# EDGAR Filing Document

**Accession Number:** 0000913131
**File Stem:** 0001145549-23-012372
**Filing Date:** 2023-2
**Character Count:** 35986
**Document Hash:** c48e4e5925ec9b7a97c4c2e13b439752
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012372.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012372

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS EQUITY INCOME FUND, INC.
- **CENTRAL INDEX KEY:** 0000913131
- **IRS NUMBER:** 391768704
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08062
- **FILM NUMBER:** 23679312

**BUSINESS ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-272-4650

**MAIL ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19931006

## Series and Classes Contracts Data

### NICHOLAS EQUITY INCOME FUND INC (Series ID: S000009137)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024851 | CLASS I      | NSEIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| | **NICHOLAS EQUITY INCOME FUND, INC.** | |
| | **SCHEDULE OF INVESTMENTS (UNAUDITED)** | |
| | **AS OF DECEMBER 31, 2022** | |
| <br>**SHARES OR**<br>**PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **COMMON STOCKS --93.16%** | **COMMON STOCKS --93.16%** |  |
|  | **Communication Services - Telecommunication Services -- 1.23%** |  |
| 139500 | Verizon Communications Inc. | $5496300 |
|  | **Consumer Discretionary - Consumer Durables & Apparel -- 1.54%** |  |
| 87500 | M.D.C. Holdings, Inc. | 2765000 |
| 315000 | Newell Brands Inc | 4120200 |
|  |  | 6885200 |
|  | **Consumer Discretionary - Consumer Services -- 0.61%** |  |
| 8646 | Cedar Fair, L.P. | 357426 |
| 65000 | Travel + Leisure Co. | 2366000 |
|  |  | 2723426 |
|  | **Consumer Discretionary - Retailing -- 6.32%** |  |
| 24000 | Genuine Parts Company | 4164240 |
| 26300 | Home Depot, Inc. | 8307118 |
| 39500 | Target Corporation | 5887080 |
| 124000 | TJX Companies Inc | 9870400 |
|  |  | 28228838 |
|  | **Consumer Staples - Food & Staples Retailing -- 1.92%** |  |
| 112000 | Sysco Corporation | 8562400 |
|  | **Consumer Staples - Food Beverage & Tobacco -- 4.76%** |  |
| 142500 | Coca-Cola Company | 9064425 |
| 101500 | Mondelez International, Inc. Class A | 6764975 |
| 53500 | Philip Morris International Inc. | 5414735 |
|  |  | 21244135 |
|  | **Consumer Staples - Household & Personal Products -- 1.82%** |  |
| 53500 | Procter & Gamble Company | 8108460 |
|  | **Energy - Energy -- 3.81%** |  |
| 48000 | Chevron Corporation | 8615520 |
| 41000 | ConocoPhillips | 4838000 |
| 119100 | Enterprise Products Partners L.P. | 2872692 |
| 20183 | Williams Companies, Inc. | 664021 |
|  |  | 16990233 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Financials - Banks -- 5.49%** |  |
| 160000 | First Horizon Corporation | 3920000 |
| 61500 | JPMorgan Chase & Co. | 8247150 |
| 52800 | PNC Financial Services Group, Inc. | 8339232 |
| 85000 | Webster Financial Corporation | 4023900 |
|  |  | 24530282 |
|  | **Financials - Diversified Financials -- 6.78%** |  |
| 7950 | BlackRock, Inc. | 5633608 |
| 50500 | Cohen & Steers, Inc. | 3260280 |
| 82000 | Northern Trust Corporation | 7256180 |
| 49500 | Raymond James Financial, Inc. | 5289075 |
| 106000 | Charles Schwab Corp | 8825560 |
|  |  | 30264703 |
|  | **Financials - Insurance -- 2.17%** |  |
| 44000 | Chubb Limited | 9706400 |
|  | **Health Care - Health Care Equipment & Services -- 6.78%** |  |
| 84500 | Abbott Laboratories | 9277255 |
| 90800 | CVS Health Corporation | 8461652 |
| 109000 | Medtronic Plc | 8471480 |
| 150000 | Smith & Nephew plc Sponsored ADR | 4033500 |
|  |  | 30243887 |
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 10.87%** |  |
| 49500 | AbbVie, Inc. | 7999695 |
| 120000 | Astrazeneca PLC Sponsored ADR | 8136000 |
| 175000 | GSK plc Sponsored ADR | 6149500 |
| 55500 | Johnson & Johnson | 9804075 |
| 85000 | Merck & Co., Inc. | 9430750 |
| 205000 | Perrigo Co. Plc | 6988450 |
|  |  | 48508470 |
|  | **Industrials - Capital Goods -- 8.39%** |  |
| 43500 | Eaton Corp. Plc | 6827325 |
| 7500 | W.W. Grainger, Inc. | 4171875 |
| 32500 | Honeywell International Inc. | 6964750 |
| 41500 | Illinois Tool Works Inc. | 9142450 |
| 44500 | Lincoln Electric Holdings, Inc. | 6429805 |
| 8000 | Lockheed Martin Corporation | 3891920 |
|  |  | 37428125 |
|  | **Information Technology - Semiconductors &** |  |
|  | **Semiconductor Equipment -- 6.37%** |  |
| 61500 | Analog Devices, Inc. | 10087845 |
| 15500 | Broadcom Inc. | 8666515 |
| 138000 | Microchip Technology Incorporated | 9694500 |
|  |  | 28448860 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Information Technology - Software & Services -- 5.76%** |  |
| 101000 | Fidelity National Information Services, Inc. | 6852850 |
| 58500 | International Business Machines Corporation | 8242065 |
| 44250 | Microsoft Corporation | 10612035 |
|  |  | 25706950 |
|  | **Information Technology - Technology Hardware & Equipment -- 3.70%** | **Information Technology - Technology Hardware & Equipment -- 3.70%** |
| 179000 | Cisco Systems, Inc. | 8527560 |
| 250000 | Juniper Networks, Inc. | 7990000 |
|  |  | 16517560 |
|  | **Materials - Materials -- 4.85%** |  |
| 32750 | Air Products and Chemicals, Inc. | 10095515 |
| 31500 | Avery Dennison Corporation | 5701500 |
| 85500 | DuPont de Nemours, Inc. | 5867865 |
|  |  | 21664880 |
|  | **Real Estate - Real Estate -- 5.25%** |  |
| 26000 | American Tower Corporation | 5508360 |
| 40712 | Digital Realty Trust, Inc. | 4082192 |
| 10750 | Equinix, Inc. | 7041573 |
| 86800 | W. P. Carey Inc. | 6783420 |
|  |  | 23415545 |
|  | **Utilities - Utilities -- 4.74%** |  |
| 119000 | CMS Energy Corporation | 7536270 |
| 96500 | NextEra Energy, Inc. | 8067400 |
| 59000 | WEC Energy Group Inc | 5531840 |
|  |  | 21135510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $305,068,480) | 415810164 |
| **SHORT-TERM INVESTMENTS -- 6.61%** | **SHORT-TERM INVESTMENTS -- 6.61%** |  |
|  | **U.S. Government Securities -- 5.47%** |  |
| $4500000 | U.S. Treasury Bill 01/05/2023, 1.475% | 4499091 |
| 5000000 | U.S. Treasury Bill 01/19/2023, 3.096% | 4991956 |
| 5000000 | U.S. Treasury Bill 02/02/2023, 3.521% | 4984136 |
| 5000000 | U.S. Treasury Bill 03/02/2023, 4.114% | 4965853 |
| 5000000 | U.S. Treasury Bill 03/16/2023, 4.070% | 4958535 |
|  |  | 24399571 |
|  | **Money Market Fund -- 1.14%** |  |
| 5109100 | Morgan Stanley Liquidity Funds Government Portfolio (Institutional Class), | Morgan Stanley Liquidity Funds Government Portfolio (Institutional Class), |
|  | 7-day net yield, 4.08% | 5109100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(cost $29,503,837) | 29508671 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(cost $334,572,317) -- 99.77% | 445318835 |
| OTHER ASSETS, NET OF LIABILITIES -- 0.23% | 1031795 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) -- 100% | $446350630 |
| \* 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 - quoted prices in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 December 31, 2022 in valuing the Fund's investments carried at value:

