Nicholas II Fund Class I

This fund aims to grow the value of its investments significantly over an extended period. It chiefly allocates capital to common shares of U.S. corporations that possess mid-range market capitalizations and are identified for their potential for expansion. The adviser assesses a company's size primarily by its annual sales volume and its overall market capitalization. Specifically, the adviser defines "small" companies as those with market capitalizations up to $3 billion, "medium" companies as those falling between $3 billion and $25 billion, and "large" companies as those exceeding $25 billion.