Securities and Exchange Commission100 F Street, N.E.Washington DC 20549VIA EDGAR Re:
	Nicholas Equity Income Fund, Inc. #811-08062Nicholas Fund, Inc. #811-01728Nicholas II, Inc. #811-03851Nicholas High Income Fund, Inc. #811-00216Nicholas Limited Edition, Inc. #811-04993
  Attached, pursuant to Rule 17g-1(g)(1) under the Investment Company Act of 1940, as amended, are the following documents: 1.
	A copy of the Joint Fidelity Bond renewing coverage from November 16, 2018 through November 16, 2019.2.
	A copy of the resolutions adopted by a majority of the board of directors who are not interested persons of each fund, approving the amount, type, form and coverage of the bond and the portion of the premium to be paid by each fund.3.
	A copy of the Joint Fidelity Bond Agreement between all of the named insureds entered into pursuant to paragraph (f) of Rule 17g-1(g)(1), which includes a statement showing the amount of the single insured bond which each Fund would have provided and maintained had it not been name as an insured under a joint insured bond. At the date of this filing, premiums have been paid for the period November 16, 2018 through November 16, 2019. Very truly yours,/s/ Jennifer R. Kloehn Jennifer R. KloehnExecutive Vice President and TreasurerNicholas Company, Inc.


---



GUNN STEERSATTN:

   Abbe Ellam110 East 42nd Street, Suite 1418New York, NY 10017INSURED:

   

   NICHOLAS COMPANY INCPRODUCT:

   

   DFIBondPOLICY NO:

   

   82126662TRANSACTION:

   

   RENLChubb Group of Insurance Companies

   

   

   DECLARATIONS202B Hall’s Mill Road

   

   

   

   

   FINANCIAL INSTITUTION INVESTMENTWhitehouse Station, NJ 08889

   

   

   

   COMPANY ASSET PROTECTION BONDNAME OF ASSURED (including itsSubsidiaries):

   

   

   Bond Number:

   82126662NICHOLAS COMPANY INC411 E WISCONSIN AVENUE, SUITE 2100FEDERAL INSURANCE COMPANYMILWAUKEE, WI

   

   53202

   

   

   

   Incorporated under the laws of Indianaa stock insurance company herein called the COMPANYCapital Center, 251 North Illinois, Suite 1100Indianapolis, IN 46204-1927ITEM 1.

   BOND PERIOD: from

   12:01 a.m. on November 16, 2018to

   12:01 a.m. on November 16, 2019ITEM 2.

   LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE andany other reference shall be deemed to be deleted.There shall be no deductible applicable to any loss
  under INSURING CLAUSE 1. sustained by any Investment Company.SINGLE LOSS

   DEDUCTIBLEINSURING CLAUSE

   

   LIMIT OF LIABILITY

   AMOUNT1

   .

   Employee

   

   $

   5,450,000

   $

   10,0002

   .

   On Premises

   

   $

   5,450,000

   $

   10,0003

   .

   In Transit

   

   $

   5,450,000

   $

   10,0004

   .

   Forgery or Alteration

   $

   5,450,000

   $

   10,0005

   .

   Extended Forgery

   $

   5,450,000

   $

   10,0006

   .

   Counterfeit Money

   $

   5,450,000

   $

   10,000


---



7
	.
	Threats to Person
	$
	5,450,000
	$
	10,0008
	.
	Computer System
	$
	5,450,000
	$
	10,0009
	.
	Voice Initiated FundsTransfer Instruction
	$
	5,450,000
	$
	10,00010
	.
	Uncollectible Items of Deposit
	$
	50,000
	$
	5,00011
	.
	Audit Expense
	$
	50,000
	$
	5,000ITEM 3.
	THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWINGENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:1-12
  IN WITNESS WHEREOF, THE COMPANYhas caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.   ICAP Bond (5-98) - FederalForm 17-02-1421 (Ed. 5-98) Page 1 of 1 FEDERAL INSURANCE COMPANYEndorsement No:
	1Bond Number:
	82126662NAME OF ASSURED: NICHOLAS COMPANY INCNAME OF ASSURED ENDORSEMENTIt is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:Nicholas Company, Inc.Nicholas Fund, Inc.Nicholas II, Inc.Nicholas Limited Edition, Inc.Nicholas Equity Income Fund, Inc.Nicholas High Income Fund, Inc.This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018


---



ICAP BondForm 17-02-0949 (Rev. 1-97) Page 1 FEDERAL INSURANCE COMPANYEndorsement No. 2Bond Number: 82126662NAME OF ASSURED: NICHOLAS COMPANY INCREVISE ITEM 2. ENDORSEMENTIt is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS andsubstituting the following:ITEM 2.LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSEand any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted.Thereshall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any
  Investment Company.SINGLE LOSS

   

   DEDUCTIBLEINSURING CLAUSE

   LIMIT OF LIABILITY

   

   AMOUNT1

   .

   Employee

   $

   5,450,000

   

   $

   10,0002

   .

   On Premises

   $

   5,450,000

   

   $

   10,0003

   .

   In Transit

   $

   5,450,000

   

   $

   10,0004

   .

   Forgery or Alteration

   $

   5,450,000

   

   $

   10,0005

   .

   Extended Forgery

   $

   5,450,000

   

   $

   10,0006

   .

   Counterfeit Money

   $

   5,450,000

   

   $

   10,0007

   .

   Threats to Person

   $

   5,450,000

   

   $

   10,0008

   .

   Computer System

   $

   5,450,000

   

   $

   10,0009

   .

   Voice Initiated Funds Transfer Instruction

   $

   5,450,000

   

   $

   10,00010

   .

   Uncollectible Items of Deposit

   $

   50,000

   

   $

   5,00011

   .

   Audit Expense

   $

   50,000

   

   $

   5,00012

   .

   Extended Computer Systems

   $

   5,450,000

   

   $

   10,00013

   .

   Telefacsimile Instruction Fraud

   $

   5,450,000

   

   $

   10,00014

   .

   Automated Phone Transaction

   $

   5,450,000

   

   $

   10,00015

   .

   Unauthorized Signature

   $

   50,000

   

   $

   5,000


---



16

   .

   Claims Expense

   $                            50,000

   

   $

   5,00017

   .

   Stop Payment Order or Refusal to Pay Check

   $                            50,000

   

   $

   5,000This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018
   ICAP BondForm 17-02-1582 (Ed. 5-98) Page 2 FEDERAL INSURANCE COMPANYEndorsement No.: 3Bond Number: 82126662NAME OF ASSURED: NICHOLAS COMPANY INCEXTENDED COMPUTER SYSTEMS ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding the following INSURING CLAUSE:12. Extended Computer SystemsA.

   Electronic Data, Electronic Media, Electronic InstructionLoss resulting directly from:


---



(1

   )

   the fraudulent modification ofElectronic Data, Electronic MediaorElectronicInstructionbeing stored within or being run within any system covered under thisINSURING CLAUSE,(2

   )

   robbery, burglary, larceny or theft ofElectronic Data, Electronic MediaorElectronic Instructions,(3

   )

   the acts of a hacker causing damage or destruction ofElectronic Data,Electronic MediaorElectronic Instructionowned by the ASSURED or for whichthe ASSURED is legally liable, while stored within aComputer Systemcoveredunder this INSURING CLAUSE, or(4

   )

   the damage or destruction ofElectronic Data, Electronic MediaorElectronicInstructionowned by the ASSURED or for which the ASSURED is legally liablewhile stored within aComputer Systemcovered under INSURING CLAUSE 12,provided such damage or destruction was caused by a computer program orsimilar instruction which was written or altered to intentionally incorporate a hiddeninstruction designed to damage or destroyElectronic Data, Electronic Media, orElectronic Instructionin theComputer Systemin which the computer programor instruction so written or so altered is used.
  ICAP2 BondForm 17-02-2976 (Ed. 1-02) Page 1 B.

   Electronic CommunicationLoss resulting directly from the ASSURED having transferred, paid or delivered anyfunds or property, established any credit, debited any account or given any value on thefaith of any electronic communications directed to the ASSURED, which weretransmitted or appear to have been transmitted through:(1

   )

   anElectronic Communication System,(2

   )

   an automated clearing house or custodian, or(3

   )

   a Telex, TWX, or similar means of communication,directly into the ASSURED'SComputer SystemorCommunication Terminal, andfraudulently purport to have been sent by a customer, automated clearing house,custodian, or financial institution, but which communications were either not sent bysaid customer, automated clearing house, custodian, or financial institution, or werefraudulently modified during physical transit ofElectronic Mediato the ASSURED orduring electronic transmission to the ASSURED'SComputer SystemorCommunication Terminal.C.

   Electronic Transmission


---



Loss resulting directly from a customer of the ASSURED, any automated clearinghouse, custodian, or financial institution having transferred, paid or delivered any fundsor property, established any credit, debited any account or given any value on the faithof any electronic communications, purporting to have been directed by the ASSURED tosuch customer, automated clearing house, custodian, or financial institution initiating,authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds orproperty, which communications were transmitted through:(1

   )

   anElectronic Communication System,(2

   )

   an automated clearing house or custodian, or(3

   )

   a Telex, TWX, or similar means of communication,directly into aComputer SystemorCommunication Terminalof said customer,automated clearing house, custodian, or financial institution, and fraudulently purport tohave been directed by the ASSURED, but which communications were either not sentby the ASSURED, or were fraudulently modified during physical transit ofElectronicMediafrom the ASSURED or during electronic transmission from the ASSURED'SComputer SystemorCommunication Terminal, and for which loss the ASSURED isheld to be legally liable.
  ICAP2 BondForm 17-02-2976 (Ed. 1-02) Page 2 2

   .

   By adding to Section 1., Definitions, the following:r.

   Communication Terminalmeans a teletype, teleprinter or video display terminal, or similardevice capable of sending or receiving information electronically.Communication Terminaldoes not mean a telephone.s.

   Electronic Communication Systemmeans electronic communication operations byFedwire, Clearing House Interbank Payment System (CHIPS), Society of WorldwideInternational Financial Telecommunication (SWIFT), similar automated interbankcommunication systems, and Internet access facilities.t.

   Electronic Datameans facts or information converted to a form usable inComputerSystemsand which is stored onElectronic Mediafor use by computer programs.u.

   Electronic Instructionmeans computer programs converted to a form usable in aComputerSystemto act uponElectronic Data.v.

   Electronic Mediameans the magnetic tape, magnetic disk, optical disk, or any other bulkmedia on which data is recorded.3

   .

   By adding the following Section after Section 4., Specific Exclusions -Applicable to All INSURINGCLAUSES except 1., 4., and 5.:Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 12


---



This Bond does not directly or indirectly cover:a.

   loss resulting directly or indirectly fromForged, altered or fraudulent negotiable instruments,securities, documents or written instruments used as source documentation in thepreparation ofElectronic Data;b.

   loss of negotiable instruments, securities, documents or written instruments except asconverted toElectronic Dataand then only in that converted form;c.

   loss resulting from mechanical failure, faulty construction, error in design, latent defect, wearor tear, gradual deterioration, electrical disturbance,Electronic Mediafailure or breakdownor any malfunction or error in programming or error or omission in processing;d.

   loss resulting directly or indirectly from the input ofElectronic Dataat an authorizedelectronic terminal of anElectronic Funds Transfer Systemor aCustomerCommunication Systemby a person who had authorized access from a customer to thatcustomer's authentication mechanism; ore.

   liability assumed by the ASSURED by agreement under any contract, unless such liabilitywould have attached to the ASSURED even in the absence of such agreement; orf.

   loss resulting directly or indirectly from:(1

   )

   written instruction unless covered under this INSURING CLAUSE; or(2

   )

   instruction by voice over the telephone, unless covered under this INSURING CLAUSE.
  ICAP2 BondForm 17-02-2976 (Ed. 1-02) Page 3 4

   .

   By adding to Section 9., Valuation, the following:Electronic Data, Electronic Media, Or Electronic InstructionIn case of loss of, or damage to,Electronic Data, Electronic MediaorElectronic Instructionused by the ASSURED in its business, the COMPANY shall be liable under this Bond only if suchitems are actually reproduced form otherElectronic Data, Electronic MediaorElectronicInstructionof the same kind or quality and then for not more than the cost of the blank mediaand/or the cost of labor for the actual transcription or copying of data which shall have beenfurnished by the ASSURED in order to reproduce suchElectronic Data, Electronic MediaorElectronic Instructionsubject to the applicable SINGLE LOSS LIMIT OF LIABILITY.However, if suchElectronic Datacan not be reproduced and saidElectronic DatarepresentsSecuritiesor financial instruments having a value, then the loss will be valued as indicated in theSECURITIES and OTHER PROPERTY paragraphs of this Section.


---



This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018
   ICAP2 BondForm 17-02-2976 (Ed. 1-02) Page 4 FEDERAL INSURANCE COMPANYEndorsement No.: 4Bond Number: 82126662NAME OF ASSURED:

   

   NICHOLAS COMPANY INCTELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding the following INSURING CLAUSE:13

   .

   

   Telefacsimile InstructionLoss resulting directly from the ASSURED having transferred, paid or delivered anyfunds or otherPropertyor established any credit, debited any account or given anyvalue on the faith of any fraudulent instructions sent by aCustomer, financial institutionor another office of the ASSURED byTelefacsimiledirectly to the ASSUREDauthorizing or acknowledging the transfer, payment or delivery of funds orPropertyorthe establishment of a credit or the debiting of an account or the giving of value by theASSURED where suchTelefacsimileinstructions:a.

   bear a valid test key exchanged between the ASSURED and aCustomeror


---



another financial institution with authority to use such test key forTelefacsimileinstructions in the ordinary course of business, but which test key has beenwrongfully obtained by a person who was not authorized to initiate, make,validate or authenticate a test key arrangement, andb.

   fraudulently purport to have been sent by suchCustomeror financial institutionwhen suchTelefacsimileinstructions were transmitted without the knowledgeor consent of suchCustomeror financial institution by a person other than suchCustomeror financial institution and which bear aForgeryof a signature,provided that theTelefacsimileinstruction was verified by a direct call back toan employee of the financial institution, or a person thought by the ASSURED tobe theCustomer, or an employee of another financial institution.2

   .

   By deleting from Section 1., Definitions, the definition ofCustomerin its entirety, andsubstituting the following:d.

   Customermeans an individual, corporate, partnership, trust customer, shareholder orsubscriber of an Investment Company which has a written agreement with the ASSUREDforVoice Initiated Funds Transfer InstructionorTelefacsimileInstruction.ICAP BondForm 17-02-2367 (Rev. 10-03) Page 13

   .

   By adding to Section 1., Definitions, the following:w.

   Telefacsimilemeans a system of transmitting written documents by electronic signalsover telephone lines to equipment maintained by the ASSURED for the purpose ofreproducing a copy of said document. Telefacsimiledoes not mean electroniccommunication sent by Telex or similar means of communication, or through anelectronic communication system or through an automated clearing house.4

   .

   By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except InsuringClause 1. the following:j.

   loss resulting directly or indirectly fromTelefacsimileinstructions provided, however,this exclusion shall not apply to this INSURING CLAUSE.This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018


---



ICAP BondForm 17-02-2367 (Rev. 10-03) Page 2 FEDERAL INSURANCE COMPANYEndorsement No.: 5Bond Number: 82126662NAME OF ASSURED: NICHOLAS COMPANY INCAUTOMATED TELEPHONE TRANSACTION ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding the following INSURING CLAUSE:14. Automated Telephone System TransactionLoss resulting directly from the ASSURED having transferred funds on the faith of anyAutomated Phone System (APS) Transaction, where the request for suchAPSTransactionis unauthorized or fraudulent and is made with the intent to deceive. In order forcoverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow allAPS Designated Procedures. A single failure of the ASSURED to maintain and follow aparticularAPS Designated Procedurein a particularAPS Transactionwill not precludecoverage under this INSURING CLAUSE.2

   .

   By adding to Section 1., Definitions, the following:x.APS Designated Proceduresmeans all of the following procedures:(1

   )

   NoAPS Transactionshall be executed unless the shareholder or unitholder to whoseaccount such anAPS Transactionrelates has previously elected toAPSTransactions. (Election in Application)(2

   )

   AllAPS Transactionsshall be logged or otherwise recorded and the records shall beretained for at least six (6) months. (Logging)


---



Information contained in the records shall be capable of being retrieved and producedwithin a reasonable time after retrieval of specific information is requested, at asuccess rate of no less than 85 percent.(3

   )

   The caller in any request for anAPS Transaction, before executing thatAPSTransactionmust enter a personal identification number (PIN), social security numberand account number. (Identity Test)If the caller fails to enter a correct PIN within three (3) attempts, the caller must not beallowed additional attempts during the same telephone call to enter the PIN. The callermay either be instructed to redial a customer service representative or may beimmediately connected to such a representative. (Limited attempts to Enter PIN)
  ICAP BondForm 17-02-2345 (Ed. 10-00) Page 1 (4

   )

   A written confirmation of anyAPS Transactionor change of address shall be mailed tothe shareholder or unitholder to whose account such transaction relates, at the recordaddress, by the end of the insured's next regular processing cycle, but in no event laterthan five (5) business days following suchAPS Transaction. (Written Confirmation)(5

   )

   Access to the equipment which permits the entity receiving theAPS Transactionrequest to process and effect the transaction shall be limited in the following manner:(Access to APS Equipment)y.

   

   

   

   APS Electionmeans any election concerning various account features available to theshareholder or unitholder which is made through theAutomated Phone Systemby means ofinformation transmitted by an individual caller through use of aAutomated Phone System.These features include account statements, auto exchange, auto asset builder, automaticwithdrawal, dividend/capital gain options, dividend sweep, telephone balance consent andchange of address.z.

   

   

   

   APS Exchangemeans any exchange of shares or units in a registered account of one fundinto shares or units in an account with the same tax identification number and sameownership-type code of another fund in the same complex pursuant to exchange privileges ofthe two funds, which exchange is requested through theAutomated Phone Systembymeans of information transmitted by an individual caller through use of anAutomated PhoneSystem.aa.

   

   

   

   APS Purchasemeans any purchase of shares or units issued by anInvestment Companywhich is requested through anAutomated Phone System.bb.

   

   

   

   APS Redemptionmeans any redemption of shares or units issued by anInvestmentCompanywhich it requested through the telephone by means of information transmitted byan individual caller through use of aAutomated Phone System.cc.

   

   

   

   APS Transactionmeans anyAPS Purchase, APS Redemption, APS ElectionorAPS


---



Exchange.dd.

   

   

   Automated Phone Systemmeans an automated system which receives and converts toexecutable instructions transmissions through theAutomated Phone Systemthrough use ofa touch-tone keypad or other tone system; and always excluding transmissions from acomputer system or part thereof.3

   .

   

   

   

   By adding the following Section after Section 4., Specific Exclusions -Applicable To All InsuringClauses Except 1., 4., 5.:Section 4.A Specific Exclusion-Applicable to Insuring Clause 14This Bond does not directly or indirectly cover under Insuring Clause 14:Loss resulting from:a.

