NICHOLAS II, INC.  
SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF JULY 31, 2026
SHARES    
OR    
PRINCIPAL    
AMOUNT   VALUE
COMMON STOCKS -- 98.29%  
Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 6.30%
47,420 Burlington Stores, Inc.* $  17,473,322
180,868 O'Reilly Automotive, Inc.* 16,160,556
29,465 Ulta Beauty Inc.* 15,110,536
46,295 Williams-Sonoma, Inc. 10,585,815
    59,330,229
 
  Consumer Discretionary - Consumer Durables & Apparel -- 2.11%  
122,756 SharkNinja, Inc.* 19,858,238
 
  Consumer Discretionary - Consumer Services -- 8.29%  
374,170 Chipotle Mexican Grill, Inc.* 13,926,607
35,255 Domino's Pizza, Inc. 12,248,997
44,580 Hilton Worldwide Holdings Inc. 14,287,444
207,515 Service Corporation International 17,885,718
162,090 Viking Holdings Ltd* 16,914,091
21,600 Wingstop Inc. 2,796,984
    78,059,841
 
  Consumer Staples - Consumer Staples Distribution & Retail -- 1.89%  
181,779 BJ's Wholesale Club Holdings, Inc.* 17,774,351
 
  Financials - Financial Services -- 6.69%  
67,505 Corpay, Inc.* 25,794,335
54,544 Jack Henry & Associates, Inc. 8,401,958
59,677 Northern Trust Corporation 10,872,553
86,899 Raymond James Financial, Inc. 15,292,486
26,654 Tradeweb Markets Inc. 2,678,727
    63,040,059
 
  Financials - Insurance -- 0.69%  
18,410 Arthur J. Gallagher & Co. 4,591,822
42,725 Ryan Specialty Holdings, Inc. 1,886,736
    6,478,558
 
  Health Care - Health Care Equipment & Services -- 7.17%  
155,800 Cooper Companies, Inc.* 11,267,456
176,535 Globus Medical Inc Class A* 13,909,193
52,540 ResMed Inc. 11,084,889
77,075 STERIS plc 17,603,930
66,810 Veeva Systems Inc Class A* 13,614,542
    67,480,010
 
  Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 9.31%  
69,197 Bio-Techne Corporation 4,988,412
71,040 Charles River Laboratories International, Inc.* 16,517,510
75,498 IQVIA Holdings Inc* 17,743,540
15,734 Mettler-Toledo International Inc.* 22,284,064

 

 

141,650 Revvity, Inc. 15,938,458
515,270 Stevanato Group SpA 10,228,109
    87,700,093
 
  Industrials - Capital Goods -- 13.87%  
193,010 A. O. Smith Corporation 11,605,691
107,985 AMETEK, Inc. 26,101,054
73,822 Fastenal Company 3,522,048
238,700 Fortive Corp. 14,133,427
92,468 IDEX Corporation 21,309,251
35,390 L3Harris Technologies Inc 9,805,153
6,514 Lennox International Inc. 2,709,042
74,325 Nordson Corporation 22,132,498
66,418 Westinghouse Air Brake Technologies Corporation 19,318,339
    130,636,503
 
  Industrials - Commercial & Professional Services -- 10.76%  
69,740 Booz Allen Hamilton Holding Corporation 4,862,273
66,495 Broadridge Financial Solutions, Inc. 10,236,905
97,375 Paylocity Holding Corp.* 13,427,526
138,023 RB Global, Inc. 15,146,644
50,956 Republic Services, Inc. 10,728,786
252,068 TransUnion 19,817,586
78,305 Verisk Analytics Inc 15,257,729
70,757 Waste Connections, Inc. 11,843,307
    101,320,756
 
  Industrials - Transportation -- 2.13%  
94,415 Old Dominion Freight Line, Inc. 20,029,198
 
  Information Technology - Semiconductors & Semiconductor Equipment -- 6.77%  
245,934 Lattice Semiconductor Corporation* 30,562,218
257,635 Microchip Technology Incorporated 19,139,704
9,835 Monolithic Power Systems, Inc. 14,025,005
    63,726,927
 
  Information Technology - Software & Services -- 13.11%  
94,680 Datadog, Inc.* 25,371,400
246,449 Dynatrace, Inc.* 10,922,620
111,154 Elastic NV* 7,312,822
7,739 Fair Isaac Corporation* 8,690,665
23,836 Gartner, Inc.* 3,599,713
45,484 MongoDB, Inc.* 15,349,940
138,461 Okta, Inc. Class A* 19,651,770
110,704 PTC Inc.* 15,188,589
40,005 Snowflake Inc.* 11,732,666
37,350 Zscaler, Inc.* 5,647,320
    123,467,505
 
  Information Technology - Technology Hardware & Equipment -- 4.14%  
98,195 CDW Corporation 14,514,203
37,370 Teledyne Technologies Incorporated* 24,498,651
    39,012,854
 
  Materials - Materials -- 2.85%  
78,580 AptarGroup, Inc. 10,526,577

 

 

  60,626   Vulcan Materials Company 16,282,325  
        26,808,902  
 
      Real Estate - Real Estate Management & Development -- 2.21%    
  141,770   CBRE Group, Inc. Class A* 20,813,254  
 
      TOTAL COMMON STOCKS    
      (cost $463,118,389) 925,537,278  
 
RIGHT - 0.00%    
      Financials - Financial Services -- 0.00%    
  153,405   TPG, Inc. Contingent Value Rights * (1) (2) 0  
 
SHORT-TERM INVESTMENTS -- 1.75%    
      Money Market Deposit Account -- 0.90%    
$8,461,693   U.S. Bank Money Market, 3.45% 8,461,693  
 
      Money Market Fund -- 0.85%    
      First American Money Market Funds Government Obligations Fund - X Class,    
  8,000,000   7-day net yield, 3.58% 8,000,000  
 
      TOTAL SHORT-TERM INVESTMENTS    
      (cost $16,461,693) 16,461,693  
 
      TOTAL INVESTMENTS    
      (cost $479,580,082) - 100.04% 941,998,971  
 
      LIABILITIES, NET OF OTHER ASSETS - (0.04)% (392,397 )
 
      TOTAL NET ASSETS    
      (basis of percentages disclosed above) - 100% $941,606,574  
 
  * Non-income producing security.    
 
  (1) The Fund holds Contingent Value Rights (“CVRs”) acquired via a corporate action distribution on April 8, 2026. The CVRs  
  were issued pursuant to the Contingent Value Rights Agreement dated April 7, 2026, among Hopper Parent Inc., Hologic, Inc.,  
  and the Rights Agent. CVRs represent unsecured contractual rights to receive future cash payments, if any, contingent upon the  
  achievement of specified revenue-based milestones related to the Hologic Inc.’s “Breast Health” business segment. The CVRs  
  provide for up to two potential milestone payments, each ranging from $0.50 to $1.50 per CVR, determined by linear  
  interpolation based on revenue achieved during the applicable milestone period. The maximum aggregate amount payable is  
  $3.00 per CVR.        
 
  (2) The CVRs are restricted securities. The CVRs do not represent equity interests, carry no voting or dividend rights, and are  
  non-transferable except in limited circumstances defined as “Permitted Transfers” in the Contingent Value Rights Agreement.  
  The CVRs are not listed on any securities exchange and have no established secondary market.    
 
 
      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 July 31, 2026, in valuing the Fund’s investments carried at value:

    Investments
Valuation Inputs   in Securities
Level 1    
Common Stocks(1) $ 925,537,278
Money Market Deposit Account   8,461,693
Money Market Fund   8,000,000
Level 2    
None   —
Level 3    
Contingent Value Right   0
Total $ 941,998,971

 

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

During the semi-annual period ended April 30, 2026, the Fund received non-tradable Contingent Value Rights (CVRs) issued by Hologic, Inc. as part of a corporate merger transaction. The CVRs entitle holders to potential cash payments tied to the achievement of specified revenue milestones for Hologic’s Breast Health business segment in fiscal years 2026 and 2027. The CVRs are classified as Level 3 investments within the fair value hierarchy. At the time of acquisition and as of the end of the reporting period, management evaluated the probability of achieving the underlying corporate revenue milestones to be 0%. Accordingly, the CVRs were recorded at an initial fair value of $0.00 and remain valued at $0.00 as of July 31, 2026.