# EDGAR Filing Document

**Accession Number:** 0000913131
**File Stem:** 0001398344-25-021467
**Filing Date:** 2025-12
**Character Count:** 52631
**Document Hash:** 3685b859f8336e22eb00c788f25e6010
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021467.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001398344-25-021467

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS EQUITY INCOME FUND, INC.
- **CENTRAL INDEX KEY:** 0000913131

**ORGANIZATION NAME:**
- **EIN:** 391768704
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08062
- **FILM NUMBER:** 251539103

**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           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number <u>811-08062</u>

<u>Nicholas Equity Income Fund, Inc.</u>

(Exact Name of Registrant as specified in charter)

<u>411 East Wisconsin Avenue, Suite 2100, Milwaukee, Wisconsin 53202</u>

(Address of Principal Executive Offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

Jennifer R. Kloehn, Senior Vice President and Treasurer

411 East Wisconsin Avenue, Suite 2100

<u>Milwaukee, Wisconsin 53202</u>

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: <u>414-272-4650</u>

Date of fiscal year end: <u>03/31/2026</u>

Date of reporting period: <u>09/30/2025</u>

**Item 1. Report to Stockholders.** 

(a) ---

| | |
|:---|:---|
| ![](nicholas_logo.jpg) | Nicholas Equity Income Fund, Inc.<br>*NSEIX*  |

---

### Semi-Annual Shareholder Report

### September 30, 2025
This semi-annual shareholder report contains important information about Nicholas Equity Income Fund, Inc. (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.nicholasfunds.com/FundMaterials. You can also request this information by contacting us at 1-800-544-6547.

**What Were the Portfolio Costs for the Last Six Months?**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Costs of a $10,000 Investment**  | **Annualized Costs Paid as a Percentage of a $10,000 Investment**  |
| Nicholas Equity Income Fund | $37 | 0.70% |

---

**Key Fund Statistics**

*As of September 30, 2025*

---

| | |
|:---|:---|
| Net Assets | $468509131 |
| Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 23.28% |

---

**Top Ten Equity Holdings**

*As of September 30, 2025*

---

| | |
|:---|:---|
| **Name** | **Percentage of Net Assets** |
| Microsoft Corporation | 3.76% |
| Broadcom Inc. | 2.86% |
| Analog Devices, Inc. | 2.78% |
| Chevron Corporation | 2.64% |
| JPMorgan Chase & Co. | 2.63% |
| Abbott Laboratories | 2.54% |
| TJX Companies Inc | 2.54% |
| CMS Energy Corporation | 2.52% |
| Oracle Corporation | 2.35% |
| Charles Schwab Corp | 2.33% |
| **Total of top ten** | 26.95% |

---

**Sector Diversification (As a Percentage of Total Investments)**

*As of September 30, 2025*

![Af Image](fp0096276-4_sa51.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where can I find additional information about the Fund?**

Additional information is available on the Fund's website, www.nicholasfunds.com/FundMaterials, including its:

* prospectus

* financial information

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those of other members of your household, please call the Fund at 1-800-544-6547.

(b) Not applicable.

**Item 2. Code of Ethics.**

Applicable only to annual reports.

**Item 3. Audit Committee Financial Expert.**

Applicable only to annual reports.

**Item 4. Principal Accountant Fees and Services.**

Applicable only to annual reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to this filing.

**Item 6. Investments.**

The schedule of investments in securities of unaffiliated issuers is included as part of the financial statements and financial highlights for open-end management investment companies under Item 7 of this Form N-CSR.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) and (b)

![](fp0096276-3_i.jpg)

Financial Highlights (NSEIX) <br>For a share outstanding throughout each period<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **Six Months <br> Ended <br> 09/30/2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| NET ASSET VALUE, BEGINNING OF PERIOD  | $21.68 | $21.94 | $19.84 | $21.57 | $21.75 | $15.14 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup>  | .20 | .41 | .44 | .40 | .36 | .36 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on securities (realized and unrealized)  | 1.80 | .20 | 2.54 | (1.35) | 2.02 | 7.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations  | 2.00 | .61 | 2.98 | (.95) | 2.38 | 7.59 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (.21) | (.41) | (.45) | (.38) | (.36) | (.29) |
| &nbsp;&nbsp;&nbsp;From net capital gain  | (.75) | (.46) | (.43) | (.40) | (2.20) | (.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (.96) | (.87) | (.88) | (.78) | (2.56) | (.98) |
| NET ASSET VALUE, END OF PERIOD  | $22.72 | $21.68 | $21.94 | $19.84 | $21.57 | $21.75 |
| TOTAL RETURN  | 9.71%<sup>(2)</sup> | 2.88% | 15.68% | (4.31)% | 11.23% | 51.18% |
| SUPPLEMENTAL DATA  |  |  |  |  |  |  |
| Net assets, end of period (millions)  | $468.5 | $449.8 | $473.7 | $442.0 | $487.4 | $459.6 |
| Ratio of expenses to average net assets  | .70%<sup>(3)</sup> | .70% | .70% | .70% | .70% | .72% |
| Ratio of net investment income to average net assets  | 1.85%<sup>(3)</sup> | 1.88% | 2.22% | 2.00% | 1.65% | 1.92% |
| Portfolio turnover rate  | 23.28%<sup>(3)</sup> | 28.42% | 11.98% | 18.75% | 18.11% | 33.58% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Computed based on average shares outstanding.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Annualized.

The accompanying notes to financial statements are an integral part of these highlights.

Schedule of Investments <br>September 30, 2025 (unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 97.14%** | **COMMON STOCKS — 97.14%** | **COMMON STOCKS — 97.14%** |
|  | **Communication Services - Media & Entertainment — 1.37%** |  |
| 204234 | Comcast Corporation Class A  | $6417032 |
|  | **Consumer Discretionary - Consumer Discretionary Distribution & Retail — 5.47%** |  |
| 20300 | Home Depot, Inc.  | 8225357 |
| 82220 | TJX Companies Inc  | 11884079 |
| 97372 | Tractor Supply Company  | 5537546 |
|  |  | 25646982 |
|  | **Consumer Discretionary - Consumer Durables & Apparel — 1.38%** |  |
| 92507 | NIKE, Inc.  | 6450513 |
|  | **Consumer Staples - Food, Beverage & Tobacco — 2.73%** |  |
| 99242 | Coca-Cola Company  | 6581729 |
| 99729 | Mondelez International, Inc. Class A  | 6230071 |
|  |  | 12811800 |
|  | **Consumer Staples - Household & Personal Products — 3.26%** |  |
| 46550 | Procter & Gamble Company  | 7152407 |
| 137325 | Unilever PLC Sponsored ADR  | 8140626 |
|  |  | 15293033 |
|  | **Energy - Energy — 5.31%** |  |
| 79795 | Chevron Corporation  | 12391366 |
| 70843 | ConocoPhillips  | 6701039 |
| 119100 | Enterprise Products Partners L.P.  | 3724257 |
| 32480 | Williams Companies, Inc.  | 2057608 |
|  |  | 24874270 |
|  | **Financials - Banks — 6.93%** |  |
| 39040 | JPMorgan Chase & Co.  | 12314387 |
| 52800 | PNC Financial Services Group, Inc.  | 10609104 |
| 197405 | U.S. Bancorp  | 9540584 |
|  |  | 32464075 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Schedule of Investments (continued) <br>September 30, 2025 (unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 97.14% (continued)** | **COMMON STOCKS — 97.14% (continued)** | **COMMON STOCKS — 97.14% (continued)** |
|  | **Financials - Financial Services — 10.60%** |  |
| 8444 | BlackRock, Inc.  | $9844606 |
| 41510 | Blackstone Inc.  | 7091983 |
| 114155 | Charles Schwab Corp  | 10898378 |
| 50522 | Cohen & Steers, Inc.  | 3314748 |
| 24310 | Jefferies Financial Group Inc.  | 1590360 |
| 94685 | Nasdaq, Inc.  | 8374888 |
| 49500 | Raymond James Financial, Inc.  | 8543700 |
|  |  | 49658663 |
|  | **Financials - Insurance — 1.53%** |  |
| 25350 | Chubb Limited  | 7155037 |
|  | **Health Care - Health Care Equipment & Services — 4.79%** |  |
| 88763 | Abbott Laboratories  | 11888916 |
| 50935 | Medtronic Plc  | 4851049 |
| 16490 | UnitedHealth Group Incorporated  | 5693997 |
|  |  | 22433962 |
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences — 9.35%** |  |
| 38619 | AbbVie, Inc.  | 8941843 |
| 120155 | AstraZeneca PLC Sponsored ADR  | 9218292 |
| 49460 | Johnson & Johnson  | 9170873 |
| 54297 | Merck & Co., Inc.  | 4557147 |
| 90630 | Novo Nordisk A/S  | 5029059 |
| 145885 | Sanofi Sponsored ADR  | 6885772 |
|  |  | 43802986 |
|  | **Industrials - Capital Goods — 11.43%** |  |
| 97931 | A. O. Smith Corporation  | 7189115 |
| 38845 | IDEX Corporation  | 6322412 |
| 23595 | Illinois Tool Works Inc.  | 6152632 |
| 15447 | L3Harris Technologies Inc  | 4717668 |
| 31340 | Lincoln Electric Holdings, Inc.  | 7390912 |
| 15620 | Nordson Corporation  | 3544959 |
| 40460 | Owens Corning  | 5723472 |
| 19584 | Rockwell Automation, Inc.  | 6845196 |
| 13975 | Watsco, Inc.  | 5650093 |
|  |  | 53536459 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Schedule of Investments (continued) <br>September 30, 2025 (unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 97.14% (continued)** | **COMMON STOCKS — 97.14% (continued)** | **COMMON STOCKS — 97.14% (continued)** |
|  | **Industrials - Commercial & Professional Services — 1.23%** |  |
| 57721 | Booz Allen Hamilton Holding Corporation  | $5769214 |
|  | **Industrials - Transportation — 1.93%** |  |
| 38307 | Union Pacific Corporation  | 9054626 |
|  | **Information Technology - Semiconductors & Semiconductor Equipment — 8.91%** |  |
| 52930 | Analog Devices, Inc.  | 13004901 |
| 40562 | Broadcom Inc.  | 13381809 |
| 148457 | Microchip Technology Incorporated  | 9533909 |
| 31655 | Texas Instruments Incorporated  | 5815973 |
|  |  | 41736592 |
|  | **Information Technology - Software & Services — 7.53%** |  |
| 23571 | International Business Machines Corporation  | 6650793 |
| 33972 | Microsoft Corporation  | 17595797 |
| 39147 | Oracle Corporation  | 11009702 |
|  |  | 35256292 |
|  | **Information Technology - Technology Hardware & Equipment — 1.30%** |  |
| 89095 | Cisco Systems, Inc.  | 6095880 |
|  | **Materials - Materials — 2.70%** |  |
| 23829 | Air Products and Chemicals, Inc.  | 6498645 |
| 79085 | DuPont de Nemours, Inc.  | 6160722 |
|  |  | 12659367 |
|  | **Real Estate - Equity Real Estate Investment Trusts (REITs) — 4.23%** |  |
| 58282 | Alexandria Real Estate Equities, Inc.  | 4857222 |
| 33905 | American Tower Corporation  | 6520610 |
| 10750 | Equinix, Inc.  | 8419830 |
|  |  | 19797662 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Schedule of Investments (continued) <br>September 30, 2025 (unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Shares or <br> Principal <br> Amount** |  | **Value** |
| **COMMON STOCKS — 97.14% (continued)** | **COMMON STOCKS — 97.14% (continued)** | **COMMON STOCKS — 97.14% (continued)** |
|  | **Utilities - Utilities — 5.16%** |  |
| 161410 | CMS Energy Corporation  | $11824897 |
| 103610 | NextEra Energy, Inc.  | 7821519 |
| 39650 | WEC Energy Group Inc  | 4543494 |
|  |  | 24189910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS (cost $299,474,017)  | 455104355 |
| **SHORT-TERM INVESTMENTS -- 2.92%** | **SHORT-TERM INVESTMENTS -- 2.92%** |  |
|  | **Money Market Deposit Account — 0.36%** |  |
| $1678505 | U.S. Bank Money Market, 3.95%  | 1678505 |
|  | **Money Market Fund — 1.28%** |  |
| 6000000 | First American Government Obligations Fund - X Class, 7-day net yield, 4.069%  | 6000000 |
|  | **U.S. Government Security — 1.28%** |  |
| 6000000 | U.S. Treasury Bill 10/16/2025, 4.117%  | 5989865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (cost $13,668,580)  | 13668370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS (cost $313,142,597) — 100.06%  | 468772725 |
|  | LIABILITIES, NET OF OTHER ASSETS — (0.06)%  | (263594) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS (basis of percentages disclosed above) — 100%  | $468509131 |

---

The accompanying notes to financial statements are an integral part of this schedule.

Statement of Assets and Liabilities <br>September 30, 2025 (unaudited)<br>

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;Investments in securities at value (cost $313,142,597)  | $468772725 |
| &nbsp;&nbsp;&nbsp;Receivables  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest  | 612752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock subscription  | 12711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables  | 625463 |
| &nbsp;&nbsp;&nbsp;Other  | 9765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 469407953 |
| LIABILITIES  |  |
| &nbsp;&nbsp;&nbsp;Payables  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased  | 466581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to adviser  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee  | 235181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration fee  | 6355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total due to adviser  | 241536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock redemption  | 143759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payable and accrued expense  | 46946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 898822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets  | $468509131 |
| NET ASSETS CONSIST OF  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital  | $301399390 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings  | 167109741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets  | $468509131 |
| NET ASSET VALUE PER SHARE ($.0001 par value, 250,000,000 shares authorized), offering price and redemption price (20,621,929 shares outstanding)  | $22.72 |

---

The accompanying notes to financial statements are an integral part of this statement.

Statement of Operations <br>For the six months ended September 30, 2025 (unaudited)<br>

---

| | |
|:---|:---|
| INCOME  |  |
| &nbsp;&nbsp;&nbsp;Dividend (net of foreign taxes of $60,971)  | $5436862 |
| &nbsp;&nbsp;&nbsp;Interest  | 331810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income  | 5768672 |
| EXPENSES  |  |
| &nbsp;&nbsp;&nbsp;Management fee  | 1381271 |
| &nbsp;&nbsp;&nbsp;Administration services  | 37296 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 36379 |
| &nbsp;&nbsp;&nbsp;Accounting and pricing services  | 26086 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees  | 24382 |
| &nbsp;&nbsp;&nbsp;Registration fees  | 21864 |
| &nbsp;&nbsp;&nbsp;Directors' fees  | 11565 |
| &nbsp;&nbsp;&nbsp;Custodian fees  | 11231 |
| &nbsp;&nbsp;&nbsp;Insurance  | 9258 |
| &nbsp;&nbsp;&nbsp;Legal fees  | 7773 |
| &nbsp;&nbsp;&nbsp;Printing  | 7031 |
| &nbsp;&nbsp;&nbsp;Postage and mailing  | 2960 |
| &nbsp;&nbsp;&nbsp;Other operating expenses  | 8426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 1585522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | 4183150 |
| NET REALIZED GAIN ON INVESTMENTS  | 13184002 |
| CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION ON INVESTMENTS  | 24390869 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 37574871 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations  | $41758021 |

---

The accompanying notes to financial statements are an integral part of this statement.

Statements of Changes in Net Assets <br>For the six months ended September 30, 2025 (unaudited) and the year ended March 31, 2025<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> 9/30/2025<br> (unaudited)** | **Year Ended <br> 3/31/2025** |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $4183150 | $8820009 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments  | 13184002 | 18248575 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation/depreciation on investments  | 24390869 | (13519052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations  | 41758021 | 13549532 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM |  |  |
| &nbsp;&nbsp;&nbsp;Investment operations  | (19926146) | (18680087) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued (167,244 and 470,978 shares, respectively)  | 3629059 | 10254929 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions (424,830 and 597,603 shares, respectively)  | 8771834 | 12824318 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed (720,166 and 1,912,855 shares, respectively)  | (15565806) | (41826656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net assets derived from capital share transactions  | (3164913) | (18747409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets  | 18666962 | (23877964) |
| NET ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 449842169 | 473720133 |
| &nbsp;&nbsp;&nbsp;End of period  | $468509131 | $449842169 |

---

The accompanying notes to financial statements are an integral part of these statements.

Notes to Financial Statements <br>September 30, 2025 (unaudited)<br>

These financial statements have been prepared pursuant to reporting rules for interim financial statements. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles ("U.S. GAAP") for annual financial statements. These financial statements should be read in conjunction with the financial statements and financial highlights and notes in the Fund's Annual Financial Statements and Other Information on Form N-CSR for the year ended March 31, 2025.

These financial statements have not been audited. Management believes that these financial statements include all adjustments (which, unless otherwise noted, include only normal recurring adjustments) necessary for a fair presentation of the financial results for each period shown.

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** &nbsp;&nbsp;&nbsp;&nbsp; **Summary of Significant Accounting Policies —** 

Nicholas Equity Income Fund, Inc. (the "Fund") is organized as a Maryland corporation and is registered as an open-end, diversified management investment company under the Investment Company Act of 1940, as amended. The primary objective of the Fund is to produce reasonable income with moderate long-term growth. The following is a summary of the significant accounting policies of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equity securities traded on a stock exchange will ordinarily be valued on the basis of the last sale price on the date of valuation on the securities principal exchange, or if in the absence of any sale on that day, the closing bid price. For securities principally traded on the NASDAQ market, the Fund uses the NASDAQ Official Closing Price. Investments in shares of open-end mutual funds, including money market funds, are valued at their daily closing net asset value. Debt securities, excluding short-term investments, are valued at their current evaluated bid price as determined by an independent pricing service, which generates evaluations on the basis of dealer quotes for normal institutional-sized trading units, issuer analysis, bond market activity and various other factors. Short-term investments are valued using evaluated bid prices. Securities for which market quotations may not be readily available are valued at their fair value as determined in good faith by procedures adopted by the Board of Directors. The Board of Directors has delegated fair value responsibilities to Nicholas Company, Inc., the Fund's adviser. The Fund did not maintain any positions in derivative instruments or engage in hedging activities during the period. Investment transactions for financial statement purposes are recorded on trade date.

In accordance with Accounting Standards Codification ("ASC") 820-10, "Fair Value Measurement" ("ASC 820-10"), fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820-10 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in <br>

Notes to Financial Statements (continued) <br>September 30, 2025 (unaudited)<br>

pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value such as a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. 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, benchmark yields, bids, offers, transactions, spreads and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, 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, 2025 in valuing the Fund's investments carried at value:

---

| | |
|:---|:---|
| Valuation Inputs | Investments<br> in Securities |
| Level 1 – |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(1)</sup>  | $455104355 |
| &nbsp;&nbsp;&nbsp;Money Market Deposit Account  | 1678505 |
| &nbsp;&nbsp;&nbsp;Money Market Fund  | 6000000 |
| Level 2 – |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Security  | 5989865 |
| Level 3 – |  |
| Total  | $468772725 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;See Schedule of Investments for further detail by industry.

The Fund did not hold any Level 3 investments during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized gain (loss) on portfolio securities was computed on the basis of specific identification.

Notes to Financial Statements (continued) <br>September 30, 2025 (unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Dividend income is recorded on the ex-dividend date, and interest income is recognized on an accrual basis. Non-cash dividends, if any, are recorded at value on date of distribution. Generally, discounts and premiums on long-term debt security purchases, if any, are amortized over the expected lives of the respective securities using the effective yield method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 substantially all net investment income and net realized capital gains on sales of investments to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dividends and distributions paid to shareholders are recorded on the ex-dividend date. Distributions from net investment income are generally declared and paid at least quarterly. Distributions of net realized capital gain, if any, are declared and paid at least annually.

The amount of distributions from net investment income and net realized capital gain are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. Financial reporting records are adjusted for permanent book-to-tax differences to reflect tax character. <br>

The tax character of distributions paid during the six months ended September 30, 2025 and the year ended March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | 09/30/2025 | 03/31/2025 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income  | $4403136 | $8737323 |
| &nbsp;&nbsp;&nbsp;Long-term capital gain  | 15523010 | 9942764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid  | $19926146 | $18680087 |

---

The following information for the Fund is presented on an income tax basis as of March 31, 2025.

---

| | |
|:---|:---|
| Investment cost for federal tax purposes  | $317156000 |
| Unrealized appreciation  | $143146235 |
| Unrealized depreciation  | (10671776) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation  | $132474459 |

---

The differences between U.S. GAAP financial statement and tax-basis cost is attributable primarily to the Fund's holdings in partnership interests.

The Fund had no material uncertain tax positions and has not recorded a liability for unrecognized tax benefits as of September 30, 2025. Also, the Fund recognized no interest and penalties related to uncertain tax benefits during the

Notes to Financial Statements (continued) <br>September 30, 2025 (unaudited)<br>

period ended September 30, 2025. At September 30, 2025, the fiscal years 2022 through 2025 remain open to examination in the Fund's major tax jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") ASC 946, "Financial Services - Investment Companies." U.S. GAAP guidance requires management to make estimates and assumptions that effect the amounts reported in the financial statements and accompanying notes. Actual results could differ from estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the normal course of business the Fund enters into contracts that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with the preparation of the Fund's financial statements, management evaluated subsequent events after the date of the Statement of Assets and Liabilities of September 30, 2025. On February 10, 2025, the Board of Directors approved a change in the fiscal year end after the completion of the March 31, 2025 year end for the Fund from March 31st to October 31st. Other than this event, there have been no material subsequent events since September 30, 2025 that would require adjustment to or additional disclosure in these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** &nbsp;&nbsp;&nbsp;&nbsp; **Related Parties —** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Adviser and Management Agreement —

The Fund has an agreement with Nicholas Company, Inc. (with whom certain officers and directors of the Fund are affiliated) (the "Adviser") to serve as investment adviser and manager. Under the terms of the agreement, a monthly fee is paid to the Adviser based on an annualized fee of 0.70% of the average net asset value up to and including $50 million and 0.60% of the average net asset value in excess of $50 million.

The Adviser may be paid for accounting and administration services rendered by its personnel, subject to the following guidelines: (i) up to five basis points, on an annual basis, of the average net asset value of the Fund up to and including $2 billion and up to three basis points, on an annual basis, of the average net asset value of the Fund greater than $2 billion, based on the average net asset value of the Fund as determined by valuations made at the close of each business day of each month, and (ii) where the preceding calculation results in an annual payment of less than $50,000, the Adviser, in its discretion, may charge the Fund up to $50,000 for such services.

Notes to Financial Statements (continued) <br>September 30, 2025 (unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Legal Counsel —

A director of the Adviser is affiliated with a law firm that provides services to the Fund. The Fund incurred expenses of $4,285 for the period ended September 30, 2025 for legal services rendered by this law firm.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** &nbsp;&nbsp;&nbsp;&nbsp; **Investment Transactions —** 

For the period ended September 30, 2025, the cost of purchases and the proceeds from sales of investment securities, other than short-term obligations, aggregated $51,064,047 and $70,038,841, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** &nbsp;&nbsp;&nbsp;&nbsp; **Operating Segments —** 

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of the Fund's adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's portfolio investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

Approval of Investment Advisory Contract <br>(unaudited)<br>

In May 2025, the Board of Directors of the Fund renewed the one-year term of the Investment Advisory Agreement by and between the Fund and the Adviser through May 2026. In connection with the renewal of the Investment Advisory Agreement, no changes to the amount or manner of calculation of the management fee or the terms of the agreement were proposed by the Adviser or adopted by the Board. For the annual period ended March 31, 2025, the management fee was 0.61% and the Fund's total expense ratio (including the management fee) was 0.70%. In renewing the Investment Advisory Agreement, the Board carefully considered the following factors on an absolute basis and relative to the Fund's peer group (i) the Fund's expense ratio, which was low compared to the overall peer group; (ii) the Fund's performance on a short-term and long-term basis; (iii) the Fund's management fee; (iv) the range and quality of the services offered by the Adviser. The peer group fund data included mid-, large- and small-cap blend and value focused funds with similar asset sizes and a prospectus objective of equity income. In terms of the peer group data used for performance comparisons, the Fund was ranked 17th, 18th, 19th and 16th out of 23 funds for the one-, three-, five- and ten-year periods ended March 31, 2025. The Fund had the third lowest expense ratio among its peer group. The Board also reviewed the twelve-month yield and Fund's risk/return profile as measured by standard deviation and the Fund's Morningstar rankings.

The Board considered the range of services to be provided by the Adviser to the Fund under the Advisory Agreement. The Board concluded that the nature, extent, and quality of the services to be provided were consistent with the terms of the Advisory Agreement and the needs of the Fund, and that the services provided were of a high quality.

The Board considered the investment performance of the Fund and the Adviser. Among other things, the Board noted its consideration of the Fund's performance relative to peer funds. The Board reviewed the actual relative short-term and long-term performance of the Fund. The Board agreed that the Fund demonstrated strong long-term performance relative to benchmarks and its peers. The Board also discussed the extent to which economies of scale would be realized, and whether such economies were reflected in the Fund's fee levels and concluded that the Adviser had been instrumental in holding down Fund costs, citing consistently low fees relative to comparable funds.

The Board considered the cost of services provided by the Adviser. The Board also considered the profits realized by the Adviser in connection with the management and distribution of the Fund, as expressed by the Adviser's management in general terms. The Board expressed the opinion that given the Board's focus on performance and maintaining a low fee structure that the Adviser's profits were not relevant.

The Board determined that the Adviser had fully and adequately carried out the terms and conditions of its contract with the Fund. The Board expressed satisfaction with the Fund's performance, management's control of expenses and the rate of the management fee for the Fund and the overall level of services provided to the Fund by the Adviser.

Information on Proxy Voting <br>(unaudited)<br>

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request by calling 800-544-6547 or 414-276-0535. It also appears in the Fund's Statement of Additional Information, which can be found on the SEC's website, www.sec.gov. A record of how the Fund voted its proxies for the most recent twelve-month period ended June 30, also is available on the Fund's website, www.nicholasfunds.com, and the SEC's website, www.sec.gov.

Nicholas Funds Services Offered <br>(unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;● IRAs

● Traditional ● SEP

● Roth ● SIMPLE

&nbsp;&nbsp;&nbsp;&nbsp;● Coverdell Education Savings Accounts

&nbsp;&nbsp;&nbsp;&nbsp;● Automatic Investment Plan

&nbsp;&nbsp;&nbsp;&nbsp;● Direct Deposit of Dividend and Capital Gain Distributions

&nbsp;&nbsp;&nbsp;&nbsp;● Systematic Withdrawal Plan

&nbsp;&nbsp;&nbsp;&nbsp;● Monthly Automatic Exchange between Funds

&nbsp;&nbsp;&nbsp;&nbsp;● Telephone Purchase and Redemption

&nbsp;&nbsp;&nbsp;&nbsp;● Telephone Exchange

&nbsp;&nbsp;&nbsp;&nbsp;● 24-hour Automated Account Information (800-544-6547)

&nbsp;&nbsp;&nbsp;&nbsp;● 24-hour Internet Account Access (www.nicholasfunds.com)

Please call a shareholder representative for further information on the above services or with any other questions you may have regarding the Nicholas Funds.

***Directors and Officers***

DAVID O. NICHOLAS, President and Director

JOHN A. HAUSER, Director

DAVID P. PELISEK, Director

JULIE M. VAN CLEAVE, Director

JENNIFER R. KLOEHN, Senior Vice President,

Treasurer and Chief Compliance Officer

LAWRENCE J. PAVELEC, Senior Vice President and Secretary

PAUL J. KNYCH, Vice President

***Investment Adviser***

NICHOLAS COMPANY, INC.

Milwaukee, Wisconsin

www.nicholasfunds.com

414-276-0535 or 800-544-6547

***Accountant Dividend Disbursing Agent Transfer Agent***

U.S. BANCORP FUND SERVICES, LLC

Milwaukee, Wisconsin

414-276-0535 or 800-544-6547

***Distributor***

QUASAR DISTRIBUTORS, LLC

Portland, Maine

***Custodian***

U.S. BANK N.A.

Milwaukee, Wisconsin

***Independent Registered Public Accounting Firm***

DELOITTE & TOUCHE LLP

Milwaukee, Wisconsin

***Counsel***

MICHAEL BEST & FRIEDRICH LLP

Milwaukee, Wisconsin

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contain this and other important information about the investment company, and they may be obtained by calling 1-800-544-6547 or visiting www.nicholasfunds.com. Please read the prospectus carefully before investing.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.<br>

There have been no such changes in or disagreements with accountants as contemplated by Item 304 of Regulation S-K.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.<br>

Not applicable for this reporting period.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.<br>

The remuneration paid to directors, officers, and others is disclosed in the Statement of Operations included under Item 7.(a) Financial Statements and Financial Highlights for Open-End Management Investment Companies of this Report.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.<br>

The basis for approval of the investment advisory contract is included under Item 7.(a) Financial Statements and Financial Highlights for Open-End Management Investment Companies of this Report.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Applicable only to closed-end funds.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 16. Controls and Procedures.**

(a) The Fund's principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Applicable only to closed-end funds.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable to this filing.

**Item 19. Exhibits.**

(a)(1) Sarbanes-Oxley Code of Ethics for Principal Executive and Senior Financial Officers (that is the subject of the disclosure required by Item 2).

Applicable only to annual reports.

(a)(2) Not applicable to this filing.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, attached hereto as EX-99.CERT.](fp0096276-5_ex99cert.htm)

(a)(4) Not applicable to this filing.

(a)(5) Change in the registrant's independent public accountant.

Not applicable to this filing.

(b) [Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, attached hereto as EX-99.906 CERT.](fp0096276-5_ex99906cert.htm)

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Nicholas Equity Income Fund, Inc.</u>

---

| | |
|:---|:---|
| By: | /s/ David O. Nicholas |
| Name: | David O. Nicholas |
| Title: | Principal Executive Officer |
| Date: | November 25, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ David O. Nicholas |
| Name: | David O. Nicholas |
| Title: | Principal Executive Officer |
| Date: | November 25, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jennifer R. Kloehn |
| Name: | Jennifer R. Kloehn |
| Title: | Principal Financial Officer |
| Date: | November 25, 2025 |

---

## Ex-99.Cert

I, David O. Nicholas, certify that:

1. I have reviewed this report on Form N-CSR of Nicholas Equity Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 | /s/ David O. Nicholas |
|  |  | David O. Nicholas |
|  |  | Principal Executive Officer |

---

I, Jennifer R. Kloehn, certify that:

1. I have reviewed this report on Form N-CSR of Nicholas Equity Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 | /s/ Jennifer R. Kloehn |
| | | Jennifer R. Kloehn |
| | | Principal Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906 CERTIFICATION**

**Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

**Registrant: Nicholas Equity Income Fund, Inc.**

**Form: N-CSR Semiannual Report dated September 30, 2025**

I, David O. Nicholas, hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | 11/25/2025 |
|  | /s/ David O. Nicholas |
|  | David O. Nicholas, President (Chief Executive Officer) |

---

I, Jennifer R. Kloehn, hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | 11/25/2025 |
|  | /s/ Jennifer R. Kloehn |
|  | Jennifer R. Kloehn, Treasurer (Chief Financial Officer) |

---

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*