# EDGAR Filing Document

**Accession Number:** 0000723455
**File Stem:** 0001145549-25-052418
**Filing Date:** 2025-8
**Character Count:** 34767
**Document Hash:** 3c4c757eabcb79dd18a3e2f002165015
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052418.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052418

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS II, INC
- **CENTRAL INDEX KEY:** 0000723455

**ORGANIZATION NAME:**
- **EIN:** 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:** 251240437

**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. | NICHOLAS II, INC. | NICHOLAS II, INC. |
| SCHEDULE OF INVESTMENTS (UNAUDITED) | SCHEDULE OF INVESTMENTS (UNAUDITED) | SCHEDULE OF INVESTMENTS (UNAUDITED) |
| AS OF JUNE 30, 2025 | AS OF JUNE 30, 2025 | AS OF JUNE 30, 2025 |
| **SHARES** |  |  |
| **OR** |  |  |
| **PRINCIPAL** |  |  |
| **AMOUNT** |  | **VALUE** |
| **COMMON STOCKS - 98.02%** | **COMMON STOCKS - 98.02%** |  |
|  | **Communication Services - Media & Entertainment -- 1.19%** |  |
| 175865 | Trade Desk, Inc. Class A\* | $12660521 |
|  | **Consumer Discretionary - Consumer Discretionary** |  |
|  | **Distribution & Retail -- 5.58%** |  |
| 46070 | Burlington Stores, Inc.\* | 10717725 |
| 258240 | O'Reilly Automotive, Inc.\* | 23275171 |
| 36740 | Ulta Beauty Inc.\* | 17187707 |
| 49433 | Williams-Sonoma, Inc. | 8075869 |
|  |  | 59256472 |
|  | **Consumer Discretionary - Consumer Services -- 7.08%** |  |
| 286255 | Chipotle Mexican Grill, Inc.\* | 16073218 |
| 32870 | Domino's Pizza, Inc. | 14811222 |
| 39485 | Hilton Worldwide Holdings Inc. | 10516435 |
| 218900 | Service Corporation International | 17818460 |
| 47464 | Wingstop Inc. | 15983027 |
|  |  | 75202362 |
|  | **Consumer Staples - Consumer Staples Distribution & Retail -- 2.04%** |  |
| 201469 | BJ's Wholesale Club Holdings, Inc.\* | 21724402 |
|  | **Consumer Staples - Food, Beverage & Tobacco -- 1.13%** |  |
| 47822 | Constellation Brands, Inc. Class A | 7779683 |
| 80750 | Lamb Weston Holdings, Inc. | 4186888 |
|  |  | 11966571 |
|  | **Financials - Banks -- 0.77%** |  |
| 149690 | Webster Financial Corporation | 8173074 |
|  | **Financials - Financial Services -- 7.56%** |  |
| 70110 | Corpay, Inc.\* | 23263900 |
| 54544 | Jack Henry & Associates, Inc. | 9827193 |
| 29897 | Morningstar, Inc. | 9385565 |
| 97715 | Northern Trust Corporation | 12389285 |
| 110559 | Raymond James Financial, Inc. | 16956434 |
| 85010 | Shift4 Payments, Inc.\* | 8425341 |
|  |  | 80247718 |
|  | **Health Care - Health Care Equipment & Services -- 8.73%** |  |
| 168900 | Cooper Companies, Inc.\* | 12018924 |
| 227260 | Globus Medical Inc Class A\* | 13412885 |
| 150250 | Hologic, Inc.\* | 9790290 |
| 77440 | ResMed Inc. | 19979520 |
| 72840 | STERIS plc | 17497625 |
| 69445 | Veeva Systems Inc Class A\* | 19998771 |

---

92,698,015

------

---

| | | |
|:---|:---|:---|
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 6.27%** |  |
| 255609 | Bio-Techne Corporation | 13151083 |
| 74838 | IQVIA Holdings Inc\* | 11793720 |
| 14964 | Mettler-Toledo International Inc.\* | 17578510 |
| 118455 | Revvity, Inc. | 11456968 |
| 515270 | Stevanato Group SpA | 12588046 |
|  |  | 66568327 |
|  | **Industrials - Capital Goods -- 11.31%** |  |
| 193010 | A. O. Smith Corporation | 12655666 |
| 113045 | AMETEK, Inc. | 20456623 |
| 146152 | Fastenal Company | 6138384 |
| 238700 | Fortive Corp. | 12443431 |
| 85723 | IDEX Corporation | 15050387 |
| 55783 | L3Harris Technologies Inc | 13992608 |
| 8114 | Lennox International Inc. | 4651269 |
| 77500 | Nordson Corporation | 16613675 |
| 86358 | Westinghouse Air Brake Technologies Corporation | 18079047 |
|  |  | 120081090 |
|  | **Industrials - Commercial & Professional Services -- 11.86%** |  |
| 80545 | Broadridge Financial Solutions, Inc. | 19574851 |
| 98875 | Paylocity Holding Corp.\* | 17915161 |
| 146233 | RB Global, Inc. | 15528482 |
| 55316 | Republic Services, Inc. | 13641479 |
| 252068 | TransUnion | 22181984 |
| 73465 | Verisk Analytics Inc | 22884348 |
| 76522 | Waste Connections, Inc. | 14288188 |
|  |  | 126014493 |
|  | **Industrials - Transportation -- 1.44%** |  |
| 94415 | Old Dominion Freight Line, Inc. | 15323555 |
|  | **Information Technology - Semiconductors & Semiconductor Equipment -- 3.47%** |  |
| 265609 | Lattice Semiconductor Corporation\* | 13012185 |
| 227745 | Microchip Technology Incorporated | 16026416 |
| 105635 | Skyworks Solutions, Inc. | 7871920 |
|  |  | 36910521 |
|  | **Information Technology - Software & Services -- 18.55%** |  |
| 19361 | CrowdStrike Holdings, Inc. Class A\* | 9860751 |
| 81771 | CyberArk Software Ltd.\* | 33270984 |
| 438343 | Dynatrace, Inc.\* | 24200917 |
| 199429 | Elastic NV\* | 16817848 |
| 40184 | Gartner, Inc.\* | 16243176 |
| 55564 | Monday.com Ltd.\* | 17473767 |
| 41439 | MongoDB, Inc.\* | 8701776 |
| 170346 | Okta, Inc. Class A\* | 17029490 |
| 42906 | Palo Alto Networks, Inc.\* | 8780284 |
| 118985 | PTC Inc.\* | 20505875 |
| 76735 | Zscaler, Inc.\* | 24090186 |
|  |  | 196975054 |
|  | **Information Technology - Technology Hardware & Equipment -- 4.13%** |  |
| 98195 | CDW Corporation | 17536645 |

---

------

---

| | | |
|:---|:---|:---|
| 79567 | Ralliant Corporation\* | 3858188 |
| 43904 | Teledyne Technologies Incorporated\* | 22492458 |
|  |  | 43887291 |
|  | **Materials - Materials -- 3.22%** |  |
| 78580 | AptarGroup, Inc. | 12292269 |
| 83801 | Vulcan Materials Company | 21856977 |
|  |  | 34149246 |
|  | **Real Estate - Real Estate Management & Development -- 3.69%** |  |
| 158175 | CBRE Group, Inc. Class A\* | 22163481 |
| 211706 | CoStar Group, Inc.\* | 17021162 |
|  |  | 39184643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $542,731,011) | 1041023355 |
| **SHORT-TERM INVESTMENTS - 2.07%** | **SHORT-TERM INVESTMENTS - 2.07%** |  |
|  | **Money Market Deposit Account -- 1.13%** |  |
| $11967318 | U.S. Bank Money Market, 4.20% | 11967318 |
|  | **Money Market Fund -- 0.94%** |  |
| 10000000 | First American Money Market Funds Government Obligations Fund - X Class, |  |
|  | 7-day net yield, 4.265% | 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $21,967,318) | 21967318 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $564,698,329) - 100.09% | 1062990673 |
|  | LIABILITIES, NET OF OTHER ASSETS - (0.09)% | (990361) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) - 100% | $1062000312 |
| \* Non-income producing security. | \* Non-income producing security. |  |
|  | The accompanying notes to financial statements are an integral part of this schedule. |  |

---

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 Financial Statements.

