0000809802 2025-11-01 2026-04-30 0000809802 nicholas:C000024849Member 2025-11-01 2026-04-30 0000809802 nicholas:C000024849Member 2026-04-30 0000809802 nicholas:ModineManufacturingCompanyMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:CohenampSteersIncMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:PrestigeConsumerHealthcareIncMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:LatticeSemiconductorCorporationMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:DormanProductsIncMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:OntoInnovationIncMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:EncompassHealthCorporationMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:AptarGroupIncMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:KnightSwiftTransportationHoldingsIncClassAMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:DescartesSystemsGroupIncMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:StrongTotaloftoptenstrongMember nicholas:C000024849Member 2026-04-30 0000809802 nicholas:C000024849Member nicholas:IndustrialsMember 2026-04-30 0000809802 nicholas:C000024849Member nicholas:InformationTechnologyMember 2026-04-30 0000809802 nicholas:C000024849Member us-gaap:HealthCareMember 2026-04-30 0000809802 nicholas:C000024849Member nicholas:ConsumerDiscretionaryMember 2026-04-30 0000809802 nicholas:C000024849Member nicholas:FinancialsMember 2026-04-30 0000809802 nicholas:C000024849Member nicholas:ConsumerStaplesMember 2026-04-30 0000809802 nicholas:C000024849Member nicholas:MaterialsMember 2026-04-30 0000809802 nicholas:C000024849Member us-gaap:ShortTermInvestmentsMember 2026-04-30 0000809802 nicholas:C000024850Member 2025-11-01 2026-04-30 0000809802 nicholas:C000024850Member 2026-04-30 0000809802 nicholas:ModineManufacturingCompanyMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:CohenampSteersIncMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:PrestigeConsumerHealthcareIncMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:LatticeSemiconductorCorporationMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:DormanProductsIncMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:OntoInnovationIncMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:EncompassHealthCorporationMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:AptarGroupIncMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:KnightSwiftTransportationHoldingsIncClassAMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:DescartesSystemsGroupIncMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:StrongTotaloftoptenstrongMember nicholas:C000024850Member 2026-04-30 0000809802 nicholas:C000024850Member nicholas:IndustrialsMember 2026-04-30 0000809802 nicholas:C000024850Member nicholas:InformationTechnologyMember 2026-04-30 0000809802 nicholas:C000024850Member us-gaap:HealthCareMember 2026-04-30 0000809802 nicholas:C000024850Member nicholas:ConsumerDiscretionaryMember 2026-04-30 0000809802 nicholas:C000024850Member nicholas:FinancialsMember 2026-04-30 0000809802 nicholas:C000024850Member nicholas:ConsumerStaplesMember 2026-04-30 0000809802 nicholas:C000024850Member nicholas:MaterialsMember 2026-04-30 0000809802 nicholas:C000024850Member us-gaap:ShortTermInvestmentsMember 2026-04-30 iso4217:USD shares pure false N-CSRS NICHOLAS Ltd EDITION, INC. N-1A 0000809802 Nicholas Limited Edition, Inc. Class I NCLEX 2026-04-30 This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430_z6EPIZakE3ua">semi-annual shareholder report</span> contains important information about Nicholas Limited Edition, Inc. (the "Fund") - Class I (the "Class") for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000024849Member_zOZo2CbDHflc">www.nicholasfunds.com/FundMaterials</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000024849Member_zFrIsReoNpGF">1-800-544-6547</span>. www.nicholasfunds.com/FundMaterials 1-800-544-6547 <div class="section-header"><strong>What Were the Portfolio Costs for the Last Six Months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Portfolio Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Annualized Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20251101__20260430__oef--ClassAxis__custom--C000024849Member_zj5uvYNxZRGb">$41<sup></sup></span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20251101__20260430__oef--ClassAxis__custom--C000024849Member_zzoMXT1HCsJC">0.86%<sup></sup></span></td> </tr></table></div> 41 0.0086 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>As of April 30, 2026</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000024849Member_z58Hrojk3bI6">$329,568,126</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000024849Member_zj2IOvFnZ0wo">60</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251101__20260430__oef--ClassAxis__custom--C000024849Member_zy3XJX2sKO55">4.36%</span></td> </tr> </table> </div> 329568126 60 0.0436 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_984_eoef--LargestHoldingsTableTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000024849Member_z3vjBCXeRk8X"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Modine Manufacturing Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--ModineManufacturingCompanyMember_ziaSOYV9Xmo9">3.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cohen &amp; Steers, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--CohenampSteersIncMember_zQ4gTt1yD6gn">2.66%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Prestige Consumer Healthcare Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--PrestigeConsumerHealthcareIncMember_zZ7rxDyeQaOn">2.