| NICHOLAS LIMITED EDITION, INC. | ||||||
| SCHEDULE OF INVESTMENTS (UNAUDITED) | ||||||
| AS OF SEPTEMBER 30, 2022 | ||||||
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| SHARES OR | ||||||
| PRINCIPAL | ||||||
| AMOUNT | VALUE | |||||
COMMON STOCKS — 92.30% | |||||||
| Consumer Discretionary - Automobiles & Components — 1.72% | ||||||
| 87,240 | Dorman Products, Inc. * | $ 7,164,149 | ||||
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| Consumer Discretionary - Consumer Services — 1.79% | ||||||
| 131,500 | Carriage Services, Inc. | 4,229,040 | ||||
| 171,795 | Wendy's Company | 3,210,849 | ||||
| 7,439,889 | ||||||
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| Consumer Discretionary - Durables & Apparel — 1.25% | ||||||
| 230,645 | La-Z-Boy Incorporated | 5,205,658 | ||||
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| Consumer Discretionary - Retailing — 4.67% | ||||||
| 10,380 | Murphy USA, Inc. | 2,853,566 | ||||
| 78,380 | Ollie's Bargain Outlet Holdings Inc. * | 4,044,408 | ||||
| 648,335 | Petco Health and Wellness Company, Inc. | |||||
| Class A * | 7,235,419 | |||||
| 16,740 | Pool Corporation | 5,326,835 | ||||
| 19,460,228 | ||||||
| |||||||
| Consumer Staples - Food, Beverage & Tobacco — 2.48% | ||||||
| 45,355 | J & J Snack Foods Corp. | 5,872,112 | ||||
| 312,960 | Nomad Foods Ltd * | 4,444,032 | ||||
| 10,316,144 | ||||||
| |||||||
| Financials - Banks — 3.63% | ||||||
| 72,945 | Community Bank System, Inc. | 4,382,536 | ||||
| 115,150 | Glacier Bancorp, Inc. | 5,657,319 | ||||
| 62,890 | Pinnacle Financial Partners, Inc. | 5,100,379 | ||||
| 15,140,234 | ||||||
| |||||||
| Financials - Diversified — 3.20% | ||||||
| 124,635 | Cohen & Steers, Inc. | 7,805,890 | ||||
| 25,975 | Morningstar, Inc. | 5,515,012 | ||||
| 13,320,902 | ||||||
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| Financials - Insurance — 1.04% | ||||||
| 164,540 | BRP Group, Inc. Class A * | 4,335,629 | ||||
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Health Care - Health Care Equipment & Services — 10.96% | |||||||
| 52,107 | Amedisys, Inc. * | 5,043,436 | ||||
| 172,680 | AtriCure, Inc. * | 6,751,788 | ||||
| 208,925 | InMode Ltd. * | 6,081,807 | ||||
| 112,680 | NuVasive, Inc. * | 4,936,511 | ||||
| 75,000 | Omnicell, Inc. * | 6,527,250 | ||||
| 42,612 | QuidelOrtho Corporation * | 3,045,906 | ||||
| 103,510 | STAAR Surgical Company * | 7,302,630 | ||||
| 69,615 | UFP Technologies, Inc. * | 5,975,752 | ||||
| 45,665,080 | ||||||
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| Health Care - Pharmaceuticals, Biotechnology & Life Sciences — 4.98% | ||||||
| 140,715 | Pacira BioSciences, Inc. * | 7,484,631 | ||||
| 160,000 | Prestige Consumer Healthcare Inc. * | 7,972,800 | ||||
| 112,500 | Syneos Health, Inc. Class A * | 5,304,375 | ||||
| 20,761,806 | ||||||
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| Industrials - Capital Goods — 7.61% | ||||||
| 88,706 | A.O. Smith Corporation | 4,309,337 | ||||
| 76,920 | Beacon Roofing Supply, Inc. * | 4,209,062 | ||||
| 93,893 | Builders FirstSource, Inc. * | 5,532,176 | ||||
| 75,090 | Comfort Systems USA, Inc. | 7,308,510 | ||||
| 326,858 | Construction Partners, Inc. Class A * | 8,573,485 | ||||
| 54,270 | Evoqua Water Technologies Corp. * | 1,794,709 | ||||
| 31,727,279 | ||||||
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| Industrials - Commercial & Professional Services — 9.85% | ||||||
| 79,395 | Exponent, Inc. | 6,960,559 | ||||
| 173,325 | IAA, Inc. * | 5,520,401 | ||||
| 88,000 | ICF International, Inc. | 9,593,760 | ||||
| 430,045 | KAR Auction Services, Inc. * | 4,803,602 | ||||
| 134,075 | Ritchie Bros. Auctioneers Incorporated | 8,377,006 | ||||
| 44,960 | Tetra Tech, Inc. | 5,778,709 | ||||
| 41,034,037 | ||||||
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| Industrials - Transportation — 3.53% | ||||||
| 164,000 | Knight-Swift Transportation Holdings Inc. Class A | 8,024,520 | ||||
| 348,869 | Marten Transport, Ltd. | 6,684,330 | ||||