   

   

   the redemption of shares or units, where the proceeds of such redemption are made payableto other than:(1

   )

   the shares or units of record,(2

   )

   a person designated to receive redemption proceeds, or(3

   )

   a bank account designated to receive redemption proceeds, or
  ICAP BondForm 17-02-2345 (Ed. 10-00) Page 2 b. the redemption of shares or units, where the proceeds of such redemption are paid by checkmailed to any address, unless such address has either been designated the shareholder orunitholder by voice through anAutomated Phone Systemor in writing, at least thirty (30)days prior to such redemption, orc. the redemption of shares or units, where shareholder or unitholder of the ASSUREDdesignated bank account of record.This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018


---



ICAP BondForm 17-02-2345 (Ed. 10-00) Page 3 FEDERAL INSURANCE COMPANYEndorsement No.: 6Bond Number: 82126662NAME OF ASSURED: NICHOLAS COMPANY INCUNAUTHORIZED SIGNATURE ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding the following INSURING CLAUSE:15

   .

   Unauthorized SignatureLoss resulting directly from the ASSURED having accepted, paid or cashed any check orWithdrawal Ordermade or drawn on or against the account of the ASSURED’S customerwhich bears the signature or endorsement of one other than a person whose name andsignature is on file with the ASSURED as a signatory on such account.It shall be a condition precedent to the ASSURED'S right of recovery under this INSURINGCLAUSE that the ASSURED shall have on file signatures of all the persons who aresignatories on such account.2

   .

   By adding to Section 1., Definitions, the following:ee.

   

   

   

   

   Instructionmeans a written order to the issuer of anUncertificated Securityrequesting thatthe transfer, pledge or release from pledge of the specifiedUncertificated Securityberegistered.ff.

   

   

   

   

   Uncertificated Securitymeans a share, participation or other interest in property of or anenterprise of the issuer or an obligation of the issuer, which is:(1

   )

   not represented by an instrument and the transfer of which is registered on booksmaintained for that purpose by or on behalf of the issuer, and(2

   )

   of a type commonly dealt in on securities exchanges or markets, and(3

   )

   either one of a class or series or by its terms divisible into a class or series of shares,participations, interests or obligations.
  ICAP BondForm 17-02-5602 (Ed. 10-03) Page 1 gg.

   Withdrawal Ordermeans a non-negotiable instrument, other than anInstruction, signed bya customer of the ASSURED authorizing the ASSURED to debit the customer’s account in theamount of funds stated therein.


---



This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018
   ICAP BondForm 17-02-5602 (Ed. 10-03) Page 2 FEDERAL INSURANCE COMPANYEndorsement No.: 7Bond Number: 82126662NAME OF ASSURED: NICHOLAS COMPANY INCCLAIMS EXPENSE ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding the following INSURING CLAUSE:16. Claims ExpenseReasonable expense incurred by the ASSURED, solely for independent firms or individuals todetermine the amount of loss where:(1

   )

   the loss is covered under the Bond, and(2

   )

   the loss is in excess of the applicable DEDUCTIBLE AMOUNT.2

   .

   Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to losscovered under this INSURING CLAUSE.This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018


---



ICAP BondForm 17-02-6282 (Ed. 11-04) FEDERAL INSURANCE COMPANYEndorsement No.: 8Bond Number: 82126662NAME OF ASSURED: NICHOLAS COMPANY INCSTOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding the following INSURING CLAUSE:“

   17

   .

   Stop Payment Order or Refusal to Pay CheckLoss resulting directly from the ASSURED being legally liable to pay compensatory damagesfor:a.

   

   complying or failing to comply with notice from any customer of the ASSURED or anyauthorized representative of such customer, to stop payment on any check or draftmade or drawn upon or against the ASSURED by such customer or by any authorizedrepresentative of such customer, orb.

   

   refusing to pay any check or draft made or drawn upon or against the ASSURED by anycustomer of the ASSURED or by any authorized representative of such customer.”2

   .

   By adding the following Specific Exclusion:“Section 4.A. Specific Exclusions – Applicable to INSURING CLAUSE 17This Bond does not directly or indirectly cover:a.

   

   

   

   

   liability assumed by the ASSURED by agreement under any contract, unless such liabilitywould have attached to the ASSURED even in the absence of such agreement,b.

   

   loss arising out of:(1

   )

   libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,malicious prosecution, assault or battery,(2

   )

   sickness, disease, physical bodily harm, mental or emotional distress or anguish, ordeath of any person, or(3

   )

   discrimination.”This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018.ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.Date: November 19, 2018


---



ICAP BondForm 17-02-2365 (Ed. 10-00) ENDORSEMENT/RIDEREffective date ofthis endorsement/rider: November 16, 2018

   FEDERAL INSURANCE COMPANYEndorsement/Rider No.

   9To be attached to andform a part of Bond No.

   82126662Issued to: NICHOLAS COMPANY INCAMENDED AUTOMATIC INCREASE IN LIMITS ENDORSEMENTIn consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. AdditionalOffices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities -Notice ToCompany, is amended by adding the following subsection:Automatic Increase in Limits for Investment CompaniesIf an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940(“the Act”), due to:(i)

   the creation of a newInvestment Company, other than by consolidation or merger with, or purchaseor acquisition of assets or liabilities of, another institution; or(ii)

   an increase in asset size of currentInvestment Companiescovered under this Bond,then the minimum required increase in limits shall take place automatically without payment of additionalpremium for the remainder of the BOND PERIOD.Any such newly createdInvestment Companyshall be included as an ASSURED effective on the date ofsuch creation.The title and any headings in this endorsement/rider are solely for convenience and form no part of the termsand conditions of coverage.All other terms, conditions and limitations of this Bond shall remain unchanged.
   Q08-1696 (08/2008)Page 1


---



FEDERAL INSURANCE COMPANYEndorsement No.:

   10Bond Number:

   82126662NAME OF ASSURED: NICHOLAS COMPANY INCAUTOMATIC ACQUISITION PERCENTAGE THRESHOLD ENDORSEMENTIt is agreed that this Bond is amended by deleting in its entirety General Agreement C., Additional Officesor Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities -Notice ToCompany, and substituting the following:C.

   

   

   

   Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition Of Assets orLiabilities-Notice to CompanyIf the ASSURED, other than anInvestment Company, while this Bond is in force, merges orconsolidates with, or purchases or acquires assets or liabilities of another institution, theASSURED shall not have the coverage afforded under this Bond for loss which has:(1

   )

   occurred or will occur on premises,(2

   )

   been caused or will be caused by an employee, or(3

   )

   arisen or will arise out of the assets or liabilities,of such institution, unless the ASSURED:a.

   

   gives the COMPANY written notice of the proposed consolidation, merger or purchase oracquisition of assets or liabilities prior to the proposed effective date of such action, andb.

   

   obtains the written consent of the COMPANY to extend some or all of the coverage providedby this Bond to such additional exposure, andc.

   

   on obtaining such consent, pays to the COMPANY an additional premium.Notwithstanding anything stated above to the contrary, the COMPANY hereby agrees to providecoverage which shall be effective on the date of acquisition under this Bond for those acquiredinstitutions in which the ASSURED owns greater than fifty percent (50%) of the voting stock orvoting rights either directly or through one or more of its subsidiaries for the remainder of theBOND PERIOD, with no additional premium, provided the acquired institution meets all of thefollowing conditions:i.

   

   the assets shall not exceed fifteen percent (15%) of the ASSURED’S assets,ii.

   

   there shall be neither any paid nor pending Bond claim for the three (3) year period prior tothe date of acquisition, andiii.

   

   the ASSURED is not aware of any disciplinary action or proceeding by State or Federalofficials involving the acquired institution as of the date of acquisition.
  ICAP BondForm 17-02-6247 (Ed. 3-04) Page 1 The COMPANY further agrees that as respects any acquisition that involves a State or Federalregulatory assisted acquisition or assumption of assets and/or liabilities, coverage shall beprovided under this Bond for the remainder of the BOND PERIOD as long as conditions i. and ii.above are met. As respects such acquisition or assumption of assets and/or liabilities, coverageapplies only to aSingle Lossfully sustained by the ASSURED on or after the date of suchacquisition or assumption. All of the circumstances, conditions or acts causing or contributing to aSingle Lossmust occur on or after the date of such acquisition or assumption for coverage to


---



apply regardless of the time such loss is discovered by the ASSURED. This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. Date: November 19, 2018  ICAP BondForm 17-02-6247 (Ed. 3-04) Page 2FEDERAL INSURANCE COMPANYEndorsement No: 11Bond Number:  82126662NAME OF ASSURED: NICHOLAS COMPANY INCTERMINATION-NONRENEWAL-NOTICE ENDORSEMENTIt is agreed that this Bond is amended as follows:1

   .

   By adding to Section 13., Termination, the following:"Termination By The CompanyBonds In Effect For More Than Sixty (60) DaysIf this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, theCOMPANY may terminate by providing written notice of cancellation at least sixty (60) days beforethe effective date of termination for at least one of the following reasons:1

   .

   Nonpayment of premium;2

   .

   Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentationof a claim thereunder;3

   .

   Discovery of willful or reckless acts or omissions or violation of any provision of this Bond onthe part of the ASSURED which substantially and materially increases any hazard insuredagainst, and which occurred subsequent to the inception of the current BOND PERIOD;4

   .

   Conviction of the ASSURED of a crime arising out of acts increasing the hazard insuredagainst;5

   .

   Material change in the risk which increases the risk of loss after insurance coverage hasbeen issued or renewed, except to the extent that the COMPANY should reasonably haveforeseen the change, or contemplated the risk when the contract was written;


---



6

   .

   Determination by the Commissioner that the continuation of the Bond would jeopardize aCOMPANY'S solvency or would place the COMPANY in violation of the insurance laws of anystate;7

   .

   Determination by the Commissioner that continuation of the present premium volume of theCOMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;8

   .

   Such other reasons that are approved by the Commissioner;9

   .

   Determination by the Commissioner that the COMPANY no longer has adequate reinsuranceto meet the ASSUREDS needs;10

   .

   Substantial breaches of contractual duties, conditions or warranties; or11

   .

   Unfavorable underwriting facts, specific to the ASSURED, existing that were not present atthe inception of the Bond.
  ICAP BondForm 17-02-1360 (Rev. 10-99) Page 1 Bonds In Effect Sixty (60) Days Or Less If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason by providing written notice of termination at least sixty (60) days before the effective date of termination. Notice Of Termination Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the DECLARATIONS of this Bond. If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect of nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective date of cancellation. All notice of cancellation shall state the reason(s) for cancellation. There is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the provision of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith, if such information was provided in good faith and without malice. Notice Of Nonrenewal If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at


---



his last known address, at least sixty (60) days before the expiration date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the ASSURED'S agent or broker, if any. Such notice shall contain all of the following:a.
	Bond Number:b.
	Date of Notice;c.
	Reason for Cancellation;d.
	Expiration Date of the Bond;e.
	Effective Date and Hour of Cancellation.
  Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable. ICAP BondForm 17-02-1360 (Rev. 10-99) Page 2  Return Premium CalculationsAny unearned premiums which have been paid by the ASSURED shall be refunded to theASSURED on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearnedpremiums shall be refunded to the ASSURED within forty -five (45) days of receipt of the request forcancellation or the effective date of cancellation, whichever is later.Conditional RenewalIf the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higherrates, the new terms or higher premiums may take effect on the renewal date, if the COMPANYmails or delivers by certified mail, return receipt provided by the United States Postal Service, tothe ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewaldate. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, thenew terms or premiums do not take effect until sixty (60) days after the notice is mailed ordelivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60)day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, theCOMPANY shall continue the Bond at the expiring terms and premiums until notice is given or untilthe effective date of replacement coverage is obtained by the ASSURED, whichev er occurs first.2
	.
	It is further understood and agreed that for the purposes of Section 13., Termination, anyoccurrence listed in this Section shall be considered to be a request by the ASSURED toimmediately terminate this Bond.