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 June 30, 2025, 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) | $1041023355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Deposit Account | 11967318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 10000000 |
| Level 2 |  |
| Level 3 |  |
| Total | $1062990673 |

---

(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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1063072345.45

**Total Liabilities:** $828047.96

**Net Assets:** $1062244297.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024843 | -0.69%               | 4.26%                | 2.48%                |
| Class ID C000024844 | -0.69%               | 4.22%                | 2.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-628875.01              | $-6514871.24                               |
| Month 2  | $4950214.23              | $37531447.62                               |
| Month 3  | $6466153.47              | $19124758.50                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Broadridge Financial Solutions Inc. | Broadridge Financial Solutions Inc. COM | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     80545 | NS      | $19574851.35  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.              | Burlington Stores Inc. COM              | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     46070 | NS      | $10717724.80  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                     | CBRE Group Inc. CL A                    | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    158175 | NS      | $22163481.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc          | Chipotle Mexican Grill Inc COM          | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    286255 | NS      | $16073218.25  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corporation   | Lattice Semiconductor Corporation COM   | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    265609 | NS      | $13012184.91  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated   | Microchip Technology Incorporated COM   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    227745 | NS      | $16026415.65  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc            | Lamb Weston Holdings Inc COM            | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     80750 | NS      | $4186887.50   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc.                        | MongoDB Inc. CL A                       | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |     41439 | NS      | $8701775.61   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                     | Bio-Techne Corp COM                     | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    255609 | NS      | $13151083.05  | 1.24%             |  |  |  | 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        |    175865 | NS      | $12660521.35  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                          | TransUnion COM                          | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    252068 | NS      | $22181984.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                   | Veeva Systems Inc CL A COM              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     69445 | NS      | $19998771.10  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith(Ao)Corp                       | Smith(Ao)Corp COM                       | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |    193010 | NS      | $12655665.70  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                        | Ametek, Inc. COM                        | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |    113045 | NS      | $20456623.20  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                     | Aptargroup Inc. COM                     | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     78580 | NS      | $12292269.40  | 1.16%             |  |  |  | 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        |    201469 | NS      | $21724402.27  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                            | CDW Corp COM                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     98195 | NS      | $17536645.05  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cooper Companies, Inc.          | The Cooper Companies, Inc. COM          | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    168900 | NS      | $12018924.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                          | Corpay Inc COM SHS                      | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     70110 | NS      | $23263900.20  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc            | Crowdstrike Holdings Inc CL A           | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     19361 | NS      | $9860750.91   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                    | Costar Group Inc COM                    | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211706 | NS      | $17021162.40  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                  | Dominos Pizza Inc. COM                  | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     32870 | NS      | $14811222.00  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                        | Fastenal Co. COM                        | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    146152 | NS      | $6138384.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                       | Dynatrace Inc COM NEW                   | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    438343 | NS      | $24200917.03  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                 | Shift4 Payments Inc CL A                | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85010 | NS      | $8425341.10   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                 | Fortive Corporation COM                 | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    238700 | NS      | $12443431.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Med Inc                      | Globus Med Inc CL A                     | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |    227260 | NS      | $13412885.20  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc       | Hilton Worldwide Holdings Inc COM       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     27480 | NS      | $7319023.20   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                         | Hologic Inc COM                         | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    150250 | NS      | $9790290.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                 | IQVIA Holdings Inc. COM                 | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     74838 | NS      | $11793720.42  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                    | Idex Corporation COM                    | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     85723 | NS      | $15050387.11  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                        | Gartner Inc. COM                        | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     40184 | NS      | $16243176.48  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.        | Henry Jack & Associates Inc. COM        | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     54544 | NS      | $9827192.48   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc          | L3 Harris Technologies Inc COM          | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     55783 | NS      | $13992607.72  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.           | Lennox International Inc. COM           | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |      8114 | NS      | $4651269.36   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                     | Morningstar Inc COM                     | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |     29897 | NS      | $9385565.21   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc    | Mettler-Toledo International Inc COM    | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     14964 | NS      | $17578510.08  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                        | Nordson Corp COM                        | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     77500 | NS      | $16613675.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation          | Northern Trust Corporation COM          | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    106135 | NS      | $13456856.65  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.      | Old Dominion Freight Line Inc. COM      | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     94415 | NS      | $15323554.50  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc.                           | Okta Inc. CL A                          | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    170346 | NS      | $17029489.62  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc              | Palo Alto Networks Inc COM              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     42906 | NS      | $8780283.84   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.            | O'Reilly Automotive Inc. COM            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    258240 | NS      | $23275171.20  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation       | Paylocity Holding Corporation COM       | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     98875 | NS      | $17915161.25  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                             | PTC Inc COM                             | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    118985 | NS      | $20505874.90  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp.                      | Ralliant Corp. COM                      | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79567 | NS      | $3858187.67   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.        | Raymond James Financial Inc. COM        | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    110559 | NS      | $16956433.83  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                         | ResMed Inc. COM                         | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     77440 | NS      | $19979520.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.             | Republic Services, Inc. COM             | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     55316 | NS      | $13641478.76  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                         | Revvity Inc COM                         | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    118455 | NS      | $11456967.60  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International   | Service Corporation International COM   | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    218900 | NS      | $17818460.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.          | Constellation Brands, Inc. CL A         | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     47822 | NS      | $7779682.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.            | Skyworks Solutions, Inc. COM            | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    105635 | NS      | $7871920.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc           | Teledyne Technologies Inc COM           | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     43904 | NS      | $22492458.24  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                     | Ulta Beauty Inc COM                     | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     36740 | NS      | $17187706.80  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company            | Vulcan Materials Company COM            | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     83801 | NS      | $21856976.82  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.              | Verisk Analytics, Inc. COM              | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     78615 | NS      | $24488572.50  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                         | Wabtec Corp COM                         | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     86358 | NS      | $18079047.30  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                        | Wingstop Inc COM                        | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     47464 | NS      | $15983027.36  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.             | Webster Financial Corp. COM             | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    149690 | NS      | $8173074.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc.                | Williams-Sonoma Inc. COM                | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     49433 | NS      | $8075869.21   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                         | Zscaler Inc COM                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |     76735 | NS      | $24090185.90  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyberark Software Ltd.              | Cyberark Software Ltd. SHS              | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     81771 | NS      | $33270984.48  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                          | Elastic NV ORD SHS                      | CUSIP: N14506104<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |    199429 | NS      | $16817847.57  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.Com Limited                  | Monday.Com Limited SHS                  | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     55564 | NS      | $17473766.72  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                       | RB Global Inc COM                       | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |    146233 | NS      | $15528482.27  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                          | Steris PLC SHS USD                      | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     72840 | NS      | $17497624.80  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc.              | Waste Connections Inc. COM              | CUSIP: 94106B101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     76522 | NS      | $14288187.84  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group S.p.A.              | Stevanato Group S.p.A. ORD SHS          | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |    515270 | NS      | $12588046.10  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                        | US BANK MMDA                            | CUSIP: 8AMMF0JA0<br>LEI: N/A                  | Long             | STIV             |  | US        |  12216963 | NS      | $12216962.93  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.           | First American Funds Inc. GOVT OBLIGS X | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10000000 | NS      | $10000000.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

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

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer