NICHOLAS LIMITED EDITION, INC.  
  SCHEDULE OF INVESTMENTS (UNAUDITED)  
  AS OF JULY 31, 2026  
SHARES OR    
PRINCIPAL    
AMOUNT   VALUE
COMMON STOCKS -- 96.78%  
  Consumer Discretionary - Automobiles & Components -- 2.85%  
73,862 Dorman Products, Inc.* $   9,835,464
 
  Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 2.11%  
4,040 Murphy USA, Inc. 2,455,350
65,720 Ollie's Bargain Outlet Holdings Inc* 4,828,448
    7,283,798
 
  Consumer Discretionary - Consumer Durables & Apparel -- 2.24%  
196,866 La-Z-Boy Incorporated 7,752,583
 
  Consumer Discretionary - Consumer Services -- 1.94%  
131,500 Carriage Services Inc. 5,308,655
10,746 Wingstop Inc. 1,391,500
    6,700,155
 
  Consumer Staples - Food, Beverage & Tobacco -- 3.53%  
389,361 Mama's Creations, Inc.* 7,175,923
421,967 Nomad Foods Ltd. 5,021,407
    12,197,330
 
  Financials - Financial Services -- 7.72%  
124,635 Cohen & Steers, Inc. 10,253,722
213,210 EVERTEC, Inc. 6,490,112
25,975 Morningstar, Inc. 5,002,006
93,214 Shift4 Payments, Inc. Class A* 4,940,342
    26,686,182
 
  Financials - Insurance -- 1.47%  
182,595 Baldwin Insurance Group, Inc. Class A* 5,065,185
 
  Health Care - Health Care Equipment & Services -- 10.92%  
202,765 AtriCure, Inc.* 7,656,406
562,397 Certara, Inc.* 4,555,416
76,273 Encompass Health Corporation 8,471,642
70,062 Globus Medical Inc Class A* 5,520,185
40,230 Omnicell, Inc.* 1,422,935
211,310 Option Care Health Inc* 4,866,469
20,536 UFP Technologies, Inc.* 5,232,162
    37,725,215
 
  Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 5.75%  
110,515 Bio-Techne Corporation 7,967,026
149,595 Prestige Consumer Healthcare Inc* 7,512,661
221,064 Stevanato Group SpA 4,388,120
    19,867,807

 

 

  Industrials - Capital Goods -- 9.43%  
91,246 A. O. Smith Corporation 5,486,622
24,323 Construction Partners, Inc. Class A* 2,513,782
11,060 CSW Industrials, Inc. 3,527,366
37,710 Donaldson Company, Inc. 3,553,791
39,895 Esab Corporation 3,452,114
24,415 Modine Manufacturing Company* 4,908,880
47,439 SiteOne Landscape Supply, Inc.* 4,480,139
21,145 SPX Technologies, Inc.* 4,643,865
    32,566,559
 
  Industrials - Commercial & Professional Services -- 15.42%  
78,333 Casella Waste Systems, Inc.* 7,027,254
225,856 ExlService Holdings, Inc.* 7,663,294
90,010 Exponent, Inc. 6,017,169
83,175 ICF International, Inc. 6,730,521
160,636 OPENLANE, Inc.* 6,386,887
42,923 Paylocity Holding Corp.* 5,918,867
62,131 RB Global, Inc. 6,818,256
202,560 Tetra Tech, Inc. 6,716,890
    53,279,138
 
  Industrials - Transportation -- 2.73%  
69,396 Knight-Swift Transportation Holdings Inc. Class A 4,825,104
312,281 Marten Transport, Ltd. 4,618,636
    9,443,740
 
  Information Technology - Semiconductors & Semiconductor Equipment -- 4.20%  
41,805 Lattice Semiconductor Corporation* 5,195,107
16,186 Onto Innovation, Inc.* 4,185,376
84,800 Power Integrations, Inc. 5,148,208
    14,528,691
 
  Information Technology - Software & Services -- 19.99%  
343,407 Alkami Technology, Inc.* 6,239,705
139,960 BlackLine, Inc.* 4,394,744
100,050 Descartes Systems Group Inc.* 7,519,758
379,226 Grid Dynamics Holdings, Inc. Class A* 2,612,867
291,085 i3 Verticals, Inc.* 6,130,250
153,275 Intapp, Inc.* 5,010,560
286,407 nCino Inc* 5,287,073
134,991 Q2 Holdings, Inc.* 8,216,902
46,906 Qualys, Inc.* 6,789,644
177,627 Tenable Holdings, Inc.* 5,797,745
152,570 Varonis Systems, Inc.* 6,095,172
83,035 Workiva Inc. Class A* 4,965,493
    69,059,913
 
  Information Technology - Technology Hardware & Equipment -- 4.17%  
82,705 ePlus inc. 7,642,769
47,590 Novanta Inc* 6,783,955
    14,426,724
 
  Materials - Materials -- 2.31%  
59,500 AptarGroup, Inc. 7,970,620

 

 

  TOTAL COMMON STOCKS  
  (cost $235,362,211) 334,389,104
 
SHORT-TERM INVESTMENTS -- 3.13%  
  Money Market Deposit Account -- 0.82%  
$2,829,876 U.S. Bank Money Market, 3.45% 2,829,876
 
  U.S. Government Securities -- 2.31%  
4,000,000 U.S. Treasury Bill 08/04/2026, 1.217% 3,999,600
4,000,000 U.S. Treasury Bill 09/08/2026, 3.501% 3,985,471
    7,985,071
 
  TOTAL SHORT-TERM INVESTMENTS  
  (cost $10,813,528) 10,814,947
 
  TOTAL INVESTMENTS  
  (cost $246,175,739) - 99.91% 345,204,051
 
  OTHER ASSETS, NET OF LIABILITIES - 0.09% 301,800
 
  TOTAL NET ASSETS  
  (basis of percentages disclosed above) - 100% $345,505,851
 
* Non-income producing security.  
 
 
  The accompanying notes to financial statements are an integral part of this schedule.  

 

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent Semiannual or Annual Financial Statements.

Various inputs are used in determining the value of the Fund's investments relating to Accounting Standards Codification 820-10.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used as of July 31, 2026, in valuing the Fund’s investments carried at value:

    Investments
Valuation Inputs   in Securities
Level 1    
Common Stocks(1) $ 334,389,104
Money Market Deposit Account   2,829,876
Level 2    
U.S. Government Securities   7,985,071
Level 3    
None   —
Total $ 345,204,051

 

(1) See Schedule above for further detail by industry.