Based upon the Prospectus Summary (http://www.nicholasfunds.com/NF/Summary.html http://www.nicholasfunds.com/NF/Summary.html) the total annual fund operating ex

Based upon the Prospectus Summary (http://www.nicholasfunds.com/NF/Summary.html http://www.nicholasfunds.com/NF/Summary.html) the total annual fund operating expenses are 0.73%. Contrast that with Vanguards S&P 500 fund (http://www.vanguard.com/pub/Pdf/p040.pdf http://www.vanguard.com/pub/Pdf/p040.pdf) at 0.17% for Investor Shares and 0.05% for Admiral Shares