| NICHOLAS II, INC. | |||
| SCHEDULE OF INVESTMENTS (UNAUDITED) | |||
| AS OF JUNE 30, 2024 | |||
| SHARES OR | |||
| PRINCIPAL | |||
| AMOUNT | VALUE | ||
| COMMON STOCKS -- 96.95% | |||
| Communication Services - Media & Entertainment -- 1.28% | |||
| 142,905 | Trade Desk, Inc. Class A* | $ | 13,957,531 |
| Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 5.89% | |||
| 46,070 | Burlington Stores, Inc.* | 11,056,800 | |
| 108,565 | CarMax, Inc.* | 7,962,157 | |
| 27,070 | O'Reilly Automotive, Inc.* | 28,587,544 | |
| 42,640 | Ulta Beauty Inc.* | 16,453,497 | |
| 64,059,998 | |||
| Consumer Discretionary - Consumer Services -- 4.85% | |||
| 286,255 | Chipotle Mexican Grill, Inc.* | 17,933,876 | |
| 32,870 | Domino's Pizza, Inc. | 16,971,767 | |
| 251,430 | Service Corporation International | 17,884,216 | |
| 52,789,859 | |||
| Consumer Staples - Consumer Staples Distribution & Retail -- 2.24% | |||
| 277,346 | BJ's Wholesale Club Holdings, Inc.* | 24,362,073 | |
| Consumer Staples – Food, Beverage & Tobacco -- 3.59% | |||
| 69,500 | Constellation Brands, Inc. Class A | 17,880,960 | |
| 251,721 | Lamb Weston Holdings, Inc. | 21,164,702 | |
| 39,045,662 | |||
| Financials - Banks -- 0.99% | |||
| 246,480 | Webster Financial Corporation | 10,744,063 | |
| Financials - Financial Services -- 5.65% | |||
| 70,110 | Corpay, Inc.* | 18,678,005 | |
| 87,281 | Jack Henry & Associates, Inc. | 14,490,392 | |
| 125,570 | Northern Trust Corporation | 10,545,369 | |
| 143,155 | Raymond James Financial, Inc. | 17,695,390 | |
| 61,409,156 | |||
| Health Care - Health Care Equipment & Services -- 9.73% | |||
| 168,900 | Cooper Companies, Inc. | 14,744,970 | |
| 149,691 | DexCom, Inc.* | 16,971,966 | |
| 227,260 | Globus Medical Inc Class A* | 15,565,037 | |
| 150,250 | Hologic, Inc.* | 11,156,062 | |
| 77,440 | ResMed Inc. | 14,823,565 | |
| 83,254 | STERIS plc | 18,277,583 | |
| 78,000 | Veeva Systems Inc Class A* | 14,274,780 | |
| 105,813,963 | |||
| Health Care – Pharmaceuticals, Biotechnology & Life Sciences -- 8.53% | ||
| 255,609 | Bio-Techne Corporation | 18,314,385 |
| 68,606 | Charles River Laboratories International, Inc.* | 14,172,627 |
| 83,070 | IQVIA Holdings Inc* | 17,564,321 |
| 14,964 | Mettler-Toledo International Inc.* | 20,913,537 |
| 118,455 | Revvity, Inc. | 12,421,191 |
| 515,270 | Stevanato Group SpA | 9,450,052 |
| 92,836,113 | ||
| Industrials - Capital Goods -- 13.98% | ||
| 197,850 | A. O. Smith Corporation | 16,180,173 |
| 127,500 | AMETEK, Inc. | 21,255,525 |
| 211,025 | Fastenal Company | 13,260,811 |
| 238,700 | Fortive Corp. | 17,687,670 |
| 75,195 | IDEX Corporation | 15,129,234 |
| 61,005 | L3Harris Technologies Inc | 13,700,503 |
| 34,800 | Lennox International Inc. | 18,617,304 |
| 77,500 | Nordson Corporation | 17,975,350 |
| 115,797 | Westinghouse Air Brake Technologies Corporation | 18,301,716 |
| 152,108,286 | ||
| Industrials - Commercial & Professional Services -- 10.49% | ||
| 89,700 | Broadridge Financial Solutions, Inc. | 17,670,900 |
| 90,685 | Paylocity Holding Corp.* | 11,956,817 |
| 126,048 | RB Global, Inc. | 9,625,025 |
| 81,615 | Republic Services, Inc. | 15,861,059 |
