# EDGAR Filing Document

**Accession Number:** 0000809802
**File Stem:** 0000809802-23-000004
**Filing Date:** 2023-2
**Character Count:** 110482
**Document Hash:** 8a25c348c5391e912f220cd7885a4c81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000809802-23-000004.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000809802-23-000004

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS Ltd EDITION, INC.
- **CENTRAL INDEX KEY:** 0000809802
- **IRS NUMBER:** 391573112
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04993
- **FILM NUMBER:** 23686228

**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           |

---

| |
|:---|
| 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. | Nicholas Limited Edition, Inc. |
| (Exact Name of Registrant as specified in charter) | (Exact Name of Registrant as specified in charter) |
| 411 East Wisconsin Avenue, Suite 2100, Milwaukee, Wisconsin 53202 | 411 East Wisconsin Avenue, Suite 2100, Milwaukee, Wisconsin 53202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of Principal Executive Offices) | (Zip Code) |
| Jennifer R. Kloehn, Senior Vice President and Treasurer | Jennifer R. Kloehn, Senior Vice President and Treasurer |
| 411 East Wisconsin Avenue, Suite 2100 | 411 East Wisconsin Avenue, Suite 2100 |
| Milwaukee, Wisconsin 53202 | Milwaukee, Wisconsin 53202 |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |

---

Registrant's telephone number, including area code: <u>414-272-4650</u><br>Date of fiscal year end: <u>12/31/2022</u><br>Date of reporting period: <u>12/31/2022</u>

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**Item 1. Report to Stockholders.**

------

ANNUAL REPORT<br>December 31, 2022

NICHOLAS<br>LIMITED EDITION, INC.

![](ncsr1222x3x1.jpg) <br>

WWW.NICHOLASFUNDS.COM

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*NICHOLAS LIMITED EDITION, INC.*

February 2023

Dear Fellow Shareholders:

Nicholas Limited Edition – Class I returned -23.66% in 2022 compared to -26.36% for the Russell 2000 Growth Index, -20.44% for the Russell 2000 Index, and -18.11% for the S&P 500. Small cap growth stocks retraced all of 2020's and 2021's gains, finishing the year near levels seen in the months leading up to the outbreak of the Covid-19 pandemic. Throughout the year, macroeconomics and geopolitics played an outsized role on the path the market took. Russia's invasion of Ukraine was followed by several months of multi-decade high levels of inflation which forced the Federal Reserve to implement an aggressive monetary tightening policy. Unprofitable and speculative stocks and those with large amounts of debt underperformed as interest rates rose. Companies that had high visibility to future revenue streams and those with consistent cash flows outperformed. Growth underperformed value during the year as industries tied to elevated commodity prices and defensive stocks outperformed.

Returns for Nicholas Limited Edition, Inc. (the "Fund") Class I and Class N and selected indices are provided in the chart below for the periods ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Return | Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
|  | 1 Year | 3 Year | 5 Year | 10 Year |
| Nicholas Limited Edition, Inc. – Class I | -23.66% | 3.69% | 7.05% | 10.20% |
| Nicholas Limited Edition, Inc. – Class N | -23.86% | 3.45% | 6.78% | 9.87% |
| Russell 2000 Growth Index | -26.36% | 0.65% | 3.51% | 9.20% |
| Russell 2000 Index | -20.44% | 3.10% | 4.13% | 9.01% |
| Morningstar Small-Cap Growth Fund Category | -27.77% | 4.05% | 6.60% | 10.20% |
| Standard & Poor's 500 Index | -18.11% | 7.66% | 9.42% | 12.56% |
| Ending value of $10,000 invested in |  |  |  |  |
| &nbsp;&nbsp;Nicholas Limited Edition, Inc. – Class I | $7634 | $11150 | $14060 | $26418 |
| Ending value of $10,000 invested in |  |  |  |  |
| &nbsp;&nbsp;Nicholas Limited Edition, Inc. – Class N | $7614 | $11070 | $13881 | $25636 |
| Fund's Class I Expense Ratio (from 04/30/22 Prospectus): 0.85% | Fund's Class I Expense Ratio (from 04/30/22 Prospectus): 0.85% | Fund's Class I Expense Ratio (from 04/30/22 Prospectus): 0.85% |  |  |
| Fund's Class N Expense Ratio (from 01/28/23 Prospectus): 1.13% | Fund's Class N Expense Ratio (from 01/28/23 Prospectus): 1.13% | Fund's Class N Expense Ratio (from 01/28/23 Prospectus): 1.13% |  |  |

---

*The Fund's expense ratios for the period ended December 31, 2022 can be found in the financial highlights included within this report.*

**Performance data quoted represents past performance and is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by visiting www.nicholasfunds.com/returns.html.**

*The Fund's returns are reduced by expenses, while the market indices are not. The ending values above illustrate the performance of a hypothetical $10,000 investment made in the Fund over the timeframes listed. Assumes reinvestment of dividends and*

------

 *capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. These figures do not imply any future performance.*

 *Class N of the Fund commenced operations on February 28, 2005. Class I shares and Class N shares are invested in the same portfolio of securities. Annual returns will generally differ only to the extent that the classes do not have the same expenses. Please see the respective prospectus for details.*

The Fund's relative outperformance versus the Russell 2000 Growth Index for the year ended December 31, 2022, was primarily the result of favorable stock selection. Stock valuation, quality of earnings and cash flow, and relative market capitalization were significant drivers of performance. As of December 31, 2022, the Fund's holdings consisted of 66 stocks and approximately 5% cash. We believe the Fund is well diversified with sector weightings of approximately 34% Information Technology, 23% Industrials, 15% Health Care, 13% Consumer related, 8% Financials, 2% Materials, and 1% Real Estate. For the year, areas of the market affected by disruptions following Russia's invasion of Ukraine, including Energy and Materials, outperformed. Consumer Staples and Utilities also outperformed as investors gravitated towards areas of the market with defensive characteristics. Interest rate sensitive and non-earning companies, particularly within Real Estate, Communication Services, and Information Technology were among the worst performing stocks during the year. The Fund outperformed its benchmark, the Russell 2000 Growth Index, due to outperformance within Information Technology and Industrials, partially offset by underperformance within Energy and Health Care. Model N, ExlService Holdings, and UFP Technologies contributed positively to the Fund's return, while Omnicell, Syneos Health, and Q2 Holdings detracted from performance.

2022 was a volatile year that started with Europe's largest ground war since World War II, China under strict Covid-19 lockdowns, and consumer price inflation accelerating to levels not seen in over 40 years. In spite of those headwinds, economic activity was positive. Whether the Federal Reserve can engineer a soft landing and whether geopolitical tensions cool will have a significant impact on the path of the market going forward. Given the elevated uncertainty, we believe the range of market return outcomes is larger than in previous years.

Management will be balanced going forward and will stay consistent with our philosophy to hold what we believe are quality growth companies that produce profits, good returns on investment, and sell at reasonable valuations.

Thank you for your continued support. ![](ncsr1222x5x1.jpg) <br>

The information above represents the opinions of the Fund manager, is subject to change, and any forecasts made cannot be guaranteed.

------

 **Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small- and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility.**

 **Diversification does not assure a profit nor protect against loss in a declining market.**

 **Earnings growth is not representative of the Fund's future performance.**

Please refer to the schedule of investments in the report for complete Fund holdings information. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

The Russell 2000 Index measures the performance of the 2000 smallest companies in the Russell 3000 Index, which represents approximately 10% 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. The S&P 500 Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. One cannot invest directly in an index. Each Morningstar Category average represents a universe of funds with similar investment objectives.

 **Must be preceded or accompanied by a prospectus.**

The Nicholas Funds are distributed by Quasar Distributors, LLC.

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**COMPARISON OF CHANGE IN VALUE OF $100,000 INVESTMENT IN**<br>**NICHOLAS LIMITED EDITION, INC. – CLASS I,**<br>**RUSSELL 2000 INDEX AND RUSSELL 2000 GROWTH INDEX**<br>**(UNAUDITED)**

The line graph, which follows, compares the initial account value and subsequent account values at the end of each of the most recently completed ten fiscal years of the Fund's Class I, to the same investment over the same period in two peer group indices. The graph assumes a $100,000 investment in the Fund's Class I and the indices at the beginning of the first fiscal year. The peer group in the graph includes the Russell 2000 Index and the Russell 2000 Growth Index. The Adviser believes the Russell 2000 Index and the Russell 2000 Growth Index are representative of the performance of small- and medium-capitalization growth companies in which the Fund primarily invests and provide a meaningful and representative basis of comparison for Fund investors.

![](ncsr1222x7x1.jpg) <br>

The Fund's Class I average annual total returns for the one-, five- and ten-year periods ended on the last day of the most recent fiscal year are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | One Year Ended<br>December 31,<br>2022 | Five Years Ended<br>December 31,<br>2022 | Ten Years Ended<br>December 31,<br>2022 |
| Average Annual Total Return | -23.66% | 7.05% | 10.20% |

---

 *Past performance is not predictive of future performance, and the above graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

– 4–

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| NET ASSET VALUE, BEGINNING OF PERIOD | $33.81 | $33.07 | $28.33 | $23.50 | $26.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(1)</sup> | (.08) | (.17) | (.08) | .06 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(realized and unrealized) | (7.95) | 6.47 | 6.51 | 6.37 | (.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations. | (8.03) | 6.30 | 6.43 | 6.43 | (.30) |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income. |  |  |  | (.06) | (.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net capital gain. | (1.51) | (5.56) | (1.69) | (1.54) | (2.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.51) | (5.56) | (1.69) | (1.60) | (2.52) |
| NET ASSET VALUE, END OF PERIOD. | $24.27 | $33.81 | $33.07 | $28.33 | $23.50 |
| TOTAL RETURN | (23.66)% | 19.00% | 22.73% | 27.37% | (1.00)% |
| SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net assets, end of period (millions) | $399.6 | $559.2 | $507.9 | $433.4 | $341.4 |
| Ratio of expenses to average net assets | .86% | .85% | .86% | .86% | .86% |
| Ratio of net investment income (loss) |  |  |  |  |  |
| to average net assets | (.29)% | (.47)% | (.28)% | .22% | .05% |
| Portfolio turnover rate | 27.93% | 28.32% | 28.16% | 21.56% | 23.38% |
| (1) Computed based on average shares outstanding. | (1) Computed based on average shares outstanding. |  |  |  |  |

---

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

– 5–

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| NET ASSET VALUE, BEGINNING OF PERIOD | $30.60 | $30.44 | $26.24 | $21.86 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT OPERATIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss<sup>(1)</sup> | (.15) | (.23) | (.12) | (.01) | (.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(realized and unrealized) | (7.19) | 5.95 | 6.01 | 5.93 | (.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations. | (7.34) | 5.72 | 5.89 | 5.92 | (.37) |
| LESS DISTRIBUTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net capital gain. | (1.51) | (5.56) | (1.69) | (1.54) | (2.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.51) | (5.56) | (1.69) | (1.54) | (2.51) |
| NET ASSET VALUE, END OF PERIOD. | $21.75 | $30.60 | $30.44 | $26.24 | $21.86 |
| TOTAL RETURN | (23.86)% | 18.70% | 22.48% | 27.09% | (1.33)% |
| SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net assets, end of period (millions) | $17.8 | $27.7 | $28 | $30 | $28.6 |
| Ratio of expenses to average net assets | 1.13% | 1.07% | 1.07% | 1.11% | 1.17% |
| Ratio of net investment loss |  |  |  |  |  |
| to average net assets | (.57)% | (.70)% | (.48)% | (.03)% | (.27)% |
| Portfolio turnover rate | 27.93% | 28.32% | 28.16% | 21.56% | 23.38% |
| (1) Computed based on average shares outstanding. | (1) Computed based on average shares outstanding. |  |  |  |  |

---

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

– 6–

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Top Ten Equity Portfolio Holdings<br>December 31, 2022 (unaudited)

---

| | |
|:---|:---|
| <br>**Name** | **Percentage**<br>**of Net Assets** |
| Prestige Consumer Healthcare Inc. | 2.40% |
| Model N, Inc. | 2.38% |
| ExlService Holdings, Inc. | 2.19% |
| WNS (Holdings) Limited | 2.14% |
| ICF International, Inc. | 2.09% |
| Comfort Systems USA, Inc. | 2.07% |
| Knight-Swift Transportation Holdings Inc. | 2.06% |
| Descartes Systems Group Inc. (The) | 1.98% |
| Cohen & Steers, Inc. | 1.93% |
| i3 Verticals, Inc. — Class A | 1.92% |
| Total of top ten | 21.16% |

---

Sector Diversification (As a Percentage of Portfolio)<br>December 31, 2022 (unaudited) ![](ncsr1222x10x1.jpg) <br>

– 7–

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Fund Expenses<br>For the six month period ended December 31, 2022 (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other operating expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with those of other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period.

The first line of the table below for each share class of the Fund provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios for each class of the Fund and an assumed rate of return of 5% per year before expenses, which are not the Fund's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| Class I |  |  |  |
|  | Beginning | Ending | Expenses |
|  | Account | Account | Paid During |
|  | Value | Value | Period\* |
|  | 06/30/22 | 12/31/22 | 07/01/22 – 12/31/22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $&nbsp;&nbsp;963.10 | $4.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical | 1000.00 | &nbsp;&nbsp;1020.66 | 4.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5% return before expenses) |  |  |  |

---

\* Expenses are equal to the Fund's Class I six-month annualized expense ratio of 0.86%, multiplied by the average account value over the period, multiplied by 184 then divided by 365 to reflect the one-half year period.

– 8–

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Fund Expenses (continued)<br>For the six month period ended December 31, 2022 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Class N |  |  |  |
|  | Beginning | Ending | Expenses |
|  | Account | Account | Paid During |
|  | Value | Value | Period\*\* |
|  | 06/30/22 | 12/31/22 | 07/01/22 – 12/31/22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $&nbsp;&nbsp;961.60 | $5.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical | 1000.00 | &nbsp;&nbsp;1019.15 | 5.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5% return before expenses) |  |  |  |

---

\*\* Expenses are equal to the Fund's Class N six-month annualized expense ratio of 1.16%, multiplied by the average account value over the period, multiplied by 184 then divided by 365 to reflect the one-half year period.

– 9–

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Schedule of Investments<br>December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares or**<br>**Principal**<br>**Amount** |  | <br>**Value** |
| **COMMON STOCKS — 95.19%** | **COMMON STOCKS — 95.19%** |  |
|  | **Consumer Discretionary – Automobiles & Components — 1.69%** |  |
| 87440 | Dorman Products, Inc.\* | $7071273 |
|  | **Consumer Discretionary – Consumer Services — 2.80%** |  |
| 131500 | Carriage Services, Inc. | 3621510 |
| 50700 | Papa John's International, Inc. | 4173117 |
| 171795 | Wendy's Company (The) | 3887721 |
|  |  | 11682348 |
|  | **Consumer Discretionary – Durables & Apparel — 1.26%** |  |
| 230645 | La-Z-Boy Incorporated | 5263319 |
|  | **Consumer Discretionary – Retailing — 3.93%** |  |
| 10380 | Murphy USA, Inc. | 2901625 |
| 78380 | Ollie's Bargain Outlet Holdings Inc.\* | 3671319 |
| 503585 | Petco Health and Wellness Company, Inc. – Class A\* | 4773986 |
| 16740 | Pool Corporation | 5061004 |
|  |  | 16407934 |
|  | **Consumer Staples – Food, Beverage & Tobacco — 2.92%** |  |
| 45355 | J & J Snack Foods Corp. | 6790097 |
| 312960 | Nomad Foods Limited\* | 5395430 |
|  |  | 12185527 |
|  | **Financials – Banks — 3.57%** |  |
| 72945 | Community Bank System, Inc. | 4591888 |
| 115150 | Glacier Bancorp, Inc. | 5690713 |
| 62890 | Pinnacle Financial Partners, Inc. | 4616126 |
|  |  | 14898727 |
|  | **Financials – Diversified Financials — 3.28%** |  |
| 124635 | Cohen & Steers, Inc. | 8046436 |
| 25975 | Morningstar, Inc. | 5625925 |
|  |  | 13672361 |
|  | **Financials – Insurance — 1.33%** |  |
| 221100 | BRP Group, Inc. – Class A\* | 5558454 |
|  | **Health Care – Health Care Equipment & Services — 9.10%** |  |
| 59442 | Amedisys, Inc.\* | 4965785 |
| 140525 | AtriCure, Inc.\* | 6236499 |
| 208925 | InMode Ltd.\* | 7458623 |
| 124205 | NuVasive, Inc.\* | 5122214 |
| 97295 | Omnicell, Inc.\* | 4905614 |
| 111910 | STAAR Surgical Company\* | 5432111 |
| 32746 | UFP Technologies, Inc.\* | 3860426 |
|  |  | 37981272 |

---

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

– 10 –

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Schedule of Investments (continued)<br>December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares or**<br>**Principal**<br>**Amount** |  | <br>**Value** |
| **COMMON STOCKS — 95.19% (continued)** | **COMMON STOCKS — 95.19% (continued)** |  |
|  | **Health Care – Pharmaceuticals, Biotechnology &** |  |
|  | **Life Sciences — 5.63%** |  |
| 140715 | Pacira BioSciences, Inc.\* | $5433006 |
| 160000 | Prestige Consumer Healthcare Inc.\* | 10016000 |
| 217688 | Stevanato Group SpA | 3911853 |
| 112500 | Syneos Health, Inc. – Class A\* | 4126500 |
|  |  | 23487359 |
|  | **Industrials – Capital Goods — 8.48%** |  |
| 76920 | Beacon Roofing Supply, Inc.\* | 4060607 |
| 93893 | Builders FirstSource, Inc.\* | 6091778 |
| 75090 | Comfort Systems USA, Inc. | 8641357 |
| 268703 | Construction Partners, Inc. – Class A\* | 7171683 |
| 110387 | Evoqua Water Technologies Corp.\* | 4371325 |
| 88706 | A.O. Smith Corporation | 5077531 |
|  |  | 35414281 |
|  | **Industrials – Commercial & Professional Services — 10.40%** |  |
| 79395 | Exponent, Inc. | 7867251 |
| 173325 | IAA, Inc.\* | 6933000 |
| 88000 | ICF International, Inc. | 8716400 |
| 430045 | KAR Auction Services, Inc.\* | 5612087 |
| 134075 | Ritchie Bros. Auctioneers Incorporated | 7753557 |
| 44960 | Tetra Tech, Inc. | 6527742 |
|  |  | 43410037 |
|  | **Industrials – Transportation — 3.71%** |  |
| 164000 | Knight-Swift Transportation Holdings Inc. | 8595240 |
| 348869 | Marten Transport, Ltd. | 6900629 |
|  |  | 15495869 |
|  | **Information Technology – Semiconductors &** |  |
|  | **Semiconductor Equipment — 4.74%** |  |
| 98435 | Lattice Semiconductor Corporation\* | 6386463 |
| 80711 | Onto Innovation, Inc.\* | 5495612 |
| 110280 | Power Integrations, Inc. | 7909282 |
|  |  | 19791357 |
|  | **Information Technology – Software & Services — 28.24%** |  |
| 89785 | Altair Engineering Inc. – Class A\* | 4082524 |
| 111105 | BlackLine, Inc.\* | 7474033 |
| 43750 | CyberArk Software Ltd.\* | 5672188 |
| 118860 | Descartes Systems Group Inc. (The)\* | 8278599 |
| 213210 | EVERTEC, Inc. | 6903740 |

---

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

– 11 –

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Schedule of Investments (continued)<br>December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares or**<br>**Principal**<br>**Amount** |  | <br>**Value** |
| **COMMON STOCKS — 95.19% (continued)** | **COMMON STOCKS — 95.19% (continued)** |  |
|  | **Information Technology – Software & Services — 28.24% (continued)** |  |
| 54000 | ExlService Holdings, Inc.\* | $9149220 |
| 293275 | Grid Dynamics Holdings, Inc. – Class A\* | 3290546 |
| 328960 | i3 Verticals, Inc. – Class A\* | 8006886 |
| 245004 | Model N, Inc.\* | 9937362 |
| 31890 | Paylocity Holding Corp.\* | 6194951 |
| 200635 | Q2 Holdings, Inc.\* | 5391062 |
| 60141 | Qualys, Inc.\* | 6749624 |
| 586735 | Repay Holdings Corp. – Class A\* | 4723217 |
| 113530 | Shift4 Payments, Inc. – Class A\* | 6349733 |
| 56225 | SPS Commerce, Inc.\* | 7220977 |
| 139025 | Tenable Holdings, Inc.\* | 5303804 |
| 175185 | Varonis Systems, Inc.\* | 4193929 |
| 111720 | WNS (Holdings) Limited Sponsored ADR\* | 8936483 |
|  |  | 117858878 |
|  | **Information Technology – Technology** |  |
|  | **Hardware & Equipment — 1.40%** |  |
| 131670 | ePlus inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5830348 |
|  | **Materials – Materials — 1.57%** |  |
| 59500 | AptarGroup, Inc. | 6543810 |
|  | **Real Estate – Real Estate — 1.14%** |  |
| 109550 | NexPoint Residential Trust, Inc. | 4767616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $305,091,223) | 397320770 |

---

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

– 12 –

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Schedule of Investments (continued)<br>December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares or**<br>&nbsp;&nbsp;**Principal**<br>&nbsp;&nbsp;**Amount** |  | <br>**Value** |
| **SHORT-TERM INVESTMENTS — 5.00%** | **SHORT-TERM INVESTMENTS — 5.00%** |  |
|  | **U.S. Government Securities — 4.76%** |  |
| $5000000 | U.S. Treasury Bill 02/02/2023, 3.520% | $4984136 |
| 5000000 | U.S. Treasury Bill 02/16/2023, 3.881% | 4975135 |
| 5000000 | U.S. Treasury Bill 03/02/2023, 4.114% | 4965854 |
| 5000000 | U.S. Treasury Bill 03/16/2023, 4.070% | 4958535 |
|  |  | 19883660 |
|  | **Money Market Fund — 0.24%** |  |
| 994264 | Morgan Stanley Liquidity Funds Government Portfolio |  |
|  | (Institutional Class), 7-day net yield 4.08% | 994264 |
|  | &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $20,873,886) | 20877924 |
|  | &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $325,965,109) – 100.19% | 418198694 |
|  | LIABILITIES, NET OF OTHER ASSETS – (0.19)% | (810650) |
|  | &nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages above) – 100% | $417388044 |
| \* Non-income producing security. | \* Non-income producing security. |  |

---

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

– 13 –

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Statement of Assets and Liabilities<br>December 31, 2022

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities at value (cost $325,965,109) | $418198694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables – |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest | 89722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock subscription | 194589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 284311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 25490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 418508495 |
| LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables – |  |
| &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 | 274826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative fee | 6046 |
| Total due to adviser | 280872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock redemption | 770170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12b-1 and servicing fee | 9896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued expense | 59513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1120451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $417388044 |
| NET ASSETS CONSIST OF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $325295144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated distributable earnings | 92092900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $417388044 |
| Class I |  |
| Net assets | $399636594 |
| Shares outstanding | 16466608 |
| NET ASSET VALUE PER SHARE ($.01 par value, |  |
| 39,000,000 shares authorized), offering price and redemption price | $24.27 |
| Class N |  |
| Net assets | $17751450 |
| Shares outstanding | 816164 |
| NET ASSET VALUE PER SHARE ($.01 par value, |  |
| 11,000,000 shares authorized), offering price and redemption price | $21.75 |

---

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

– 14 –

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Statement of Operations<br>For the year ended December 31, 2022

---

| | |
|:---|:---|
| INCOME |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend (net of foreign taxes of $22,860) | $2149441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 502969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 2652410 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 3521657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 124858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative fees | 88410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 80570 |
| &nbsp;&nbsp;&nbsp;&nbsp;12b-1 fees – Class N | 52764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting system and pricing service fees | 50641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 39128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 23207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 21675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 18022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 17558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 14172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postage and mailing | 8321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fess – Class N | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 18646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4084579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (1432169) |
| NET REALIZED GAIN ON INVESTMENTS | 24796444 |
| CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION |  |
| ON INVESTMENTS | (158807750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (134011306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(135443475) |

---

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

– 15 –

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Statements of Changes in Net Assets<br>For the years ended December 31, 2022 and 2021

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(1432169) | $(2730053) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 24796444 | 88124554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation/depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (158807750) | 13001472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations | (135443475) | 98395973 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment operations – Class I | (23759628) | (80772904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment operations – Class N | (1166149) | (4407403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (24925777) | (85180307) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued – Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,264,317 and 895,551 shares, respectively) | 35317565 | 32101584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions – Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(846,783 and 2,169,669 shares, respectively) | 20128045 | 73551772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed – Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,182,073 and 1,886,792 shares, respectively) | (62088826) | (67199354) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued – Class N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92,895 and 88,990 shares, respectively) | 2391628 | 2925557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions – Class N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,147 and 142,017 shares, respectively) | 1153876 | 4355682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed – Class N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237,330 and 245,472 shares, respectively) | (6053486) | (8000297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets derived from |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital share transactions | (9151198) | 37734944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | (169520450) | 50950610 |
| NET ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 586908494 | 535957884 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $417388044 | $586908494 |

---

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

– 16 –

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Notes to Financial Statements<br>December 31, 2022

**(1) Summary of Significant Accounting Policies —**<br>Nicholas Limited Edition, Inc. (the "Fund") is organized as a Maryland corporation and is<br>registered as an open-end, diversified management investment company under the<br>Investment Company Act of 1940, as amended. The primary objective of the Fund is<br>long-term growth. The following is a summary of the significant accounting policies of<br>the Fund:<br>(a) Equity securities traded on a stock exchange will ordinarily be valued on the basis<br>of the last sale price on the date of valuation on the securities principal exchange,<br>or if in the absence of any sale on that day, the closing bid price. For securities<br>principally traded on the NASDAQ market, the Fund uses the NASDAQ Official<br>Closing Price. Investments in shares of open-end mutual funds, including money<br>market funds, are valued at their daily closing net asset value. Debt securities,<br>excluding short-term investments, are valued at their current evaluated bid price as<br>determined by an independent pricing service, which generates evaluations on the<br>basis of dealer quotes for normal institutional-sized trading units, issuer analysis,<br>bond market activity and various other factors. Short-term investments are valued<br>using evaluated bid prices. Securities for which market quotations may not be<br>readily available are valued at their fair value as determined in good faith by<br>procedures adopted by the Board of Directors. The Board of Directors has<br>delegated fair value responsibilities to Nicholas Company, Inc., the Fund's adviser.<br>The Fund did not maintain any positions in derivative instruments or engage in<br>hedging activities during the year. Investment transactions for financial statement<br>purposes are recorded on trade date.<br>In accordance with Accounting Standards Codification ("ASC") 820-10, "Fair Value<br>Measurement" ("ASC 820-10"), fair value is defined as the price that the Fund<br>would receive upon selling an investment in a timely transaction to an independent<br>buyer in the principal or most advantageous market of the investment. ASC 820-10<br>established a three-tier hierarchy to maximize the use of observable market data<br>and minimize the use of unobservable inputs and to establish classification of fair<br>value measurements for disclosure purposes. Inputs refer broadly to the<br>assumptions that market participants would use in pricing the asset or liability,<br>including assumptions about risk, for example, the risk inherent in a particular<br>valuation technique used to measure fair value such as a pricing model and/or the<br>risk inherent in the inputs to the valuation technique. Inputs may be observable or<br>unobservable. Observable inputs are inputs that reflect the assumptions market<br>participants would use in pricing the asset or liability based on market data<br>obtained from sources independent of the reporting entity. Unobservable inputs are<br>inputs that reflect the reporting entity's own assumptions about the assumptions<br>market participants would use in pricing the asset or liability based on the best<br>information available in the circumstances. The three-tier hierarchy of inputs is<br>summarized in the three broad levels listed below.

– 17 –

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Notes to Financial Statements (continued)<br>December 31, 2022<br>Level 1 – quoted prices in active markets for identical investments<br>Level 2 – other significant observable inputs (including quoted prices for<br>similar investments, interest rates, benchmark yields, bids, offers,<br>transactions, spreads and other relationships observed in the<br>markets among market securities, underlying equity of the issuer,<br>proprietary pricing models, credit risk, etc.)<br>Level 3 – significant unobservable inputs (including the Fund's own<br>assumptions in determining the fair value of investments)<br>The inputs or methodology used for valuing securities are not necessarily an<br>indication of the risk associated with investing in those securities.<br>The following is a summary of the inputs used as of December 31, 2022 in valuing<br>the Fund's investments carried at value:

---

| | |
|:---|:---|
|  | Investments |
| Valuation Inputs | in Securities |
| Level 1 – |  |
| &nbsp;&nbsp;Common Stocks<sup>(1)</sup> | $397320770 |
| &nbsp;&nbsp;Money Market Fund | 994264 |
| Level 2 – |  |
| &nbsp;&nbsp;U.S. Government Securities | 19883660 |
| Level 3 – |  |
| Total | $418198694 |
| <sup>(1)</sup> See Schedule of Investments for further detail by industry. |  |

---

The Fund did not hold any Level 3 investments during the year.<br>(b) Net realized gain (loss) on portfolio securities was computed on the basis of<br>specific identification.<br>(c) Dividend income is recorded on the ex-dividend date, and interest income is<br>recognized on an accrual basis. Non-cash dividends, if any, are recorded at value<br>on date of distribution. Generally, discounts and premiums on long-term debt<br>security purchases, if any, are amortized over the expected lives of the respective<br>securities using the effective yield method.<br>Investment income, net capital gains (losses) and all expenses incurred by the Fund<br>are allocated based on the relative net assets of each class, except for 12b-1 fees<br>and shareholder servicing fees and certain other fees and expenses related to one<br>class of shares.<br>Class N shares are subject to a 0.25% 12b-1 fee and a 0.10% servicing fee, as<br>described in its prospectus. During the period, the 12b-1 fee was 0.25% and the<br>servicing fee from January 1, 2022 through June 30, 2022 was zero; and from<br>July 1, 2022, through period-end was 0.05%. Income, expenses(other than<br>expenses attributable to a specific class), and realized and unrealized gains and<br>losses are allocated daily to each class of shares based upon the relative net asset<br>value of outstanding shares.

– 18 –

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Notes to Financial Statements (continued)<br>December 31, 2022<br>(d) Provision has not been made for federal income taxes or excise taxes since the<br>Fund has elected to be taxed as a "regulated investment company" and intends to<br>distribute substantially all net investment income and net realized capital gains on<br>sales of investments to its shareholders and otherwise comply with the provisions<br>of Subchapter M of the Internal Revenue Code applicable to regulated investment<br>companies.<br>(e) Dividends and distributions paid to shareholders are recorded on the ex-dividend<br>date. Distributions from net investment income are generally declared and paid at<br>least annually. Distributions of net realized capital gain, if any, are declared and paid<br>at least annually.<br>The amount of distributions from net investment income and net realized capital<br>gain are determined in accordance with federal income tax regulations, which may<br>differ from U.S. generally accepted accounting principles ("U.S. GAAP") for<br>financial reporting purposes. Financial reporting records are adjusted for permanent<br>book-to-tax differences to reflect tax character. These reclassifications have no<br>effect on net assets or net asset value per share. At December 31, 2022,<br>reclassifications were recorded to increase undistributed ordinary income by<br>$1,432,169, decrease accumulated undistributed net realized gain by $204,348, and<br>decrease paid in capital by $1,227,821.<br>The tax character of distributions paid during the years ended December 31, 2022<br>and 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | 12/31/2022 | 12/31/2021 |
| Distributions paid from: |  |  |
| Ordinary income | $164968 | $14036315 |
| Long-term capital gain | 24760809 | 71143992 |
| Total distributions paid | $24925777 | $85180307 |

---

As of December 31, 2022, investment cost for federal tax purposes was<br>$326,179,818 and the tax basis components of net assets were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | 128111820 |
| Unrealized depreciation | (36092944) |
| Net unrealized appreciation | 92018876 |
| Undistributed ordinary income |  |
| Accumulated undistributed net realized capital gain | 74024 |
| Paid in capital | 325295144 |
| Net assets | $417388044 |

---

The difference between financial statement and tax-basis cost is attributable to the<br>holdings in REITs.<br>The Fund had no material uncertain tax positions and has not recorded a liability for<br>unrecognized tax benefits as of December 31, 2022. Also, the Fund recognized no<br>interest and penalties related to uncertain tax benefits during the year ended<br>December 31, 2022. At December 31, 2022, the fiscal years 2019 through 2022<br>remain open to examination in the Fund's major tax jurisdictions.

