August 28, 1997
Report to Fellow Shareholders:
Volatility has returned to the markets. During the first half of
1997 stocks have been in a state of vicissitude. The first quarter was
characterized by the Standard & Poor's 500 falling 10% from February to April
then rebounding 20% off this low from April to June 30, 1997. Moreover the
volatility continues during the third quarter with market swings of some 100
to 200 points a day in the Dow Jones industrial averages. During the six
month period ended June 30, 1997 Nicholas Limited Edition returned 15.24%,
compared to a return of 9.19% for the Morningstar small company mutual fund
objective composite and 10.20% for the Russell 2000 small company index.
Long-term returns and comparisons can be seen in the table below:
<TABLE>
Average Annual Total Return*
---------------------------------------
<S> <C> <C> <C> <C>
Nicholas Limited Edition, Inc. (Distributions Reinvested) ................... +18.53% +23.33% +18.51% +15.75%
Morningstar Small Company Mutual Fund Objective (Distributions Reinvested) .. +14.10% +21.76% +17.88% +12.99%
Russell 2000 Index (Income Reinvested) ....................................... +16.33% +20.05% +17.87% +11.14%
Standard & Poor's 500 Index (Income Reinvested) .............................. +34.71% +28.86% +19.78% +14.66%
Ending Value of $10,000 invested in
Nicholas Limited Edition (Distributions Reinvested) ....................... $11,853 $18,761 $23,375 $43,178
</TABLE>
As can be seen in the table above, large capitalization stocks
represented by the Standard & Poor's 500 index continue to outperform small
capitalization stocks represented by the Russell 2000 index. This trend
which has been ongoing for over 10 years will, I suspect, reverse one day.
The fund however has performed better than the Standard & Poor's 500 over the
ten year period ended 6/30/97 and has outperformed the Russell 2000 for all
of the periods ended 6/30/97.
During the first half of 1997 the fund lost two long-time and dear
holdings. I was sorry to see these high quality companies, which the fund
had owned for over 7 years, go. In the case of Vivra, a dialysis service
provider, the company was purchased for cash by Gambro AB of Sweden. Over a
weighted average holding period of 7.25 years that the fund had owned Vivra,
the stock returned 588.7% or approximately 28% compounded annually. The other
company, Keane Inc., an information technology service provider, returned
1,332.89% or approximately 44% compounded annually over a weighted average
holding period of 7.25 years the fund owned it. Keane was sold due to what I
considered extreme overvaluation, resulting from the exuberance surrounding
their year 2000 computer consulting opportunities. We will continue to look
for companies such as these to help our future performance, however, great
performances like these are never easy to replicate.
Finally, I would like to mention that Nicholas Limited Edition was
recognized as one of the top 100 performing mutual funds in the country by
Barron's magazine, July 21, 1997 issue, for its solid return with limited
volatility. Also, the fund has moved back to a 4-star rating in the
Morningstar mutual fund performance publication for its overall risk-adjusted
performance as of June 30, 1997 based on a comparison of 1997 domestic equity
funds eligible for the overall rating.* These honors are reflective of our
investment philosophy and the Nicholas Company employees hard work and
dedication to that philosophy. Thank you for your continued support.
Sincerely,
/s/David O. Nicholas
--------------------
David O. Nicholas
Portfolio Manager
*Total returns are historical and include change in share price and
reinvestment of dividend and capital gain distributions. Past performance
is no guarantee of future results. Principal value and return will
fluctuate so an investment, when redeemed, may be worth more or less than
original cost. Morningstar proprietary ratings reflect historical
risk-adjusted performance. The ratings are subject to change monthly.
Morningstar's overall rating is based on the Fund's three, five and ten year
average annual returns in excess of 90-day Treasury bill returns with
appropriate fee adjustments and a risk factor that reflects the Fund's
performance below 90-day Treasury bill returns. The Fund's three, five and
ten year ratings were three, four and five star as of June 30, 1997 based on
a comparison of 1997, 1134 and 618 funds, respectively. The top ten percent
of funds in their respective categories receive five stars, the next 22.5%
receive four stars and the next 35% receive three stars.