| 14,708,850 | ||||||
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| Information Technology - Semiconductors & Semiconductor Equipment — 4.11% | ||||||
| 98,435 | Lattice Semiconductor Corporation * | 4,843,986 | ||||
| 80,711 | Onto Innovation, Inc. * | 5,169,540 | ||||
| 110,280 | Power Integrations, Inc. | 7,093,210 | ||||
| 17,106,736 | ||||||
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Information Technology - Software & Services — 27.60% | |||||||
| 111,105 | BlackLine, Inc. * | 6,655,189 | ||||
| 43,750 | CyberArk Software Ltd. * | 6,559,875 | ||||
| 118,860 | Descartes Systems Group Inc. * | 7,551,176 | ||||
| 213,210 | EVERTEC, Inc. | 6,684,133 | ||||
| 56,565 | ExlService Holdings, Inc. * | 8,335,418 | ||||
| 275,235 | Grid Dynamics Holdings, Inc. Class A * | 5,155,151 | ||||
| 328,960 | i3 Verticals, Inc. Class A * | 6,589,069 | ||||
| 330,314 | Model N, Inc. * | 11,306,648 | ||||
| 31,890 | Paylocity Holding Corp. * | 7,703,986 | ||||
| 164,710 | Q2 Holdings, Inc. * | 5,303,662 | ||||
| 60,141 | Qualys, Inc. * | 8,383,054 | ||||
| 73,065 | Rapid7, Inc. * | 3,134,489 | ||||
| 678,099 | Repay Holdings Corporation Class A * | 4,787,379 | ||||
| 56,225 | SPS Commerce, Inc. * | 6,984,832 | ||||
| 139,025 | Tenable Holdings, Inc. * | 4,838,070 | ||||
| 222,400 | Varonis Systems, Inc. * | 5,898,048 | ||||
| 111,720 | WNS (Holdings) Limited Sponsored ADR * | 9,143,165 | ||||
| 115,013,344 | ||||||
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| Information Technology - Technology Hardware & Equipment — 1.31% | ||||||
| 131,670 | ePlus inc. * | 5,469,572 | ||||
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| Materials - Materials — 1.36% | ||||||
| 59,500 | AptarGroup, Inc. | 5,654,285 | ||||
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| Real Estate - Real Estate — 1.21% | ||||||
| 109,550 | NexPoint Residential Trust, Inc. | 5,062,306 | ||||
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| TOTAL COMMON STOCKS | ||||||
| (cost $303,439,522) | 384,586,128 | |||||
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SHORT-TERM INVESTMENTS — 7.52% | |||||||
| U.S. Government Securities — 6.22% | ||||||
| $5,000,000 | U.S. Treasury Bill 10/06/2022, 1.424% | 4,999,024 | ||||
| 5,000,000 | U.S. Treasury Bill 10/20/2022, 2.273% | 4,994,091 | ||||
| 5,000,000 | U.S. Treasury Bill 11/03/2022, 2.538% | 4,988,554 | ||||
| 5,000,000 | U.S. Treasury Bill 11/17/2022, 2.750% | 4,982,356 | ||||
| 5,000,000 | U.S. Treasury Bill 12/01/2022, 2.850% | 4,976,298 | ||||
| 1,000,000 | U.S. Treasury Bill 12/15/2022, 2.778% | 994,324 | ||||
| 25,934,647 | ||||||
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| Money Market Fund — 1.30% | ||||||
| 5,405,423 | Morgan Stanley Liquidity Funds Government Portfolio (Institutional Class), | |||||
| 7-day net yield 2.81% | 5,405,423 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||
| (cost $31,340,877) | 31,340,070 | |||||
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| TOTAL INVESTMENTS | ||||||
| (cost $334,780,399) — 99.82% | 415,926,198 | |||||
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| OTHER ASSETS, NET OF LIABILITIES — 0.18% | 753,971 | |||||
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| TOTAL NET ASSETS | ||||||
| (basis of percentages disclosed above) — 100% | $416,680,169 | |||||
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| * Non-income producing security. | ||||||
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 Report to Shareholders.
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 September 30, 2022 in valuing the Fund’s investments carried at value:
Valuation Inputs | Investments in Securities | |
Level 1 |
| |
| Common Stocks(1) | $384,586,128 |
| Money Market Fund | 5,405,423 |
Level 2 |
| |
| U.S. Government Securities | 25,934,647 |
Level 3 |
| |
| None | — |
| Total | $415,926,198 |
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(1) See Schedule above for further detail by industry.