– 19 –

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Notes to Financial Statements (continued)<br> December 31, 2022<br>(f) The Fund is considered an investment company under U.S. GAAP and follows the<br> accounting and reporting guidance applicable to investment companies in the<br> Financial Accounting Standards Board ("FASB") ASC 946, "Financial Services –<br> Investment Companies." U.S. GAAP guidance requires management to make<br> estimates and assumptions that effect the amounts reported in the financial<br> statements and accompanying notes. Actual results could differ from estimates.<br>(g) In the normal course of business the Fund enters into contracts that contain general<br> indemnification clauses. The Fund's maximum exposure under these arrangements<br> is unknown, as this would involve future claims against the Fund that have not yet<br> occurred. Based on experience, the Fund expects the risk of loss to be remote.<br>(h) In connection with the preparation of the Fund's financial statements, management<br> evaluated subsequent events after the date of the Statement of Assets and<br> Liabilities of December 31, 2022. There have been no material subsequent events<br> since December 31, 2022 through the date the financial statements were issued<br> that would require adjustment to or additional disclosure in these financial<br> statements.<br>**(2) Related Parties —**<br> (a) Investment Adviser and Management Agreement —<br>The Fund has an agreement with Nicholas Company, Inc. (with whom certain officers<br> and directors of the Fund are affiliated) (the "Adviser") to serve as investment adviser<br> and manager. Under the terms of the agreement, a monthly fee is paid to the Adviser<br> based on an annualized fee of 0.75% of the average net asset value.<br>The Adviser may be paid for accounting and administrative services rendered by its<br> personnel, subject to the following guidelines: (i) up to five basis points, on an<br> annual basis, of the average net asset value of the Fund up to and including<br> $2 billion and up to three basis points, on an annual basis, of the average net asset<br> value of the Fund greater than $2 billion, based on the average net asset value of<br> the Fund as determined by valuations made at the close of each business day of<br> each month, and (ii) where the preceding calculation results in an annual payment<br> of less than $50,000, the Adviser, in its discretion, may charge the Fund up to<br> $50,000 for such services.<br>(b) Legal Counsel —<br>A director of the Adviser is affiliated with a law firm that provides services to the<br> Fund. The Fund incurred expenses of $8,678 for the year ended December 31, 2022<br> for legal services rendered by this law firm.<br>**(3) Investment Transactions —**<br> For the year ended December 31, 2022, the cost of purchases and the proceeds from<br> sales of investment securities, other than short-term obligations, aggregated<br> $124,550,883 and $163,981,025, respectively.

– 20 –

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Report of Independent Registered<br>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 December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**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 presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion. ![](ncsr1222x24x1.jpg) <br>

Milwaukee, Wisconsin<br>February 28, 2023<br>We have served as the auditor of one or more Nicholas investment companies since 1977.

– 21 –

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Historical Record<br>(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net** |  |  |  |
|  | **Net** | **Investment** |  | **Dollar** | **Growth of** |
|  | &nbsp;&nbsp;**Asset** | **Income** | **Capital Gain** | **Weighted** | **an Initial** |
|  | **Value** | **Distributions** | **Distributions** | **Price/Earnings** | **$10000** |
| **Class I** | **Per Share** | **Per Share** | **Per Share** | **Ratio(2)** | **Investment<sup>(3)</sup>** |
| May 18, 1987<sup>(1)</sup> | $10.00 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— |  | $10000 |
| December 31, 1987 | 9.15 | .0900 |  | 13.9 times | 9242 |
| December 31, 1988 | 11.29 | .0969 | .2527 | 14.1 | 11762 |
| December 31, 1989 | 12.49 | .1453 | .6151 | 16.3 | 13804 |
| December 31, 1990 | 12.03 | .1207 | .1213 | 14.2 | 13566 |
| December 31, 1991 | 16.86 | .1228 | .2407 | 21.9 | 19429 |
| December 31, 1992 | 18.77 | .0815 | .8275 | 18.8 | 22690 |
| December 31, 1993 | 18.68 | .0867 | 1.6782 | 20.4 | 24738 |
| December 31, 1994 | 17.09 | .1031 | .9065 | 18.3 | 23985 |
| December 31, 1995 | 19.22 | .0761 | 2.9353 | 25.2 | 31223 |
| December 31, 1996 | 20.74 | .0124 | 2.6151 | 30.7 | 38031 |
| December 31, 1997 | 25.07 | .0029 | 2.4886 | 33.0 | 50590 |
| December 31, 1998 | 24.20 | .0142 | 1.2490 | 30.3 | 51436 |
| December 31, 1999 | 22.61 | .0538 | .5439 | 23.4 | 49333 |
| December 31, 2000 | 15.16 |  | 5.5800 | 25.9 | 45063 |
| December 31, 2001 | 16.37 |  | .0357 | 25.5 | 48764 |
| December 31, 2002 | 12.49 |  | .0311 | 21.4 | 37299 |
| December 31, 2003 | 17.43 |  |  | 24.2 | 52051 |
| December 31, 2004 | 19.59 |  | .2679 | 25.3 | 59309 |
| December 31, 2005 | 19.23 |  | 1.8896 | 25.2 | 63925 |
| December 31, 2006 | 19.62 |  | .8425 | 23.6 | 68002 |
| December 31, 2007 | 20.07 | .0008 | 1.7607 | 24.7 | 75615 |
| December 31, 2008 | 13.93 | .0301 | .0327 | 14.9 | 52733 |
| December 31, 2009 | 17.76 | .0005 |  | 23.5 | 67234 |
| December 31, 2010 | 21.85 |  | 1.5377 | 24.8 | 88494 |
| December 31, 2011 | 20.90 |  | 1.2484 | 22.9 | 89672 |
| December 31, 2012 | 21.06 | .0043 | 2.0167 | 22.3 | 99159 |
| December 31, 2013 | 27.05 | .0160 | 1.5957 | 23.9 | 134984 |
| December 31, 2014 | 25.63 | .0002 | 2.6251 | 24.9 | 140842 |
| December 31, 2015 | 23.31 |  | 1.8767 | 23.4 | 138262 |
| December 31, 2016 | 23.69 | .0012 | 2.5295 | 25.3 | 155364 |
| December 31, 2017 | 26.32 |  | 2.0989 | 27.7 | 186320 |
| December 31, 2018 | 23.50 | .0063 | 2.5137 | 25.5 | 184458 |
| December 31, 2019 | 28.33 | .0601 | 1.5436 | 29.2 | 234944 |
| December 31, 2020 | 33.07 |  | 1.6863 | 35.1 | 288349 |
| December 31, 2021 | 33.81 |  | 5.5582 | 29.2 | 343137 |
| December 31, 2022 | 24.27 |  | 1.5096 <sup>(a)</sup> | 19.3 | 261959 |

---

(1) Date of Initial Public Offering.<br>(2) Based on latest 12 months accomplished earnings.<br>(3) Assuming reinvestment of all distributions.<br>(a) Paid on December 28, 2022 to shareholders of record on December 27, 2022.

– 22 –

------

Historical Record (continued)<br>(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net** |  |  |  |
|  |  | **Investment** |  | **Dollar** | **Growth of** |
|  | **Net** | **Income** | **Capital Gain** | **Weighted** | **an Initial** |
|  | **Asset Value** | **Distributions** | **Distributions** | **Price/Earnings** | **$10000** |
| **Class N** | **Per Share** | **Per Share** | **Per Share** | **Ratio<sup>(2)</sup>** | **Investment<sup>(3)</sup>** |
| February 28, 2005<sup>(1)</sup> | $19.30 | $— | $— | 25.5 times | $10000 |
| December 31, 2005 | 19.19 |  | 1.8581 | 25.2 | 10903 |
| December 31, 2006 | 19.51 |  | .8425 | 23.6 | 11560 |
| December 31, 2007 | 19.86 |  | 1.7607 | 24.7 | 12802 |
| December 31, 2008 | 13.78 | .0062 | .0327 | 14.9 | 8909 |
| December 31, 2009 | 17.54 | .0005 |  | 23.5 | 11341 |
| December 31, 2010 | 21.50 |  | 1.5377 | 24.8 | 14888 |
| December 31, 2011 | 20.47 |  | 1.2484 | 22.9 | 15034 |
| December 31, 2012 | 20.51 |  | 2.0167 | 22.3 | 16568 |
| December 31, 2013 | 26.21 |  | 1.5957 | 23.9 | 22466 |
| December 31, 2014 | 24.66 |  | 2.6251 | 24.9 | 23361 |
| December 31, 2015 | 22.27 |  | 1.8767 | 23.4 | 22849 |
| December 31, 2016 | 22.44 |  | 2.5295 | 25.3 | 25591 |
| December 31, 2017 | 24.74 |  | 2.0989 | 27.7 | 30597 |
| December 31, 2018 | 21.86 |  | 2.5137 | 25.5 | 30189 |
| December 31, 2019 | 26.24 |  | 1.5436 | 29.2 | 38367 |
| December 31, 2020 | 30.44 |  | 1.6863 | 35.1 | 46994 |
| December 31, 2021 | 30.60 |  | 5.5582 | 29.2 | 55784 |
| December 31, 2022 | 21.75 |  | 1.5096 <sup>(a)</sup> | 19.3 | 42473 |

---

(1) Date of Initial Public Offering.<br>(2) Based on latest 12 months accomplished earnings.<br>(3) Assuming reinvestment of all distributions.<br>(a) Paid on December 28, 2022 to shareholders of record on December 27, 2022.

– 23 –

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Approval of Investment Advisory Contract<br>(unaudited)

In November 2022, the Board of Directors of the Fund renewed the one-year term of the Investment Advisory Agreement by and between the Fund and the Adviser through October 2023. In connection with the renewal of the Investment Advisory Agreement, no changes to the amount or manner of calculation of the management fee or the terms of the agreement were proposed by the Adviser or adopted by the Board. In renewing the Investment Advisory Agreement, the Board carefully considered the following factors on an absolute basis and relative to the Fund's peer group: (i) the Fund's historical performance; (ii) the Fund's performance relative to its benchmark; (iii) the expense ratios for peer group funds in the small-cap growth category and the Fund's risk/return profile as measured by the standard deviation and the Sharpe Ratio; and (iv) the range and quality of the services offered by the Adviser. The peer group fund data included small-cap growth focused funds with similar asset sizes, number of holdings and market capitalizations and at least a 10-year history. In terms of the peer group data used for performance comparisons, the Fund's Class I total return ranked 1st, 13th, 11th and 13th out of 25 funds for the one-, three-, five- and ten-year periods ending September 30, 2022. The Fund's Class I had the eleventh lowest expense ratio among its peer group.

The Board considered the range of services to be provided by the Adviser to the Fund under the Advisory Agreement. The Board concluded that the nature, extent and quality of the services to be provided were consistent with the terms of the Advisory Agreement and the needs of the Fund, and that the services provided were of a high quality.

The Board considered the investment performance of the Fund and the Adviser. Among other things, the Board noted its consideration of the Fund's performance relative to peer funds and its benchmarks. The Board reviewed the actual and relative short-term and long-term performance of the Fund. The Board agreed that the Fund demonstrated satisfactory performance with respect to its benchmarks and peers. The Board also discussed the extent to which economies of scale would be realized, and whether such economies were reflected in the Fund's fee levels and concluded that the Adviser had been instrumental in holding down Fund costs, citing consistently low fees.

The Board considered the cost of services provided and the profits to be realized by the Adviser from the relationship with the Fund. The Board concluded that given the Board's focus on performance and maintaining a low fee structure that the Adviser's profits were not relevant.

The Board determined that the Adviser had fully and adequately carried out the terms and conditions of its contract with the Fund. The Board expressed satisfaction with the Fund's performance, strategies to improve performance, management's control of expenses and the rate of the management fee for the Fund and the overall level of services provided by the Adviser.

– 24 –

------

Liquidity Risk Management Program<br>(unaudited)

The Fund has adopted and implemented a liquidity risk management program (the "Program") in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund's liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors' interests in the Fund. The Board of Directors of the Fund has designated Nicholas Company, Inc., the Fund's investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund's liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund's investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of "illiquid investments" (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in "highly liquid investments" (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund's assets that will generally be invested in highly liquid investments (a "Highly Liquid Investment Minimum"); and (5) periodic reporting to the Board of Directors.

At a meeting of the Board of Directors on February 10, 2023, Nicholas Company, Inc. provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the "Reporting Period"). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

– 25 –

------

Information on Proxy Voting<br>(unaudited)

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.

Quarterly Portfolio Schedule<br>(unaudited)

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

– 26 –

------

Directors and Officers of the Fund<br>(unaudited)

The following table sets forth the pertinent information about the Fund's directors and officers as of December 31, 2022. Unless otherwise listed, the business address of each director and officer is 411 East Wisconsin Avenue, Milwaukee, WI 53202.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name and Age** | <br>**Positions**<br>**Held**<br>**With**<br>**Fund** | <br>**Principal**<br>**Occupations**<br>**During Past**<br>**5 Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex Directorships**<br>**Overseen**<br>**by Director** | <br>**Other**<br>**Directorships** <br>**Held**<br>**by Director** |
| **INTERESTED DIRECTOR** |  |  |  |  |
| David O. Nicholas, CFA | President, <sup>(2)</sup>, 33 years | President, Chief Executive | 4 |  |
| 61<sup>(1)</sup> | Director | Officer, Chief Investment |  |  |
|  | and | Officer and Director, |  |  |
|  | Lead | Nicholas Company, Inc., |  |  |
|  | Portfolio | the Adviser to the Fund. |  |  |
|  | Manager | He has been the Lead |  |  |
|  |  | Portfolio Manager of |  |  |
|  |  | Nicholas Fund, Inc. and |  |  |
|  |  | Nicholas II, Inc. and |  |  |
|  |  | Co-Portfolio Manager of |  |  |
|  |  | Nicholas Equity Income |  |  |
|  |  | Fund, Inc. |  |  |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |  |  |  |
| John A. Hauser | Director <sup>(2)</sup>, 6 years | Chaplain, Door County | 4 |  |
| 64 |  | Medical Center, 2019 to |  |  |
|  |  | present. Private Investor, |  |  |
|  |  | January 2018 to present. |  |  |
|  |  | Senior Vice President – |  |  |
|  |  | Trust and Community |  |  |
|  |  | Relations, Nicolet Bank, |  |  |
|  |  | October 2016 to December |  |  |
|  |  | 2016. Senior Vice President – | 2016. Senior Vice President – |  |
|  |  | Director of Wealth Services, | Director of Wealth Services, |  |
|  |  | April 2016 to October 2016. | April 2016 to October 2016. |  |
|  |  | Prior to its acquisition by |  |  |
|  |  | Nicolet Bank in April 2016, |  |  |
|  |  | Mr. Hauser served in various | Mr. Hauser served in various |  |
|  |  | senior management roles for | senior management roles for |  |
|  |  | Baylake Bank from 1984 to |  |  |
|  |  | 2008 and from 2009 to |  |  |
|  |  | April 2016. |  |  |
| David P. Pelisek, CFA | Director <sup>(2)</sup>, 3 years | Private Investor, | 4 |  |
| 63 |  | September 2016 to |  |  |
|  |  | present. Managing Director, | present. Managing Director, |  |
|  |  | Robert W. Baird & Co., Inc., | Robert W. Baird & Co., Inc., |  |
|  |  | and Partner, Baird Capital |  |  |
|  |  | Partners Buyout Funds I–V, | Partners Buyout Funds I–V, |  |
|  |  | January 1994 to May 2016. | January 1994 to May 2016. |  |