SCHEDULE OF INVESTMENTS
June 30, 1997 (unaudited)
- -----------------------------------------------------------------------------
Shares or Quoted
Principal Market
Amount Value
---------- (Note 1 (a))
------------
COMMON STOCKS - 89.25%
BANKS AND FINANCE - 6.85%
108,125 DBT Online, Inc.* 5,811,719
174,901 Litchfield Financial Corporation 2,864,004
97,500 Marshall & Ilsley Corporation 3,960,938
82,500 National City Bancorporation * 1,804,687
85,248 State Financial Services Corporation-Class A 1,768,896
432,800 Surety Capital Corporation * + 2,218,100
-----------
18,428,344
-----------
BUSINESS SERVICES - 12.46%
104,925 American List Corporation 3,160,866
162,500 Analysts International Corporation 5,443,750
200,000 Checkfree Corporation * 3,525,000
77,000 Danka Business Systems PLC 3,147,375
115,000 Envoy Corporation * 3,823,750
35,000 G&K Services, Inc. - Class A 1,303,750
121,111 Interim Services, Inc. * 5,389,439
60,250 Keane, Inc. * 3,133,000
42,000 TESSCO Technologies, Incorporated * 908,250
195,000 Viking Office Products, Inc. * 3,705,000
-----------
33,540,180
-----------
CONSUMER PRODUCTS AND SERVICES - 3.15%
39,250 Central Parking Corporation 1,366,410
65,000 Extended Stay America, Inc. * 1,023,750
195,000 MoneyGram Payment Systems, Inc. * 3,071,250
197,600 ThermoQuest Corporation * 3,013,400
-----------
8,474,810
-----------
HEALTH CARE PRODUCTS - 13.27%
213,400 Ballard Medical Products 4,281,444
115,000 DENTSPLY International Inc. 5,635,000
96,000 Elan Corporation, plc * 4,344,000
85,000 Forest Laboratories, Inc. * 3,522,187
30,000 Gilead Sciences, Inc. * 828,750
258,500 Respironics, Inc. * 5,460,813
115,000 Sofamor/Danek Group, Inc. * 5,261,250
192,500 Tecnol Medical Products, Inc. * 4,283,125
80,650 Thermo Cardiosystems Inc. * 2,096,900
-----------
35,713,469
-----------
HEALTH CARE SERVICES - 19.89%
137,500 American HomePatient, Inc. * 3,437,500
365,000 American Oncology Resources, Inc. * 6,159,375
227,000 Assisted Living Concepts, Inc. * 6,270,875
43,500 Cardinal Health, Inc. 2,490,375
95,000 CompDent Corporation * 2,000,985
236,000 Emeritus Corporation * 3,481,000
127,000 First Commonwealth, Inc. * 2,349,500
400,100 Harborside Healthcare Corporation * + 5,701,425
185,000 MedPartners, Inc. * 4,000,625
134,000 National Surgery Centers, Inc. * 4,740,250
120,000 OccuSystems, Inc. * 3,480,000
87,500 Patterson Dental Company * 3,002,388
85,000 Renal Care Group, Inc. 3,543,480
150,000 Res-Care, Inc. * 2,868,750
-----------
53,526,528
-----------
INDUSTRIAL PRODUCTS AND SERVICES - 5.31%
307,692 Anicom, Inc. * 3,692,304
65,000 Fastenal Company 3,185,000
50,000 Republic Industries, Inc. * 1,243,750
282,000 Thermo Optek Corporation * 3,313,500
242,200 ThermoSpectra Corporation * 2,861,109
-----------
14,295,663
-----------
INSURANCE - 7.39%
270,000 ARM Financial Group, Inc. -Class A * 5,400,000
167,645 Capitol Transamerica Corporation 4,568,326
173,200 Poe & Brown, Inc. 6,408,400
70,000 Protective Life Corporation 3,517,500
-----------
19,894,226
-----------
MEDIA, COMMUNICATIONS AND ENTERTAINMENT - 8.02%
170,000 Asia Satellite Telecommunications Holdings Limited* 5,121,250
246,000 Grand Prix Association of Long Beach, Inc. * + 3,105,750
539,310 International Speedway Corporation - Class B 10,246,890
95,000 Penske Motorsports, Inc. * 3,123,125
-----------
21,597,015
-----------
REAL ESTATE - 1.74%
119,000 National Health Investors, Inc. 4,670,750
-----------
RETAIL TRADE - 4.08%
90,000 Circuit City Stores, Inc.- CarMax Group * 1,288,170
103,000 Kohl's Corporation * 5,452,614
110,000 O'Reilly Automotive, Inc. * 4,235,000
-----------
10,975,784
-----------
TRANSPORTATION - 7.09%
520,188 Heartland Express, Inc. * 12,224,418
202,500 Knight Transportation, Inc. * 5,138,437
63,000 Midwest Express Holdings, Inc. * 1,724,625
-----------
19,087,480
-----------
TOTAL COMMON STOCKS
(cost $150,105,291) 240,204,249
-----------
CONVERTIBLE BOND - 3.39%
1,560,000 National Healthcare, L.P.,
6.00%, due July 1, 2000 4,576,650
