# EDGAR Filing Document

**Accession Number:** 0000809802
**File Stem:** 0001398344-25-023225
**Filing Date:** 2025-12
**Character Count:** 91704
**Document Hash:** 530be60683a0dc1b5ee2e2a3e2403d14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-023225.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001398344-25-023225

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS Ltd EDITION, INC.
- **CENTRAL INDEX KEY:** 0000809802

**ORGANIZATION NAME:**
- **EIN:** 391573112
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031
- **LEGAL ENTITY IDENTIFIER:** 5493003XHTS2TIGE5W22

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04993
- **FILM NUMBER:** 251616961

**BUSINESS ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-272-4650

**MAIL ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS LTD EDITION INC
- **DATE OF NAME CHANGE:** 20051207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS LIMITED EDITION INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### NICHOLAS LTD EDITION INC (Series ID: S000009136)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024849 | CLASS I      | NCLEX           |
| C000024850 | CLASS N      | NNLEX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number <u>811-04993</u>

Nicholas Limited Edition, Inc.

(Exact Name of Registrant as specified in charter)

411 East Wisconsin Avenue, Suite 2100, Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

Jennifer R. Kloehn, Senior Vice President and Treasurer

411 East Wisconsin Avenue, Suite 2100

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: <u>414-272-4650</u>

Date of fiscal year end: <u>10/31/2025</u>

Date of reporting period: <u>10/31/2025</u>

**Item 1. Report to Stockholders.**

---

| | |
|:---|:---|
| ![](nicholas_logo.jpg) | Nicholas Limited Edition, Inc.<br>*Class I - NCLEX*  |

---

### Annual Shareholder Report

### October 31, 2025
This annual shareholder report contains important information about Nicholas Limited Edition, Inc. (the "Fund") - Class I (the "Class") for the period of January 1, 2025 to October 31, 2025. You can find additional information about the Fund at www.nicholasfunds.com/FundMaterials. You can also request this information by contacting us at 1-800-544-6547.

**This report describes changes to the Fund that occurred during the reporting period.**

**What Were the Portfolio Costs for the Last Ten Months?<sup>(\*)</sup>**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Costs of a $10,000 Investment**  | **Annualized Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $81 | 0.86% |

---

<sup>(\*)</sup> The Fund changed its fiscal year end to October 31 during the period. The period is from January 1, 2025 to October 31, 2025. Expenses for a 12-month reporting period would be higher.

**How Did the Fund Perform Last Year and What Affected its Performance?**

For the ten-month period ended October 31, 2025, the Fund's Class I returned -12.46%.

**Positioning**

The Fund is typically exposed to more stable, profitable growth companies relative to its benchmark, the Russell 2000 Growth Index. With this positioning, the Fund generally lags in strong equity returns environments such as those observed over the reporting period.

**Performance**

The Fund's Class I posted a negative return during the period, underperforming relative to its benchmark. Overall equity market returns were strong due to reasonably strong earnings growth, a benign employment picture and the anticipation of an accommodative Federal Reserve, which resumed easing its fed funds target rate at the September and October 2025 Federal Open Market Committee meetings after a pause since December 2024. The actions of the Federal Reserve served to underpin a rally in a number of speculative companies and sectors where the Fund tends not to invest, such as pre-commercial stage biopharma companies. These factors hindered the Fund's performance.

**What factors influenced performance?**

The period featured strong equity performance, although overall returns for small cap securities continued to lag their large cap counterparts. Industrials was the top performing sector within the Russell 2000 Growth Index, driven by companies within the aerospace and defense industry, with the information technology sector also performing well. Strength within the information technology sector was led by the semiconductor and semi capital equipment group given their exposure to the burgeoning artificial intelligence (AI) theme. The Fund, however, tends to prefer the predictable and less cyclical nature of many software companies, which tended to underperform hardware-related technology companies in the period, leading the Fund to underperform within the information technology sector, in particular. With the dip in short-term interest rates during the year, more interest rate-sensitive sectors such as industrials also performed well, and the Fund benefitted from its overweight position in this sector.

**Top Contributors:**

The largest contributors to the Fund's performance were positive stock selection within the consumer discretionary sector and a sector overweight of the industrials sector.

Individual name contributors (portfolio contribution to return basis):

* WNS Holdings Ltd. (WNS)

* CyberArk Software (CYBR)

* Comfort Systems USA, Inc. (FIX)

**Top Detractors:**

Security selection within the industrials and information technology sectors detracted the most from the Fund's performance over the year.

Individual name detractors (portfolio contribution to return basis):

* SPS Commerce, Inc. (SPSC)

* Q2 Holdings, Inc. (QTWO)

* Grid Dynamics Holdings Class A (GDYN)

Investment approaches cycle in and out of favor, and a focus on quality businesses with sustainable competitive advantages while remaining cognizant of the price paid has been out of favor since the market bottom of October 2022. The investment team remains focused on owning what we believe are high-quality growth companies with sustainable competitive advantages, consistent revenue and earnings growth, strong balance sheets, capable management teams, and that are trading at reasonable valuations.

**Comparison of a Change in Value of a $100,000 Investment**

*As of October 31, 2025*

The following graph compares the initial account value and subsequent account value at the end of each of the most recently completed ten fiscal years of the Class to the same investment over the same periods in the Russell 2000 Index, the Russell 2000 Growth Index and the Russell 3000 Index. The graph assumes a $100,000 investment in the Fund and the indices at the beginning of the period. The comparison is shown for illustrative purposes only.

The **Russell 3000 Index** measures the performance of the largest 3,000 US companies designed to represent approximately 98% of the investable US equity market. The **Russell 2000 Index** measures the performance of the 2000 smallest companies in the Russell 3000 Index, which represent approximately 98% of the total market capitalization of the Russell 3000 Index. The **Russell 2000 Growth Index** measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

![Ad2 Performance Graph](fp0096270-5_ar71.jpg)

**Average Annual Total Returns**

*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **10 Month** | **1 Year** | **5 Years** | **10 Years** |
| Nicholas Limited Edition, Inc. - Class I | -12.46% | -10.29% | 4.67% | 8.07% |
| Russell 3000 Index | 16.85% | 20.81% | 16.74% | 14.08% |
| Russell 2000 Growth Index | 15.27% | 18.81% | 8.94% | 9.65% |
| Russell 2000 Index | 12.39% | 14.41% | 11.50% | 9.36% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by visiting www.nicholasfunds.com/returns.*

**Key Fund Statistics**

*As of October 31, 2025*

---

| | |
|:---|:---|
| Net Assets | $402352603 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 13.96% |
| Total Advisory Fees Paid | $2848198 |

---

**Top Ten Equity Holdings**

*As of October 31, 2025*

---

| | |
|:---|:---|
| **Name** | **Percentage of Net Assets** |
| i3 Verticals, Inc. | 2.50% |
| Dorman Products, Inc. | 2.46% |
| Encompass Health Corporation | 2.37% |
| Prestige Consumer Healthcare Inc | 2.25% |
| ExlService Holdings, Inc. | 2.19% |
| Descartes Systems Group Inc. | 2.19% |
| Cohen & Steers, Inc. | 2.12% |
| Lattice Semiconductor Corporation | 2.11% |
| OPENLANE, Inc. | 2.11% |
| Q2 Holdings, Inc. | 2.07% |
| **Total of top ten** | 22.37% |

---

**Sector Diversification (As a Percentage of Total Investments)**

*As of October 31, 2025*

![Af Image](fp0096270-5_ar72.jpg)

**How Has the Fund Changed?**

Changes in fiscal and tax year end: Effective January 1, 2025, the Fund's fiscal and tax year ends changed from December 31 to October 31. The Fund prepared this annual report for the 10-month period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information About the Fund?**

Additional information is available on the Fund's website, www.nicholasfunds.com/FundMaterials, including its:

* prospectus

* financial information

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those of other members of your household, please call the Fund at 1-800-544-6547.

---

| | |
|:---|:---|
| ![](nicholas_logo.jpg) | Nicholas Limited Edition, Inc.<br>*Class N - NNLEX*  |

---

### Annual Shareholder Report

### October 31, 2025
This annual shareholder report contains important information about Nicholas Limited Edition, Inc. (the "Fund") - Class N (the "Class") for the period of January 1, 2025 to October 31, 2025. You can find additional information about the Fund at www.nicholasfunds.com/FundMaterials. You can also request this information by contacting us at 1-800-544-6547.

**This report describes changes to the Fund that occurred during the reporting period.**

**What Were the Portfolio Costs for the Last Ten Months?<sup>(\*)</sup>**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Costs of a $10,000 Investment**  | **Annualized Costs Paid as a Percentage of a $10,000 Investment**  |
| Class N | $109 | 1.16% |

---

<sup>(\*)</sup> The Fund changed its fiscal year end to October 31 during the period. The period is from January 1, 2025 to October 31, 2025. Expenses for a 12-month reporting period would be higher.

**How Did the Fund Perform Last Year and What Affected its Performance?**

For the ten-month period ended October 31, 2025, the Fund's Class N returned -12.70%.

**Positioning**

The Fund is typically exposed to more stable, profitable growth companies relative to its benchmark, the Russell 2000 Growth Index. With this positioning, the Fund generally lags in strong equity returns environments such as those observed over the reporting period.

**Performance**

The Fund's Class N posted a negative return during the period, underperforming relative to its benchmark. Overall equity market returns were strong due to reasonably strong earnings growth, a benign employment picture and the anticipation of an accommodative Federal Reserve, which resumed easing its fed funds target rate at the September and October 2025 Federal Open Market Committee meetings after a pause since December 2024. The actions of the Federal Reserve served to underpin a rally in a number of speculative companies and sectors where the Fund tends not to invest, such as pre-commercial stage biopharma companies. These factors hindered the Fund's performance.

**What factors influenced performance?**

The period featured strong equity performance, although overall returns for small cap securities continued to lag their large cap counterparts. Industrials was the top performing sector within the Russell 2000 Growth Index, driven by companies within the aerospace and defense industry, with the information technology sector also performing well. Strength within the information technology sector was led by the semiconductor and semi capital equipment group given their exposure to the burgeoning artificial intelligence (AI) theme. The Fund, however, tends to prefer the predictable and less cyclical nature of many software companies, which tended to underperform hardware-related technology companies in the period, leading the Fund to underperform within the information technology sector, in particular. With the dip in short-term interest rates during the year, more interest rate-sensitive sectors such as industrials also performed well, and the Fund benefitted from its overweight position in this sector.

**Top Contributors:**

The largest contributors to the Fund's performance were positive stock selection within the consumer discretionary sector and a sector overweight of the industrials sector.

Individual name contributors (portfolio contribution to return basis):

* WNS Holdings Ltd. (WNS)

* CyberArk Software (CYBR)

* Comfort Systems USA, Inc. (FIX)

**Top Detractors:**

Security selection within the industrials and information technology sectors detracted the most from the Fund's performance over the year.

Individual name detractors (portfolio contribution to return basis):

* SPS Commerce, Inc. (SPSC)

* Q2 Holdings, Inc. (QTWO)

* Grid Dynamics Holdings Class A (GDYN)

Investment approaches cycle in and out of favor, and a focus on quality businesses with sustainable competitive advantages while remaining cognizant of the price paid has been out of favor since the market bottom of October 2022. The investment team remains focused on owning what we believe are high-quality growth companies with sustainable competitive advantages, consistent revenue and earnings growth, strong balance sheets, capable management teams, and that are trading at reasonable valuations.

**Comparison of a Change in Value of a $10,000 Investment**

*As of October 31, 2025*

The following graph compares the initial account value and subsequent account value at the end of each of the most recently completed ten fiscal years of the Class to the same investment over the same periods in the Russell 2000 Index, the Russell 2000 Growth Index and the Russell 3000 Index. The graph assumes a $10,000 investment in the Fund and the indices at the beginning of the period. The comparison is shown for illustrative purposes only.

The **Russell 3000 Index** measures the performance of the largest 3,000 US companies designed to represent approximately 98% of the investable US equity market. The **Russell 2000 Index** measures the performance of the 2000 smallest companies in the Russell 3000 Index, which represent approximately 98% of the total market capitalization of the Russell 3000 Index. The **Russell 2000 Growth Index** measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

![Ad2 Performance Graph](fp0096270-6_ar81.jpg)

**Average Annual Total Returns**

*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **10 Month** | **1 Year** | **5 Years** | **10 Years** |
| Nicholas Limited Edition, Inc. - Class N | -12.70% | -10.58% | 4.37% | 7.76% |
| Russell 3000 Index | 16.85% | 20.81% | 16.74% | 14.08% |
| Russell 2000 Growth Index | 15.27% | 18.81% | 8.94% | 9.65% |
| Russell 2000 Index | 12.39% | 14.41% | 11.50% | 9.36% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future.*

*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by visiting www.nicholasfunds.com/returns.*

**Key Fund Statistics**

*As of October 31, 2025*

---

| | |
|:---|:---|
| Net Assets | $402352603 |
| Number of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 13.96% |
| Total Advisory Fees Paid | $2848198 |

---

**Top Ten Equity Holdings**

*As of October 31, 2025*

---

| | |
|:---|:---|
| **Name** | **Percentage of Net Assets** |
| i3 Verticals, Inc. | 2.50% |
| Dorman Products, Inc. | 2.46% |
| Encompass Health Corporation | 2.37% |
| Prestige Consumer Healthcare Inc | 2.25% |
| ExlService Holdings, Inc. | 2.19% |
| Descartes Systems Group Inc. | 2.19% |
| Cohen & Steers, Inc. | 2.12% |
| Lattice Semiconductor Corporation | 2.11% |
| OPENLANE, Inc. | 2.11% |
| Q2 Holdings, Inc. | 2.07% |
| **Total of top ten** | 22.37% |

---

**Sector Diversification (As a Percentage of Total Investments)**

*As of October 31, 2025*

![Af Image](fp0096270-6_ar82.jpg)

**How Has the Fund Changed?**

Changes in fiscal and tax year end: Effective January 1, 2025, the Fund's fiscal and tax year ends changed from December 31 to October 31. The Fund prepared this annual report for the 10-month period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information About the Fund?**

Additional information is available on the Fund's website, www.nicholasfunds.com/FundMaterials, including its:

* prospectus

* financial information

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those of other members of your household, please call the Fund at 1-800-544-6547.

(b) Not applicable.

**Item 2. Code of Ethics.**

(a) The registrant has adopted a Code of Ethics that applies to the registrant's principal executive officer and principal financial officer.

(b) Not applicable.

(c) During the period covered by the report, there were no amendments to the provisions of the Code of Ethics adopted in Item 2(a) above.

(d) During the period covered by the report, no implicit or explicit waivers were made with respect to the provisions of the Code of Ethics adopted in Item 2(a) above.

(e) Not applicable.

(f) The registrant's Code of Ethics is attached as Exhibit 19(a)(1) to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

The Fund's Board of Directors has determined that Mr. David P. Pelisek, an independent director, qualifies as an audit committee financial expert as that term is defined for purposes of this item. He was selected as the Fund's Audit Committee Financial Expert at the Fund's Board of Directors Meeting held on February 3, 2020.

**Item 4. Principal Accountant Fees and Services.**

(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Fund's principal accountant (the "Auditor") for the audit of the Fund's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $22,500 in the fiscal year ended 10/31/2025 and $34,363 in the fiscal year ended 12/31/2024.

(b) <u>Audit-Related Fees</u>. There were no fees billed in each of the last two fiscal years for assurance and related services rendered by the Auditor to the Fund that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under paragraph (a) of this Item 4.

(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $5,500 in the fiscal year ended 10/31/2025 and $6,355 in the fiscal year ended 12/31/2024. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

(d) <u>All Other Fees</u>. The aggregate fees billed for professional services rendered by the Auditor to the Fund's investment adviser were approximately $22,330 in 2024 and $21,680 in 2023. These services were for the audit of the investment adviser for the adviser's fiscal year ended 10/31/2024 and 10/31/2023, respectively.

(e) (1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Fund's Board of Director's has not adopted any pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. The Fund's Board of Directors meets with the Auditors and management to review and authorize the Auditor's engagements for audit and non-audit services to the Fund and its Adviser prior to each engagement.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp; (b) N/A

&nbsp;&nbsp;&nbsp;&nbsp; (c) N/A

&nbsp;&nbsp;&nbsp;&nbsp; (d) N/A

(f) No disclosures are required by this Item 4(f).

(g) There were no non-audit fees billed in each of the last two fiscal years by the Auditor for services rendered to the Fund or the Fund's investment adviser that provides ongoing services.

(h) No disclosures are required by this Item 4(h).

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to this filing.

**Item 6. Investments.**

The schedule of investments in securities of unaffiliated issuers is included as part of the financial statements and financial highlights for open-end management investment companies under Item 7 of this Form N-CSR.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) and (b)

![](fp0096270-2_01.jpg)

Financial Highlights Class I (NCLEX)<br>For a share outstanding throughout each period<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **Ten Months <br> Ended**<br>**10/31/2025 \*** | **2024** | **2023** | **2022** | **2021** | **2020** |
| NET ASSET VALUE, BEGINNING OF PERIOD | $30.33 | $27.77 | $24.27 | $33.81 | $33.07 | $28.33 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)</sup> | (.05) | (.02) | .00<sup>(2)</sup> | (.08) | (.17) | (.08) |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on securities (realized and unrealized) | (3.73) | 3.34 | 4.17 | (7.95) | 6.47 | 6.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.78) | 3.32 | 4.17 | (8.03) | 6.30 | 6.43 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net capital gain |  | (.76) | (.67) | (1.51) | (5.56) | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (.76) | (.67) | (1.51) | (5.56) | (1.69) |
| NET ASSET VALUE, END OF PERIOD | $26.55 | $30.33 | $27.77 | $24.27 | $33.81 | $33.07 |
| TOTAL RETURN | (12.46)%<sup>(3)</sup> | 11.94% | 17.17% | (23.66)% | 19.00% | 22.73% |
| SUPPLEMENTAL DATA |  |  |  |  |  |  |
| Net assets, end of period (millions) | $388.3 | $472.0 | $442.8 | $399.6 | $559.2 | $507.9 |
| Ratio of expenses to average net assets | .86%<sup>(4)</sup> | .85% | .85% | .86% | .85% | .86% |
| Ratio of net investment income (loss) to average net assets | (.22)%<sup>(4)</sup> | (.06)% | .00%<sup>(2)</sup> | (.29)% | (.47)% | (.28)% |
| Portfolio turnover rate | 13.96%<sup>(3)</sup> | 12.81% | 12.38% | 27.93% | 28.32% | 28.16% |

---

\* The Fund changed its fiscal year end to October 31 during the period. The period is from January 1, 2025 to October 31, 2025.

<sup>(1)</sup> Computed based on average shares outstanding.

<sup>(2)</sup> The amount rounds to $0.00 or .00%.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

The accompanying notes to financial statements are an integral part of these highlights.

Financial Highlights Class N (NNLEX)<br>For a share outstanding throughout each period<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **Ten Months <br> Ended**<br>**10/31/2025 \*** | **2024** | **2023** | **2022** | **2021** | **2020** |
| NET ASSET VALUE, BEGINNING OF PERIOD | $26.85 | $24.74 | $21.75 | $30.60 | $30.44 | $26.24 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (.11) | (.09) | (.07) | (.15) | (.23) | (.12) |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on securities (realized and unrealized) | (3.30) | 2.96 | 3.73 | (7.19) | 5.95 | 6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.41) | 2.87 | 3.66 | (7.34) | 5.72 | 5.89 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net capital gain |  | (.76) | (.67) | (1.51) | (5.56) | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (.76) | (.67) | (1.51) | (5.56) | (1.69) |
| NET ASSET VALUE, END OF PERIOD | $23.44 | $26.85 | $24.74 | $21.75 | $30.60 | $30.44 |
| TOTAL RETURN | (12.70)%<sup>(2)</sup> | 11.58% | 16.81% | (23.86)% | 18.70% | 22.48% |
| SUPPLEMENTAL DATA |  |  |  |  |  |  |
| Net assets, end of period (millions) | $14 | $20.8 | $20.9 | $17.8 | $27.7 | $28 |
| Ratio of expenses to average net assets | 1.16%<sup>(3)</sup> | 1.15% | 1.16% | 1.13% | 1.07% | 1.07% |
| Ratio of net investment income (loss) to average net assets | (.52)%<sup>(3)</sup> | (.36)% | (.31)% | (.57)% | (.70)% | (.48)% |
| Portfolio turnover rate | 13.96%<sup>(2)</sup> | 12.81% | 12.38% | 27.93% | 28.32% | 28.16% |

---

\* The Fund changed its fiscal year end to October 31 during the period. The period is from January 1, 2025 to October 31, 2025.

<sup>(1)</sup> Computed based on average shares outstanding.

<sup>(2)</sup> Not annualized.

<sup>(3)</sup> Annualized.

The accompanying notes to financial statements are an integral part of these highlights.

Schedule of Investments<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 93.71%** | **COMMON STOCKS — 93.71%** |  |
|  | **Consumer Discretionary - Automobiles & Components — 3.97%** |  |
| 73862 | Dorman Products, Inc.\* | $9907110 |
| 39705 | Modine Manufacturing Company\* | 6083203 |
|  |  | 15990313 |
|  | **Consumer Discretionary - Consumer Discretionary Distribution & Retail — 2.54%** |  |
| 8035 | Murphy USA, Inc. | 2878137 |
| 60880 | Ollie's Bargain Outlet Holdings Inc\* | 7354913 |
|  |  | 10233050 |
|  | **Consumer Discretionary - Consumer Durables & Apparel — 1.55%** |  |
| 196866 | La-Z-Boy Incorporated | 6240652 |
|  | **Consumer Discretionary - Consumer Services — 2.66%** |  |
| 131500 | Carriage Services Inc. | 5878050 |
| 22256 | Wingstop Inc. | 4821317 |
|  |  | 10699367 |
|  | **Consumer Staples - Food, Beverage & Tobacco — 2.05%** |  |
| 328076 | Mama's Creations, Inc.\* | 3474325 |
| 421967 | Nomad Foods Ltd. | 4768227 |
|  |  | 8242552 |
|  | **Financials - Financial Services — 6.60%** |  |
| 124635 | Cohen & Steers, Inc. | 8515063 |
| 213210 | EVERTEC, Inc. | 6070089 |
| 25975 | Morningstar, Inc. | 5514492 |
| 93214 | Shift4 Payments, Inc. Class A\* | 6441087 |
|  |  | 26540731 |
|  | **Financials - Insurance — 1.00%** |  |
| 182595 | Baldwin Insurance Group, Inc. Class A\* | 4035350 |
|  | **Health Care - Health Care Equipment & Services — 12.53%** |  |
| 202765 | AtriCure, Inc.\* | 7005531 |
| 562397 | Certara, Inc.\* | 6540677 |
| 83653 | Encompass Health Corporation | 9523894 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Schedule of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 93.71% (continued)** | **COMMON STOCKS — 93.71% (continued)** |  |
|  | **Health Care - Health Care Equipment & Services — 12.53% (continued)** |  |
| 128303 | Globus Medical Inc Class A\* | $7748218 |
| 247880 | Option Care Health Inc\* | 6452316 |
| 209384 | Phreesia, Inc.\* | 4740454 |
| 259145 | Simulations Plus, Inc. | 4452111 |
| 20536 | UFP Technologies, Inc.\* | 3956055 |
|  |  | 50419256 |
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences — 4.99%** |  |
| 87245 | Bio-Techne Corporation | 5458920 |
| 149595 | Prestige Consumer Healthcare Inc\* | 9065457 |
| 221064 | Stevanato Group SpA | 5575234 |
|  |  | 20099611 |
|  | **Industrials - Capital Goods — 7.82%** |  |
| 95911 | A. O. Smith Corporation | 6329167 |
| 1685 | Comfort Systems USA, Inc. | 1627002 |
| 36896 | Construction Partners, Inc. Class A\* | 4219058 |
| 11060 | CSW Industrials, Inc. | 2769645 |
| 70945 | Donaldson Company, Inc. | 5977116 |
| 47439 | SiteOne Landscape Supply, Inc.\* | 6156159 |
| 19545 | SPX Technologies, Inc.\* | 4375930 |
|  |  | 31454077 |
|  | **Industrials - Commercial & Professional Services — 13.99%** |  |
| 78333 | Casella Waste Systems, Inc.\* | 6937954 |
| 225856 | ExlService Holdings, Inc.\* | 8830970 |
| 90010 | Exponent, Inc. | 6373608 |
| 83175 | ICF International, Inc. | 6677289 |
| 320572 | OPENLANE, Inc.\* | 8469512 |
| 42923 | Paylocity Holding Corp.\* | 6063732 |
| 62131 | RB Global, Inc. | 6164638 |
| 211365 | Tetra Tech, Inc. | 6759453 |
|  |  | 56277156 |
|  | **Industrials - Transportation — 2.46%** |  |
| 129965 | Knight-Swift Transportation Holdings Inc. Class A | 5864021 |
| 393631 | Marten Transport, Ltd. | 4034718 |
|  |  | 9898739 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Schedule of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 93.71% (continued)** | **COMMON STOCKS — 93.71% (continued)** |  |
|  | **Information Technology - Semiconductors & Semiconductor Equipment — 4.77%** |  |
| 116535 | Lattice Semiconductor Corporation\* | $8502394 |
| 45216 | Onto Innovation, Inc.\* | 6102351 |
| 109205 | Power Integrations, Inc. | 4574597 |
|  |  | 19179342 |
|  | **Information Technology - Software & Services — 21.23%** |  |
| 297427 | Alkami Technology, Inc.\* | 6034794 |
| 139960 | BlackLine, Inc.\* | 8012710 |
| 100050 | Descartes Systems Group Inc.\* | 8825411 |
| 379226 | Grid Dynamics Holdings, Inc. Class A\* | 3541971 |
| 326775 | i3 Verticals, Inc.\* | 10048331 |
| 136906 | Intapp, Inc.\* | 5254452 |
| 251297 | nCino Inc\* | 6704604 |
| 134991 | Q2 Holdings, Inc.\* | 8337044 |
| 46906 | Qualys, Inc.\* | 5781634 |
| 63584 | SPS Commerce, Inc.\* | 5229148 |
| 189897 | Tenable Holdings, Inc.\* | 5510811 |
| 152570 | Varonis Systems, Inc.\* | 5375041 |
| 79815 | Workiva Inc. Class A\* | 6785073 |
|  |  | 85441024 |
|  | **Information Technology - Technology Hardware & Equipment — 2.99%** |  |
| 88558 | ePlus inc. | 6478903 |
| 43775 | Novanta Inc\* | 5559863 |
|  |  | 12038766 |
|  | **Materials - Materials — 1.72%** |  |
| 59500 | AptarGroup, Inc. | 6902595 |
|  | **Real Estate - Equity Real Estate Investment Trusts (REITs) — 0.84%** |  |
| 109550 | NexPoint Residential Trust, Inc. | 3359899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS (cost $273,109,837) | 377052480 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Schedule of Investments (continued)<br>October 31, 2025<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **SHORT-TERM INVESTMENTS — 6.68%** | **SHORT-TERM INVESTMENTS — 6.68%** |  |
|  | **Money Market Deposit Account — 0.49%** |  |
| $1948522 | U.S. Bank Money Market, 3.70% | $1948522 |
|  | **Money Market Fund — 0.99%** |  |
| 4000000 | First American Money Market Funds Government Obligations Fund - X Class, 7-day net yield, 3.987% | 4000000 |
|  | **U.S. Government Securities — 5.20%** |  |
| 6000000 | U.S. Treasury Bill 11/20/2025, 3.522% | 5989021 |
| 5000000 | U.S. Treasury Bill 12/11/2025, 3.753% | 4979520 |
| 5000000 | U.S. Treasury Bill 12/23/2025, 3.803% | 4973055 |
| 5000000 | U.S. Treasury Bill 12/26/2025, 3.835% | 4971272 |
|  |  | 20912868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (cost $26,858,203) | 26861390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS (cost $299,968,040) — 100.39% | 403913870 |
|  | LIABILITIES, NET OF OTHER ASSETS — (0.39)% | (1561267) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS (basis of percentages disclosed above) — 100% | $402352603 |

---

\* Non-income producing security.

The accompanying notes to financial statements are an integral part of this schedule.

Statement of Assets and Liabilities<br>October 31, 2025<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities at value (cost $299,968,040) | $403913870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock subscription | 32765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest | 111467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 144232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 31161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 404089263 |
| &nbsp;&nbsp;LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 1218172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to adviser |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee | 269229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration fee | 5923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total due to adviser | 275152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock redemption | 166991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12b-1 and servicing fee | 15535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payable and accrued expense | 60810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1736660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $402352603 |
| &nbsp;&nbsp;NET ASSETS CONSIST OF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $270290250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated distributable earnings | 132062353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $402352603 |
| &nbsp;&nbsp;CLASS I |  |
| &nbsp;&nbsp;Net assets | $388320084 |
| &nbsp;&nbsp;Shares outstanding | 14626667 |
| &nbsp;&nbsp;NET ASSET VALUE PER SHARE ($.01 par value, 39,000,000 shares authorized), offering price and redemption price | $26.55 |
| &nbsp;&nbsp;CLASS N |  |
| &nbsp;&nbsp;Net assets | $14032519 |
| &nbsp;&nbsp;Shares outstanding | 598510 |
| &nbsp;&nbsp;NET ASSET VALUE PER SHARE ($.01 par value, 11,000,000 shares authorized), offering price and redemption price | $23.44 |

---

The accompanying notes to financial statements are an integral part of this statement.

Statements of Operations<br>For the ten months ended October 31, 2025 and the year ended December 31, 2024<br>

---

| | | |
|:---|:---|:---|
|  | **Ten Months <br> Ended <br> 10/31/2025 <sup>(</sup>\*<sup>)</sup>** | **Year Ended <br> 12/31/2024** |
| &nbsp;&nbsp;INCOME |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend (net of foreign taxes of $14,615 and $33,949, respectively) | $1845202 | $2472417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 580026 | 1316448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 2425228 | 3788865 |
| &nbsp;&nbsp;EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 2848198 | 3599503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 96503 | 122113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration services | 62660 | 79189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 52688 | 55035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting & pricing services | 45784 | 55763 |
| &nbsp;&nbsp;&nbsp;&nbsp;12b-1 fees - Class N | 31258 | 47331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 28318 | 41322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 19330 | 24282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 18689 | 20570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 16256 | 21675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 15790 | 18107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 15175 | 16090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees - Class N | 11366 | 16932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postage and mailing | 8756 | 8979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 17845 | 17335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3288616 | 4144226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (863388) | (355361) |
| &nbsp;&nbsp;NET REALIZED GAIN ON INVESTMENTS | 26072453 | 14480307 |
| &nbsp;&nbsp;CHANGE IN NET UNREALIZED APPRECIATION/ DEPRECIATION ON INVESTMENTS | (84303298) | 40132943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (58230845) | 54613250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(59094233) | $54257889 |

---

<sup>(</sup>\*<sup>)</sup> The Fund changed its fiscal year end to October 31 during the period. The period is from January 1, 2025 to October 31, 2025.

The accompanying notes to financial statements are an integral part of this statement.

Statements of Changes in Net Assets<br>For the ten months ended October 31, 2025 and the years ended December 31, 2024 and December 31, 2023<br>

---

| | | | |
|:---|:---|:---|:---|
| | **Ten Months <br> Ended <br> 10/31/2025 <sup>(</sup>\*<sup>)</sup>** | **Year Ended <br> 12/31/2024** | **Year Ended <br> 12/31/2023** |
| &nbsp;&nbsp;INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(863388) | $(355361) | $(34893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 26072453 | 14480307 | 14048374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation/depreciation on investments | (84303298) | 40132943 | 55882600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (59094233) | 54257889 | 69896081 |
| &nbsp;&nbsp;DISTRIBUTIONS TO SHAREHOLDERS FROM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment operations - Class I |  | (11672101) | (10552822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment operations - Class N |  | (571753) | (551328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (12243854) | (11104150) |
| &nbsp;&nbsp;CAPITAL SHARE TRANSACTIONS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued - Class I (304,779, 532,803 and 656,813 shares, respectively) | 8731695 | 15463895 | 17193609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Class I (0, 231,591 and 317,495 shares, respectively) |  | 7077294 | 8915240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed - Class I (1,241,147, 1,147,614 and 1,494,661 shares, respectively) | (35395225) | (33595886) | (39305698) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued - Class N (61,219, 108,692 and 228,302 shares, respectively) | 1553495 | 2773753 | 5381746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions - Class N (0, 21,010 and 21,870 shares, respectively) |  | 568676 | 547198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed - Class N (236,783, 200,889 and 221,075 shares, respectively) | (6193975) | (5265448) | (5197543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets derived from capital share transactions | (31304010) | (12977716) | (12465448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (90398243) | 29036319 | 46326483 |

---

The accompanying notes to financial statements are an integral part of these statements.