---

– 27 –

------

Directors and Officers of the Fund (continued)<br>(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name and Age** | <br>**Positions** <br>**Held**<br>**With**<br>**Fund** | | <br>**Term of**<br>**Office and** <br>**Length of**<br>**Time**<br>**Served** | <br>**Principal**<br>**Occupations**<br>**During Past**<br>**5 Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Director** | <br>**Other**<br>**Directorships**<br>**Held**<br>**by Director** |
| Julie M. Van Cleave | Director | <sup>(2)</sup>, | <sup>(2)</sup>, | Private Investor, | 4 |  |
| 63 |  | Appointed | Appointed | July 2020 to present. |  |  |
|  |  | February 4, | February 4, | Chief Investment |  |  |
|  |  | 2022 | 2022 | Officer, University of |  |  |
|  |  |  |  | Wisconsin Foundation, |  |  |
|  |  |  |  | July 2013 to June 2020. |  |  |
|  |  |  | **Term of** |  |  |  |
|  | **Positions** |  | **Office and** |  |  |  |
|  | **Held** |  | **Length of** |  |  |  |
|  | **With** |  | **Time** |  |  |  |
| **Name and Age** | **Fund** |  | **Served** | **Principal Occupations During Past 5 Years** | **Principal Occupations During Past 5 Years** | **Principal Occupations During Past 5 Years** |
| **OFFICERS** |  |  |  |  |  |  |
| Ryan P. Bushman, CFA | Senior |  | Annual, | Vice President, Nicholas Company, Inc., the Adviser | Vice President, Nicholas Company, Inc., the Adviser | Vice President, Nicholas Company, Inc., the Adviser |
| 44 | Vice |  | 2 years | to the Fund. Co-Portfolio Manager (effective | to the Fund. Co-Portfolio Manager (effective | to the Fund. Co-Portfolio Manager (effective |
|  | President |  |  | February 1, 2021) of the Fund and employed by | February 1, 2021) of the Fund and employed by | February 1, 2021) of the Fund and employed by |
|  | and Co- |  |  | Nicholas Company, Inc. since October 2020. He was | Nicholas Company, Inc. since October 2020. He was | Nicholas Company, Inc. since October 2020. He was |
|  | Portfolio |  |  | Co-Portfolio Manager at Rice Hall James & Associates | Co-Portfolio Manager at Rice Hall James & Associates | Co-Portfolio Manager at Rice Hall James & Associates |
|  | Manager |  |  | from March 2017 to September 2020. He was an | from March 2017 to September 2020. He was an | from March 2017 to September 2020. He was an |
|  |  |  |  | Equity Analyst and Director for the BMO Small-Cap | Equity Analyst and Director for the BMO Small-Cap | Equity Analyst and Director for the BMO Small-Cap |
|  |  |  |  | Growth and Mid-Cap Growth products from 2008 to | Growth and Mid-Cap Growth products from 2008 to | Growth and Mid-Cap Growth products from 2008 to |
|  |  |  |  | October 2016 at BMO Asset Management Corp. | October 2016 at BMO Asset Management Corp. | October 2016 at BMO Asset Management Corp. |
| Lawrence J. Pavelec, CFA | Senior Vice | Senior Vice | Annual, | Executive Vice President, Secretary and Chief | Executive Vice President, Secretary and Chief | Executive Vice President, Secretary and Chief |
| 64 | President |  | 18 years | Operating Officer, Nicholas Company, Inc., | Operating Officer, Nicholas Company, Inc., | Operating Officer, Nicholas Company, Inc., |
|  | and |  |  | the Adviser to the Fund, and employed by the | the Adviser to the Fund, and employed by the | the Adviser to the Fund, and employed by the |
|  | Secretary |  |  | Adviser since 2003. |  |  |
| Jennifer R. Kloehn, CPA | Senior Vice | Senior Vice | Annual, | Executive Vice President, Treasurer, Chief | Executive Vice President, Treasurer, Chief | Executive Vice President, Treasurer, Chief |
| 49 | President, |  | 6 years | Financial Officer and Chief Compliance Officer, | Financial Officer and Chief Compliance Officer, | Financial Officer and Chief Compliance Officer, |
|  | Treasurer |  |  | Nicholas Company, Inc., the Adviser to the Fund, | Nicholas Company, Inc., the Adviser to the Fund, | Nicholas Company, Inc., the Adviser to the Fund, |
|  | and Chief |  |  | and employed by the Adviser since 1998. | and employed by the Adviser since 1998. | and employed by the Adviser since 1998. |
|  | Compliance | Compliance |  |  |  |  |
|  | Officer |  |  |  |  |  |
| Candace L. Lesak, CFP | Vice |  | Annual, | Employee, Nicholas Company, Inc., the Adviser to | Employee, Nicholas Company, Inc., the Adviser to | Employee, Nicholas Company, Inc., the Adviser to |
| 65 | President |  | 29 years | the Fund. |  |  |

---

(1) David O. Nicholas is the only director of the Fund who is an "interested person" of the Fund, as that term is defined in the 1940 Act. Mr. Nicholas is a Director of the Adviser and owns 60% of the outstanding voting securities of the Adviser.

(2) Until duly elected or re-elected at a subsequent annual meeting of the Fund.

The Fund's Statement of Additional Information includes additional information about the Fund directors and is available, without charge, upon request, by calling 800-544-6547 or 414-276-0535.

– 28 –

------

Privacy Policy<br>(unaudited)

Nicholas Limited Edition, Inc. respects each shareholder's right to privacy. We are committed to safeguarding the information that you provide us to maintain and execute transactions on your behalf.

We collect the following non-public personal information about you:

\* Information we receive from you on applications or other forms, whether we receive the form in writing or electronically. This includes, but is not limited to, your name, address, phone number, tax identification number, date of birth, beneficiary information and investment selection.

\* Information about your transactions with us and account history with us. This includes, but is not limited to, your account number, balances and cost basis information. This also includes transaction requests made through our transfer agent.

\* Other general information that we may obtain about you such as demographic information.

WE DO NOT SELL ANY NON-PUBLIC PERSONAL INFORMATION ABOUT CURRENT OR FORMER SHAREHOLDERS.

INFORMATION SHARED WITH OUR TRANSFER AGENT, A THIRD PARTY COMPANY, ALSO IS NOT SOLD.

We may share, only as permitted by law, non-public personal information about you with third party companies. Listed below are some examples of third parties to whom we may disclose non-public personal information. While these examples do not cover every circumstance permitted by law, we hope they help you understand how your information may be shared.

We may share non-public personal information about you:

\* With companies who work for us to service your accounts or to process transactions that you may request. This would include, but is not limited to, our transfer agent to process your transactions, mailing houses to send you required reports and correspondence regarding the Fund and its Adviser, the Nicholas Company, Inc., and our dividend disbursing agent to process fund dividend checks.

\* With a party representing you, with your consent, such as your broker or lawyer.

\* When required by law, such as in response to a subpoena or other legal process.

The Fund and its Adviser maintain policies and procedures to safeguard your non-public personal information. Access is restricted to employees who the Adviser determines need the information in order to perform their job duties. To guard your non-public personal information we maintain physical, electronic, and procedural safeguards that comply with federal standards.

In the event that you hold shares of the Fund with a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with non-affiliated third parties.

– 29 –

------

Automatic Investment Plan — An Update<br>(unaudited)

The Nicholas Family of Funds' Automatic Investment Plan provides a simple method to dollar cost average into the fund(s) of your choice.

Dollar cost averaging involves making equal systematic investments over an extended time period. A fixed dollar investment will purchase more shares when the market is low and fewer shares when the market is high. The automatic investment plan is an excellent way for you to become a disciplined investor.

The following table illustrates what dollar cost averaging can achieve. Please note that past performance is no guarantee of future results. Nicholas Company recommends dollar cost averaging as a practical investment method. It should be consistently applied for long periods so that investments are made through several market cycles.

---

| | | |
|:---|:---|:---|
|  | Nicholas Limited Edition – Class I | Nicholas Limited Edition – Class I |
| $1,000 initial investment on | 05/18/1987 \* | 12/31/2012 |
| Number of years investing $100 each month |  |  |
| &nbsp;&nbsp;following the date of initial investment | 35.6 | 10 |
| Total cash invested | $42600 | $13000 |
| Total dividend and capital gain distributions reinvested . | $263313 | $9889 |
| Total full shares owned at 12/31/2022 | 12892 | 841 |
| Total market value at 12/31/2022 | $465776 | $29072 |

---

The results above assume purchase on the last day of the month. The Nicholas Automatic Investment Plan actually invests on the date specified by the investor. Total market value includes reinvestment of all distributions.

\* Date of Initial Public Offering.

– 30 –

------

Nicholas Funds Services Offered<br>(unaudited)

---

| | | |
|:---|:---|:---|
| • | IRAs |  |
|  | • Traditional | • SIMPLE |
|  | • Roth | • SEP |
| • | Coverdell Education Accounts | Coverdell Education Accounts |
| • | Automatic Investment Plan | Automatic Investment Plan |
| • | Direct Deposit of Dividend and Capital Gain Distributions | Direct Deposit of Dividend and Capital Gain Distributions |
| • | Systematic Withdrawal Plan | Systematic Withdrawal Plan |
| • | Monthly Automatic Exchange between Funds | Monthly Automatic Exchange between Funds |
| • | Telephone Purchase and Redemption | Telephone Purchase and Redemption |
| • | Telephone Exchange |  |
| • | 24-hour Automated Account Information (800-544-6547) | 24-hour Automated Account Information (800-544-6547) |
| • | 24-hour Internet Account Access (www.nicholasfunds.com) | 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 (800-544-6547).

------

 ***Directors and Officers***<br> DAVID O. NICHOLAS, President and Director<br>JOHN A. HAUSER, Director<br>DAVID P. PELISEK, Director<br>JULIE M. VAN CLEAVE, Director<br>RYAN P. BUSHMAN, Senior Vice President<br>JENNIFER R. KLOEHN, Senior Vice President,<br> Treasurer and Chief Compliance Officer<br>LAWRENCE J. PAVELEC, Senior Vice President and Secretary<br>CANDACE L. LESAK, Vice President<br>***Investment Adviser***<br> NICHOLAS COMPANY, INC.<br> Milwaukee, Wisconsin<br> www.nicholasfunds.com<br> 414-276-0535 or 800-544-6547<br>***Accountant***<br> ***Dividend Disbursing Agent***<br> ***Transfer Agent***<br> U.S. BANCORP FUND SERVICES, LLC<br> Milwaukee, Wisconsin<br> 414-276-0535 or 800-544-6547<br>***Distributor***<br> QUASAR DISTRIBUTORS, LLC<br> Milwaukee, Wisconsin<br>***Custodian***<br> U.S. BANK N.A.<br> Milwaukee, Wisconsin<br>***Independent Registered Public Accounting Firm***<br> DELOITTE & TOUCHE LLP<br> Milwaukee, Wisconsin<br>***Counsel***<br> MICHAEL BEST & FRIEDRICH LLP<br> Milwaukee, Wisconsin

This report is submitted for the information of shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

------

 **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 13(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 $32,060 in 2022 and $30,000 in 2021.

(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 $5,875 in 2022 and $6,850 in 2021. 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 $19,300 in 2021 and $18,700 in 2020. These services were for the audit of the investment adviser for the adviser's fiscal year ended 10/31/2021 and 10/31/2020, 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: (b) N/A

(c) N/A (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).

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

Not applicable to this filing.

 **Item 6. Schedule of Investments.**

The schedule of investments in securities of unaffiliated issuers is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

 **Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Applicable only to annual reports filed by closed-end funds.

 **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Applicable only to annual reports filed by closed-end funds.

 **Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.**

Applicable only to closed-end funds.

 **Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable to this filing.

------

**Item 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 13. Exhibits.**

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

(a)(2) Certifications of [Principal Executive Officer](cert1222don.htm) and [Principal Financial Officer](cert1222jrk.htm) pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, attached hereto as EX-99.CERT.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more person. Applicable only to closed-end funds.

(a)(4) 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](cert906nle1222.htm), attached hereto as EX-99.906 CERT.

------

 **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: <u>/s/ David O. Nicholas</u><br> Name: David O. Nicholas<br> Title: Principal Executive Officer<br>Date: <u>February 28, 2023</u>

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: <u>/s/ David O. Nicholas</u><br> Name: David O. Nicholas<br> Title: Principal Executive Officer<br> Date: <u>February 28, 2023</u><br>By: <u>/s/ Jennifer R. Kloehn</u><br> Name: Jennifer R. Kloehn<br> Title: Principal Financial Officer<br> Date: <u>February 28, 2023</u>

## Ex-99.Code

**SARBANES-OXLEY**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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**.&nbsp;&nbsp;&nbsp;&nbsp; **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.

\* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>·</sup> 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report, at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Positions as a trustee, executor or other fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ownership interest in any broker-dealer or bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

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

**IV.&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>·</sup> any matter that the officer making the investigation believes is a violation will be reported to the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the independent directors will be responsible for granting waivers, as appropriate; and

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

**V.&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp; 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: November 22, 2022

<u>/s/ Lawrence J. Pavelec</u>

Lawrence J. Pavelec, Secretary

Nicholas Fund, Inc.

Nicholas II, Inc.

Nicholas High Income Fund, Inc.

Nicholas Equity Income Fund, Inc.

Nicholas Limited Edition, Inc.

Nicholas Money Market Fund, Inc.

**Exhibit A**

Persons Covered by this Code of Ethics

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; The Nicholas Company<br>| &nbsp;&nbsp; David O. Nicholas | &nbsp;&nbsp; Jennifer R. Kloehn |
| &nbsp;&nbsp; Nicholas Fund, Inc.<br>| &nbsp;&nbsp; David O. Nicholas | &nbsp;&nbsp; Jennifer R. Kloehn |
| &nbsp;&nbsp; Nicholas II, Inc.<br>| &nbsp;&nbsp; David O. Nicholas | &nbsp;&nbsp; Jennifer R. Kloehn |
| &nbsp;&nbsp; Nicholas Limited Edition, Inc.<br>| &nbsp;&nbsp; David O. Nicholas | &nbsp;&nbsp; Jennifer R. Kloehn |
| &nbsp;&nbsp; Nicholas Equity Income Fund, Inc.<br>| &nbsp;&nbsp; David O. Nicholas | &nbsp;&nbsp; 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>02/28/2023</u> | <u>/s/ David O. Nicholas</u> |
|  | David O. Nicholas |
|  | Principal Executive Officer |

---

## Ex-99.Cert

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>02/28/2023</u> | <u>/s/ Jennifer R. Kloehn</u> |
|  | Jennifer R. Kloehn |
|  | Principal Financial Officer |

---

## 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 December 31, 2022**

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.

---

| | |
|:---|:---|
| Date: | 02/28/2023 |
|  | <u>/s/ David O. Nicholas</u> |
|  | David O. Nicholas, President (Chief Executive Officer) |

---

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.

---

| | |
|:---|:---|
| Date: | 02/28/2023 |
|  | <u>/s/ Jennifer R. Kloehn</u> |
|  | Jennifer R. Kloehn, Treasurer (Chief Financial Officer) |

---

*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.*