| NICHOLAS FUND, INC. | ||||
| SCHEDULE OF INVESTMENTS (UNAUDITED) | ||||
| AS OF DECEMBER 31, 2019 | ||||
| SHARES OR | ||||
| PRINCIPAL | ||||
| AMOUNT | VALUE | |||
| ------------- | -------------- | |||
| COMMON STOCKS - 97.50% | ||||
| Communication Services - Media & | ||||
| Entertainment - 6.64% | ||||
| 71,000 | Alphabet Inc. - Class C | $ 94,928,420 | ||
| 650,000 | Comcast Corporation - Class A | 29,230,500 | ||
| 205,000 | Facebook, Inc. - Class A | 42,076,250 | ||
| 750,000 | ViacomCBS Inc. - Class B | 31,477,500 | ||
| -------------- | ||||
| 197,712,670 | ||||
| -------------- | ||||
| Consumer Discretionary - Retailing - 11.13% | ||||
| 32,000 | Amazon.com, Inc. | 59,130,880 | ||
| 270,000 | Home Depot, Inc. (The) | 58,962,600 | ||
| 1,667,782 | LKQ Corporation | 59,539,817 | ||
| 154,976 | O'Reilly Automotive, Inc. | 67,919,782 | ||
| 810,000 | TJX Companies, Inc. (The) | 49,458,600 | ||
| 145,000 | Ulta Beauty, Inc. | 36,705,300 | ||
| -------------- | ||||
| 331,716,979 | ||||
| -------------- | ||||
| Consumer Discretionary - Services - 2.85% | ||||
| 180,000 | McDonald's Corporation | 35,569,800 | ||
| 560,000 | Starbucks Corporation | 49,235,200 | ||
| -------------- | ||||
| 84,805,000 | ||||
| -------------- | ||||
| Consumer Staples - Food, Beverage & | ||||
| Tobacco - 3.72% | ||||
| 600,000 | Coca-Cola Company (The) | 33,210,000 | ||
| 700,000 | Mondelez International, Inc. - Class A | 38,556,000 | ||
| 285,000 | PepsiCo, Inc. | 38,950,950 | ||
| -------------- | ||||
| 110,716,950 | ||||
| -------------- | ||||
| Energy - Energy - 1.61% | ||||
| 1,700,000 | Enterprise Products Partners L.P. | 47,872,000 | ||
| -------------- | ||||
| Financials - Banks - 1.05% | ||||
| 225,000 | JPMorgan Chase & Co. | 31,365,000 | ||
| -------------- | ||||
| Financials - Diversified - 4.17% | ||||
| 1,000,000 | Charles Schwab Corporation (The) | 47,560,000 | ||
| 355,000 | Intercontinental Exchange, Inc. | 32,855,250 | ||
| 160,000 | S&P Global Inc. | 43,688,000 | ||
| -------------- | ||||
| 124,103,250 | ||||
| -------------- | ||||
| Financials - Insurance - 4.36% | ||||
| 415,000 | Aon plc | 86,440,350 | ||
| 280,000 | Chubb Limited | 43,584,800 | ||
| -------------- | ||||
| 130,025,150 | ||||
| -------------- | ||||
| Health Care - Equipment & Services - 8.55% | ||||
| 605,000 | Alcon, Inc. | 34,224,850 | ||
| 140,000 | Becton, Dickinson and Company | 38,075,800 | ||
| 925,000 | Boston Scientific Corporation | 41,828,500 | ||
| 300,100 | Laboratory Corporation of America Holdings | 50,767,917 | ||
| 430,000 | Medtronic Public Limited Company | 48,783,500 | ||
| 140,000 | UnitedHealth Group Incorporated | 41,157,200 | ||
| -------------- | ||||
| 254,837,767 | ||||
| -------------- | |||
| Health Care - Pharmaceuticals, | |||
| Biotechnology & Life Sciences - 10.25% | |||
| 145,000 | Amgen Inc. | 34,955,150 | |
| 270,000 | Bristol-Myers Squibb Company | 17,331,300 | |
| 300,000 | Eli Lilly and Company | 39,429,000 | |
| 400,000 | Gilead Sciences, Inc. | 25,992,000 | |
| 280,000 | Johnson & Johnson | 40,843,600 | |
| 355,887 | Merck & Co., Inc. | 32,367,923 | |
| 700,000 | Pfizer Inc. | 27,426,000 | |
| 268,188 | Thermo Fisher Scientific Inc. | 87,126,236 | |
| -------------- | |||
| 305,471,209 | |||
| -------------- | |||
| Industrials - Capital Goods - 6.47% | |||
| 1,080,000 | Fastenal Company | 39,906,000 | |
| 650,000 | Fortive Corporation | 49,653,500 | |
| 215,000 | Honeywell International Inc. | 38,055,000 | |
| 170,000 | Rockwell Automation, Inc. | 34,453,900 | |
| 181,100 | Snap-on Incorporated | 30,678,340 | |
| -------------- | |||
| 192,746,740 | |||
| -------------- | |||
| Industrials - Commercial & Professional | |||
| Services - 4.47% | |||
| 252,500 | Cintas Corporation | 67,942,700 | |
| 716,000 | Copart, Inc. | 65,113,040 | |
| -------------- | |||
| 133,055,740 | |||
| -------------- | |||
| Industrials - Transportation - 1.02% | |||
| 260,000 | United Parcel Service, Inc. - Class B | 30,435,600 | |
| -------------- | |||
| Information Technology - Hardware & | |||
| Equipment - 5.33% | |||
| 353,165 | Apple Inc. | 103,706,902 | |
| 1,150,000 | Cisco Systems, Inc. | 55,154,000 | |
| -------------- | |||
| 158,860,902 | |||
| -------------- | |||
| Information Technology - Semiconductors & | |||
| Semiconductor Equipment - 2.38% | |||
| 500,000 | Intel Corporation | 29,925,000 | |
| 340,000 | Skyworks Solutions, Inc. | 41,099,200 | |
| -------------- | |||
| 71,024,200 | |||
| -------------- | |||
| Information Technology - Software & | |||
| Services - 19.41% | |||
| 100,000 | Adobe Inc. | 32,981,000 | |
| 320,000 | Black Knight, Inc. | 20,633,600 | |
| 310,000 | Fiserv, Inc. | 35,845,300 | |
| 210,000 | Gartner, Inc. | 32,361,000 | |
| 299,737 | Global Payments Inc. | 54,719,987 | |
| 240,000 | Mastercard Incorporated - Class A | 71,661,600 | |
| 780,000 | Microsoft Corporation | 123,006,000 | |
| 145,000 | Palo Alto Networks, Inc. | 33,531,250 | |
| 187,500 | salesforce.com, inc. | 30,495,000 | |
| 112,500 | ServiceNow, Inc. | 31,761,000 | |
| 450,000 | Visa Inc. - Class A | 84,555,000 | |
| 162,500 | Workday, Inc. | 26,723,125 | |
| -------------- | |||
| 578,273,862 | |||
| -------------- | |||
| Materials - 1.75% | |||
| 805,802 | Ball Corporation | 52,111,215 | |
| -------------- | |||
| Real Estate - 2.34% | |||
| 1,140,000 | CBRE Group, Inc. | 69,870,600 | |
| -------------- | |||
| TOTAL COMMON STOCKS | |||||
| (cost $1,569,400,039) | 2,905,004,834 | ||||
| -------------- | |||||
| SHORT-TERM INVESTMENTS - 2.58% | |||||
| U.S. Government Securities - 1.34% | |||||
| $25,000,000 | U.S. Treasury Bill 01/02/2020, 1.521% | 25,000,000 | |||
| 15,000,000 | U.S. Treasury Bill 01/14/2020, 1.514% | 14,992,556 | |||
| -------------- | |||||
| 39,992,556 | |||||
| -------------- | |||||
| Money Market Fund - 1.24% | |||||
| 36,975,221 | Morgan Stanley Liquidity Funds Government | ||||
| Portfolio (Institutional Class), 7-day | |||||
| net yield 1.51% | 36,975,221 | ||||
| -------------- | |||||
| TOTAL SHORT-TERM INVESTMENTS | |||||
| (cost $76,967,777) | 76,967,777 | ||||
| -------------- | |||||
| TOTAL INVESTMENTS | |||||
| (cost $1,646,367,816) - 100.08% | 2,981,972,611 | ||||
| -------------- | |||||
| LIABILITIES, NET OF OTHER ASSETS - (0.08)% | (2,410,382 | ) | |||
| -------------- | |||||
| TOTAL NET ASSETS | |||||
| (basis of percentages disclosed | |||||
| above) - 100% | $2,979,562,229 | ||||
| -------------- | |||||
| -------------- | |||||
| % of net assets. | |||||
As of December 31, 2019, investment cost for federal tax purposes was $1,634,947,485 the tax basis components of unrealized appreciation/depreciation were as follows:
| Unrealized appreciation | $1,349,158,813 | ||
| Unrealized depreciation | (2,133,687 | ) | |
| -------------- | |||
| Net unrealized appreciation | $1,347,025,126 | ||
| -------------- | |||
| -------------- |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent Semiannual or Annual Report to Shareholders.
Various inputs are used in determining the value of the Fund's investments relating to Finanacial Accounting Standard No. 157.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund’s investments carried at value:
| Investments | ||
| Valuation Inputs | in Securities | |
| ---------------- | ------------- | |
| Level 1 - | ||
| Common Stocks(1) | $2,905,004,834 |
| Money Market Fund | 36,975,221 | |
| Level 2 - | ||
| U.S. Government Sercurities | 39,992,556 | |
| Level 3 - | ||
| None | -- | |
| -------------- | ||
| Total | $2,981,972,611 | |
| -------------- | ||
| -------------- |
(1) See Schedule above for further detail by industry.