---



This Endorsement applies to loss discovered after 12:01 a.m. on November 16, 2018. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. Date: November 19, 2018  ICAP BondForm 17-02-1360 (Rev. 10-99) Page 3 ENDORSEMENT/RIDEREffective date ofthis endorsement/rider: November 16, 2018

   FEDERAL INSURANCE COMPANYEndorsement/Rider No. 12To be attached to andform a part of Policy No. 82126662
  Issued to: NICHOLAS COMPANY INC COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other si milar laws or regulations prohibit the coverage provided by this insurance. The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage. All other terms, conditions and limitations of this Policy shall remain unchanged.  14-02-9228 (2/2010)


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Page 1  Important Notice: The SEC Requires Proof of Your Fidelity Insurance Policy Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubbs ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006. Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly. The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb. If you have any questions, please contact your agent or broker. Form 14-02-12160 (ed. 7/2006)  IMPORTANT NOTICE TO POLICYHOLDERS  All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter Chubb) distribute their products through licensed insurance brokers and agents (producers). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer. Thank you for choosing Chubb.10-02-1295 (ed. 6/2007)


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NICHOLAS EQUITY INCOME FUND, INC. Resolutions adopted pursuant to Rule 17g-1(g)(1) by a majority of the board of directors who are not “interested persons” of the Fund Resolutions adopted on July 30, 2018: BE IT THEREFORE RESOLVED, that the Fund enter into a Joint Insurance Agreement with all of the funds and the Nicholas Company, Inc., substantially in the form utilized by the Fund for its current Bond, for the purpose of maintaining a Bond pursuant to Section 17(g); FURTHER RESOLVED,that the Fund obtain a joint Bond pursuant to Section 17(g) in an amount not less than an aggregate amount of $5,450,000, such amount being reasonable under all the circumstances, which shall name all of the funds in the Nicholas family of funds and Nicholas Company, Inc. as insureds; FURTHER RESOLVED,that based upon the relative risks presented by the six joint insureds to the joint Bond, the relative sizes of the five mutual funds so insured, the amount of the Bond and all other relevant factors, the Fund shall pay its proportionate share of the total Bond premium, with the other insureds paying their proportionate share of such premium, as determined by the Board of Directors at the next regularly scheduled board meeting after such premium amount shall be obtained by the Fund from the insurer; FURTHER RESOLVED, that if the present size of any of the investment companies or Nicholas Company, Inc. entities increases or decreases such that a higher or lower bond amount is required, desirable or appropriate in the Board of Directors’ discretion, then the Fund has no objection to and does approve such amendment of the bond amount; FURTHER RESOLVED, that Jennifer R. Kloehn is hereby designated the agent of the Fund for purposes of Section 17(g); FURTHER RESOLVED, that the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions in compliance with Section 17(g) and other applicable statutes and rules; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Adviser, do hereby ratify and affirm the foregoing resolutions pertaining to the Fidelity Bond. Resolutions adopted on October 26, 2018: BE IT THEREFORE RESOLVED, that the Board ratifies the following allocation of premiums whereby the Fund shall pay its proportionate share of the total Bond premium calculated as a percentage of the aggregate minimum Bond required, with the other insureds paying their proportionate share of such premium: 2018 / 2019Nicholas Fund, Inc.

   $

   5,544.87Nicholas II, Inc.

   $

   2,918.35Nicholas High Income Fund, Inc

   $

   1,532.13Nicholas Limited Edition, Inc

   $

   2,188.76Nicholas Equity Income Fund, Inc.

   $

   2,188.76Nicholas Company, Inc

   $

   1,532.13Total Premium

   $

   15,905.00
  FURTHER RESOLVED, that this Board does hereby determine that participation in the joint policy is in the best interest of the Fund and the allocation of premiums is fair and reasonable, the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of Nicholas Company, Inc., do hereby ratify and affirm the foregoing resolutions pertaining to the Bond.


---



NICHOLAS FUND, INC. Resolutions adopted pursuant to Rule 17g-1(g)(1) by a majority of the board of directors who are not “interested persons” of the Fund Resolutions adopted on July 30, 2018: BE IT THEREFORE RESOLVED, that the Fund enter into a Joint Insurance Agreement with all of the funds and the Nicholas Company, Inc., substantially in the form utilized by the Fund for its current Bond, for the purpose of maintaining a Bond pursuant to Section 17(g); FURTHER RESOLVED,that the Fund obtain a joint Bond pursuant to Section 17(g) in an amount not less than an aggregate amount of $5,450,000, such amount being reasonable under all the circumstances, which shall name all of the funds in the Nicholas family of funds and Nicholas Company, Inc. as insureds; FURTHER RESOLVED,that based upon the relative risks presented by the six joint insureds to the joint Bond, the relative sizes of the five mutual funds so insured, the amount of the Bond and all other relevant factors, the Fund shall pay its proportionate share of the total Bond premium, with the other insureds paying their proportionate share of such premium, as determined by the Board of Directors at the next regularly scheduled board meeting after such premium amount shall be obtained by the Fund from the insurer; FURTHER RESOLVED, that if the present size of any of the investment companies or Nicholas Company, Inc. entities increases or decreases such that a higher or lower bond amount is required, desirable or appropriate in the Board of Directors’ discretion, then the Fund has no objection to and does approve such amendment of the bond amount; FURTHER RESOLVED, that Jennifer R. Kloehn is hereby designated the agent of the Fund for purposes of Section 17(g); FURTHER RESOLVED, that the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions in compliance with Section 17(g) and other applicable statutes and rules; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Adviser, do hereby ratify and affirm the foregoing resolutions pertaining to the Fidelity Bond. Resolutions adopted on October 26, 2018: BE IT THEREFORE RESOLVED, that the Board ratifies the following allocation of premiums whereby the Fund shall pay its proportionate share of the total Bond premium calculated as a percentage of the aggregate minimum Bond required, with the other insureds paying their proportionate share of such premium: 2018 / 2019Nicholas Fund, Inc.

   $

   5,544.87Nicholas II, Inc.

   $

   2,918.35Nicholas High Income Fund, Inc

   $

   1,532.13Nicholas Limited Edition, Inc

   $

   2,188.76Nicholas Equity Income Fund, Inc.

   $

   2,188.76Nicholas Company, Inc

   $

   1,532.13Total Premium

   $

   15,905.00
  FURTHER RESOLVED, that this Board does hereby determine that participation in the joint policy is in the best interest of the Fund and the allocation of premiums is fair and reasonable, the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all the directors of the Fund who are not interested persons of the Nicholas Company, Inc., do hereby ratify and affirm the foregoing resolutions pertaining to the Bond. -2-


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NICHOLAS II, INC. Resolutions adopted pursuant to Rule 17g-1(g)(1) by a majority of the board of directors who are not “interested persons” of the Fund Resolutions adopted on July 30, 2018: BE IT THEREFORE RESOLVED, that the Fund enter into a Joint Insurance Agreement with all of the funds and the Nicholas Company, Inc., substantially in the form utilized by the Fund for its current Bond, for the purpose of maintaining a Bond pursuant to Section 17(g); FURTHER RESOLVED,that the Fund obtain a joint Bond pursuant to Section 17(g) in an amount not less than an aggregate amount of $5,450,000, such amount being reasonable under all the circumstances, which shall name all of the funds in the Nicholas family of funds and Nicholas Company, Inc. as insureds; FURTHER RESOLVED,that based upon the relative risks presented by the six joint insureds to the joint Bond, the relative sizes of the five mutual funds so insured, the amount of the Bond and all other relevant factors, the Fund shall pay its proportionate share of the total Bond premium, with the other insureds paying their proportionate share of such premium, as determined by the Board of Directors at the next regularly scheduled board meeting after such premium amount shall be obtained by the Fund from the insurer; FURTHER RESOLVED, that if the present size of any of the investment companies or Nicholas Company, Inc. entities increases or decreases such that a higher or lower bond amount is required, desirable or appropriate in the Board of Directors’ discretion, then the Fund has no objection to and does approve such amendment of the bond amount; FURTHER RESOLVED, that Jennifer R. Kloehn is hereby designated the agent of the Fund for purposes of Section 17(g); FURTHER RESOLVED, that the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions in compliance with Section 17(g) and other applicable statutes and rules; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Adviser, do hereby ratify and affirm the foregoing resolutions pertaining to the Fidelity Bond. Resolutions adopted on October 26, 2018: BE IT THEREFORE RESOLVED, that the Board ratifies the following allocation of premiums whereby the Fund shall pay its proportionate share of the total Bond premium calculated as a percentage of the aggregate minimum Bond required, with the other insureds paying their proportionate share of such premium: 2018 / 2019Nicholas Fund, Inc.

   $

   5,544.87Nicholas II, Inc.

   $

   2,918.35Nicholas High Income Fund, Inc

   $

   1,532.13Nicholas Limited Edition, Inc

   $

   2,188.76Nicholas Equity Income Fund, Inc.

   $

   2,188.76Nicholas Company, Inc

   $

   1,532.13Total Premium

   $

   15,905.00
  FURTHER RESOLVED, that this Board does hereby determine that participation in the joint policy is in the best interest of the Fund and the allocation of premiums is fair and reasonable, the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Nicholas Company, Inc., do hereby ratify and affirm the foregoing resolutions pertaining to the Bond. -3-


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NICHOLAS HIGH INCOME FUND, INC. Resolutions adopted pursuant to Rule 17g-1(g)(1) by a majority of the board of directors who are not “interested persons” of the Fund Resolutions adopted on July 30, 2018: BE IT THEREFORE RESOLVED, that the Fund enter into a Joint Insurance Agreement with all of the funds and the Nicholas Company, Inc., substantially in the form utilized by the Fund for its current Bond, for the purpose of maintaining a Bond pursuant to Section 17(g); FURTHER RESOLVED,that the Fund obtain a joint Bond pursuant to Section 17(g) in an amount not less than an aggregate amount of $5,450,000, such amount being reasonable under all the circumstances, which shall name all of the funds in the Nicholas family of funds and Nicholas Company, Inc. as insureds; FURTHER RESOLVED,that based upon the relative risks presented by the six joint insureds to the joint Bond, the relative sizes of the five mutual funds so insured, the amount of the Bond and all other relevant factors, the Fund shall pay its proportionate share of the total Bond premium, with the other insureds paying their proportionate share of such premium, as determined by the Board of Directors at the next regularly scheduled board meeting after such premium amount shall be obtained by the Fund from the insurer; FURTHER RESOLVED, that if the present size of any of the investment companies or Nicholas Company, Inc. entities increases or decreases such that a higher or lower bond amount is required, desirable or appropriate in the Board of Directors’ discretion, then the Fund has no objection to and does approve such amendment of the bond amount; FURTHER RESOLVED, that Jennifer R. Kloehn is hereby designated the agent of the Fund for purposes of Section 17(g); FURTHER RESOLVED, that the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions in compliance with Section 17(g) and other applicable statutes and rules; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Adviser, do hereby ratify and affirm the foregoing resolutions pertaining to the Fidelity Bond. Resolutions adopted on October 26, 2018: BE IT THEREFORE RESOLVED, that the Board ratifies the following allocation of premiums whereby the Fund shall pay its proportionate share of the total Bond premium calculated as a percentage of the aggregate minimum Bond required, with the other insureds paying their proportionate share of such premium: 2018 / 2019Nicholas Fund, Inc.

   $

   5,544.87Nicholas II, Inc.

   $

   2,918.35Nicholas High Income Fund, Inc

   $

   1,532.13Nicholas Limited Edition, Inc

   $

   2,188.76Nicholas Equity Income Fund, Inc.

   $

   2,188.76Nicholas Company, Inc

   $

   1,532.13Total Premium

   $

   15,905.00
  FURTHER RESOLVED, that this Board does hereby determine that participation in the joint policy is in the best interest of the Fund and the allocation of premiums is fair and reasonable, the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Nicholas Company, Inc., do hereby ratify and affirm the foregoing resolutions pertaining to the Bond. -4-


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NICHOLAS LIMITED EDITION, INC. Resolutions adopted pursuant to Rule 17g-1(g)(1) by a majority of the board of directors who are not “interested persons” of the Fund Resolutions adopted on July 30, 2018: BE IT THEREFORE RESOLVED, that the Fund enter into a Joint Insurance Agreement with all of the funds and the Nicholas Company, Inc., substantially in the form utilized by the Fund for its current Bond, for the purpose of maintaining a Bond pursuant to Section 17(g); FURTHER RESOLVED,that the Fund obtain a joint Bond pursuant to Section 17(g) in an amount not less than an aggregate amount of $5,450,000, such amount being reasonable under all the circumstances, which shall name all of the funds in the Nicholas family of funds and Nicholas Company, Inc. as insureds; FURTHER RESOLVED,that based upon the relative risks presented by the six joint insureds to the joint Bond, the relative sizes of the five mutual funds so insured, the amount of the Bond and all other relevant factors, the Fund shall pay its proportionate share of the total Bond premium, with the other insureds paying their proportionate share of such premium, as determined by the Board of Directors at the next regularly scheduled board meeting after such premium amount shall be obtained by the Fund from the insurer; FURTHER RESOLVED, that if the present size of any of the investment companies or Nicholas Company, Inc. entities increases or decreases such that a higher or lower bond amount is required, desirable or appropriate in the Board of Directors’ discretion, then the Fund has no objection to and does approve such amendment of the bond amount; FURTHER RESOLVED, that Jennifer R. Kloehn is hereby designated the agent of the Fund for purposes of Section 17(g); FURTHER RESOLVED, that the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions in compliance with Section 17(g) and other applicable statutes and rules; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Adviser, do hereby ratify and affirm the foregoing resolutions pertaining to the Fidelity Bond. Resolutions adopted on October 26, 2018: BE IT THEREFORE RESOLVED, that the Board ratifies the following allocation of premiums whereby the Fund shall pay its proportionate share of the total Bond premium calculated as a percentage of the aggregate minimum Bond required, with the other insureds paying their proportionate share of such premium: 2018 / 2019Nicholas Fund, Inc.

   $

   5,544.87Nicholas II, Inc.

   $

   2,918.35Nicholas High Income Fund, Inc

   $

   1,532.13Nicholas Limited Edition, Inc

   $

   2,188.76Nicholas Equity Income Fund, Inc.

   $

   2,188.76Nicholas Company, Inc

   $

   1,532.13Total Premium

   $

   15,905.00
  FURTHER RESOLVED, that this Board does hereby determine that participation in the joint policy is in the best interest of the Fund and the allocation of premiums is fair and reasonable, the officers of the Fund shall be, and they hereby are, authorized and directed to take such action as may be necessary or appropriate to effect the foregoing resolutions; and FURTHER RESOLVED, that Messrs. Hauser, Reiland and Robertson, being all of the directors of the Fund who are not interested persons of the Nicholas Company, Inc., do hereby ratify and affirm the foregoing resolutions pertaining to the Bond. -5-


---



---



JOINT FIDELITY BOND AGREEMENT THIS AGREEMENT is made as of the 16th day of November, 2018, by and among Nicholas Company, Inc., a Wisconsin corporation (the "Company"), Nicholas Equity Income Fund, Inc., a Maryland corporation (the "Equity Income Fund"), Nicholas Fund, Inc., a Maryland corporation (the "Fund"), Nicholas II, Inc., a Maryland corporation ("Nicholas II"), Nicholas High Income Fund, Inc., a Delaware corporation (the "High Income Fund"), and Nicholas Limited Edition, Inc., a Maryland corporation (the "Limited Edition"), the foregoing parties being collectively referred to herein as the "Joint Insureds." WHEREAS, the Equity Income Fund, the Fund, Nicholas II, the High Income Fund and the Limited Edition are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (the "Act"); and WHEREAS, the Company is an investment adviser registered under the Investment Advisers Act of 1940, and is the investment adviser to the Equity Income Fund, the Fund, Nicholas II, the High Income Fund and the Limited Edition; and WHEREAS, the Equity Income Fund, the Fund, Nicholas II, the High Income Fund and the Limited Edition are required by Section 17(g) of the Act to maintain a fidelity bond against larceny and embezzlement in an amount determined by their respective Boards of Directors after consideration of all relevant risk factors; and WHEREAS, all parties hereto desire to be Joint Insureds under a fidelity bond; and WHEREAS, pursuant to Section 17(g) of the Act and Rule §270.17g-1(d) (2) thereunder, if any registered management company maintains a fidelity bond with a joint insured, it must be assured of receiving an equitable and proportionate share of the recovery under said bond in the event of loss covered by the fidelity bond. NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 1. The Joint Insureds agree to maintain a joint fidelity bond insuring the Joint Insureds against loss resulting from larceny and embezzlement in the amount of $5,450,000 (the "Fidelity Bond"), covering the period from November 16, 2018 to November 16, 2019. 2. Each of the Joint Insureds shall be responsible to pay only that portion of the total premium for the Fidelity Bond attributable to such Joint Insureds required individual bond. - 1 -


---



3. The Company shall be responsible to pay that portion of the premium for the Fidelity Bond over and above that which the other Joint Insureds are required to pay pursuant to this Agreement. 4. The Company further agrees to indemnify and hold each of the other Joint Insureds harmless from any deductible amount provided for under the Fidelity Bond. 5. In the event that recovery is made under the Fidelity Bond as a result of a loss sustained by one or more of the Joint Insureds, each of such Joint Insureds shall receive an equitable and proportionate share of the recovery, if any, but at least equal to the amount which each would have received had each Joint Insured maintained a single insured bond with the coverage set forth in paragraph 6 hereof. 6. The amount of the Fidelity Bond which each of the Joint Insureds would have maintained under a single insured bond is as follows: The Fund

   $

   1,900,000Nicholas II

   

   1,000,000Limited Edition

   

   750,000High Income Fund

   

   525,000Equity Income Fund

   

   750,000The Company

   

   525,000Total

   $

   5,450,000
  7. The Joint Insureds agree that the total premium for the Fidelity Bond, in the amount of $15,905.00, shall be allocated among the Joint Insureds, with each paying the following amount: The Fund

   $

   5,544.87Nicholas II

   

   2,918.35Limited Edition

   

   2,188.76High Income Fund

   

   1,532.13Equity Income Fund

   

   2,188.76The Company

   

   1,532.13Total

   $

   15,905.00
  - 2 -


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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. NICHOLAS FUND, INC.

   NICHOLAS LIMITED EDITION, INC.By:/s/ David O. Nicholas

   By: /s/ David O. NicholasDavid O. Nicholas, President

   David O. Nicholas, PresidentAttest:/s/ Jennifer R. Kloehn

   Attest: /s/ Jennifer R. KloehnJennifer R. Kloehn, Senior Vice President

   Jennifer R. Kloehn, Senior Vice Presidentand Treasurer

   and TreasurerNICHOLAS II, INC.

   NICHOLAS EQUITY INCOME FUND, INC.By:/s/ David O. Nicholas

   By: /s/ David O. NicholasDavid. O Nicholas, President

   David O. Nicholas, PresidentAttest:/s/ Jennifer R. Kloehn

   Attest: /s /Jennifer R. KloehnJennifer R. Kloehn, Senior Vice President

   Jennifer R. Kloehn, Senior Vice Presidentand Treasurer

   and TreasurerNICHOLAS HIGH INCOME FUND, INC.

   NICHOLAS COMPANY, INC.By:/s/ David O. Nicholas

   By: /s/ David O. NicholasDavid O. Nicholas, President

   David O. Nicholas, PresidentAttest:/s/ Jennifer R. Kloehn

   Attest: /s/ Jennifer R. KloehnJennifer R. Kloehn, Senior Vice President

   Jennifer R. Kloehn, Executive Viceand Treasurer

   President and Treasurer
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