5,100,000 Richey Electronics, Inc.,
7.00%, due March 1, 2006 4,545,375
-----------
TOTAL CONVERTIBLE BONDS
(cost $8,414,200) 9,122,025
-----------
SHORT-TERM INVESTMENTS - 6.14%
COMMERCIAL PAPER - 4.99%
1,500,000 Hilton Hotels Corporation
5.85%, due July 1, 1997 $ 1,500,000
2,200,000 Lockheed Martin Corporation
5.82%, due July 3, 1997 2,199,289
1,750,000 Houston Industries Incorporated
5.80%, due July 7, 1997 1,748,308
2,000,000 Lockheed Martin Corporation
5.90%, due July 8, 1997 1,997,706
2,000,000 Baxter International, Inc.
5.80%, due July 9, 1997 1,997,422
1,500,000 Mosinee Paper Corporation
5.75%, due July 14, 1997 1,496,886
2,500,000 Schreiber Foods, Inc.
5.75%, due July 16, 1997 2,494,010
-----------
13,433,621
-----------
VARIABLE RATE DEMAND NOTES - 1.15%
2,247,910 Johnson Controls, Inc.
5.28%, due July 1, 1997 2,247,910
279,055 Pitney Bowes Credit Corporation
5.26%, due July 1, 1997 279,055
565,512 Wisconsin Electric Power Company
5.30%, due July 1, 1997 565,512
-----------
3,092,477
-----------
TOTAL SHORT-TERM INVESTMENTS
(cost $16,502,676) 16,526,098
-----------
TOTAL INVESTMENTS 265,852,372
-----------
CASH AND RECEIVABLES, NET OF
LIABILITIES - 1.22% 3,289,788
-----------
TOTAL NET ASSETS
(Basis of percentages
disclosed above) $269,142,160
-----------
-----------
* Nondividend paying security.
+ This company is affiliated with the Fund as defined in Section
2(a)(2)-(3) of the Investment Company Act of 1940, in that the
Fund holds 5% or more of its outstanding voting securities.
(Note 5)
The accompanying notes to financial statements are
an integral part of this schedule.
Statement of Assets and Liabilities
June 30, 1997 (unaudited)
- -----------------------------------------------------------------------------
ASSETS:
<TABLE>
<S> <C>
Investments in securities at market value (Note 1 (a)) --
Nonaffiliated issuers (cost $166,598,219) - see accompanying schedule of investments.. $254,827,097
Affiliated issuers (cost $8,423,948) - see accompanying schedule of investments(Note 5) 11,025,275
-----------
Total investments............................................................... 265,852,372
-----------
Cash................................................................................. 187,530
Receivables -- -----------
Investment securities sold........................................................... 3,632,783
Dividends and interest............................................................... 319,533
-----------
Total receivables.............................................................. 3,952,316
-----------
Total assets................................................................... 269,992,218
-----------
LIABILITIES: -----------
Payables --
Investment securities purchased...................................................... 650,688
Management fee (Note 2).............................................................. 155,449
Other payables and accrued expenses.................................................. 43,921
-----------
Total liabilities.............................................................. 850,058
-----------
Total net assets............................................................... $269,142,160
-----------
-----------
NET ASSETS CONSIST OF:
Fund shares issued and outstanding......................................................... $159,577,692
Net unrealized appreciation on investments (Note 3)........................................ 90,806,783
Accumulated undistributed net realized gains on investments................................ 18,656,029
Accumulated undistributed net investment income............................................ 101,656
-----------
$269,142,160
-----------
-----------
NET ASSET VALUE PER SHARE ($.01 par value, 14,000,000 shares authorized),
offering price and redemption price ($269,142,160/11,261,401) shares outstanding)............... $23.90
------
------
</TABLE>
The accompanying notes to financial statements are an
integral part of this statement.
STATEMENT OF OPERATIONS
For the six months ended June 30, 1997 (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<S> <C>
INCOME:
Dividends ................................................................................... $ 556,359
Interest..................................................................................... 555,984
-----------
1,112,343
-----------
EXPENSES:
Management fee (Note 2)...................................................................... 884,687
Transfer agent fees.......................................................................... 59,383
Registration fees............................................................................ 30,257
Legal fees................................................................................... 17,088
Postage and mailing fees..................................................................... 7,358
Custodian fees............................................................................... 5,566
Printing..................................................................................... 4,427
Telephone fee................................................................................ 1,321
Directors' fees.............................................................................. 600
-----------
1,010,687
-----------
Net investment income.................................................................. 101,656
-----------
NET REALIZED GAINS ON INVESTMENTS (Note 1 (b)):..................................................... 18,656,029
-----------
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS ............................................. 16,306,419
-----------
Net gain on investments................................................................ 34,962,448
-----------
Net increase in net assets resulting from operations................................... $35,064,104
-----------
-----------
</TABLE>
The accompanying notes to financial statements are
an integral part of this statement.
STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended June 30, 1997 (unaudited)
and the year ended December 31, 1996
- -----------------------------------------------------------------------------
<TABLE>
<S> 1997 1996
OPERATIONS: ---------- ----------
<C> <C>
Net investment income...................................................... $ 101,656 $ 124,492
Net realized gains on investments (Note 1 (b))............................. 18,656,029 26,204,908
Net increase in unrealized appreciation on investments..................... 16,306,419 11,558,045
----------- -----------
Net increase in net assets resulting from operations.................. 35,064,104 37,887,445
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income ($0.0124 per share in 1996)..... -- (124,492)
Distributions from net realized gains on investments ($2.6151 per share
in 1996)................................................................. -- (26,204,908)
----------- -----------
Total distributions................................................... -- (26,329,400)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued (1,111,683 and 2,847,668 shares, respectively)... 24,293,913 63,721,201
Net asset value of shares issued in distribution
(1,198,162 shares in 1996)............................................... -- 24,442,501
Cost of shares redeemed (1,072,271 and 1,645,480 shares, respectively)..... (22,970,013) (36,536,271)
Increase in net assets derived from capital share ----------- -----------
transactions........................................................ 1,323,900 51,627,431
----------- -----------
Total increase in net assets.......................................... 36,388,004 63,185,476
----------- -----------
NET ASSETS, at the beginning of the period..................................... 232,754,156 169,568,680
----------- -----------
NET ASSETS, at the end of the period (including undistributed net investment
income of $101,656 in 1997).................................................. $269,142,160 $232,754,156
----------- -----------
----------- -----------
</TABLE>
The accompanying notes to financial statements are
an integral part of these statements.
- -----------------------------------------------------------------------------
Historical Record (unaudited)
- -----------------------------------------------------------------------------
<TABLE>
Net Investment Dollar Growth of
Net Income Capital Gain Weighted An Initial
Asset Value Distributions Distributions Price/Earnings $10,000
Per Share Per Share Per Share Ratio** Investment***
----------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
May 18, 1987 *............................. $10.00 $ -- $ -- -- $10,000
December 31, 1987 ......................... 9.15 .0900 -- 13.9 times 9,242
December 31, 1988.......................... 11.29 .0969 .2527 14.1 11,762
December 31, 1989.......................... 12.49 .1453 .6151 16.3 13,804
December 31, 1990.......................... 12.03 .1207 .1213 14.2 13,566
December 31, 1991.......................... 16.86 .1228 .2407 21.9 19,429
December 31, 1992.......................... 18.77 .0815 .8275 18.8 22,690
December 31, 1993.......................... 18.68 .0867 1.6782 20.4 24,738
December 31, 1994.......................... 17.09 .1031 .9065 18.3 23,985
December 31, 1995.......................... 19.22 .0761 2.9353 25.2 31,223
December 31, 1996.......................... 20.74 .0124 2.6151 30.7 38,031
June 30, 1997.............................. 23.90 -- -- 32.0 43,826
*Date of Initial Public Offering.
**Based on latest 12 months accomplished earnings.
***Assuming reinvestment of all distributions.
</TABLE>
Range in quarter end price/earnings ratios
High Low
- -------------- -------------
6/30/97 32.0 6/30/88 13.3
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
- -----------------------------------------------------------------------------
<TABLE>
Six Months Year ended December 31,
Ended 6/30/97 -----------------------------------------
(Unaudited) 1996 1995 1994 1993 1992
------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $20.74 $19.22 $17.09 $18.68 $18.77 $16.86
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .01 .01 .08 .10 .09 .08
Net gains or (losses) on securities
(realized and unrealized) 3.15 4.14 5.07 (.68) 1.59 2.74
------ ------ ------ ------ ------ ------
Total from investment operations 3.16 4.15 5.15 (.58) 1.68 2.82
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends (from net
investment income) -- (.01) (.08) (.10) (0.09) (.08)
Distributions (from capital gains) -- (2.62) (2.94) (.91) (1.57) (.83)
Distributions (in excess of book
realized gains) (Note 1 (d)) -- -- -- -- (0.11) --
------ ------ ------ ------ ------ ------
Total distributions -- (2.63) (3.02) (1.01) (1.77) (.91)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $23.90 $20.74 $19.22 $17.09 $18.68 $18.77
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL RETURN 15.24% (2) 21.81% 30.18% (3.04%) 9.03% 16.78%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions) $269.1 $232.8 $169.6 $142.6 $180.8 $190.2
Ratio of expenses to average net assets .85% (1) .86% .90% .90% .88% .92%
Ratio of net investment income
to average net assets .09% (1) .06% .38% .52% .42% .45%
Portfolio turnover rate 43.15% (1) 32.31% 35.77% 16.29% 24.35% 24.44%
Average commission rate paid by the
Fund on portfolio investment
transactions (3) $0.048 $0.048 $0.045 -- -- --
(1) Annualized.
(2) Not Annualized.
(3) Disclosure of this rate is required by the Securities and Exchange Commission on a prospective basis
beginning with the Fund's 1996 fiscal year end.
</TABLE>
The accompanying notes to financial statements are an
integral part of these statements.
- -----------------------------------------------------------------------------
TOP TEN PORTFOLIO HOLDINGS
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
Pecentage of
Name Net Assets
- ---- ------------
Heartland Express, Inc. .................... 4.54%
International Speedway Corporation - Class B 3.81%
Poe & Brown, Inc. .......................... 2.38%
Assisted Living Concepts, Inc. ............. 2.33%
American Oncology Resources, Inc. .......... 2.29%
DBT Online, Inc. ........................... 2.16%
Harborside Healthcare Corporation .......... 2.12%
DENTSPLY International, Inc. ............... 2.09%
Respironics, Inc. .......................... 2.03%
Kohl's Corporation ......................... 2.03%
--------
Total of top ten holdings are a percent of net assets 25.78%
--------
--------
NOTES TO FINANCIAL STATEMENTS
June 30, 1997 (unaudited)
- -----------------------------------------------------------------------------
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES --
Nicholas Limited Edition, Inc. (the "Fund"): is an open-end,
diversified management investment company registered under the
Investment Company Act of 1940, as amended. The primary objective of
the Fund is long-term growth. Current income is a small factor in
considering the selection of investments. The following is a summary
of the significant accounting policies of the Fund.
(a) Each security, excluding short-term investments, is valued at the
last sale price reported by the principal security exchange on
which the issue is traded, or if no sale is reported, the latest
bid price. Variable rate demand notes are valued at cost which
approximates market value. U.S. Treasury Bills and commercial
paper are stated at market value with the resultant difference
between market value and original purchase price being recorded
as interest income. Investment transactions are recorded no
later than the first business day after the trade date. Cost
amounts, as reported on the schedule of investments and the
statement of assets and liabilities, are the same for Federal
income tax purposes.
(b) Net realized gains and losses on common stocks were computed on
the basis of specific certificates.
(c) Provision has not been made for Federal income taxes or excise
taxes since the Fund has elected to be taxed as a "regulated
investment company" and intends to distribute all taxable income
to its shareholders and otherwise comply with the provisions of
the Internal Revenue Code applicable to regulated investment
companies.
(d) Excess distributions of book realized gains is the result of
different accounting treatment for book and tax purposes and
should not be treated as a return of capital for income tax
reporting. The Fund is required to distribute at least 98 percent
of realized gains through October 31 to avoid paying a federal
excise tax. The excess distribution in 1993 generally represents
losses on the sale of portfolio securities in the months of
November and December. The losses were used to offset future
gains.
(e) Dividend income and distributions to shareholders are recorded on
the ex-dividend date. Non-cash dividends, if any, are recorded
at fair market value on date of distribution.
(f) The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from the estimates.
(2) INVESTMENT ADVISOR AND MANAGEMENT AGREEMENT --
The Fund has an agreement with Nicholas Company, Inc. (with whom
certain officers and directors of the Fund are affiliated) to serve as
investment adviser and manager. Under the terms of the agreement, a
monthly fee is paid to the investment adviser based on 1/16th of 1%
(.75 of 1% on an annual basis) of the average net asset value. Also,
the investment adviser may be reimbursed for clerical and
administrative services rendered by its personnel. The advisory
agreement is subject to an annual review by the directors of the Fund.
(3) NET UNREALIZED APPRECIATION --
Aggregate gross unrealized appreciation (depreciation) as of June 30,
1997, based on investment cost for Federal tax purposes is as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation on investments ........................... $94,623,263
Aggregate gross unrealized depreciation on investments ........................... (3,816,480)
-----------
Net unrealized appreciation ................................................. $90,806,783
-----------
-----------
</TABLE>
(4) INVESTMENT TRANSACTIONS --
For the six months ended June 30, 1997, the cost of purchases and the
proceeds from sales of investments, other than short-term obligations,
aggregated $49,243,280 and $60,748,676, respectively.
(5) TRANSACTIONS WITH AFFILIATES --
Following is an analysis of transactions with "affiliated companies"
as defined for the six months ended June 30, 1997, by the Investment
Company Act of 1940:
<TABLE>
Share Activity
------------------------------------------
Balance Balance
Security Name 12/31/96 Purchases Sales 6/30/97
------------- -------- --------- ----- --------
<S> <C> <C> <C> <C>
Surety Capital Corporation 432,800 -- -- 432,800
Grand Prix Association of Long
Beach, Inc. 246,000 -- -- 246,000
Harborside Healthcare Corporation 391,100 9,000 -- 400,100
</TABLE>
There were no dividends or capital gains/losses on affiliated companies
for the six months ended June 30, 1997.
OFFICERS AND DIRECTORS
ALBERT O. NICHOLAS
President and Director
THOMAS J. SAEGER
Executive Vice President, Secretary and Director
MELVIN L. SCHULTZ
Director
DAVID L. JOHNSON
Executive Vice President
LYNN S. NICHOLAS
Senior Vice President
DAVID O. NICHOLAS
Senior Vice President
JEFFREY T. MAY
Senior Vice President
CANDACE l. LESAK
Vice President
MARK J. GIESE
Assistant Vice President
TRACY C. EBERLEIN
Assistant Vice President
MARY C. GOSEWEHR
Treasurer
INVESTMENT ADVISOR
NICHOLAS COMPANY, INC.
414-272-6133 or 800-227-5987
CUSTODIAN AND TRANSFER AGENT
FIRSTAR TRUST COMPANY
414-276-0535 or 800-544-6547
INDEPENDANT PUBLIC ACCOUNTANTS
ARTHUR ANDERSEN LLP
Milwaukee
COUNSEL
MICHAEL, BEST & FRIEDRICH
Milwaukee
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.
NICHOLAS LIMITED EDITION
700 N. Water Street
Milwaukee, WIsconsin 53202
June 30, 1997
