| | | | |
| | | NICHOLAS II, INC. | | |
| | | SCHEDULE OF INVESTMENTS (UNAUDITED) | | |
| | | AS OF DECEMBER 31, 2020 | | |
| |
| | SHARES OR | | | |
| | PRINCIPAL | | | |
| | AMOUNT | | | VALUE |
| ------------------------ | | ------------------------------ |
| | COMMON STOCKS -- 98.13% | | |
| | | Consumer Discretionary - Retailing - 6.93% | | |
| | 63,865 | Burlington Stores, Inc. * | $ | 16,703,891 |
| | 155,000 | CarMax, Inc. * | | 14,641,300 |
| | 141,914 | Ollie's Bargain Outlet Holdings, Inc. * | | 11,604,308 |
| | 37,000 | O'Reilly Automotive, Inc. * | | 16,745,090 |
| | 42,000 | Ulta Beauty, Inc. * | | 12,060,720 |
| | | | | ----------------- |
| | | | | 71,755,309 |
| | | | | ----------------- |
| | | Consumer Discretionary - Services - 4.22% | | |
| | 6,000 | Chipotle Mexican Grill, Inc. * | | 8,320,260 |
| | 31,370 | Domino's Pizza, Inc. | | 12,029,140 |
| | 280,000 | Service Corporation International | | 13,748,000 |
| | 439,000 | Wendy's Company (The) | | 9,622,880 |
| | | | | ----------------- |
| | | | | 43,720,280 |
| | | | | ----------------- |
| | | Consumer Staples - Food & Staples | | |
| | | Retailing - 1.33% | | |
| | 370,262 | BJ's Wholesale Club, Inc. * | | 13,803,367 |
| | | | | ----------------- |
| | | Consumer Staples - Food, Beverage & | | |
| | | Tobacco - 3.61% | | |
| | 66,000 | Constellation Brands, Inc. - Class A | | 14,457,300 |
| | 150,000 | Lamb Weston Holdings, Inc. | | 11,811,000 |
| | 435,000 | Nomad Foods Limited * | | 11,057,700 |
| | | | | ----------------- |
| | | | | 37,326,000 |
| | | | | ----------------- |
| | | Financials - Banks - 4.30% | | |
| | 418,732 | Citizens Financial Group, Inc. | | 14,973,856 |
| | 1,171,477 | First Horizon Corporation | | 14,948,047 |
| | 346,616 | Webster Financial Corporation | | 14,609,864 |
| | | | | ----------------- |
| | | | | 44,531,767 |
| | | | | ----------------- |
| | | Financials - Diversified - 2.92% | | |
| | 160,000 | Northern Trust Corporation | | 14,902,400 |
| | 160,000 | Raymond James Financial, Inc. | | 15,307,200 |
| | | | | ----------------- |
| | | | | 30,209,600 |
| | | | | ----------------- |
| | Health Care - Equipment & Services - 13.36% | | |
| 40,000 | Cooper Companies, Inc. (The) | | 14,532,800 |
| 178,330 | Globus Medical, Inc. - Class A * | | 11,630,683 |
| 215,000 | Hologic, Inc. * | | 15,658,450 |
| 32,500 | Insulet Corporation * | | 8,307,975 |
| 184,083 | LivaNova PLC * | | 12,188,135 |
| 82,500 | ResMed Inc. | | 17,536,200 |
| 280,000 | Smith & Nephew plc | | 11,807,600 |
| 77,000 | STERIS plc | | 14,594,580 |
| 85,143 | Tandem Diabetes Care, Inc. * | | 8,146,482 |
| 35,500 | Teleflex Incorporated | | 14,610,735 |
| 34,000 | Veeva Systems Inc. - Class A * | | 9,256,500 |
| | | | ----------------- |
| | | | 138,270,140 |
| | | | ----------------- |
| | Health Care - Pharmaceuticals, | | |
| | Biotechnology & Life Sciences - 7.26% | | |
| 60,000 | Charles River Laboratories International, | | |
| | Inc. * | | 14,991,600 |
| 100,920 | IQVIA Holdings Inc. * | | 18,081,836 |
| 14,315 | Mettler-Toledo International Inc. * | | 16,314,519 |
| 130,000 | PerkinElmer, Inc. | | 18,655,000 |
| 30,000 | Vertex Pharmaceuticals Incorporated * | | 7,090,200 |
| | | | ----------------- |
| | | | 75,133,155 |
| | | | ----------------- |
| | Industrials - Capital Goods - 15.04% | | |
| 225,000 | A.O. Smith Corporation | | 12,334,500 |
| 127,500 | AMETEK, Inc. | | 15,419,850 |
| 291,100 | Fastenal Company | | 14,214,413 |
| 197,500 | Fortive Corporation | | 13,986,950 |
| 205,000 | Fortune Brands Home & Security, Inc. | | 17,572,600 |
| 70,000 | IDEX Corporation | | 13,944,000 |
| 78,000 | L3Harris Technologies, Inc. | | 14,743,560 |
| 52,200 | Lennox International Inc. | | 14,301,234 |
| 77,500 | Nordson Corporation | | 15,573,625 |
| 31,030 | Teledyne Technologies Incorporated * | | 12,163,140 |
| 156,302 | Westinghouse Air Brake Technologies | | |
| | Corporation | | 11,441,306 |
| | | | ----------------- |
| | | | 155,695,178 |
| | | | ----------------- |
| | Industrials - Commercial & Professional | | |
| | Services - 9.28% | | |
| 240,000 | IAA, Inc. * | | 15,595,200 |
| 273,443 | IHS Markit Ltd. | | 24,563,385 |
| 120,000 | Republic Services, Inc. | | 11,556,000 |
| 240,500 | TransUnion | | 23,862,410 |
| 98,545 | Verisk Analytics, Inc. | | 20,456,957 |
| | | | ----------------- |
| | | | 96,033,952 |
| | | | ----------------- |
| | Industrials - Transportation - 1.13% | | |
| 60,000 | Old Dominion Freight Line, Inc. | | 11,710,800 |
| | | | ----------------- |
| | Information Technology - Hardware & | | |
| | Equipment - 2.32% | | |
| 127,500 | CDW Corporation | | 16,803,225 |
| 216,208 | Vontier Corporation * | | 7,221,347 |
| | | | ----------------- |
| | | | 24,024,572 |
| | | | ----------------- |
| | Information Technology - Semiconductors & | | |
| | Semiconductor Equipment - 5.50% | | |
| 140,000 | Maxim Integrated Products, Inc. | | 12,411,000 |
| 113,750 | Microchip Technology Incorporated | | 15,710,013 |
| 120,110 | Power Integrations, Inc. | | 9,832,205 |
| 124,000 | Skyworks Solutions, Inc. | | 18,957,120 |
| | | | ----------------- |
| | | | 56,910,338 |
| | | | ----------------- |
| | Information Technology - Software & | | |
| | Services - 15.68% | | |
| 117,500 | Broadridge Financial Solutions, Inc. | | 18,001,000 |
| 2,500 | Coupa Software Incorporated * | | 847,275 |
| 82,600 | CyberArk Software Ltd. * | | 13,347,334 |
| 66,065 | FleetCor Technologies, Inc. * | | 18,024,514 |
| 67,500 | Gartner, Inc. * | | 10,812,825 |
| 54,917 | Jack Henry & Associates, Inc. | | 8,896,005 |
| 57,000 | Palo Alto Networks, Inc. * | | 20,257,230 |
| 65,000 | Paylocity Holding Corporation * | | 13,384,150 |
| 138,785 | PTC Inc. * | | 16,600,074 |
| 149,605 | Qualys, Inc. * | | 18,232,361 |
| 29,000 | Twilio Inc. - Class A * | | 9,816,500 |
| 98,000 | Zendesk, Inc. * | | 14,025,760 |
| | | | ----------------- |
| | | | 162,245,028 |
| | | | ----------------- |
| | Materials - 2.70% | | |
| 90,000 | AptarGroup, Inc. | | 12,320,100 |
| 105,000 | Vulcan Materials Company | | 15,572,550 |
| | | | ----------------- |
| | | | 27,892,650 |
| | | | ----------------- |
| | Real Estate - 2.55% | | |
| 218,750 | CBRE Group, Inc. * | | 13,720,000 |
| 173,729 | CyrusOne Inc. | | 12,708,276 |
| | | | ----------------- |
| | | | 26,428,276 |
| | | | ----------------- |
| | TOTAL COMMON STOCKS | | |
| | (cost $560,687,972) | | 1,015,690,412 |
| | | | ----------------- |
| | |
| SHORT-TERM INVESTMENTS - 1.14% | | |
| Money Market Fund - 1.14% | | |
| $ 11,731,027 Morgan Stanley Liquidity Funds Government | | |
| Portfolio (Institutional Class), | | |
| 7-day net yield 0.03% (cost $11,731,027) | | 11,731,027 |
| | | ----------------- |
| TOTAL INVESTMENTS | | |
| (cost $572,418,999) - 99.27% | | 1,027,421,439 |
| | | ----------------- |
| OTHER ASSETS, NET OF LIABILITIES - 0.73% | | 7,601,419 |
| | | ----------------- |
| TOTAL NET ASSETS | | |
| (basis of percentages | | |
| disclosed above) - 100% | $ | 1,035,022,858 |
| | | ----------------- |
| | | ----------------- |
| |
| * Non-income producing. | | |
As of December 31, 2020, investment cost for federal tax purposes was $572,341,636 and the tax basis components of unrealized appreciation/depreciation were as follows:
| | | |
| Unrealized appreciation | $ | 455,903,549 | |
| Unrealized depreciation | | (823,746 | ) |
| | | --------------- | |
| Net unrealized appreciation | $ | 455,079,803 | |
| | | --------------- | |
| | | --------------- | |
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 Accounting Standards Codification 820-10.
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, 2020 in valuing the Fund’s investments carried at value:
| | |
| | | Investments |
| Valuation Inputs | | in Securities |
| ---------------------- | | -------------------- |
| Level 1 - | | |
| Common Stocks(1) | $ | 1,015,690,412 |
| Money Market Fund | | 11,731,027 |
| Level 2 - | | |
| None | | -- |
| Level 3 - | | |
| None | | -- |
| | | ----------------- |
| Total | $ | 1,027,421,439 |
| | | ----------------- |
| | | ----------------- |
| |
| (1) See Schedule above for further detail by industry. | | |