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zffrgEhDKrfX">2.55%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Dorman Products, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--DormanProductsIncMember_zt7aIq71qXo6">2.52%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Onto Innovation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--OntoInnovationIncMember_zqbhTAn9a9SB">2.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Encompass Health Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--EncompassHealthCorporationMember_zuNT8lfd47zD">2.31%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AptarGroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--AptarGroupIncMember_z5b69NAgtHu7">2.23%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Knight-Swift Transportation Holdings Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--KnightSwiftTransportationHoldingsIncClassAMember_zS5QedGPLmXD">2.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Descartes Systems Group Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--DescartesSystemsGroupIncMember_z8iv8uzHSUXP">2.19%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_zNI1Vi4c6Ipo">24.68%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Sector Diversification (As a Percentage of Total Investments)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong> Sectors (% of total investments)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Total Investments</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zPkIk9RuRZm6">30.91%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zIhdKcYt8TYF">28.25%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--HealthCareMember_zgAEmCgoiGNy">14.97%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zwsTljDJ2nkz">10.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--FinancialsMember_z3so2AusfipO">8.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zPukrlJVRuuC">2.93%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--MaterialsMember_zrNUZFam8kdZ">2.24%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Short-Term Investments </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024849Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentsMember_zpdqplnbdTP2">1.88%</span></td> </tr> </table><img alt="Af Image" src="fp0099031-5_sa41.jpg" style="width: 348px; height: 250px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Modine Manufacturing Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--ModineManufacturingCompanyMember_ziaSOYV9Xmo9">3.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cohen &amp; Steers, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--CohenampSteersIncMember_zQ4gTt1yD6gn">2.66%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Prestige Consumer Healthcare Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--PrestigeConsumerHealthcareIncMember_zZ7rxDyeQaOn">2.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zffrgEhDKrfX">2.55%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Dorman Products, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--DormanProductsIncMember_zt7aIq71qXo6">2.52%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Onto Innovation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--OntoInnovationIncMember_zqbhTAn9a9SB">2.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Encompass Health Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--EncompassHealthCorporationMember_zuNT8lfd47zD">2.31%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AptarGroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--AptarGroupIncMember_z5b69NAgtHu7">2.23%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Knight-Swift Transportation Holdings Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--KnightSwiftTransportationHoldingsIncClassAMember_zS5QedGPLmXD">2.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Descartes Systems Group Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--DescartesSystemsGroupIncMember_z8iv8uzHSUXP">2.19%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024849Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_zNI1Vi4c6Ipo">24.68%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0307 0.0266 0.0256 0.0255 0.0252 0.0236 0.0231 0.0223 0.0223 0.0219 0.2468 0.3091 0.2825 0.1497 0.1039 0.0843 0.0293 0.0224 0.0188 Nicholas Limited Edition, Inc. Class N NNLEX This semi-annual shareholder report contains important information about Nicholas Limited Edition, Inc. (the "Fund") - Class N (the "Class") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000024850Member_z99Y5qTkPcXR">www.nicholasfunds.com/FundMaterials</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000024850Member_zY5roaamvxlA">1-800-544-6547</span>. www.nicholasfunds.com/FundMaterials 1-800-544-6547 <div class="section-header"><strong>What Were the Portfolio Costs for the Last Six Months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Portfolio Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Annualized Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class N</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20251101__20260430__oef--ClassAxis__custom--C000024850Member_zQJ3OxndEFdz">$56<sup></sup></span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpenseRatioPct_c20251101__20260430__oef--ClassAxis__custom--C000024850Member_zcRNOmzGkKKV">1.16%<sup></sup></span></td> </tr></table></div> 56 0.0116 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>As of April 30, 2026</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000024850Member_zJ1YsNiZ1CuL">$329,568,126</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000024850Member_zkmHkQKNfyw7">60</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251101__20260430__oef--ClassAxis__custom--C000024850Member_zRZgx4mM0BzR">4.36%</span></td> </tr> </table> </div> 329568126 60 0.0436 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98B_eoef--LargestHoldingsTableTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000024850Member_zsFS5D8jCsyE"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Modine Manufacturing Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--ModineManufacturingCompanyMember_ztKg5mFBFuph">3.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cohen &amp; Steers, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--CohenampSteersIncMember_z8hJiOgmZyNd">2.66%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Prestige Consumer Healthcare Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--PrestigeConsumerHealthcareIncMember_zeERs9bAARyF">2.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zWOaUyIL20yd">2.55%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Dorman Products, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--DormanProductsIncMember_zkzvO9EEK2oF">2.52%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Onto Innovation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--OntoInnovationIncMember_zsfbVKnKbUmx">2.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Encompass Health Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--EncompassHealthCorporationMember_zYBoxJbyb5eN">2.31%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AptarGroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--AptarGroupIncMember_zSYPSBxEDy3F">2.23%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Knight-Swift Transportation Holdings Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--KnightSwiftTransportationHoldingsIncClassAMember_zdL4xLmxUC8F">2.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Descartes Systems Group Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--DescartesSystemsGroupIncMember_z1m2hLIK4Stt">2.19%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_z2PO1OqEdvTH">24.68%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Sector Diversification (As a Percentage of Total Investments)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong> Sectors (% of total investments)</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Total Investments</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zp7JTeXHrtui">30.91%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zeI0Z5OL91oD">28.25%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--HealthCareMember_z3Zk4ITL0spT">14.97%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zKrFfYChSLcM">10.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--FinancialsMember_zhXO5ob2CD5J">8.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zq4p7JdLfAZc">2.93%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--MaterialsMember_zXrGRIusJtGR">2.24%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Short-Term Investments </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfTotalInv_iI_c20260430__oef--ClassAxis__custom--C000024850Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentsMember_z68CjFjmOfw4">1.88%</span></td> </tr> </table><img alt="Af Image" src="fp0099031-6_sa41.jpg" style="width: 348px; height: 250px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center; margin-bottom: 0"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Modine Manufacturing Company </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--ModineManufacturingCompanyMember_ztKg5mFBFuph">3.07%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Cohen &amp; Steers, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--CohenampSteersIncMember_z8hJiOgmZyNd">2.66%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Prestige Consumer Healthcare Inc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--PrestigeConsumerHealthcareIncMember_zeERs9bAARyF">2.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Lattice Semiconductor Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--LatticeSemiconductorCorporationMember_zWOaUyIL20yd">2.55%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Dorman Products, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--DormanProductsIncMember_zkzvO9EEK2oF">2.52%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Onto Innovation, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--OntoInnovationIncMember_zsfbVKnKbUmx">2.36%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Encompass Health Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--EncompassHealthCorporationMember_zYBoxJbyb5eN">2.31%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> AptarGroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--AptarGroupIncMember_zSYPSBxEDy3F">2.23%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Knight-Swift Transportation Holdings Inc. Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--KnightSwiftTransportationHoldingsIncClassAMember_zdL4xLmxUC8F">2.23%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Descartes Systems Group Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--DescartesSystemsGroupIncMember_z1m2hLIK4Stt">2.19%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024850Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_z2PO1OqEdvTH">24.68%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0307 0.0266 0.0256 0.0255 0.0252 0.0236 0.0231 0.0223 0.0223 0.0219 0.2468 0.3091 0.2825 0.1497 0.1039 0.0843 0.0293 0.0224 0.0188