---

| | |
|:---|:---|
|  | Investments |
| Valuation Inputs | in Securities |
| Level 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks(1) | $415810164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 5109100 |
| Level 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 24399571 |
| Level 3 |  |
| Total | $445318835 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Nicholas Equity Income Fund, Inc.

- **b. Investment Company Act file number:** 811-08062

- **c. CIK number of Registrant:** 0000913131

- **d. LEI of Registrant:** 5493004E2U43A6WR1P12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 411 E. Wisconsin Ave.

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4142724650

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nicholas Equity Income Fund, Inc.

- **b. EDGAR series identifier (if any):** S000009137

- **c. LEI of Series:** 5493004E2U43A6WR1P12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $446743855.39

**Total Liabilities:** $294296.67

**Net Assets:** $446449558.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024851 | 9.26%                | 6.55%                | -2.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-241810.38              | $37012881.24                               |
| Month 2  | $1828221.92              | $25598519.42                               |
| Month 3  | $362051.77               | $-13169550.30                              |

### Schedule of Portfolio Investments

| Name                                         | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Air Products & Chemicals, Inc.               | Air Products & Chemicals, Inc. COM                          | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     32750 | NS      | $10095515.00  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc COM                                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     15500 | NS      | $8666515.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                   | Avery Dennison Corporation COM                              | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     31500 | NS      | $5701500.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                              | BlackRock, Inc. COM                                         | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |      7950 | NS      | $5633608.50   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                           | Cohen & Steers Inc COM                                      | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     50500 | NS      | $3260280.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc   | Fidelity National Information Services Inc COM              | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    101000 | NS      | $6852850.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                           | ConocoPhillips Co. COM                                      | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     41000 | NS      | $4838000.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc. COM                                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    179000 | NS      | $8527560.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                              | CVS Health Corp COM                                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     90800 | NS      | $8461652.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                          | Chevron Corporation COM                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48000 | NS      | $8615520.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                        | Dupont De Nemours Inc COM                                   | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     85500 | NS      | $5867865.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corporation                    | First Horizon Corporation COM                               | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    160000 | NS      | $3920000.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                        | Microsoft Corporation COM                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     44250 | NS      | $10612035.00  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                          | Analog Devices Inc. COM                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     61500 | NS      | $10087845.00  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca PLC SPONSORED ADR                               | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    120000 | NS      | $8136000.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextera Energy Inc                           | Nextera Energy Inc COM                                      | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96500 | NS      | $8067400.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                             | Genuine Parts Co COM                                        | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     24000 | NS      | $4164240.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                     | Illinois Tool Works Inc. COM                                | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     41500 | NS      | $9142450.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson COM                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     55500 | NS      | $9804075.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks, Inc.                       | Juniper Networks, Inc. COM                                  | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |    250000 | NS      | $7990000.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | Merck & Co., Inc COM                                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     85000 | NS      | $9430750.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Company                        | The Coca-Cola Company COM                                   | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    142500 | NS      | $9064425.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.               | Lincoln Electric Holdings Inc. COM                          | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     44500 | NS      | $6429805.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                  | Lockheed Martin Corporation COM                             | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      8000 | NS      | $3891920.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated            | Microchip Technology Incorporated COM                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    138000 | NS      | $9694500.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| M.D.C. Holdings Inc.                         | M.D.C. Holdings Inc. COM                                    | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               | CORP              | US        |     87500 | NS      | $2765000.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                 | Mondelez International, Inc. CL A                           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    101500 | NS      | $6764975.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                             | Grainger W W Inc COM                                        | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      7500 | NS      | $4171875.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                               | Home Depot Inc COM                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     26300 | NS      | $8307118.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories COM                                     | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     84500 | NS      | $9277255.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                       | CMS Energy Corporation COM                                  | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    119000 | NS      | $7536270.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corporation  | International Business Machines Corporation COM             | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     58500 | NS      | $8242065.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                   | Northern Trust Corporation COM                              | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     82000 | NS      | $7256180.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Company PLC                          | Perrigo Company PLC COM EUR0.001                            | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |    205000 | NS      | $6988450.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company                 | The Procter & Gamble Company COM                            | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     53500 | NS      | $8108460.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | Philip Morris International Inc. COM                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     53500 | NS      | $5414735.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc             | PNC Financial Services Group Inc COM                        | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     52800 | NS      | $8339232.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                 | Raymond James Financial Inc. COM                            | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     49500 | NS      | $5289075.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | The Charles Schwab Corporation COM                          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    106000 | NS      | $8825560.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                            | Sysco Corporation COM                                       | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    112000 | NS      | $8562400.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corporation                           | Target Corporation COM                                      | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     39500 | NS      | $5887080.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                       | The TJX Companies Inc. COM                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    124000 | NS      | $9870400.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel Plus Leisure Co                       | Travel Plus Leisure Co COM                                  | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     65000 | NS      | $2366000.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                  | Verizon Communications Inc. COM                             | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    139500 | NS      | $5496300.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.                      | Webster Financial Corp. COM                                 | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     85000 | NS      | $4023900.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                        | WEC Energy Group Inc. COM                                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     59000 | NS      | $5531840.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| The Williams Companies, Inc.                 | The Williams Companies, Inc. COM                            | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     20183 | NS      | $664020.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                | Chubb Limited ORD CHF24.15                                  | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     44000 | NS      | $9706400.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                     | Digital Realty Trust Inc COM                                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     40712 | NS      | $4082192.24   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corporation PLC COM USD0.01                           | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     43500 | NS      | $6827325.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                | Medtronic PLC USD0.0001                                     | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    109000 | NS      | $8471480.00   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                           | Smith & Nephew PLC SPDN ADR NEW                             | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    150000 | NS      | $4033500.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.            | Enterprise Products Partners L.P. COM                       | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    119100 | NS      | $2872692.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cedar Fair, L.P.                             | Cedar Fair, L.P. DEPOSITRY UNIT                             | CUSIP: 150185106<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | EC               | CORP              | US        |      8646 | NS      | $357425.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5109100 | NS      | $5109100.09   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                   | American Tower Corporation COM                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     26000 | NS      | $5508360.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                | Equinix, Inc. COM                                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     10750 | NS      | $7041572.50   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc.                           | Newell Brands Inc. COM                                      | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    315000 | NS      | $4120200.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                              | W. P. Carey Inc COM                                         | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     86800 | NS      | $6783420.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 01/19/23                                                | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4991955.55   | 1.12%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 03/16/23                                                | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4958535.00   | 1.11%             | 2023-03-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 02/02/23                                                | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4984136.10   | 1.12%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 03/02/23                                                | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4965853.50   | 1.11%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                 | B 0 01/05/23                                                | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4499091.27   | 1.01%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSK plc                                      | GSK plc SPONSORED ADR                                       | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    175000 | NS      | $6149500.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                 | Honeywell International Inc. COM                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     32500 | NS      | $6964750.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     61500 | NS      | $8247150.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie Inc. COM                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     49500 | NS      | $7999695.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** Nicholas Equity Income Fund, Inc.

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer