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Nicholas Limited Edition, Inc.

Nicholas Limited Edition, Inc.

NCLEX - (Class I)

NNLEX - (Class N)

Small-cap Growth

Nicholas Limited Edition, Inc. is a fund specifically designed to invest in small-cap growth stocks, was launched in 1987. The focus is on small-cap growth companies with market capitalizations generally between $500 million and $2 billion with sound business models, strong prospects for future earnings growth and trading at discounted valuations to their long-term potential. David O. Nicholas, CFA is the portfolio manager of the Fund and has been at the helm since 1993. He also serves as the Chief Investment Officer for Nicholas Company. Ryan P. Bushman, CFA was named co-portfolio manager of Nicholas Limited Edition, Inc. effective February 2021.

The focus on small capitalization stocks targets a universe of stocks long recognized by Nicholas for their unique characteristics and long-term growth potential. Recognizing the value of primary research and potential investment opportunity in small- and mid-cap stocks, Nicholas incorporated these stocks as a central component of this Fund's investment process. Nicholas Limited Edition has a history of seeking to own smaller companies that have successfully grown into the mid-sized companies generating attractive returns. The small nature of these companies offers significant growth potential but may also exhibit greater volatility. This Fund tends to have more holdings to diversify the portfolio in an attempt to modify the volatility.

As is true with the other Nicholas Funds, a critical component to the Fund’s style is buying stocks at valuations that offer the best opportunity for capital appreciation over the long-run, but also provide a margin of safety against declining stock prices. The Nicholas philosophy has strongly maintained the benefits of buying stocks at valuations that are affordable relative to their long-term potential. We believe the Fund’s history suggests this approach can produce more consistent, risk-adjusted returns over time.

Snapshot
Objective
Performance
Portfolio Manager
Distribution History
Documents &
Forms

Investment Approach

Nicholas Limited Edition pursues long-term capital growth through a diversified stock portfolio of primarily small-sized companies with capitalizations generally less than $2 billion. The Fund is typically benchmarked against the Russell 2000 Growth Index.

Fund Facts

(06/30/2024)

Lead Portfolio Manager:	David O. Nicholas
Co-Portfolio Manager:	Ryan P. Bushman
Style:	Small-Cap Growth
Fund Inception:	05/18/1987
Fund Assets (millions):
Class I	$447.6
Class N	$20.6
Number of Holdings:	65

Min. Initial Investment Class I:	$100,000
Min. Initial Investment Class N:	$500
Fiscal Year-End:	December 31
Prospectus Date Class I:	April
Prospectus Date Class N:	January & April
Cusip Class I:	653738104
Cusip Class N:	653738203
Ticker Class I:	NCLEX
Ticker Class N:	NNLEX

Sector Diversification

(06/30/2024)

Nicholas Limited Edition Sector Diversification

Top Equity Holdings

(6/30/2024)

RB Global, Inc.	2.84%
ICF International, Inc.	2.79%
Q2 Holdings, Inc.	2.62%
CyberArk Software Ltd.	2.23%
Prestige Consumer Healthcare Inc	2.20%
Descartes Systems Group Inc.	2.07%
Tetra Tech, Inc.	2.03%
Cohen & Steers, Inc.	1.93%
SPS Commerce, Inc.	1.90%
Globus Medical Inc Class A	1.88%

Morningstar Ratings

Class I
	Rating	# of Funds
Overall		550
3 Year		550
5 Year		519
10 Year		399

Morningstar Category: Small Growth
Source: Morningstar, as of June 30, 2024.
The Overall Morningstar Rating™ for a fund is derived from a weighted average
of the risk-adjusted performance figures associated with its three-,five- and ten year (if applicable) Morningstar Rating™ metrics.

Class N
	Rating	# of Funds
Overall		550
3 Year		550
5 Year		519
10 Year		399

© [2024] Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or loses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating ™ (based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) One cannot invest directly in an index. Fund holdings and/or sector weightings are subject to change at any time and are not recommendations to buy or sell any security.

The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period has the greatest impact because it is included in all three rating periods.

Past performance does not guarantee future results.

Investment Objective

Nicholas Limited Edition, Inc. strives to increase the value of your investment over the long-term (“long-term growth”) by purchasing primarily small companies with capitalizations of less than $2 billion. The Fund’s manager looks for companies with ample financial resources that are positioned to take advantage of long-term trends in the United States. The goal is to find great companies early and hold them for the long-term.

Investment Policies & Considerations

The performance of smaller company stock funds is often influenced by their size. If the assets invested in a small-company fund grow too large the fund’s manager may be forced to invest in companies he or she would otherwise pass over, or take bigger positions in companies he or she favors.

Nicholas Limited Edition's management team believes that company selection is a key to providing superior returns over time. Our goal is to find companies that have the potential for outstanding earnings and sales growth over time, and are positioned to benefit from long-term economic and social trends. We search today’s small companies to find those that will become tomorrow’s big companies. Some of the factors we consider in assessing a company include:

Strategic position within its industry
Product development
Quality of management
Future potential
Price-to-earnings ratios relative to growth rate and industry trends

It is our strong conviction that superior long-term results are achieved by minimizing capital losses in adverse markets. We do not attempt to forecast short-term market swings, but work to preserve gains and minimize losses using long-term, fundamental valuation techniques. Our portfolio turnover is moderate as our goal is to find, and hold, stock in great companies. However, if a stock is not meeting our expectations, or has become over-valued, we will sell it.

At Nicholas, our watchword is patience. We believe it is a key to superior long-term results.

Quarter-End Performance
Month-End Performance
Quarterly Performance Presentation

As of June 30, 2024

Average Annual Returns

Fund	3 Month	YTD	1 Year	3 Year	5 Year	10 Year
Nicholas Fund (NICSX)	1.00%	11.07%	22.58%	11.08%	15.07%	11.71%
Nicholas II - Class I (NCTWX)	-4.99%	2.90%	10.62%	2.86%	9.03%	9.98%
Nicholas II - Class N (NNTWX)	-5.06%	2.72%	10.28%	2.55%	8.70%	9.63%
Nicholas Limited Edition - Class I (NCLEX)	-2.43%	2.81%	7.37%	0.62%	7.49%	8.86%
Nicholas Limited Edition - Class N (NNLEX)	-2.46%	2.67%	7.04%	0.33%	7.22%	8.55%
Nicholas Equity Income Fund (NSEIX)	-1.44%	5.48%	11.11%	4.58%	9.70%	8.38%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month end may be lower or higher than the performance quoted.

As of August 31, 2024

Average Annual Returns

Fund	3 Month	YTD	1 Year	3 Year	5 Year	10 Year
Nicholas Fund (NICSX)	7.81%	14.91%	24.32%	9.89%	15.72%	11.84%
Nicholas II - Class I (NCTWX)	4.10%	6.07%	14.15%	1.95%	9.57%	10.06%
Nicholas II - Class N (NNTWX)	4.01%	5.83%	13.76%	1.63%	9.24%	9.71%
Nicholas Limited Edition - Class I (NCLEX)	8.28%	9.69%	13.30%	0.96%	8.93%	9.68%
Nicholas Limited Edition - Class N (NNLEX)	8.23%	9.46%	12.96%	0.67%	8.64%	9.37%
Nicholas Equity Income Fund (NSEIX)	6.44%	12.38%	18.34%	5.79%	10.89%	9.09%

Click the icon below to access the
Fund's Quarterly Performance Presentation

Nicholas Fund's Expense Ratio:	0.70%
Nicholas II – Class I's Expense Ratio:	0.60%
Nicholas II – Class N's Expense Ratio:	0.91%
Nicholas Limited Edition – Class I's Expense Ratio:	0.85%
Nicholas Limited Edition – Class N's Expense Ratio:	1.16%
Nicholas Equity Income Fund's Expense Ratio:	0.70%

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David O. Nicholas, CFA

Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager
Industry experience: 41 years
Nicholas Company Tenure: 38 years
Lead Portfolio Manager - Nicholas Fund, Inc., Nicholas II, Inc. and Nicholas Limited Edition, Inc.
Co-Portfolio Manager - Nicholas Equity Income Fund, Inc.

Dave Nicholas joined Nicholas Company as an investment analyst in 1986. He serves in a leadership position for the company as CEO and President, while primarily focusing his efforts day-to-day on investments as a Portfolio Manager and the Chief Investment Officer. Dave has developed his philosophy and skills over the past thirty years under the guidance of the long-held investment philosophy and process developed by Albert O. Nicholas, the founder of Nicholas Company. This opportunity has allowed Dave to gain a deep experience and knowledge analyzing companies and the equity markets.

Dave’s approach is aligned with the Nicholas core investment philosophy and process, while adjusting it to meet the characteristics of various capitalization growth companies. Core elements to the philosophy include identifying companies with secular growth capabilities, consistent earnings growth, strong balance sheets and solid management teams. Dave also shares a preference for non-consensus strategies when market opportunities arise.

Dave is the lead portfolio manager of Nicholas Fund, Nicholas II and Nicholas Limited Edition, while serving as co-manager for Nicholas Equity Income Fund. As Chief Investment Officer he guides the firm’s investment process and the investment team on a day-to-day basis.

Dave earned a B.B.A. in Finance from the University of Wisconsin-Madison and completed his M.S. in Finance at the University of Wisconsin-Milwaukee, where he is a member of the University’s Business School Advisory Board. He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.

Ryan P. Bushman, CFA

Senior Research Analyst and Portfolio Manager
Industry experience: 24 years
Nicholas Company Tenure: 4 years
Co-Portfolio Manager - Nicholas Limited Editon, Inc.

Ryan joined Nicholas Company in October 2020 as a senior research analyst. Ryan was named co-portfolio manager of Nicholas Limited Edition, Inc. effective February 2021. Ryan is a generalist analyzing companies across all capitalizations with an emphasis on small- and mid-cap stocks in the health care and industrial sectors.

Previously, Ryan was a Co-Portfolio Manager and Research Analyst at Rice Hall James & Associates in San Diego, CA for 3 years covering the consumer and health care sectors. Other sectors of coverage included industrials and information technology. Ryan began his career in the investment industry in 2000 at M&I Investment Management Corp. as a financial auditor and trade coordinator and held various analyst positions from 2003 to 2007 at the company as it was acquired by BMO Asset Management advancing to the role of Equity Analyst and Director for the BMO Small-Cap Growth and Mid-Cap Growth products for nine years.

Ryan earned a B.B.A. with an emphasis on Finance from UW-Whitewater and graduated magna cum laude from Marquette University earning an M.B.A. with an emphasis in Finance.

He has earned the right to use the CFA designation and is currently a member of the CFA Society Milwaukee.

Click to view the entire Nicholas Funds investment team.

2023 Tax Guide

Income Derived from US Government Obligations for 2023

Distribution amounts are per share.

2024 Distribution Dates: Click Here

Distribution Year

Share Class

Class I

Class N

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Distribution History 2023 - Class I

Pay Date	Net Investment Income	Short Term Capital Gains	Long Term Capital Gains	Total Distribution
12/27/2023	0.00000000	0.00000000	0.67446000	0.67446000

Distribution Year

2023

Share Class

Class I

Distribution History 2023 - Class N

Pay Date	Net Investment Income	Short Term Capital Gains	Long Term Capital Gains	Total Distribution
12/27/2023	0.00000000	0.00000000	0.67446000	0.67446000

Distribution Year

2023

Share Class

Class N

Regular Account Forms
IRA Account Forms

2023 Tax Guide

Income Derived from US Government Obligations for 2023

Tax Form Mail Dates

These forms are in PDF format. You'll need Adobe Acrobat Reader to view them. Click here to download it.

2022 Tax Guide

Income Derived from US Government Obligations for 2022

Tax Form Mail Dates

These forms are in PDF format. You'll need Adobe Acrobat Reader to view them. Click here to download it.

Please print, complete and mail to the appropriate address:

Nicholas Family Of Funds
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701

Overnight Express:

Nicholas Family Of Funds
c/o U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

Order By Telephone

1-800-544-6547

Automated transactions are available 24 hours a day, 7 days a week.

To speak to a representative, call Monday - Friday, from 8am - 7pm, Central Time.

Shareholders calling from outside the U.S. may call collect, 414-765-4124, Monday - Friday, from 8am -7pm, Central Time.

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