Statements of Changes in Net Assets (continued)<br>For the ten months ended October 31, 2025 and the years ended December 31, 2024 and December 31, 2023<br>

---

| | | | |
|:---|:---|:---|:---|
| | **Ten Months <br> Ended <br> 10/31/2025 <sup>(</sup>\*<sup>)</sup>** | **Year Ended <br> 12/31/2024** | **Year Ended <br> 12/31/2023** |
| &nbsp;&nbsp;NET ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $492750846 | $463714527 | $417388044 |
| &nbsp;&nbsp;&nbsp;End of period | $402352603 | $492750846 | $463714527 |

---

<sup>(</sup>\*<sup>)</sup> The Fund changed its fiscal year end to October 31 during the period. The period is from January 1, 2025 to October 31, 2025.

The accompanying notes to financial statements are an integral part of these statements.

Notes to Financial Statements<br>October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Summary of Significant Accounting Policies —** 

Nicholas Limited Edition, Inc. (the "Fund") is organized as a Maryland corporation and is registered as an open-end, diversified management investment company under the Investment Company Act of 1940, as amended. The primary objective of the Fund is long-term growth.

Change in Fiscal and Tax Year Ends: On February 10, 2025, the Fund's Board of Directors approved that the Fund's fiscal and tax year ends be changed from December 31 to October 31.

The following is a summary of the significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equity securities traded on a stock exchange will ordinarily be valued on the basis of
 the last sale price on the date of valuation on the securities principal exchange, or if in the absence of any sale on that day, the closing
 bid price. For securities principally traded on the NASDAQ market, the Fund uses the NASDAQ Official Closing Price. Investments in shares
 of open-end mutual funds, including money market funds, are valued at their daily closing net asset value. Debt securities, excluding
 short-term investments, are valued at their current evaluated bid price as determined by an independent pricing service, which generates
 evaluations on the basis of dealer quotes for normal institutional-sized trading units, issuer analysis, bond market activity and various
 other factors. Short-term investments are valued using evaluated bid prices. Securities for which market quotations may not be readily
 available are valued at their fair value as determined in good faith by procedures adopted by the Board of Directors. The Board of Directors
 has delegated fair value responsibilities to Nicholas Company, Inc., the Fund's adviser. The Fund did not maintain any positions
 in derivative instruments or engage in hedging activities during the period. Investment transactions for financial statement purposes
 are recorded on trade date.

In accordance with Accounting Standards Codification ("ASC") 820-10, "Fair Value Measurement" ("ASC 820-10"), fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820-10 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value such as a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the

Notes to Financial Statements (continued)<br>October 31, 2025<br>

asset or liability based on the best information available in the circumstances. 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, benchmark yields, bids, offers, transactions, spreads and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, 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 October 31, 2025 in valuing the Fund's investments carried at value:

---

| | |
|:---|:---|
| Valuation Inputs | Investments<br> in Securities |
| Level 1 – |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(1)</sup> | $377052480 |
| &nbsp;&nbsp;&nbsp;Money Market Deposit Account | 1948522 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 4000000 |
| Level 2 – |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Security | 20912868 |
| Level 3 – |  |
| &nbsp;&nbsp;&nbsp;Total | $403913870 |

---

<sup>(1)</sup> See Schedule of Investments for further detail by industry.

The Fund did not hold any Level 3 investments during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized gain (loss) on portfolio securities was computed on the basis of specific
 identification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividend income is recorded on the ex-dividend date, and interest income is recognized
 on an accrual basis. Non-cash dividends, if any, are recorded at value on date of distribution. Generally, discounts and premiums on long-term
 debt security purchases, if any, are amortized over the expected lives of the respective securities using the effective yield method.

Investment income, net capital gains (losses) and all expenses incurred by the Fund are allocated based on the relative net assets of each class, except for 12b-1

Notes to Financial Statements (continued)<br>October 31, 2025<br>

fees and shareholder servicing fees and certain other fees and expenses related to one class of shares.

Class N shares are subject to a 0.25% 12b-1 fee and a 0.10% servicing fee, as described in its prospectus. During the period, the 12b-1 fee was 0.22% and the service fee was 0.08%. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Provision has not been made for federal income taxes or excise taxes since the Fund has
 elected to be taxed as a "regulated investment company" and intends to distribute substantially all net investment income
 and net realized capital gains on sales of investments to its shareholders and otherwise comply with the provisions of Subchapter M of
 the Internal Revenue Code applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
 Distributions from net investment income are generally declared and paid at least annually. Distributions of net realized capital gain,
 if any, are declared and paid at least annually.

The amount of distributions from net investment income and net realized capital gain are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles ("U.S. GAAP") for financial reporting purposes. Financial reporting records are adjusted for permanent book-to-tax differences to reflect tax character. These reclassifications have no effect on net assets or net asset value per share. At October 31, 2025, reclassifications were recorded to increase undistributed ordinary income by $863,388, decrease accumulated undistributed net realized capital gains by $1,723,220 and increase paid in capital by $859,832.

The tax character of distributions paid during the ten months ended October 31, 2025 and the years ended December 31, 2024 and December 31, 2023, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 10/31/2025 | 12/31/2024 | 12/31/2023 |
| Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Long-term capital gain |  | 12243854 | 11104150 |
| &nbsp;&nbsp;&nbsp;Total distributions paid | $— | $12243854 | $11104150 |

---

Notes to Financial Statements (continued)<br>October 31, 2025<br>

As of October 31, 2025, investment cost for federal tax purposes was $299,936,295 and the tax basis components of net assets were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $131156437 |
| Unrealized depreciation | (27178862) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation | 103977575 |
| Undistributed ordinary income |  |
| Accumulated undistributed net realized capital gains | 28084785 |
| Other accumulated gain/(loss) | (7) |
| Paid in capital | 270290250 |
| &nbsp;&nbsp;&nbsp;Net assets | $402352603 |

---

The differences between U.S. GAAP financial statement and tax-basis cost is attributable primarily to the Fund's holdings in REITs.

The Fund had no material uncertain tax positions and has not recorded a liability for unrecognized tax benefits as of October 31, 2025. Also, the Fund recognized no interest and penalties related to uncertain tax benefits during the period ended October 31, 2025. At October 31, 2025, the fiscal years 2022 through 2025 remain open to examination in the Fund's major tax jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund is considered an investment company under U.S. GAAP and follows the accounting
 and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") ASC 946, "Financial
 Services - Investment Companies." U.S. GAAP guidance requires management to make estimates and assumptions that effect the amounts
 reported in the financial statements and accompanying notes. Actual results could differ from estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the normal course of business the Fund enters into contracts that contain general
 indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against
 the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with the preparation of the Fund's financial statements, management
 evaluated subsequent events after the date of the Statement of Assets and Liabilities of October 31, 2025. There have been no material
 subsequent events since October 31, 2025 that would require adjustment to or additional disclosure in these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Related Parties —** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Adviser and Management Agreement —

The Fund has an agreement with Nicholas Company, Inc. (with whom certain officers and directors of the Fund are affiliated) (the "Adviser") to serve as investment adviser and manager. Under the terms of the agreement, a monthly

Notes to Financial Statements (continued)<br>October 31, 2025<br>

fee is paid to the Adviser based on an annualized fee of 0.75% of the average net asset value.

The Adviser may be paid for accounting and administration services rendered by its personnel, subject to the following guidelines: (i) up to five basis points, on an annual basis, of the average net asset value of the Fund up to and including $2 billion and up to three basis points, on an annual basis, of the average net asset value of the Fund greater than $2 billion, based on the average net asset value of the Fund as determined by valuations made at the close of each business day of each month, and (ii) where the preceding calculation results in an annual payment of less than $50,000, the Adviser, in its discretion, may charge the Fund up to $50,000 for such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Legal Counsel —

A director of the Adviser is affiliated with a law firm that provides services to the Fund. The Fund incurred expenses of $9,854 for the period ended October 31, 2025 for legal services rendered by this law firm.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Investment Transactions —** 

For the period ended October 31, 2025, the cost of purchases and the proceeds from sales of investment securities, other than short-term obligations, aggregated $61,162,323 and $88,493,756, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Operating Segments —** 

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. The standard impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of the Fund's adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's portfolio investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Nicholas Limited Edition, Inc.

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities of Nicholas Limited Edition, Inc. (the "Fund"), including the schedule of investments, as of October 31, 2025, the related statements of operations, statements of changes in net assets, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations, the changes in its net assets, and the financial highlights for the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statements of <br> Operations** | **Statements of <br> Changes in Net Assets** | **Financial Highlights** |
| Nicholas Limited Edition, Inc. | For the period from January 1, 2025 through October 31, 2025 and for the year ended December 31, 2024 | For the period from January 1, 2025 through October 31, 2025 and for the years ended December 31, 2024 and 2023 | For the period from January 1, 2025 through October 31, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

Report of Independent Registered Public Accounting Firm (continued)

presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Milwaukee, Wisconsin

December 22, 2025

We have served as the Company's auditor since 1977.

Approval of Investment Advisory Contract<br>(unaudited)<br>

A discussion of the Approval by the Board of Directors of the Fund's Investment Advisory Contract can be found in the Fund's Annual Financial Statements and Other Information dated December 31, 2024.

Information on Proxy Voting<br>(unaudited)<br>

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request by calling 800-544-6547 or 414-276-0535. It also appears in the Fund's Statement of Additional Information, which can be found on the SEC's website, www.sec.gov. A record of how the Fund voted its proxies for the most recent twelve-month period ended June 30, also is available on the Fund's website, www.nicholasfunds.com, and the SEC's website, www.sec.gov.

Nicholas Funds Services Offered<br>(unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;● IRAs

● Traditional ● SEP

● Roth ● SIMPLE

&nbsp;&nbsp;&nbsp;&nbsp;● Coverdell Education Savings Accounts

&nbsp;&nbsp;&nbsp;&nbsp;● Automatic Investment Plan

&nbsp;&nbsp;&nbsp;&nbsp;● Direct Deposit of Dividend and Capital Gain Distributions

&nbsp;&nbsp;&nbsp;&nbsp;● Systematic Withdrawal Plan

&nbsp;&nbsp;&nbsp;&nbsp;● Monthly Automatic Exchange between Funds

&nbsp;&nbsp;&nbsp;&nbsp;● Telephone Purchase and Redemption

&nbsp;&nbsp;&nbsp;&nbsp;● Telephone Exchange

&nbsp;&nbsp;&nbsp;&nbsp;● 24-hour Automated Account Information (800-544-6547)

&nbsp;&nbsp;&nbsp;&nbsp;● 24-hour Internet Account Access (www.nicholasfunds.com)

Please call a shareholder representative for further information on the above services or with any other questions you may have regarding the Nicholas Funds.

***Directors and Officers***

DAVID O. NICHOLAS, President and Director

JOHN A. HAUSER, Director

DAVID P. PELISEK, Director

JULIE M. VAN CLEAVE, Director

RYAN P. BUSHMAN, Senior Vice President

JENNIFER R. KLOEHN, Senior Vice President,

Treasurer and Chief Compliance Officer

LAWRENCE J. PAVELEC, Senior Vice President and Secretary

AARON D. HIZMI, Vice President

***Investment Adviser***

NICHOLAS COMPANY, INC.

Milwaukee, Wisconsin

www.nicholasfunds.com

414-276-0535 or 800-544-6547

***Accountant Dividend Disbursing Agent Transfer Agent***

U.S. BANCORP FUND SERVICES, LLC

Milwaukee, Wisconsin

414-276-0535 or 800-544-6547

***Distributor***

QUASAR DISTRIBUTORS, LLC

Portland, Maine

***Custodian***

U.S. BANK N.A.

Milwaukee, Wisconsin

***Independent Registered Public Accounting Firm***

DELOITTE & TOUCHE LLP

Milwaukee, Wisconsin

***Counsel***

MICHAEL BEST & FRIEDRICH LLP

Milwaukee, Wisconsin

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company, and they may be obtained by calling 1-800-544-6547 or visiting www.nicholasfunds.com. Please read the prospectus carefully before investing.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There have been no such changes in or disagreements with accountants as contemplated by Item 304 of Regulation S-K.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable for this reporting period.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid to directors, officers, and others is disclosed in the Statement of Operations included under Item 7.(a) Financial Statements and Financial Highlights for Open-End Management Investment Companies of this Report.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The basis for approval of the investment advisory contract is included under Item 7.(a) Financial Statements and Financial Highlights for Open-End Management Investment Companies of this Report.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Applicable only to closed-end funds.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 16. Controls and Procedures.**

(a) The Fund's principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable to this filing.

**Item 19. Exhibits.**

[(a)(1) Sarbanes-Oxley Code of Ethics for Principal Executive and Senior Financial Officers (that is the subject of the disclosure required by Item 2), attached hereto as EX-99.CODE ETH.](fp0096270-2_ex99code.htm)

(a)(2) Not applicable to this filing.

[(a)(3) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, attached hereto as EX-99.CERT.](fp0096270-2_ex99cert.htm)

(a)(4) Not applicable to this filing.

(a)(5) Change in the registrant's independent public accountant.

Not applicable to this filing.

[(b) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, attached hereto as EX-99.906 CERT.](fp0096270-2_ex99906cert.htm)

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Nicholas Limited Edition, Inc.</u>

---

| | |
|:---|:---|
| By: | /s/ David O. Nicholas |
| Name: | David O. Nicholas |
| Title: | Principal Executive Officer |
| Date: | December 19, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ David O. Nicholas |
| Name: | David O. Nicholas |
| Title: | Principal Executive Officer |
| Date: | December 19, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jennifer R. Kloehn |
| Name: | Jennifer R. Kloehn |
| Title: | Principal Financial Officer |
| Date: | December 19, 2025 |

---

## Ex-99.Code

**SARBANES-OXLEY**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

The Nicholas Family of Funds code of ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II**. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

\* \* \*

Each Covered Officer must:

● not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report, at least annually:

● officer and director positions in corporations, public or private, for profit or not for profit, or in which the Covered Officer or any of his or her immediate family members holds 5% or more of its outstanding stock;

● Positions as a trustee, executor or other fiduciary;

● Ownership interest in any broker-dealer or bank;

● Transactions between the Covered Officer and any of the Nicholas Family of Funds, the Nicholas Company or any company in which any director of any of the Nicholas Family of Funds is an officer or director.

● Situations in which any immediate family member of the Covered Employee is an officer, director or employee of any company in which any officer or director of the Nicholas Company or any of the Nicholas Family of Funds is a director or executive officer.

There are some conflict of interest situations that should always be discussed with the appropriate officer if material. If the matter involves Jennifer R. Kloehn, she should discuss the matter with David O. Nicholas. If the matter involves any other person, that person should discuss the matter with Jennifer R. Kloehn. In each case, the officer with whom such matter is discussed is encouraged to review the matter with counsel to the Company. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Company;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public communications made by the Funds; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● promptly after adoption of the Code or thereafter as applicable upon becoming a Covered Officer, affirm in writing to the Board that he or she has received, read, and understands the Code;

● annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the appropriate person promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code. Each Covered Officer should notify Jennifer R. Kloehn unless the person violating the Code is Jennifer R. Kloehn, in which case such person should notify David O. Nicholas. In each case, each Covered Officer is encouraged to also contact counsel to the Fund.

Jennifer R. Kloehn is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation; provided that if the situation involves Jennifer R. Kloehn directly, then Mr. David O. Nicholas is responsible for applying the Code to her and he has authority to interpret the Code with respect to such application. Both Jennifer R. Kloehn and David O. Nicholas are encouraged to discuss the matter with counsel to the Fund. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the independent directors.

The Company will follow these procedures in investigating and enforcing this Code:

● Jennifer R. Kloehn or David O. Nicholas, with the advice of counsel will take all appropriate action to investigate any potential violations reported to her or him;

● if, after such investigation, the officer making such investigation believes that no violation has occurred, they are not required to take any further action;

● any matter that the officer making the investigation believes is a violation will be reported to the independent directors;

● if the independent directors concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

● the independent directors will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the appropriate Company and the Nicholas Company*.*

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

The undersigned, the duly elected secretary of the funds (the "Funds"), does hereby certify that the foregoing Code of Ethics (the "Code") is in the form adopted by the Board of Directors of each such Fund at which such person is the secretary, at a meeting duly called and convened on October 28, 2016, at which meeting all of the members of the Board of Directors, including all of the directors who are not "interested persons" of each such Fund, as such term is defined under the Investment Company Act of 1940, voted in favor of adoption of such Code presented at that meeting, and that the Code, in such form, as amended, has been adopted or will be ratified by all of the directors of each such Fund, including all of the directors of each such Fund who are not "interested persons" of the Fund.

Dated: November 22, 2016

Affirmed: October 13, 2025

---

| |
|:---|
| /s/ Lawrence J. Pavelec |
| Lawrence J. Pavelec, Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas Fund, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas High Income Fund, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas Equity Income Fund, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas Limited Edition, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas Money Market Fund, Inc. |

---

**Exhibit A**

Persons Covered by this Code of Ethics

---

| | | |
|:---|:---|:---|
| The Nicholas Company | David O. Nicholas | Jennifer R. Kloehn |
| Nicholas Fund, Inc. | David O. Nicholas | Jennifer R. Kloehn |
| Nicholas II, Inc. | David O. Nicholas | Jennifer R. Kloehn |
| Nicholas Limited Edition, Inc. | David O. Nicholas | Jennifer R. Kloehn |
| Nicholas Equity Income Fund, Inc. | David O. Nicholas | Jennifer R. Kloehn |

---

## Ex-99.Cert

I, David O. Nicholas, certify that:

1. I have reviewed this report on Form N-CSR of Nicholas Limited Edition, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>12/19/2025</u> | /s/ David O. Nicholas |
|  | David O. Nicholas |
|  | Principal Executive Officer |

---

I, Jennifer R. Kloehn, certify that:

1. I have reviewed this report on Form N-CSR of Nicholas Limited Edition, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>12/19/2025</u> | /s/ Jennifer R. Kloehn |
|  | Jennifer R. Kloehn |
|  | Principal Financial Officer |

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## Exhibit 99.906

**EXHIBIT 99.906 CERTIFICATION**

**Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

**Registrant: Nicholas Limited Edition, Inc.**

**Form: N-CSR Semiannual Report dated October 31, 2025**

I, David O. Nicholas, hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: | 12/19/2025 |
|  | /s/ David O. Nicholas |
|  | David O. Nicholas, President (Chief Executive Officer) |

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I, Jennifer R. Kloehn, hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: | 12/19/2025 |
|  | /s/ Jennifer R. Kloehn |
|  | Jennifer R. Kloehn, Treasurer (Chief Financial Officer) |

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*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*