0000723455 2025-11-01 2026-04-30 0000723455 nicholasii:C000024843Member 2025-11-01 2026-04-30 0000723455 nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:LatticeSemiconductorCorporationMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:TeledyneTechnologiesIncorporatedMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:AMETEKIncMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:MicrochipTechnologyIncorporatedMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:OReillyAutomotiveIncMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:CorpayIncMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:NordsonCorporationMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:CBREGroupIncClassAMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:VulcanMaterialsCompanyMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:IDEXCorporationMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:StrongTotaloftoptenstrongMember nicholasii:C000024843Member 2026-04-30 0000723455 nicholasii:C000024843Member nicholasii:IndustrialsMember 2026-04-30 0000723455 nicholasii:C000024843Member nicholasii:InformationTechnologyMember 2026-04-30 0000723455 nicholasii:C000024843Member nicholasii:ConsumerDiscretionaryMember 2026-04-30 0000723455 nicholasii:C000024843Member us-gaap:HealthCareMember 2026-04-30 0000723455 nicholasii:C000024843Member nicholasii:FinancialsMember 2026-04-30 0000723455 nicholasii:C000024843Member nicholasii:MaterialsMember 2026-04-30 0000723455 nicholasii:C000024843Member us-gaap:RealEstateMember 2026-04-30 0000723455 nicholasii:C000024843Member nicholasii:ConsumerStaplesMember 2026-04-30 0000723455 nicholasii:C000024843Member us-gaap:ShortTermInvestmentsMember 2026-04-30 0000723455 nicholasii:C000024844Member 2025-11-01 2026-04-30 0000723455 nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:LatticeSemiconductorCorporationMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:TeledyneTechnologiesIncorporatedMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:AMETEKIncMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:MicrochipTechnologyIncorporatedMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:OReillyAutomotiveIncMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:CorpayIncMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:NordsonCorporationMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:CBREGroupIncClassAMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:VulcanMaterialsCompanyMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:IDEXCorporationMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:StrongTotaloftoptenstrongMember nicholasii:C000024844Member 2026-04-30 0000723455 nicholasii:C000024844Member nicholasii:IndustrialsMember 2026-04-30 0000723455 nicholasii:C000024844Member nicholasii:InformationTechnologyMember 2026-04-30 0000723455 nicholasii:C000024844Member nicholasii:ConsumerDiscretionaryMember 2026-04-30 0000723455 nicholasii:C000024844Member us-gaap:HealthCareMember 2026-04-30 0000723455 nicholasii:C000024844Member nicholasii:FinancialsMember 2026-04-30 0000723455 nicholasii:C000024844Member nicholasii:MaterialsMember 2026-04-30 0000723455 nicholasii:C000024844Member us-gaap:RealEstateMember 2026-04-30 0000723455 nicholasii:C000024844Member nicholasii:ConsumerStaplesMember 2026-04-30 0000723455 nicholasii:C000024844Member us-gaap:ShortTermInvestmentsMember 2026-04-30 iso4217:USD shares pure false NICHOLAS II, INC N-1A N-CSRS 0000723455 Nicholas II, Inc. Class I NCTWX This <span id="xdx_90A_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430_zYLasPIMRHJb">semi-annual shareholder report</span> contains important information about Nicholas II, Inc. (the "Fund") - Class I (the "Class") for the period of November 1, 2025 to <span id="xdx_90D_edei--DocumentPeriodEndDate_c20251101__20260430_zR4OjVjlKC3e">April 30, 2026</span>. semi-annual shareholder report 2026-04-30 You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000024843Member_zBvqiuLdfVTF">www.nicholasfunds.com/FundMaterials</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000024843Member_zSt7EBLFnzFG">1-800-544-6547</span>. www.nicholasfunds.com/FundMaterials 1-800-544-6547 <div class="section-header"><strong>What Were the Portfolio Costs for the Last Six Months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Portfolio Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Annualized Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20251101__20260430__oef--ClassAxis__custom--C000024843Member_zzCO6Ka8JCLa">$29</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20251101__20260430__oef--ClassAxis__custom--C000024843Member_zz2puCOvVDl2">0.60%</span></td> </tr></table></div> 29 0.0060 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>As of April 30, 2026</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000024843Member_zJuzbNzbWE9b">$880,222,932</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000024843Member_zGuxbuu0mSPf">68</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251101__20260430__oef--ClassAxis__custom--C000024843Member_zd2iFzBMsQDI">14.76%</span></td> </tr> </table> </div> 880222932 68 0.1476 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_982_eoef--LargestHoldingsTableTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000024843Member_zpO1lI2u8JZm"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zZYemu8Cefp5">3.61%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Teledyne Technologies Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--TeledyneTechnologiesIncorporatedMember_zxltS0vTXVk4">2.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AMETEK, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--AMETEKIncMember_zonsYn1oocS9">2.89%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncorporatedMember_z1Wgsczz6Fb">2.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> O'Reilly Automotive, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--OReillyAutomotiveIncMember_zwkXuGCllKn">2.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corpay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--CorpayIncMember_zzcvw9jo7yB9">2.44%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nordson Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--NordsonCorporationMember_zARFYFJaVa04">2.44%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CBRE Group, Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--CBREGroupIncClassAMember_zrgLQi3WeMHb">2.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vulcan Materials Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--VulcanMaterialsCompanyMember_zWhYy4IGo2t1">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> IDEX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--IDEXCorporationMember_zTihXqgxRINe">2.29%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_zXcpPKyJjS8f">26.26%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Sector Diversification (As a Percentage of Total Investments)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zF1lG3uMkMk3">28.19%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zeHwWVv5VuG7">20.33%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_znkWQSyS9OSb">17.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--HealthCareMember_zm6vHNcOtb3g">15.61%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--FinancialsMember_zxtGGIsLqEsl">7.67%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--MaterialsMember_zd2MQT7pmE7e">3.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--RealEstateMember_zxRKpIpSlnsd">3.13%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z0wMoNaBoyw5">2.03%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Short-Term Investments </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentsMember_zmP3usKxGCi8">2.44%</span></td> </tr> </table><img alt="Af Image" src="fp0099030-2_sa51.jpg" style="width: 348px; height: 300px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zZYemu8Cefp5">3.61%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Teledyne Technologies Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--TeledyneTechnologiesIncorporatedMember_zxltS0vTXVk4">2.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AMETEK, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--AMETEKIncMember_zonsYn1oocS9">2.89%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncorporatedMember_z1Wgsczz6Fb">2.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> O'Reilly Automotive, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--OReillyAutomotiveIncMember_zwkXuGCllKn">2.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corpay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--CorpayIncMember_zzcvw9jo7yB9">2.44%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nordson Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--NordsonCorporationMember_zARFYFJaVa04">2.44%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CBRE Group, Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--CBREGroupIncClassAMember_zrgLQi3WeMHb">2.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vulcan Materials Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--VulcanMaterialsCompanyMember_zWhYy4IGo2t1">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> IDEX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--IDEXCorporationMember_zTihXqgxRINe">2.29%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024843Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_zXcpPKyJjS8f">26.26%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0361 0.0290 0.0289 0.0258 0.0251 0.0244 0.0244 0.0230 0.0230 0.0229 0.2626 0.2819 0.2033 0.1720 0.1561 0.0767 0.0340 0.0313 0.0203 0.0244 Nicholas II, Inc. Class N NNTWX This semi-annual shareholder report contains important information about Nicholas II, Inc. (the "Fund") - Class N (the "Class") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000024844Member_zRO0OYbtwL47">www.nicholasfunds.com/FundMaterials</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000024844Member_zEYJiZYZOQmK">1-800-544-6547</span>. www.nicholasfunds.com/FundMaterials 1-800-544-6547 <div class="section-header"><strong>What Were the Portfolio Costs for the Last Six Months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Portfolio Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Annualized Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class N</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpensesPaidAmt_pp2d_c20251101__20260430__oef--ClassAxis__custom--C000024844Member_z5fPFOzsobQF">$44</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20251101__20260430__oef--ClassAxis__custom--C000024844Member_zRkgErm1x7mq">0.91%</span></td> </tr></table></div> 44 0.0091 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>As of April 30, 2026</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000024844Member_zoqRB9gjEtel">$880,222,932</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000024844Member_z9drWlxnG771">68</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251101__20260430__oef--ClassAxis__custom--C000024844Member_z3R7uduo4YkD">14.76%</span></td> </tr> </table> </div> 880222932 68 0.1476 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_981_eoef--LargestHoldingsTableTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000024844Member_zU6FNJImG1TD"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zI3wz7je1c37">3.61%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Teledyne Technologies Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--TeledyneTechnologiesIncorporatedMember_zmqgA55Tiizb">2.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AMETEK, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--AMETEKIncMember_z0VxPWESapl6">2.89%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncorporatedMember_zrvQDTEWRpk6">2.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> O'Reilly Automotive, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--OReillyAutomotiveIncMember_zZg2yzyVJIc2">2.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corpay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--CorpayIncMember_zeITqcQXddea">2.44%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nordson Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--NordsonCorporationMember_z54AvSwpSNKg">2.44%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CBRE Group, Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--CBREGroupIncClassAMember_zWO8QCFxGId5">2.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vulcan Materials Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--VulcanMaterialsCompanyMember_zZrWFOnpwTA7">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> IDEX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--IDEXCorporationMember_zeILSTIi7q8l">2.29%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_zEkFIICXwwf5">26.26%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Sector Diversification (As a Percentage of Total Investments)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zbVcShhuWdP">28.19%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z6HAZZaYVPCk">20.33%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zuj71XZQtGyj">17.20%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--HealthCareMember_zbA51xeOMNYh">15.61%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--FinancialsMember_zAWUJvsXPUDc">7.67%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--MaterialsMember_zvDi5c0yuwp4">3.40%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--RealEstateMember_zjSS84aNGrK8">3.13%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zTrg6BqRr2Se">2.03%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Short-Term Investments </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentsMember_zR6xl4EUZTV">2.44%</span></td> </tr> </table><img alt="Af Image" src="fp0099030-3_sa51.jpg" style="width: 348px; height: 300px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zI3wz7je1c37">3.61%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Teledyne Technologies Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--TeledyneTechnologiesIncorporatedMember_zmqgA55Tiizb">2.90%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AMETEK, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--AMETEKIncMember_z0VxPWESapl6">2.89%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Microchip Technology Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--MicrochipTechnologyIncorporatedMember_zrvQDTEWRpk6">2.58%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> O'Reilly Automotive, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--OReillyAutomotiveIncMember_zZg2yzyVJIc2">2.51%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corpay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--CorpayIncMember_zeITqcQXddea">2.44%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Nordson Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--NordsonCorporationMember_z54AvSwpSNKg">2.44%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CBRE Group, Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--CBREGroupIncClassAMember_zWO8QCFxGId5">2.30%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Vulcan Materials Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--VulcanMaterialsCompanyMember_zZrWFOnpwTA7">2.30%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> IDEX Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--IDEXCorporationMember_zeILSTIi7q8l">2.29%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024844Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_zEkFIICXwwf5">26.26%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0361 0.0290 0.0289 0.0258 0.0251 0.0244 0.0244 0.0230 0.0230 0.0229 0.2626 0.2819 0.2033 0.1720 0.1561 0.0767 0.0340 0.0313 0.0203 0.0244