# EDGAR Filing Document

**Accession Number:** 0000723455
**File Stem:** 0001145549-23-012371
**Filing Date:** 2023-2
**Character Count:** 36632
**Document Hash:** 4fd7438a8cc16566196c77d262f58d24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012371.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012371

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS II, INC
- **CENTRAL INDEX KEY:** 0000723455
- **IRS NUMBER:** 391444762
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03851
- **FILM NUMBER:** 23679311

**BUSINESS ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-272-4650

**MAIL ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS II INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### NICHOLAS II INC (Series ID: S000009134)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024843 | CLASS I      | NCTWX           |
| C000024844 | CLASS N      | NNTWX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| | **NICHOLAS II, INC.** | |
| | **SCHEDULE OF INVESTMENTS (UNAUDITED)** | |
| | **AS OF DECEMBER 31, 2022** | |
| <br>**SHARES OR**<br>**PRINCIPAL**<br>**AMOUNT** |  | <br>&nbsp;&nbsp;&nbsp;**VALUE** |
| **COMMON STOCKS -- 93.68%** | **COMMON STOCKS -- 93.68%** |  |
|  | **Consumer Discretionary - Consumer Services -- 4.30%** | **Consumer Discretionary - Consumer Services -- 4.30%** |
| 4730 | Chipotle Mexican Grill, Inc.\* | $6562828 |
| 28890 | Domino's Pizza, Inc. | 10007496 |
| 251430 | Service Corporation International | 17383870 |
| 244745 | Wendy's Company | 5538579 |
|  |  | 39492773 |
|  | **Consumer Discretionary - Retailing -- 7.24%** |  |
| 52660 | Burlington Stores, Inc.\* | 10677342 |
| 135195 | CarMax, Inc.\* | 8232024 |
| 31015 | O'Reilly Automotive, Inc.\* | 26177590 |
| 45450 | Ulta Beauty Inc.\* | 21319231 |
|  |  | 66406187 |
|  | **Consumer Staples - Food & Staples Retailing -- 1.95%** | **Consumer Staples - Food & Staples Retailing -- 1.95%** |
| 269706 | BJ's Wholesale Club Holdings, Inc.\* | 17843749 |
|  | **Consumer Staples - Food Beverage & Tobacco -- 3.99%** | **Consumer Staples - Food Beverage & Tobacco -- 3.99%** |
| 69500 | Constellation Brands, Inc. Class A | 16106625 |
| 229681 | Lamb Weston Holdings, Inc. | 20524294 |
|  |  | 36630919 |
|  | **Financials - Banks -- 2.64%** |  |
| 289157 | Citizens Financial Group, Inc. | 11384111 |
| 270665 | Webster Financial Corporation | 12813281 |
|  |  | 24197392 |
|  | **Financials - Diversified Financials -- 3.00%** |  |
| 138050 | Northern Trust Corporation | 12216044 |
| 143155 | Raymond James Financial, Inc. | 15296112 |
|  |  | 27512156 |
|  | **Health Care - Health Care Equipment & Services -- 11.25%** | **Health Care - Health Care Equipment & Services -- 11.25%** |
| 42225 | Cooper Companies, Inc. | 13962541 |
| 209455 | Globus Medical Inc Class A\* | 15556223 |
| 138310 | Hologic, Inc.\* | 10346971 |
| 47896 | Insulet Corporation\* | 14100103 |
| 159688 | LivaNova Plc\* | 8869072 |
| 64960 | ResMed Inc. | 13520125 |
| 82515 | STERIS Plc | 15239695 |
| 72095 | Veeva Systems Inc Class A\* | 11634691 |
|  |  | 103229421 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 7.41%** |  |
| 49051 | Charles River Laboratories International, Inc.\* | 10688213 |
| 75840 | IQVIA Holdings Inc\* | 15538858 |
| 11990 | Mettler-Toledo International Inc.\* | 17330946 |
| 99020 | PerkinElmer, Inc. | 13884584 |
| 589160 | Stevanato Group SpA | 10587205 |
|  |  | 68029806 |
|  | **Industrials - Capital Goods -- 14.34%** |  |
| 127500 | AMETEK, Inc. | 17814300 |
| 234370 | Fastenal Company | 11090388 |
| 238700 | Fortive Corp. | 15336475 |
| 70000 | IDEX Corporation | 15983100 |
| 61005 | L3Harris Technologies Inc | 12701851 |
| 45300 | Lennox International Inc. | 10837119 |
| 77500 | Nordson Corporation | 18423300 |
| 197850 | A. O. Smith Corporation | 11324934 |
| 181487 | Westinghouse Air Brake Technologies |  |
|  | Corporation | 18114217 |
|  |  | 131625684 |
|  | **Industrials - Commercial & Professional Services -- 6.25%** |  |
| 240000 | IAA, Inc.\* | 9600000 |
| 121710 | Republic Services, Inc. | 15699373 |
| 240500 | TransUnion | 13648375 |
| 104510 | Verisk Analytics Inc | 18437654 |
|  |  | 57385402 |
|  | **Industrials - Transportation -- 1.68%** |  |
| 54405 | Old Dominion Freight Line, Inc. | 15439051 |
|  | **Information Technology - Semiconductors &** |  |
|  | **Semiconductor Equipment -- 4.29%** |  |
| 213950 | Microchip Technology Incorporated | 15029987 |
| 171810 | Power Integrations, Inc. | 12322213 |
| 132320 | Skyworks Solutions, Inc. | 12058322 |
|  |  | 39410522 |
|  | **Information Technology - Software & Services -- 17.68%** |  |
| 89700 | Broadridge Financial Solutions, Inc. | 12031461 |
| 87495 | CrowdStrike Holdings, Inc. Class A\* | 9212349 |
| 89040 | CyberArk Software Ltd.\* | 11544036 |
| 363833 | Dynatrace, Inc.\* | 13934804 |
| 158070 | Elastic NV\* | 8140605 |
| 66065 | FLEETCOR Technologies, Inc.\* | 12134819 |
| 48940 | Gartner, Inc.\* | 16450692 |
| 81867 | Jack Henry & Associates, Inc. | 14372571 |
| 167220 | Okta, Inc. Class A\* | 11426143 |
| 112575 | Palo Alto Networks, Inc.\* | 15708715 |

---

------

---

| | | |
|:---|:---|:---|
| 74715 | Paylocity Holding Corp.\* | 14514136 |
| 125045 | PTC Inc.\* | 15010402 |
| 159487 | Twilio, Inc. Class A\* | 7808483 |
|  |  | 162289216 |
|  | **Information Technology - Technology Hardware & Equipment -- 3.37%** |  |
| 103625 | CDW Corp. | 18505353 |
| 31030 | Teledyne Technologies Incorporated\* | 12409207 |
|  |  | 30914560 |
|  | **Materials - Materials -- 2.96%** |  |
| 93725 | AptarGroup, Inc. | 10307876 |
| 96460 | Vulcan Materials Company | 16891111 |
|  |  | 27198987 |
|  | **Real Estate - Real Estate -- 1.33%** |  |
| 158175 | CBRE Group, Inc. Class A\* | 12173148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $506,523,425) | 859778973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS -- 6.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS -- 6.36%** |  |
|  | **U.S. Government Securities -- 5.43%** |  |
| $10000000 | U.S. Treasury Bills 01/05/2023, 1.475% | 9997981 |
| 10000000 | U.S. Treasury Bills 01/19/2023, 3.096% | 9983911 |
| 10000000 | U.S. Treasury Bills 02/02/2023, 3.521% | 9968272 |
| 10000000 | U.S. Treasury Bills 02/21/2023, 3.993% | 9943425 |
| 10000000 | U.S. Treasury Bills 03/02/2023, 4.114% | 9931707 |
|  |  | 49825296 |
|  | **Money Market Fund -- 0.93%** |  |
| 8531908 | Morgan Stanley Liquidity Funds Government Portfolio (Institutional Class), |  |
|  | 7-day net yield, 4.08% | 8531908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $58,348,433) | 58357204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $564,871,858) -- 100.04% | 918136177 |
|  | LIABILITIES, NET OF OTHER ASSETS -- (0.04)% | (351420) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) -- 100% | $917784757 |

---

\* Non-income producing security.

------

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2022 in valuing the Fund's investments carried at value:

---

| | |
|:---|:---|
|  | Investments |
| Valuation Inputs | in Securities |
| Level 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks(1) | $859778973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 8531908 |
| Level 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 49825296 |
| Level 3 |  |
| Total | $918136177 |

---

(1) See Schedule above for further detail by industry.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Nicholas II, Inc.

- **b. Investment Company Act file number:** 811-03851

- **c. CIK number of Registrant:** 0000723455

- **d. LEI of Registrant:** 549300UWUMRIK0WIZF25

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 411 E. Wisconsin Ave.

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4142724650

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nicholas II, Inc.

- **b. EDGAR series identifier (if any):** S000009134

- **c. LEI of Series:** 549300UWUMRIK0WIZF25

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $918630607.20

**Total Liabilities:** $488286.83

**Net Assets:** $918142320.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024843 | 6.89%                | 5.22%                | -4.62%               |
| Class ID C000024844 | 6.89%                | 5.18%                | -4.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6161293.58              | $53768237.26                               |
| Month 2  | $1623800.85              | $45915123.41                               |
| Month 3  | $3235394.01              | $-48453523.84                              |

### Schedule of Portfolio Investments

| Name                                           | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Bills                   | B 0 03/02/23                                                | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9931707.00   | 1.08%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Veeva Systems Inc                              | Veeva Systems Inc CL A COM                                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     72095 | NS      | $11634691.10  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                        | Republic Services, Inc. COM                                 | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    121710 | NS      | $15699372.90  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                | Ulta Beauty Inc COM                                         | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     45450 | NS      | $21319231.50  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                            | Insulet Corporation COM                                     | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     47896 | NS      | $14100103.44  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc.                        | Power Integrations Inc. COM                                 | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    171810 | NS      | $12322213.20  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                        | PTC Inc COM                                                 | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    125045 | NS      | $15010401.80  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial Inc. COM                            | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    143155 | NS      | $15296111.75  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                    | ResMed Inc. COM                                             | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     64960 | NS      | $13520124.80  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Perkinelmer, Inc.                              | Perkinelmer, Inc. COM                                       | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |     99020 | NS      | $13884584.40  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International              | Service Corporation International COM                       | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    251430 | NS      | $17383870.20  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                   | B 0 01/05/23                                                | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9997980.60   | 1.09%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dominos Pizza Inc                              | Dominos Pizza Inc COM                                       | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     28890 | NS      | $10007496.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                   | B 0 01/19/23                                                | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9983911.10   | 1.09%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 0 02/21/23                                                | CUSIP: 912796Y60<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9943425.40   | 1.08%             | 2023-02-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Old Dominion Freight Line Inc.                 | Old Dominion Freight Line Inc. COM                          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     54405 | NS      | $15439050.90  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc                 | BJ Wholesale Club Holdings Inc COM                          | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    269706 | NS      | $17843748.96  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                       | O'Reilly Automotive Inc. COM                                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     31015 | NS      | $26177590.45  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                     | STERIS PLC ORD USD0.001                                     | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     82515 | NS      | $15239695.35  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                                    | Wabtec Corp COM                                             | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |    181487 | NS      | $18114217.47  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.                        | Webster Financial Corp. COM                                 | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    270665 | NS      | $12813281.10  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| The Wendys Company                             | The Wendys Company COM                                      | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    244745 | NS      | $5538579.35   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyber-Ark Software Limited                     | Cyber-Ark Software Limited COM ILS0.01                      | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     89040 | NS      | $11544036.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                                     | Elastic NV COM EUR0.01                                      | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |    158070 | NS      | $8140605.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                   | LivaNova PLC ORD GBP1.00 (DI)                               | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |    159688 | NS      | $8869071.52   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group S.p.A.                         | Stevanato Group S.p.A. COM NPV                              | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |    589160 | NS      | $10587205.20  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                       | Vulcan Materials Company COM                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     96460 | NS      | $16891110.60  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds   | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   8531908 | NS      | $8531908.27   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                   | B 0 02/02/23                                                | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9968272.20   | 1.09%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TransUnion                                     | TransUnion COM                                              | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    240500 | NS      | $13648375.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                            | IQVIA Holdings Inc. COM                                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     75840 | NS      | $15538857.60  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Incorporation                          | Gartner Incorporation COM                                   | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     48940 | NS      | $16450691.60  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| IAA, Inc.                                      | IAA, Inc. COM                                               | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |    240000 | NS      | $9600000.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                               | Idex Corporation COM                                        | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     70000 | NS      | $15983100.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                     | Carmax Inc COM                                              | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |    135195 | NS      | $8232023.55   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                    | Hologic Inc COM                                             | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    138310 | NS      | $10346971.10  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                   | Henry Jack & Associates Inc. COM                            | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     81867 | NS      | $14372570.52  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                       | Lamb Weston Holdings Inc COM                                | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |    229681 | NS      | $20524294.16  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                     | L3 Harris Technologies Inc COM                              | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     61005 | NS      | $12701851.05  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                      | Lennox International Inc. COM                               | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     45300 | NS      | $10837119.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated              | Microchip Technology Incorporated COM                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    213950 | NS      | $15029987.50  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                     | Northern Trust Corporation COM                              | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    138050 | NS      | $12216044.50  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                   | Nordson Corp COM                                            | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     77500 | NS      | $18423300.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                                   | Ametek, Inc. COM                                            | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    127500 | NS      | $17814300.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Fleetcor Technologies Inc                      | Fleetcor Technologies Inc COM                               | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     66065 | NS      | $12134819.20  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                                       | CDW Corp COM                                                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    103625 | NS      | $18505352.50  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Incorporation                             | Okta Incorporation CL A                                     | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    167220 | NS      | $11426142.60  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith(Ao)Corp                                  | Smith(Ao)Corp COM                                           | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |    197850 | NS      | $11324934.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                | Aptargroup Inc. COM                                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     93725 | NS      | $10307875.50  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.            | Broadridge Financial Solutions Inc. COM                     | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     89700 | NS      | $12031461.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                         | Burlington Stores Inc. COM                                  | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     52660 | NS      | $10677341.60  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group                                     | CBRE Group CL A                                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    158175 | NS      | $12173148.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                   | Citizens Financial Group Inc COM                            | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    289157 | NS      | $11384111.09  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                   | Fastenal Co. COM                                            | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    234370 | NS      | $11090388.40  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                     | Chipotle Mexican Grill Inc COM                              | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4730 | NS      | $6562827.70   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cooper Companies, Inc.                     | The Cooper Companies, Inc. COM NEW                          | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     42225 | NS      | $13962540.75  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                                 | Globus Med Inc CL A                                         | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |    209455 | NS      | $15556222.85  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. COM          | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     49051 | NS      | $10688212.90  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                            | Fortive Corporation COM                                     | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    238700 | NS      | $15336475.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc               | Mettler-Toledo International Inc COM                        | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     11990 | NS      | $17330945.50  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                     | Twilio Inc CL A                                             | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    159487 | NS      | $7808483.52   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                     | Constellation Brands, Inc. CL A                             | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     69500 | NS      | $16106625.00  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation                  | Paylocity Holding Corporation COM                           | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     74715 | NS      | $14514135.90  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                       | Skyworks Solutions, Inc. COM                                | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    132320 | NS      | $12058321.60  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                      | Teledyne Technologies Inc COM                               | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     31030 | NS      | $12409207.30  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                       | Crowdstrike Holdings Inc CL A                               | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     87495 | NS      | $9212348.55   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                  | Dynatrace Inc COM NEW                                       | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    363833 | NS      | $13934803.90  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                         | Palo Alto Networks Inc COM                                  | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    112575 | NS      | $15708715.50  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                         | Verisk Analytics, Inc. COM                                  | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    104510 | NS      | $18437654.20  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Nicholas II, Inc.

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer