# EDGAR Filing Document

**Accession Number:** 0000913131
**File Stem:** 0001145549-25-052416
**Filing Date:** 2025-8
**Character Count:** 32726
**Document Hash:** 079b456bd45b2fd3bfb5a9dfae77abf1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052416.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052416

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08062
- **FILM NUMBER:** 251240433

**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. | NICHOLAS EQUITY INCOME FUND, INC. | NICHOLAS EQUITY INCOME FUND, INC. |
| SCHEDULE OF INVESTMENTS (UNAUDITED) | SCHEDULE OF INVESTMENTS (UNAUDITED) | SCHEDULE OF INVESTMENTS (UNAUDITED) |
| AS OF JUNE 30, 2025 | AS OF JUNE 30, 2025 | AS OF JUNE 30, 2025 |
| **SHARES OR** |  |  |
| **PRINCIPAL** |  |  |
| **AMOUNT** |  | **VALUE** |
| **COMMON STOCKS -- 95.90%** | **COMMON STOCKS -- 95.90%** |  |
|  | **Communication Services - Media & Entertainment -- 1.61%** |  |
| 204234 | Comcast Corporation Class A | $7289111 |
|  | **Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 5.01%** |  |
| 20300 | Home Depot, Inc. | 7442792 |
| 82220 | TJX Companies Inc | 10153348 |
| 97372 | Tractor Supply Company | 5138320 |
|  |  | 22734460 |
|  | **Consumer Discretionary - Consumer Durables & Apparel -- 1.16%** |  |
| 74062 | NIKE, Inc. | 5261364 |
|  | **Consumer Staples - Consumer Staples Distribution & Retail -- 1.04%** |  |
| 47742 | Target Corporation | 4709748 |
|  | **Consumer Staples – Food, Beverage & Tobacco -- 2.86%** |  |
| 99242 | Coca-Cola Company | 7021371 |
| 88409 | Mondelez International, Inc. Class A | 5962303 |
|  |  | 12983674 |
|  | **Consumer Staples - Household & Personal Products -- 3.49%** |  |
| 46550 | Procter & Gamble Company | 7416346 |
| 137325 | Unilever PLC Sponsored ADR | 8400170 |
|  |  | 15816516 |
|  | **Energy - Energy -- 5.19%** |  |
| 79795 | Chevron Corporation | 11425846 |
| 70843 | ConocoPhillips | 6357451 |
| 119100 | Enterprise Products Partners L.P. | 3693291 |
| 32480 | Williams Companies, Inc. | 2040069 |
|  |  | 23516657 |
|  | **Financials - Banks -- 6.74%** |  |
| 40625 | JPMorgan Chase & Co. | 11777594 |
| 52800 | PNC Financial Services Group, Inc. | 9842976 |
| 197405 | U.S. Bancorp | 8932576 |
|  |  | 30553146 |
|  | **Financials - Financial Services -- 9.79%** |  |
| 8444 | BlackRock, Inc. | 8859867 |
| 28200 | Blackstone Inc. | 4218156 |
| 126385 | Charles Schwab Corp | 11531367 |
| 38282 | Cohen & Steers, Inc. | 2884549 |
| 104175 | Nasdaq, Inc. | 9315329 |
| 49500 | Raymond James Financial, Inc. | 7591815 |

---

44,401,083

------

---

| | | |
|:---|:---|:---|
|  | **Financials - Insurance -- 1.62%** |  |
| 25350 | Chubb Limited | 7344402 |
|  | **Health Care - Health Care Equipment & Services -- 4.70%** |  |
| 88763 | Abbott Laboratories | 12072656 |
| 68435 | Medtronic Plc | 5965479 |
| 18281 | Quest Diagnostics Incorporated | 3283816 |
|  |  | 21321951 |
|  | **Health Care – Pharmaceuticals, Biotechnology & Life Sciences -- 9.14%** |  |
| 38619 | AbbVie, Inc. | 7168459 |
| 131685 | AstraZeneca PLC Sponsored ADR | 9202148 |
| 49460 | Johnson & Johnson | 7555015 |
| 59752 | Merck & Co., Inc. | 4729968 |
| 256900 | Pfizer Inc. | 6227256 |
| 135600 | Sanofi Sponsored ADR | 6550836 |
|  |  | 41433682 |
|  | **Industrials - Capital Goods -- 9.86%** |  |
| 97931 | A. O. Smith Corporation | 6421336 |
| 16725 | IDEX Corporation | 2936408 |
| 19975 | Illinois Tool Works Inc. | 4938819 |
| 27642 | L3Harris Technologies Inc | 6933719 |
| 33260 | Lincoln Electric Holdings, Inc. | 6895463 |
| 10510 | Nordson Corporation | 2253029 |
| 15655 | Owens Corning | 2152876 |
| 19584 | Rockwell Automation, Inc. | 6505217 |
| 12905 | Watsco, Inc. | 5699106 |
|  |  | 44735973 |
|  | **Industrials - Commercial & Professional Services -- 1.33%** |  |
| 57721 | Booz Allen Hamilton Holding Corporation | 6010488 |
|  | **Industrials - Transportation -- 1.54%** |  |
| 30287 | Union Pacific Corporation | 6968433 |
|  | **Information Technology - Semiconductors & Semiconductor Equipment -- 7.77%** |  |
| 52930 | Analog Devices, Inc. | 12598399 |
| 44257 | Broadcom Inc. | 12199442 |
| 148457 | Microchip Technology Incorporated | 10446919 |
|  |  | 35244760 |
|  | **Information Technology - Software & Services -- 9.66%** |  |
| 18880 | Accenture plc | 5643043 |
| 31546 | International Business Machines Corporation | 9299130 |
| 36622 | Microsoft Corporation | 18216149 |
| 48797 | Oracle Corporation | 10668488 |
|  |  | 43826810 |
|  | **Information Technology - Technology Hardware & Equipment -- 1.36%** |  |
| 89095 | Cisco Systems, Inc. | 6181411 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Materials - Materials -- 2.78%** |  |
| 23829 | Air Products and Chemicals, Inc. | 6721208 |
| 85500 | DuPont de Nemours, Inc. | 5864445 |
|  |  | 12585653 |
|  | **Real Estate - Equity Real Estate Investment Trusts (REITs) -- 4.29%** |  |
| 46882 | Alexandria Real Estate Equities, Inc. | 3405040 |
| 33905 | American Tower Corporation | 7493683 |
| 10750 | Equinix, Inc. | 8551303 |
|  |  | 19450026 |
|  | **Utilities - Utilities -- 4.96%** |  |
| 161410 | CMS Energy Corporation | 11182485 |
| 103610 | NextEra Energy, Inc. | 7192606 |
| 39650 | WEC Energy Group Inc | 4131530 |
|  |  | 22506621 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $293,493,599) | 434875969 |
| **SHORT-TERM INVESTMENTS -- 4.19%** | **SHORT-TERM INVESTMENTS -- 4.19%** |  |
|  | **Money Market Deposit Account - 0.89%** |  |
| $4028942 | U.S. Bank Money Market, 4.20% | 4028942 |
|  | **Money Market Fund - 1.10%** |  |
| 5000000 | First American Money Market Funds Government Obligations Fund - X Class, |  |
|  | 7-day net yield, 4.265% | 5000000 |
|  | **U.S. Government Securities - 2.20%** |  |
| 5014000 | U.S. Treasury Bill 07/08/2025, 4.217% | 5009949 |
| 5000000 | U.S. Treasury Bill 08/12/2025, 4.385% | 4974902 |
|  |  | 9984851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $19,013,950) | 19013793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $312,507,549) - 100.09% | 453889762 |
|  | LIABILITIES, NET OF OTHER ASSETS - (0.09)% | (405471) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) - 100% | $453484291 |

---

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

------

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 Financial Statements.

Various inputs are used in determining the value of the Fund's investments relating to Accounting Standards Codification 820 -10.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 - quoted prices in active markets for identical investments

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

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2025, 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) | $434875969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Deposit Account | 4028942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 5000000 |
| Level 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 9984851 |
| Level 3 |  |
| Total | $453889762 |

---

(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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $453923663.58

**Total Liabilities:** $400272.39

**Net Assets:** $453523391.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024851 | -2.81%               | 3.47%                | 3.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19030350.29             | $-13882063.20                              |
| Month 2  | $5548506.59              | $8146473.27                                |
| Month 3  | $755024.70               | $15879514.65                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Smith(Ao)Corp                         | Smith(Ao)Corp COM                         | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     97931 | NS      | $6421335.67   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                   | Analog Devices Inc. COM                   | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     52930 | NS      | $12598398.60  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                   | Abbott Laboratories COM                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     88763 | NS      | $12072655.63  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                           | AbbVie Inc. COM                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     38619 | NS      | $7168458.78   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc            | L3 Harris Technologies Inc COM            | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     27642 | NS      | $6933719.28   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.        | Lincoln Electric Holdings Inc. COM        | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     33260 | NS      | $6895463.20   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                            | Nasdaq Inc COM                            | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    104175 | NS      | $9315328.50   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corp. COM                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     36622 | NS      | $18216149.02  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                             | Sanofi SA SPONSORED ADR                   | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    135600 | NS      | $6550836.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                         | Medtronic PLC SHS                         | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     68435 | NS      | $5965478.95   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                       | AstraZeneca PLC SPONSORED ADR             | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    131685 | NS      | $9202147.80   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | Accenture PLC SHS CLASS A                 | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     18880 | NS      | $5643043.20   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.     | Booz Allen Hamilton Holding Corp. CL A    | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     57721 | NS      | $6010487.73   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                          | Broadcom Inc COM                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     44257 | NS      | $12199442.05  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.        | Air Products & Chemicals, Inc. COM        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     23829 | NS      | $6721207.74   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                    | Cohen & Steers Inc COM                    | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     38282 | NS      | $2884548.70   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                   | Cisco Systems, Inc. COM                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     89095 | NS      | $6181411.10   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                        | ConocoPhillips COM                        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     70843 | NS      | $6357450.82   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                | CMS Energy Corporation COM                | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    161410 | NS      | $11182484.80  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                   | Comcast Corporation CL A                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    204234 | NS      | $7289111.46   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                        | Blackstone Inc COM                        | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     28200 | NS      | $4218156.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                        | Blackrock Inc. COM                        | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      8444 | NS      | $8859867.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corp. COM | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     31546 | NS      | $9299129.88   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.              | Illinois Tool Works Inc. COM              | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     19975 | NS      | $4938818.75   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                      | Idex Corporation COM                      | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     12840 | NS      | $2254318.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | Home Depot Inc. COM                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     20300 | NS      | $7442792.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated        | Quest Diagnostics Incorporated COM        | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     18281 | NS      | $3283816.03   | 0.72%             |  |  |  | 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      | $5864445.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                         | Chevron Corp. COM                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79795 | NS      | $11425846.05  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                    | Coca-Cola Co (The) COM                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     99242 | NS      | $7021371.50   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMorgan Chase & Co. COM                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     40625 | NS      | $11777593.75  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson COM                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     49460 | NS      | $7555015.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.          | Mondelez International, Inc. CL A         | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     88409 | NS      | $5962302.96   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated     | Microchip Technology Incorporated COM     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    148457 | NS      | $10446919.09  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                      | Merck & Co., Inc COM                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     59752 | NS      | $4729968.32   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                         | Owens Corning COM                         | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     15655 | NS      | $2152875.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                            | Nike, Inc. CL B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     74062 | NS      | $5261364.48   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                    | NextEra Energy Inc COM                    | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    103610 | NS      | $7192606.20   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                          | Nordson Corp COM                          | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     10510 | NS      | $2253028.70   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                          | Oracle Corp. COM                          | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     48797 | NS      | $10668488.11  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.              | The Procter & Gamble Co. COM              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     46550 | NS      | $7416346.00   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                           | Pfizer Inc. COM                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    256900 | NS      | $6227256.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.             | Rockwell Automation, Inc. COM             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     19584 | NS      | $6505217.28   | 1.43%             |  |  |  | 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      | $7591815.00   | 1.67%             |  |  |  | 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      | $9842976.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                 | WEC Energy Group Inc. COM                 | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     39650 | NS      | $4131530.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                         | U.S. Bancorp. COM NEW                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    197405 | NS      | $8932576.25   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation             | Union Pacific Corporation COM             | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     30287 | NS      | $6968432.96   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                     | Tractor Supply Co COM                     | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     97372 | NS      | $5138320.44   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                | The TJX Companies Inc. COM                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     82220 | NS      | $10153347.80  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                          | Target Corp. COM                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     47742 | NS      | $4709748.30   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | The Charles Schwab Corporation COM        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    126385 | NS      | $11531367.40  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                            | Chubb Ltd. COM                            | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     25350 | NS      | $7344402.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                            | Watsco Inc COM                            | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     12905 | NS      | $5699106.10   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)         | Williams Companies Inc. (The) COM         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     32480 | NS      | $2040068.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation            | American Tower Corporation COM            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     33905 | NS      | $7493683.10   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                         | Equinix, Inc. COM                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     10750 | NS      | $8551302.50   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. COM | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     46882 | NS      | $3405039.66   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.             | First American Funds Inc. GOVT OBLIGS X   | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   5000000 | NS      | $5000000.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                          | US BANK MMDA                              | CUSIP: 8AMMF0JA0<br>LEI: N/A                  | Long             | STIV             |  | US        |   4129447 | NS      | $4129447.18   | 0.91%             |  |  |  | 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      | $3693291.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                          | Unilever PLC SPON ADR NEW                 | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    137325 | NS      | $8400170.25   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills          | B 0 07/08/25                              | CUSIP: 912797PZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5014000 | PA      | $5009949.44   | 1.10%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills          | B 0 08/12/25                              | CUSIP: 912797QJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4974902.10   | 1.10%             | 2025-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

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

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer