# EDGAR Filing Document

**Accession Number:** 0000071958
**File Stem:** 0001145549-23-014550
**Filing Date:** 2023-3
**Character Count:** 34045
**Document Hash:** 4f555b9475edf5bff9c0712f4ec93842
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014550.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001145549-23-014550

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS FUND, INC.
- **CENTRAL INDEX KEY:** 0000071958
- **IRS NUMBER:** 391099162
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01728
- **FILM NUMBER:** 23698752

**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 FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS STRONG FUND INC
- **DATE OF NAME CHANGE:** 19740627

## Series and Classes Contracts Data

### NICHOLAS FUND INC (Series ID: S000011768)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000032194 | NICHOLAS FUND INC | NICSX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| | **NICHOLAS FUND, INC.** | |
| | **SCHEDULE OF INVESTMENTS (UNAUDITED)** | |
| | **AS OF DECEMBER 31, 2022** | |
| <br>**SHARES OR**<br>**PRINCIPAL**<br>**AMOUNT** |  | <br>&nbsp;&nbsp;&nbsp;&nbsp;**VALUE** |
| **COMMON STOCKS -- 97.80%** | **COMMON STOCKS -- 97.80%** |  |
|  | **Communication Services - Media & Entertainment -- 3.85%** |  |
| 1202530 | Alphabet Inc. Class C\* | $106700487 |
| 208530 | Trade Desk, Inc. Class A\* | 9348400 |
|  |  | 116048887 |
|  | **Consumer Discretionary - Consumer Services -- 3.74%** |  |
| 26690 | Chipotle Mexican Grill, Inc.\* | 37032108 |
| 117600 | McDonald's Corporation | 30991128 |
| 450000 | Starbucks Corporation | 44640000 |
|  |  | 112663236 |
|  | **Consumer Discretionary - Retailing -- 10.63%** |  |
| 566725 | Amazon.com, Inc.\* | 47604900 |
| 248665 | Home Depot, Inc. | 78543327 |
| 88661 | O'Reilly Automotive, Inc.\* | 74832544 |
| 771290 | TJX Companies Inc | 61394684 |
| 124250 | Ulta Beauty Inc.\* | 58281948 |
|  |  | 320657403 |
|  | **Consumer Staples - Food & Staples Retailing -- 1.59%** |  |
| 105000 | Costco Wholesale Corporation | 47932500 |
|  | **Consumer Staples - Food Beverage & Tobacco -- 2.70%** |  |
| 195000 | Constellation Brands, Inc. Class A | 45191250 |
| 545040 | Mondelez International, Inc. Class A | 36326916 |
|  |  | 81518166 |
|  | **Energy - Energy -- 1.36%** |  |
| 1700000 | Enterprise Products Partners L.P. | 41004000 |
|  | **Financials - Banks -- 2.46%** |  |
| 319170 | JPMorgan Chase & Co. | 42800697 |
| 724770 | Truist Financial Corporation | 31186853 |
|  |  | 73987550 |
|  | **Financials - Diversified Financials -- 4.53%** |  |
| 395000 | Intercontinental Exchange, Inc. | 40523050 |
| 164740 | S&P Global, Inc. | 55178016 |
| 492340 | Charles Schwab Corp | 40992228 |
|  |  | 136693294 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Financials - Insurance -- 3.84%** |  |
| 271960 | Aon Plc Class A | 81626074 |
| 155175 | Chubb Limited | 34231605 |
|  |  | 115857679 |
|  | **Health Care - Health Care Equipment & Services -- 9.63%** |  |
| 605000 | Alcon AG | 41472750 |
| 1110000 | Boston Scientific Corporation\* | 51359700 |
| 496905 | DexCom, Inc.\* | 56269522 |
| 183615 | Laboratory Corporation of America Holdings | 43237660 |
| 504380 | Medtronic Plc | 39200414 |
| 110800 | UnitedHealth Group Incorporated | 58743944 |
|  |  | 290283990 |
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 6.46%** | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 6.46%** |
| 231900 | Johnson & Johnson | 40965135 |
| 111620 | Eli Lilly and Company | 40835061 |
| 351752 | Merck & Co., Inc. | 39026884 |
| 134363 | Thermo Fisher Scientific Inc. | 73992360 |
|  |  | 194819440 |
|  | **Industrials - Capital Goods -- 6.15%** |  |
| 1005000 | Fastenal Company | 47556600 |
| 650000 | Fortive Corp. | 41762500 |
| 265000 | Honeywell International Inc. | 56789500 |
| 178735 | Illinois Tool Works Inc. | 39375321 |
|  |  | 185483921 |
|  | **Industrials - Commercial & Professional Services -- 3.69%** |  |
| 140660 | Cintas Corporation | 63524869 |
| 784090 | Copart, Inc.\* | 47743240 |
|  |  | 111268109 |
|  | **Information Technology - Semiconductors &** |  |
|  | **Semiconductor Equipment -- 7.19%** |  |
| 544901 | Advanced Micro Devices, Inc.\* | 35293238 |
| 107030 | KLA Corporation | 40353521 |
| 68990 | Lam Research Corporation | 28996497 |
| 264320 | NVIDIA Corporation | 38627725 |
| 340000 | Skyworks Solutions, Inc. | 30984200 |
| 258100 | Texas Instruments Incorporated | 42643282 |
|  |  | 216898463 |
|  | **Information Technology - Software & Services -- 23.39%** |  |
| 140615 | Adobe Incorporated\* | 47321166 |
| 72920 | Atlassian Corp Class A\* | 9383346 |
| 190915 | Cadence Design Systems, Inc.\* | 30668586 |
| 234770 | CrowdStrike Holdings, Inc. Class A\* | 24718933 |
| 491620 | Fiserv, Inc.\* | 49688033 |
| 378492 | Global Payments Inc. | 37591825 |

---

------

---

| | | |
|:---|:---|:---|
| 197860 | Mastercard Incorporated Class A | 68801858 |
| 576180 | Microsoft Corporation | 138179488 |
| 260700 | Palo Alto Networks, Inc.\* | 36378078 |
| 80000 | Roper Technologies, Inc. | 34567200 |
| 249335 | Salesforce, Inc.\* | 33059328 |
| 90345 | ServiceNow, Inc.\* | 35078253 |
| 146985 | Synopsys, Inc.\* | 46930841 |
| 265030 | Visa Inc. Class A | 55062633 |
| 345465 | Workday, Inc. Class A\* | 57806658 |
|  |  | 705236226 |
|  | **Information Technology - Technology Hardware & Equipment -- 3.27%** |  |
| 759225 | Apple Inc. | 98646104 |
|  | **Materials - Materials -- 2.21%** |  |
| 166585 | Sherwin-Williams Company | 39535618 |
| 155065 | Vulcan Materials Company | 27153432 |
|  |  | 66689050 |
|  | **Real Estate - Real Estate -- 1.11%** |  |
| 435570 | CBRE Group, Inc. Class A\* | 33521467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $1,679,398,737) | 2949209485 |
| **SHORT-TERM INVESTMENTS -- 2.20%** | **SHORT-TERM INVESTMENTS -- 2.20%** |  |
|  | **U.S. Government Security -- 1.00%** |  |
| $30000000 | U.S. Treasury Bill 01/05/2023, 1.475% | 29993942 |
|  | **Money Market Fund -- 1.20%** |  |
| 36286807 | Morgan Stanley Liquidity Funds Government Portfolio (Institutional Class), |  |
|  | 7-day net yield 4.08% | 36286807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $66,274,541) | 66280749 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $1,745,673,278) -- 100.00% | 3015490234 |
|  | LIABILITIES, NET OF OTHER ASSETS -- 0.00% | (82397) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) -- 100% | $3015407837 |
|  | \* 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 in |
| Valuation Inputs | Securities |
| Level 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks(1) | $2949209485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 36286807 |
| Level 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 29993942 |
| Level 3 |  |
| Total | $3015490234 |

---

(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 Fund, Inc.

- **b. Investment Company Act file number:** 811-01728

- **c. CIK number of Registrant:** 0000071958

- **d. LEI of Registrant:** 549300Y74XY0WXZBQ563

- **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 Fund, Inc.

- **b. EDGAR series identifier (if any):** S000011768

- **c. LEI of Series:** 549300Y74XY0WXZBQ563

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

- **a. Date of fiscal year-end:** 2023-03-31

- **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:** $3021646035.94

**Total Liabilities:** $4889253.98

**Net Assets:** $3016756781.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032194 | 7.47%                | 6.32%                | -5.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2546284.14             | $214012785.91                              |
| Month 2  | $1239023.12              | $186439274.29                              |
| Month 3  | $42945374.98             | $-209269937.88                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Workday Inc                                  | Workday Inc CL A                                            | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    345465 | NS      | $57806658.45  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                      | Aon PLC COM USD0.01 CL A                                    | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |    271960 | NS      | $81626074.40  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                | Chubb Limited ORD CHF24.15                                  | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |    155175 | NS      | $34231605.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                | Medtronic PLC USD0.0001                                     | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    504380 | NS      | $39200413.60  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.            | Enterprise Products Partners L.P. COM                       | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   1700000 | NS      | $41004000.00  | 1.36%             |  |  |  | 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        |  36286807 | NS      | $36286807.22  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 01/05/23                                                | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29993941.80  | 0.99%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alcon AG                                     | Alcon AG CHF0.04                                            | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    605000 | NS      | $41472750.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | MasterCard Incorporated CL A                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    197860 | NS      | $68801857.80  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                          | Fortive Corporation COM                                     | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    650000 | NS      | $41762500.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK CL C                                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1202530 | NS      | $106700486.90 | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                          | Global Payments Inc COM                                     | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    378492 | NS      | $37591825.44  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                               | Home Depot Inc COM                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    248665 | NS      | $78543326.90  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                 | Honeywell International Inc. COM                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    265000 | NS      | $56789500.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                | Intercontinental Exchange Inc COM                           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    395000 | NS      | $40523050.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                     | Illinois Tool Works Inc. COM                                | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |    178735 | NS      | $39375320.50  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                  | Fiserv Inc. COM                                             | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    491620 | NS      | $49688033.40  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson COM                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    231900 | NS      | $40965135.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corporation                              | KLA Corporation COM NEW                                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    107030 | NS      | $40353520.90  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co. COM                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    111620 | NS      | $40835060.80  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                     | Crowdstrike Holdings Inc CL A                               | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    234770 | NS      | $24718933.30  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corporation                       | McDonald's Corporation COM                                  | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    117600 | NS      | $30991128.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                 | Fastenal Co. COM                                            | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   1005000 | NS      | $47556600.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                 | The Sherwin-Williams Company COM                            | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    166585 | NS      | $39535618.05  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                 | Truist Financial Corporation COM                            | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    724770 | NS      | $31186853.10  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM                                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    264320 | NS      | $38627724.80  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                     | O'Reilly Automotive Inc. COM                                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     88661 | NS      | $74832543.83  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks Inc COM                                  | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    260700 | NS      | $36378078.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                       | Roper Technologies Inc COM                                  | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     80000 | NS      | $34567200.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | The Charles Schwab Corporation COM                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    492340 | NS      | $40992228.40  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation                        | Starbucks Corporation COM                                   | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    450000 | NS      | $44640000.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                 | Synopsys Inc COM                                            | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    146985 | NS      | $46930840.65  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                   | Constellation Brands, Inc. CL A                             | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |    195000 | NS      | $45191250.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                     | Skyworks Solutions, Inc. COM                                | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    340000 | NS      | $30984200.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation                        | Atlassian Corporation CL A                                  | CUSIP: 049468101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72920 | NS      | $9383345.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                               | S&P Global Inc COM                                          | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    164740 | NS      | $55178015.60  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                       | The TJX Companies Inc. COM                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    791780 | NS      | $63025688.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                     | Vulcan Materials Company COM                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    137800 | NS      | $24130158.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| The Trade Desk Inc                           | The Trade Desk Inc COM CL A                                 | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    208530 | NS      | $9348399.90   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                        | Microsoft Corporation COM                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    576180 | NS      | $138179487.60 | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | Merck & Co., Inc COM                                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    351752 | NS      | $39026884.40  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                 | Thermo Fisher Scientific Inc COM                            | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    134363 | NS      | $73992360.47  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated               | Texas Instruments Incorporated COM                          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    258100 | NS      | $42643282.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                              | Ulta Beauty Inc COM                                         | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |    127200 | NS      | $59665704.00  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                      | UnitedHealth Group Inc. COM                                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    110800 | NS      | $58743944.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                     | Visa Inc COM CL A                                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    265030 | NS      | $55062632.80  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                               | Servicenow Inc COM                                          | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     90345 | NS      | $35078253.15  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                   | Chipotle Mexican Grill Inc COM                              | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26690 | NS      | $37032108.10  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                   | DexCom Inc COM                                              | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    496905 | NS      | $56269522.20  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                | Boston Scientific Corporation COM                           | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   1110000 | NS      | $51359700.00  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                 | Mondelez International, Inc. CL A                           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    545040 | NS      | $36326916.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple Inc. COM                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    759225 | NS      | $98646104.25  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                    | Adobe Inc COM                                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    140615 | NS      | $47321165.95  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                 | Advanced Micro Devices, Inc. COM                            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    544901 | NS      | $35293237.77  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc. COM                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    566725 | NS      | $47604900.00  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group                                   | CBRE Group CL A                                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    435570 | NS      | $33521467.20  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                           | Cintas Corporation COM                                      | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140660 | NS      | $63524869.20  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                 | Cadence Design Systems, Inc. COM                            | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    190915 | NS      | $30668585.60  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                 | Costco Wholesale Corporation COM                            | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |    105000 | NS      | $47932500.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                   | Copart Inc COM                                              | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    784090 | NS      | $47743240.10  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    319170 | NS      | $42800697.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                               | Salesforce Inc COM                                          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    249335 | NS      | $33059327.65  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                     | Lam Research Corporation COM                                | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     68990 | NS      | $28996497.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings          | Laboratory Corp of America Holdings COM NEW                 | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |    183615 | NS      | $43237660.20  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

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

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer