on

some

foreign

securities

may

be

subject

to

foreign

withholding

tax,

which

is

accrued

as

applicable.

Investment

income,

realized

and

unrealized

gains

and

losses

and

certain

Fund-level

expenses

are

allocated

to

each

class

based

on

relative

average

daily

net

assets.

Certain

expenses

are

incurred

at

the

class

level

and

charged

directly

to

that

particular

class.

Class

level

expenses

are

denoted

as

such

on

the

Fund's

Statement

of

Operations.

c. Dividends

and

Distributions

to

Shareholders

Dividends

are

declared

separately

for

each

class.

No

class

has

preferential

dividend

rights;

differences

in

per-share

dividend

rates

are

generally

due

to

class-specific

fee

waivers

and

expenses.

Dividends

and

distributions

payable

to

shareholders

are

recorded

by

the

Fund

on

the

ex-dividend

date.

Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

semiannually.

Capital

gains,

if

any,

are

distributed

to

shareholders

at

least

annually.

The

Fund

determines

its

net

investment

income

and

capital

gains

distributions

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

These

differences

are

due

primarily

to

differing

treatments

of

income

and

gains

on

various

securities

held

by

the

Fund,

timing

differences

and

differing

characterizations

of

distributions

made

by

the

Fund.

To

the

extent

distributions

exceed

net

investment

income

and

net

realized

capital

gains

for

tax

purposes,

they

are

reported

as

a

return

of

capital.

d. Federal

Taxes

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

and

to

distribute

substantially

all

of

its

taxable

income.

In

addition,

by

distributing

in

each

calendar

year

substantially

all

of

its

net

investment

income,

capital

gain

and

certain

other

amounts,

if

any,

the

Fund

will

not

be

subject

to

federal

taxation.

Therefore,

no

federal

income

or

excise

tax

provision

is

required.

For

all

open

tax

years

and

all

major

taxing

jurisdictions,

management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

that

would

require

the

Fund

to

record

a

tax

liability

or

would

otherwise

require

recognition

in

the

financial

statements.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities

(i.e.,

generally,

the

last

three

tax

year-ends

2019

–

2021,

and

the

interim

tax

year

since

then).

Security

Type

Level

Level

Level

Total

Investments

in

Securities

Common

Stock

$

864,636,589

$

–

$

–

$

864,636,589

Money

Market

Fund

35,329,961

–

–

35,329,961

Total

Investments

$

899,966,550

$

–

$

–

$

899,966,550

Sound

Shore

Fund,

Inc.

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

December

31,

2022

3. Fees

and

Expenses

Investment

Adviser

The

Fund's

investment

adviser

is

Sound

Shore

Management,

Inc.

(the

"Adviser").

Pursuant

to

an

investment

advisory

agreement,

the

Adviser

receives

an

advisory

fee,

accrued

daily

and

paid

monthly

at

an

annual

rate

of

0.75%

of

the

Fund's

average

daily

net

assets.

Pursuant

to

an

expense

limitation

agreement

between

the

Adviser

and

the

Fund,

the

Adviser

has

agreed

to

reimburse

all

of

the

ordinary

expenses

of

the

Institutional

Class,

excluding

advisory

fees,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses,

extraordinary

expenses

and

all

litigation

costs

until

at

least

May

1,

2023. This

reimbursement

is

shown

on

the

Statement

of

Operations

as

a

reduction

of

expenses,

and

such

amounts

are

not

subject

to

future

recoupment

by

the

Adviser.

Other

Services

Atlantic

Fund

Administration,

LLC,

a

wholly

owned

subsidiary

of

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

("Apex"),

provides

certain

administration

and

portfolio

accounting

services

to

the

Fund.

US

Bank,

N.A.

("US

Bank")

serves

as

custodian

to

the

Fund.

Apex

provides

transfer

agency

services

to

the

Fund.

The

Fund

also

has

agreements

with

various

financial

intermediaries

and

"mutual

fund

supermarkets"

under

which

customers

of

these

intermediaries

may

purchase

and

hold

Fund

shares.

These

intermediaries

effectively

provide

subtransfer

agent

services

that

the

Fund's

transfer

agent

would

have

otherwise

had

to

provide.

In

recognition

of

this,

the

transfer

agent,

the

Fund

and

the

Fund's

Adviser

have

entered

into

an

agreement

whereby

the

transfer

agent

agrees

to

pay

financial

intermediaries

a

portion

of

the

amount

denoted

on

the

Statement

of

Operations

as

"Transfer

agent

fees

and

expenses

—

Investor

Class

Shares"

that

it

receives

from

the

Fund

for

its

services

as

transfer

agent

for

the

Investor

Class

and

the

Adviser

agrees

to

pay

the

excess,

if

any,

charged

by

a

financial

intermediary

for

that

class.

Foreside

Fund

Services,

LLC

is

the

Fund's

distributor

(the

"Distributor").

The

Distributor

is

not

affiliated

with

the

Adviser,

Apex,

US

Bank,

or

its

affiliated

companies.

The

Distributor

receives

no

compensation

from

the

Fund

for

its

distribution

services.

Pursuant

to

a

Compliance

Services

Agreement

with

the

Fund,

Foreside

Fund

Officer

Services,

LLC

("FFOS"),

an

affiliate

of

the

Distributor,

provides

a

Chief

Compliance

Officer

and

Anti-Money

Laundering

Officer

to

the

Fund

as

well

as

some

additional

compliance

support

functions.

Under

a

Treasurer

Services

Agreement

with

the

Fund,

Foreside

Management

Services,

LLC

("FMS"),

an

affiliate

of

the

Distributor,

provides

a

Treasurer

to

the

Fund.

Neither

the

Distributor,

FFOS,

FMS,

nor

their

employees

that

serve

as

officers

of

the

Fund,

have

any

role

in

determining

the

investment

policies

of

or

securities

to

be

purchased

or

sold

by

the

Fund.

Effective

July

28,

2022,

the

Fund

pays

each

director

who

is

not

an

"interested

person"

of

the

Fund,

as

defined

in

Section

2(a)

(19) of

the

Act

("Independent

Director"),

quarterly

fees

of

$5,000,

plus

$10,000

per

quarterly

meeting

attended

in-person

or

telephonically,

and

$2,000

per

special

meeting

attended

in

person

or

telephonically.

In

addition,

the

Chairman

of

the

Audit

committee

receives

a

quarterly

fee

of

$2,500.

Prior

to

July

28,

2022,

the

Fund

paid

each

Independent

Director

quarterly

fees

of

$5,000,

plus

$10,000

per

quarterly

in-person

meeting,

$4,000

per

quarterly

meeting

attended

telephonically,

and

$2,000

per

special

meeting

attended

in

person

or

telephonically.

In

addition,

the

Chairman

of

the

Audit

Committee

received

a

quarterly

fee

Sound

Shore

Fund,

Inc.

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

December

31,

2022

of

$2,500.

During

the

year

ended

December

31,

2022,

each

Independent

Director

received

the

standard

in-person

meeting

fee

for

attendance

at

regularly

scheduled

meetings

of

the

Board

held

by

video

conference

as

a

result

of

the

onset

of

the

pandemic.

Certain

Officers

and

Directors

of

the

Fund

are

officers,

directors,

or

employees

of

the

aforementioned

companies.

4. Purchases

and

Sales

of

Securities

The

cost

of

securities

purchased

and

proceeds

from

sales

of

securities

(excluding

short-term

investments)

for

the

fiscal

year

ending

December

31,

2022,

aggregated

$741,840,904

and

$927,476,288,

respectively.

5. Federal

Income

Tax

Cost

for

federal

income

tax

purposes

is

$766,824,784

and

net

unrealized

appreciation

consists

of:

Distributions

during

the

fiscal

years

ended

December

31,

2022

and

December

31,

2021

were

characterized

for

tax

purposes

as

follows:

Components

of

net

assets

on

a

federal

income

tax

basis

at

December

31,

2022,

were

as

follows:

At

December

31,

2022,

the

Fund,

for

federal

income

tax

purposes,

had

no

capital

loss

carryforwards.

Gross

Unrealized

Appreciation

$

,

,

Gross

Unrealized

Depreciation

(36,172,578)

Net

Unrealized

Appreciation

$

133,141,766

2022

2021

Ordinary

Income

$

9,

763

,244

$

78,798,207

Long-Term

Capital

Gain

32,791,336

195,054,864

Total

Taxable

Distributions

$

42,

554

,

580

$

273,853,071

Par

Value

+

Paid-in

Capital

$

765,960,099

Undistributed

Ordinary

Income

1,163,889

Undistributed

Long-Term

Gain

69,522

Net

Unrealized

Appreciation

133,141,766

Net

Assets

$

900,335,276

Sound

Shore

Fund,

Inc.

NOTES

TO

FINANCIAL

STATEMENTS

(Concluded)

December

31,

2022

6. Capital

Stock

Transactions

in

capital

stock

for

the

years

ended

December

31,

2022

and

December

31,

2021,

were

as

follows:

7. Subsequent

Events

Subsequent

events

occurring

after

the

date

of

this

report

have

been

evaluated

for

potential

impact

to

this

report

through

the

date

the

report

was

issued.

Management

has

evaluated

the

need

for

additional

disclosures

and/or

adjustments

resulting

from

subsequent

events.

Effective

January

6,

2023,

Jack

Huntington

was

approved

to

replace

Nancy

Tyminski

as

Chief

Compliance

Officer/Anti-Money

Laundering

Compliance

Officer

by

the

Board.

Management

has

concluded

that

no

additional

disclosures

or

adjustments

were

required

to

the

financial

statements

as

of

the

date

the

financial

statements

were

issued.

For

the

Year

Ended

December

31,

2022

Investor

Class

Institutional

Class

Shares

Amount

Shares

Amount

Sale

of

shares

490,156

$

19,038,484

801,949

$

31,364,795

Reinvestment

of

dividends

660,766

22,866,989

508,787

17,807,256

Redemption

of

shares

(2,670,496)

(101,350,188)

(4,413,268)

(165,439,517)

Net

decrease

from

capital

transactions

(1,519,574)

$

(59,444,715)

(3,102,532)

$

(116,267,466)

For

the

Year

Ended

December

31,

2021

Investor

Class

Institutional

Class

Shares

Amount

Shares

Amount

Sale

of

shares

431,771

$

20,609,970

968,105

$

47,405,245

Reinvestment

of

dividen

ds

3,423,895

141,544,950

2,936,531

122,637,322

Redemption

of

shares

(2,702,428)

(126,889,760)

(2,216,481)

(106,739,750)

Net

increase

from

capital

transactions

1,153,238

$

35,265,160

1,688,155

$

63,302,817

Sound

Shore

Fund,

Inc.

FINANCIAL

HIGHLIGHTS

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Year

Ended

December

31,

2022

2021

2020

2019

2018

Investor

Class

Shares

Net

Asset

Value,

Beginning

of

Year

$

41.16 $

42.29 $

42.41 $

37.03 $

45.89 Investment

Operations

Net

investment

income

(a) 0.3 6

0.41 0.30 0.40 0.50 Net

realized

and

unrealized

gain

(loss)

on

investments

(4.7

5)

9.66 2.90 8.20 (6.27)

Total

from

Investment

Operations

(4.39)

10.07 3.20 8.60 (5.77)

Distributions

from

Net

investment

income

(0.35)

(0.44)

(0.32)

(0.39)

(0.51)

Net

realized

gains

(1.32)

(10.76)

(3.00)

(2.83)

(2.58)

Total

Distributions

(1.67)

(11.20)

(3.32)

(3.22)

(3.09)

Net

Asset

Value,

End

of

Year

$

35.10 $

41.16 $

42.29 $

42.41 $

37.03 Total

Return

(10.59)%

23.76%

7.78%

23.26%

(12.62)%

Ratios/Supplemental

Data

Net

Assets

at

End

of

Year

(in

thousands)

$519,227

$671,380

$641,165

$853,588

$945,244

Ratios

to

Average

Net

Assets:

Expenses

0.94%

0.93%

0.93%

0.91%

0.90%

Net

Investment

Income

0.9 4

%

0.85%

0.80%

0.95%

1.10%

Portfolio

Turnover

Rate

(b) 72%

44%

77%

46%

56%

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund,

as

a

whole,

without

distinguishing

between

the

classes

of

shares

issued.

Sound

Shore

Fund,

Inc.

FINANCIAL

HIGHLIGHTS

(Concluded)

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Year

Ended

December

31,

2022

2021

2020

2019

2018

Institutional

Class

Shares

Net

Asset

Value,

Beginning

of

Year

$

41.56 $

42.59 $

42.65 $

37.19 $

46.06 Investment

Operations

Net

investment

income

(a) 0.4 3

0.51 0.37 0.47 0.58 Net

realized

and

unrealized

gain

(loss)

on

investments

(4.

8)

9.70 2.93 8.25 (6.32)

Total

from

Investment

Operations

(4.35)

10.21 3.30 8.72 (5.74)

Distributions

from

Net

investment

income

(0.39)

(0.48)

(0.36)

(0.43)

(0.55)

Net

realized

gains

(1.32)

(10.76)

(3.00)

(2.83)

(2.58)

Total

Distributions

(1.71)

(11.24)

(3.36)

(3.26)

(3.13)

Net

Asset

Value,

End

of

Year

$

35.50 $

41.56 $

42.59 $

42.65 $

37.19 Total

Return

(10.40)%

23.95%

7.98%

23.50%

(12.50)%

Ratios/Supplemental

Data

Net

Assets

at

End

of

Year

(in

thousands)

$381,109

$575,184

$517,449

$684,295

$721,916

Ratios

to

Average

Net

Assets:

Expenses

(gross)

(b) 0.85%

0.83%

0.84%

0.82%

0.81%

Expenses

(net)

0.75%

0.75%

0.75%

0.75%

0.75%

Net

Investment

Income

1. 1

%

1.03%

0.98%

1.12%

1.27%

Portfolio

Turnover

Rate

(c) 72%

44%

77%

46%

56%

(a) Calculated

based

on

average

shares

outstanding

during

each

year.

(b) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(c) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund,

as

a

whole,

without

distinguishing

between

the

classes

of

shares

issued.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

and

the

Shareholders

of

Sound

Shore

Fund,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Sound

Shore

Fund,

Inc.

(the

"Fund"),

including

the

schedule

of

investments,

as

of

December

31,

2022,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

and

the

related

notes

(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

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

years

in

the

two-

year

period

then

ended

and

its

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

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

audits.

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

law

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

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

audits

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

audits

included

performing

procedures

to

assess

the

risk

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

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

BBD,

LLP

We

have

served

as

the

auditor

of

the

Sound

Shore

Fund,

Inc.

since

2016. Philadelphia,

Pennsylvania

February

23,

2023

Sound

Shore

Fund,

Inc.

ADDITIONAL

INFORMATION

(Unaudited)

December

31,

2022

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

of

1940,

as

amended.

The

liquidity

risk

management

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

its

cash

holdings

and

access

to

other

funding

sources.

The

Board

approved

the

designation

of

the

Adviser's

Chief

Compliance

Officer

as

the

administrator

of

the

liquidity

risk

management

program

(the

"Program

Administrator").

The

Program

Administrator

is

responsible

for

the

administration

and

oversight

of

the

program

and

for

reporting

to

the

Board

on

at

least

an

annual

basis

regarding,

among

other

things,

the

program's

operation,

adequacy,

and

effectiveness.

The

Program

Administrator

assessed

the

Fund's

liquidity

risk

profile

based

on

information

gathered

for

the

period

July

1,

2021

through

June

30,

2022

in

order

to

prepare

a

written

report

to

the

Board

for

review

at

its

meeting

held

on

July

28,

2022. The

Program

Administrator's

report

stated

that:

(i) the

Fund

is

able

to

meet

redemptions

in

normal

and

reasonably

foreseeable

stressed

conditions

and

without

significant

dilution

of

remaining

shareholders'

interests

in

the

Fund;

(ii) the

Fund's

strategy

is

appropriate

for

an

open-end

mutual

fund;

(iii) the

liquidity

classification

determinations

regarding

the

Fund's

portfolio

investments,

which

take

into

account

a

variety

of

factors,

remained

appropriate;

(iv) the

Fund

did

not

approach

the

internal

triggers

set

forth

in

the

liquidity

risk

management

program

or

the

regulatory

percentage

limitation

(15%)

on

holdings

in

illiquid

investments;

(v) it

continues

to

be

appropriate

to

not

set

a

"highly

liquid

investment

minimum"

for

the

Fund

because

the

Fund

primarily

holds

"highly

liquid

investments";

and

(vi) the

liquidity

risk

management

program

remains

reasonably

designed

and

adequately

implemented

to

prevent

violations

of

the

Liquidity

Rule

and

the

Fund's

liquidity

risk

is

"low."

No

significant

liquidity

events

impacting

the

Fund

were

noted

in

the

report.

Shareholder

Expense

Example

As

a

shareholder

of

the

Fund,

you

incur

ongoing

costs,

including

management

fees

and

other

Fund

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.

The

following

example

is

based

on

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

July

1,

2022

through

December

31,

2022. Actual

Expenses

-

The

Actual

Return

lines

of

the

table

below

provide

information

about

actual

account

values

and

actual

expenses

for

each

share

class.

You

may

use

the

information

in

these

lines,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

Actual

Return

line

under

the

heading

entitled

"Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Sound

Shore

Fund,

Inc.

ADDITIONAL

INFORMATION

(Unaudited)(Continued)

December

31,

2022

Hypothetical

Example

for

Comparison

Purposes

-

The

Hypothetical

Return

lines

of

the

table

below

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

class'

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

cost

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

Hypothetical

Return

lines

of

the

table

are

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

Federal

Tax

Status

of

Dividends

Declared

during

the

Fiscal

Year

(Unaudited)

Income

Dividends

-

For

federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

Fund

paid

income

dividends

of

$9,763,244

for

the

tax

year

ended

December

31,

2022,

of

which

$0

were

short-term

capital

gain

dividends.

The

Fund

designated

100.00%

of

its

income

dividend

distributed

as

qualifying

for

the

corporate

dividends-

received

deductions

(DRD)

and

100.00%

for

the

qualified

dividend

rate

(QDI)

as

defined

in

Section

1(h)(11)

of

the

Internal

Revenue

Code.

The

Fund

also

designates

0%

of

its

income

dividends

as

qualified

interest

income

(QII)

and

0%

as

qualified

short-term

capital

gain

dividends

exempt

from

U.S.

tax

for

foreign

shareholders

(QSD).

Capital

Gain

and

other

distributions

-

The

Fund

paid

long-term

capital

gain

dividends

of

$32,791,336.

Beginning

Account

Value

July

1,

2022

Ending

Account

Value

December

31,

2022

Expenses

Paid

During

Period

\*

Investor

Class

Actual

Return

$

1,000.00

$

1,043.42

$

.

Investor

Class

Hypothetical

Return

$

1,000.00

$

1,

.

$

4. 84

Institutional

Class

Actual

Return

$

1,000.00

$

1,044

.

$

3. 86

Institutional

Class

Hypothetical

Return

$

1,000.00

$

1,021.

$

3. 82

\*

Expenses

are

equal

to

the

Investor

Class'

and

Institutional

Class'

annualized

expense

ratios

of

0.95%

and

0.75%

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

to

reflect

the

most

recent

one-half

year

period.

Sound

Shore

Fund,

Inc.

ADDITIONAL

INFORMATION

(Unaudited)(Continued)

December

31,

2022

Proxy

Voting

Information

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

securities

held

in

the

Fund's

portfolio

is

available,

without

charge

and

upon

request,

by

calling

(800) 551-1980

or

by

visiting

the

Fund's

website

at

www.soundshorefund.com.

This

information

is

also

available

on

the

Securities

and

Exchange

Commission's

("SEC")

website

at

www.sec.gov

under

the

name

of

the

Sound

Shore

Fund.

The

Fund's

proxy

voting

record

for

the

most

recent

12-month

period

ended

June

is

available,

without

charge

and

upon

request,

by

calling

(800) 551-1980

or

by

visiting

the

Fund's

website

at

www.soundshorefund.com.

This

information

is

available

on

the

SEC's

website

at

www.sec.gov

under

the

name

of

the

Sound

Shore

Fund.

Availability

of

Quarterly

Portfolio

Schedule

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

This

information

is

available

on

the

SEC's

website

at

www.sec.gov

under

the

name

of

the

Sound

Shore

Fund.

Sound

Shore

Fund,

Inc.

ADDITIONAL

INFORMATION

(Unaudited)(Continued)

December

31,

2022

Directors

and

Officers

of

the

Fund

The

following

is

relevant

information

regarding

Directors

and

Officers

of

the

Fund:

(1) Terms

of

Service

is

until

his/her

successor

is

elected

or

qualified

or

until

his/her

earlier

resignation

or

removal.

Name,

Address

and

Birth

Date

Position(s)

With

the

Fund

Length

of

Time

Served

(1) Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Director

Independent

Directors

Harry

W. Clark

c/o

Sound

Shore

Fund,

Inc.

Three

Canal

Plaza,

Suite

600

Portland,

ME

04101

Birth

Date:

March

1949

Director;

Audit

Committee

(member);

Nominating

Committee

(member)

January

2006

to

present

Managing

Partner,

Stanwich

Group

LLC

(public

policy

consulting

firm)

since

January

2001;

Senior

Counselor,

Brunswick

Group

LLC

(international

financial

communications

consulting

firm)

since

January

2005. Director,

U.S.

Chamber

of

Commerce

Foundation

since

2005. H. Williamson

Ghriskey,

Jr.

c/o

Sound

Shore

Fund,

Inc.

Three

Canal

Plaza,

Suite

600

Portland,

ME

04101

Birth

Date:

May

1944

Director;

Audit

Committee

(member);

Nominating

Committee

(member)

January

2006

to

present

Senior

Managing

Director/Portfolio

Management,

First

Republic

Investment

Management

(investment

counseling

firm)

since

September

1978. Past

President

of

Investment

Advisor

Association

1990-1992.

David

Blair

Kelso

c/o

Sound

Shore

Fund,

Inc.

Three

Canal

Plaza,

Suite

600

Portland,

ME

04101

Birth

Date:

September

1952

Lead

Independent

Director;

Audit

Committee

(Chair);

Nominating

Committee

(Chair);

Audit

Committee

Financial

Expert

January

2006

to

present

Managing

Partner,

Kelso

Advisory

Services

(consulting

firm),

since

October

2003;

Trustee

Emeritus,

Connecticut

College,

since

October

2007;

Trustee,

Darden

School

of

Business

Administration,

University

of

Virginia,

since

October

2015;

Director,

Round

Hill

Development

Corp.

(resort

development

firm),

since

2006;

Trustee,

New

Orleans

Museum

of

Art,

since

February

2016;

Director,

Aspen

Holdings,

Inc.

(insurance

firm),

(2005

–

April

2011);

Executive

Vice

President,

Strategy

&

Finance,

Aetna,

Inc.

(insurance

firm);

Chairman

Aetna

Life

Insurance

Company,

(September

2001

–

September

2003);

Chief

Financial

Officer,

Executive

Vice

President,

and

Managing

Director,

Chubb,

Inc.

(insurance

firm),

August

1996

–August

2001. Director,

EXL

Service

Holdings,

Inc.

(since

July

2006)

Director,

Assurant,

Inc.

(March

2007

-

February

2015).

Sound

Shore

Fund,

Inc.

ADDITIONAL

INFORMATION

(Unaudited)(Concluded)

December

31,

2022

(1) Terms

of

Service

is

until

his/her

successor

is

elected

or

qualified

or

until

his/her

earlier

resignation

or

removal.

(2) Harry

Burn,

III

and

T. Gibbs

Kane,

Jr.

are

"interested

persons"

of

the

Fund

as

defined

in

Section

2(a)(19)

of

the

1940

Act

by

virtue

of

their

position

as

shareholders,

senior

officers,

and

Directors

of

the

Adviser.

Each

is

a

portfolio

manager

of

the

Fund.

The

Fund's

Statement

of

Additional

Information

("SAI")

contains

additional

information

about

the

Fund's

Directors.

The

SAI

is

available

without

charge,

by

contacting

the

Fund

at

(800) 551-1980.

Name,

Address

and

Birth

Date

Position(s)

With

the

Fund

Length

of

Time

Served

(1) Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Director

Interested

Directors

(2) Harry

Burn,

III,

M.B.A.

Sound

Shore

Drive

Greenwich,

Connecticut

06830

Birth

Date:

January

1944

Chairman

and

Director

April

1985

to

present

(Chairman

September

1992

to

present)

Co-Chairman

and

Director,

Sound

Shore

Management,

Inc.,

since

1978;

Chartered

Financial

Analyst.

T. Gibbs,

Kane,

Jr.

(2) 8

Sound

Shore

Drive

Greenwich,

Connecticut

06830

Birth

Date:

May

1947

President

and

Director

April

1985

to

present

Co-Chairman

and

Director,

Sound

Shore

Management,

Inc.,

since

1977;

Chartered

Financial

Analyst.

Officers

Lowell

E. Haims

Sound

Shore

Drive

Greenwich,

Connecticut

06830

Birth

Date:

May

1967

Secretary

October

2010

to

present

Chief

Administrative

Officer,

Sound

Shore

Management,

Inc.,

since

October

2005;

Chief

Compliance

Officer,

Sound

Shore

Management

Inc.,

since

June

2007;

Chartered

Financial

Analyst.

Charles

S. Todd

Three

Canal

Plaza

Portland,

ME

04101

Birth

Date:

September

1971

Treasurer

June

2009

to

present

Managing

Director,

ACA

Global,

LLC

(formerly

Foreside

Financial

Group

LLC),

since

2015. Nancy

J. Tyminski

899

Cassatt

Road

Berwyn

Park

Suite

Berwyn,

Pennsylvania

19312

Birth

Date:

November

1962

Chief

Compliance

Officer/

AMLCO

June

2019

to

January

2023

Director,

ACA

Global,

LLC

(formerly

Foreside

Fund

Financial

Group,

LLC)

(June

2019

to

January

2023);

Senior

Due

Diligence

Officer,

Foreside

Financial

Group,

LLC

(2015

–

2019);

Deputy

Chief

Compliance

Officer,

PNC

Funds,

PNC

Bank,

N.A.

(2011

–

2015).

Investment

Adviser

Sound

Shore

Management,

Inc.

Greenwich,

Connecticut

Administrator

Apex

Fund

Services

Portland,

Maine

Distributor

Foreside

Fund

Services,

LLC

Portland,

Maine

www.foreside.com

Transfer

and

Distribution

Paying

Agent

Apex

Fund

Services

Portland,

Maine

Custodian

US

Bank,

N.A.

Milwaukee,

Wisconsin

Fund

Counsel

Sullivan

and

Worcester

LLP

New

York,

New

York

Independent

Registered

Public

Accounting

Firm

BBD,

LLP

Philadelphia,

Pennsylvania

Annual

Report

December

31,

2022

207-ANR-1222

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

in

the

Fund

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

objectives

and

policies,

experience

of

its

management,

and

other

information.

SOUND

SHORE

FUND,

INC.

Three

Canal

Plaza

Portland,

ME

04101

www.soundshorefund.com

(800) 551-1980

**Item 2. Code of Ethics.** 

Sound Shore Fund, Inc. maintains a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by the Report, there were no amendments to the Code of Ethics as filed nor were there any waivers from its provisions granted.

**Item 3. Audit Committee Financial Expert.** 

The Board of Directors has determined that David Blair Kelso, who meets the definition of an independent director as specified by Item 3, is an "audit committee financial expert" as that term is defined by applicable regulator guideline.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant for the audit of the Registrant's annual financial statements, or services that are normally provided by the principal accountant in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $20,000 in 2022 and $20,000 in 2021.

(b) Audit-Related Fees – The aggregate fees billed in the Reporting Periods for assurance and related services rendered by the principal accountant that were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item 4 were $0 in 2022 and $0 in 2021.

(c) Tax Fees – The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant to the Registrant for tax compliance, tax advice and tax planning ("Tax Fees") were $2,500 in 2022 and $2,500 in 2021. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

(d) All Other Fees – There were no other fees billed in the Reporting Periods for products and services provided by the principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) Pre-Approval Requirements for Audit and Non-Audit Services. The Audit Committee reviews and approves in advance all audit and "permissible non-audit services" to be provided to Sound Shore Management, Inc. ("Sound Shore Management"), the Fund's investment adviser, by the Fund's independent auditor if the engagement relates to the operations and financial reporting of the Fund. The Audit Committee considers whether fees paid by Sound Shore Management for audit and permissible non-audit services are consistent with the independent auditor's independence. Pre-approval of any permissible non-audit services provided to the Fund is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund constitutes not more than 5% of the total amount of revenues paid by the Fund to its auditor during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the Fund at the time of engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or its authorized delegate(s). Pre-approval of permissible non-audit services rendered to Sound Shore Management is not required if provided. The Audit Committee may delegate to one or more of its members authority to pre-approve permissible non-audit services to be provided to the Fund. Any pre-approval determination of a delegate will be presented to the full Audit Committee at its next meeting.

(e)(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2- 01 of Regulation S-X.

(f) Not applicable as less than 50%.

(g) The aggregate fees billed in the Reporting Periods for Non-Audit Services by the principal accountant to the Registrant were $2,500 in 2022 and $2,500 in 2021. The

non-audit fees billed by the Registrant's principal accountant for non-audit services provided to the Sound Shore Management (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant affiliated were $15,000 in 2022 and $4,500 in 2021.

(h) The Registrant's Audit Committee considers the provision of any non-audit services rendered to the investment adviser, to the extent applicable, in evaluating the independence of the Registrant's principal accountant. Any services provided by the principal accountant to the Registrant or to Sound Shore Management requiring pre-approval were pre-approved.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Schedule of Investments.** 

(a) Included as part of the report to stockholders under Item

(b) Not applicable.

**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.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11. Controls and Procedures.** 

(a) The registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report (the "Evaluation Date") based on their evaluation of the registrant's disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.** 

(a)(1) [A copy of the Code of Ethics (Exhibit filed herewith).](coe.htm)

(a)(2) [Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).](cert302.htm)

(a)(3) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).](cert906.htm)

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.

```
<pre style="mso-style-link: "HTML Preformatted Char";font-size: 10.0pt;font-family: "Arial Unicode MS",sans-serif;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: "Times New Roman",serif;display: inline;">SOUND SHORE FUND, INC.</div></pre>
```

---

| | |
|:---|:---|
| By | /s/ T. Gibbs Kane, Jr. |
|  | T. Gibbs Kane, Jr., President |
| Date | 02/17/2023 |

---

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 on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ T. Gibbs Kane, Jr. |
|  | T. Gibbs Kane, Jr., President |
| Date | 02/17/2023 |

---

---

| | |
|:---|:---|
| By | /s/ Charles S. Todd |
|  | Charles S. Todd, Treasurer |
| Date | 02/17/2023 |

---

## Ex-99.Code

**SOUND SHORE FUND, INC.**

**CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

**January 29, 2004**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code

This Code of Ethics ("Code") has been adopted by Sound Shore Fund, Inc. (the "Fund") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Act"). This Code applies to the Fund's Principal Executive Officer and Principal Financial Officer (or others serving in a similar capacity) (the "Covered Officers," as identified in <u>Exhibit A</u>). This Code has been adopted for the purpose of promoting:

a. &nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

b. &nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

c. &nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations;

d. &nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

e. &nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940 (including the regulations thereunder, the "Investment Advisers Act"). For example, Covered Officers may not engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and its investment adviser, Sound Shore Management, Inc. (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and the Adviser or the Fund's administrator or fund accounting agent ("other service providers"), of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Fund or for the Adviser or other service providers, or for any of them), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and other service providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Adviser and such other service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Fund's Board of Directors ("Board") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must not:

a. &nbsp;&nbsp;&nbsp;&nbsp; use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

b. &nbsp;&nbsp;&nbsp;&nbsp; cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; or

c. &nbsp;&nbsp;&nbsp;&nbsp; retaliate against any other Covered Officer or any employee of the Fund or their service providers for reports of potential violations that are made in good faith.

d. &nbsp;&nbsp;&nbsp;&nbsp; There are some conflict of interest situations that should always be approved by the President of the Fund (or, with respect to activities of the President, by the chairman of the Fund's audit committee). These conflict of interest situations are listed below:

e. &nbsp;&nbsp;&nbsp;&nbsp; service on the board of directors or governing board of a publicly traded entity;

f. &nbsp;&nbsp;&nbsp;&nbsp; the receipt of any non-nominal gifts from persons or entities who have or are seeking business relationships with the Fund;

g. &nbsp;&nbsp;&nbsp;&nbsp; the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

h. &nbsp;&nbsp;&nbsp;&nbsp; any ownership interest in, or any consulting or employment relationship with, any entities doing business with the Fund, other than the Adviser or another service provider or their respective affiliates. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class.

i. &nbsp;&nbsp;&nbsp;&nbsp; a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with the Adviser, the Fund's principal underwriter or their respective affiliates. This restriction shall not apply to or otherwise limit (i) the ownership of publicly traded securities so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding or (ii) the receipt by the Adviser or an affiliate of research or other benefits in exchange for "soft dollars" in accordance with the safe harbor provisions of Section 28(e) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp; III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

a. &nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

b. &nbsp;&nbsp;&nbsp;&nbsp; each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board and auditors, and to governmental regulators and self-regulatory organizations;

c. &nbsp;&nbsp;&nbsp;&nbsp; each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser and, as applicable, other service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund file with, or submit to, the SEC and in other public communications made by the Fund; and

d. &nbsp;&nbsp;&nbsp;&nbsp; it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp; IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

a. &nbsp;&nbsp;&nbsp;&nbsp; upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Fund that he has received, read and understands the Code;

b. &nbsp;&nbsp;&nbsp;&nbsp; annually thereafter affirm to the Fund that he has complied with the requirements of the Code;

c. &nbsp;&nbsp;&nbsp;&nbsp; provide full and fair responses to all questions asked in the Fund's periodic Director and Officer Questionnaire as well as with respect to any supplemental request for information; and

d. &nbsp;&nbsp;&nbsp;&nbsp; notify the President of the Fund promptly if he knows of any violation of this Code (with respect to violations by the President, the Covered Officer shall report to the chairman of the Fund's audit committee). Failure to do so is itself a violation of this Code.

e. &nbsp;&nbsp;&nbsp;&nbsp; The President of the Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the President will be considered by the audit committee (the "Committee").

f. &nbsp;&nbsp;&nbsp;&nbsp; The Fund will follow these procedures in investigating and enforcing this Code (in the case of a suspected violation of this Code by the President, the actions specified below to be taken by the President will instead be the responsibility of the chairman of the Committee):

g. &nbsp;&nbsp;&nbsp;&nbsp; the President will take all appropriate action to investigate any potential violations reported to him, which may include the use of internal or external counsel, accountants or other personnel;

h. &nbsp;&nbsp;&nbsp;&nbsp; if, after such investigation, the President believes that no violation has occurred, the President is not required to take any further action;

i. &nbsp;&nbsp;&nbsp;&nbsp; any matter that the President believes is a violation will be reported to the Committee;

j. &nbsp;&nbsp;&nbsp;&nbsp; if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or a recommendation to dismiss the Covered Officer;

k. &nbsp;&nbsp;&nbsp;&nbsp; the Committee will be authorized to grant waivers, as it deems appropriate; and

l. &nbsp;&nbsp;&nbsp;&nbsp; any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund or the Adviser or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and their Adviser's and service providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Adviser's and other service providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp; VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of directors not considered "interested persons" within the meaning of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp; VII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as authorized by the Board.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance or legal conclusion.

**<u>Exhibit A</u>**

**<u>Persons Covered by this Code of Ethics (as amended February 1, 2012)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Principal Executive Officer (President)** | &nbsp;&nbsp; **Principal Financial Officer (Treasurer)** |
| &nbsp;&nbsp; Sound Shore Fund, Inc. | &nbsp;&nbsp; T. Gibbs Kane, Jr. | &nbsp;&nbsp; Charles S. Todd |

---

## Ex-99.Cert

**Exhibit 1A**

# Sound Shore Fund, Inc.
I, T. Gibbs Kane, Jr., certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Sound Shore Fund, Inc. (the "registrant");

2. &nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp; 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, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) &nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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, or caused such internal control over financial reporting to be designed under our supervision, 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) &nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) &nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; 02/17/2023 | &nbsp;&nbsp; /s/ T. Gibbs Kane, Jr. |
|  |  | &nbsp;&nbsp; T. Gibbs Kane, Jr. |
|  |  | &nbsp;&nbsp; President |

---

**Exhibit 1B**

I, Charles S. Todd, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Sound Shore Fund, Inc. (the "registrant");

2. &nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp; 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, and changes in net assets of the Registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:

(a) &nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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, or caused such internal control over financial reporting to be designed under our supervision, 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) &nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) &nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; 02/17/2023 | &nbsp;&nbsp; /s/ Charles S. Todd |
|  |  | &nbsp;&nbsp; Charles S. Todd |
|  |  | &nbsp;&nbsp; Treasurer |

---

## Exhibit 99.906

Exhibit 2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the year ended December 31, 2022 of Sound Shore Fund, Inc. (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Dated: | 02/17/2023 |
|  | /s/ T. Gibbs Kane, Jr. |
|  | T. Gibbs Kane, Jr. |
|  | President |
| Dated: | 02/17/2023 |
|  | /s/ Charles S. Todd |
|  | Charles S. Todd |
|  | Treasurer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.