| 269,765 | TransUnion | 20,005,773 |
| 82,583 | Verisk Analytics Inc | 22,260,248 |
| 95,092 | Waste Connections, Inc. | 16,675,333 |
| 114,055,155 | ||
| Industrials - Transportation -- 1.45% | ||
| 88,920 | Old Dominion Freight Line, Inc. | 15,703,272 |
| Information Technology - Semiconductors & Semiconductor Equipment -- 4.47% | ||
| 213,950 | Microchip Technology Incorporated | 19,576,425 |
| 199,191 | Power Integrations, Inc. | 13,981,216 |
| 141,740 | Skyworks Solutions, Inc. | 15,106,649 |
| 48,664,290 | ||
| Information Technology - Software & Services -- 15.02% | ||
| 46,155 | CrowdStrike Holdings, Inc. Class A* | 17,686,135 |
| 93,932 | CyberArk Software Ltd.* | 25,682,887 |
| 438,343 | Dynatrace, Inc.* | 19,611,466 |
| 172,047 | Elastic NV* | 19,597,874 |
| 48,940 | Gartner, Inc.* | 21,976,996 |
| 196,417 | Okta, Inc. Class A* | 18,386,595 |
| 55,482 | Palo Alto Networks, Inc.* | 18,808,953 |
| 118,985 | PTC Inc.* | 21,616,005 |
| 163,366,911 | ||
| Information Technology - Technology Hardware & Equipment -- 3.46% | ||
| 98,195 | CDW Corporation | 21,979,969 |
| 40,435 | Teledyne Technologies Incorporated* | 15,687,971 | ||
| 37,667,940 | ||||
| Materials - Materials -- 3.22% | ||||
| 78,580 | AptarGroup, Inc. | 11,064,850 | ||
| 96,460 | Vulcan Materials Company | 23,987,673 | ||
| 35,052,523 | ||||
| Real Estate - Real Estate Management & Development -- 2.11% | ||||
| 158,175 | CBRE Group, Inc. Class A* | 14,094,974 | ||
| 119,910 | CoStar Group, Inc.* | 8,890,127 | ||
| 22,985,101 | ||||
| TOTAL COMMON STOCKS | ||||
| (cost $531,777,770) | 1,054,621,896 | |||
| SHORT-TERM INVESTMENTS -- 3.02% | ||||
| Money Market Deposit Account – 0.26% | ||||
| $ 2,798,695 | U.S. Bank Money Market - 5.240% | 2,798,695 | ||
| Money Market Fund - 1.38% | ||||
| 15,000,000 | Morgan Stanley Liquidity Funds Government Portfolio | |||
| (Institutional Class), 7-day net yield, 5.20% | 15,000,000 | |||
| U.S. Government Security - 1.38% | ||||
| 15,075,000 | U.S. Treasury Bill 08/01/2024, 5.004% | 15,007,108 | ||
| TOTAL SHORT-TERM INVESTMENTS | ||||
| (cost $32,806,452) | 32,805,803 | |||
| TOTAL INVESTMENTS | ||||
| (cost $564,584,222) - 99.97% | 1,087,427,699 | |||
| OTHER ASSETS, NET OF LIABILITIES - 0.03% | 412,446 | |||
| TOTAL NET ASSETS | ||||
| (basis of percentages disclosed above) - 100% | $ | 1,087,840,145 | ||
| * Non-income producing security. | ||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent Semiannual or Annual Report to Shareholders.
Various inputs are used in determining the value of the Fund's investments relating to Accounting Standards Codification 820-10.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
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, 2024, in valuing the Fund’s investments carried at value:
| Investments | ||
| Valuation Inputs | in Securities | |
| Level 1 | ||
| Common Stocks(1) | $ | 1,054,621,896 |
| Money Market Deposit Account | 2,798,695 | |
| Money Market Fund | 15,000,000 | |
| Level 2 | ||
| U.S. Government Security | 15,007,108 | |
| Level 3 | ||
| None | — | |
| Total | $ | 1,087,427,699 |
| (1) See Schedule above for further detail by industry. | ||
