# EDGAR Filing Document

**Accession Number:** 0000913131
**File Stem:** 0001193125-26-118900
**Filing Date:** 2026-3
**Character Count:** 32202
**Document Hash:** 17489a81b8c9ee4947d330a2cf96f613
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-118900.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001193125-26-118900

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**PERIOD START**: 20261031

**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:** 1031
- **LEGAL ENTITY IDENTIFIER:** 5493004E2U43A6WR1P12

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08062
- **FILM NUMBER:** 26780449

**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 JANUARY 31, 2026 |  |
| **SHARES OR** |  |  |
| **PRINCIPAL** |  |  |
| **AMOUNT** |  | **VALUE** |
| **COMMON STOCKS -- 97.43%** | **COMMON STOCKS -- 97.43%** |  |
|  | **Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 5.19%** |  |
| 20300 | Home Depot, Inc. | $7604177 |
| 71925 | TJX Companies Inc | 10775084 |
| 115312 | Tractor Supply Company | 5867075 |
|  |  | 24246336 |
|  | **Consumer Discretionary - Consumer Durables & Apparel -- 1.63%** |  |
| 123307 | NIKE, Inc. | 7621606 |
|  | **Consumer Discretionary - Consumer Services -- 2.90%** |  |
| 20505 | McDonald's Corporation | 6459075 |
| 77090 | Starbucks Corporation | 7088425 |
|  |  | 13547500 |
|  | **Consumer Staples - Consumer Staples Distribution & Retail -- 1.54%** |  |
| 85925 | Sysco Corporation | 7204811 |
|  | **Consumer Staples - Food, Beverage & Tobacco -- 2.84%** |  |
| 99242 | Coca-Cola Company | 7424294 |
| 99729 | Mondelez International, Inc. Class A | 5831155 |
|  |  | 13255449 |
|  | **Consumer Staples - Household & Personal Products -- 3.41%** |  |
| 46550 | Procter & Gamble Company | 7064893 |
| 129408 | Unilever PLC Sponsored ADR | 8846331 |
|  |  | 15911224 |
|  | **Energy - Energy -- 5.16%** |  |
| 57055 | Chevron Corporation | 10093029 |
| 70843 | ConocoPhillips | 7383966 |
| 119100 | Enterprise Products Partners L.P. | 3952929 |
| 39830 | Williams Companies, Inc. | 2678966 |
|  |  | 24108890 |
|  | **Financials - Banks -- 7.45%** |  |
| 39040 | JPMorgan Chase & Co. | 11941946 |
| 52800 | PNC Financial Services Group, Inc. | 11790240 |
| 197405 | U.S. Bancorp | 11076394 |
|  |  | 34808580 |
|  | **Financials - Financial Services -- 9.66%** |  |
| 8444 | BlackRock, Inc. | 9448329 |
| 47780 | Blackstone Inc. | 6804828 |
| 114155 | Charles Schwab Corp | 11862988 |
| 50522 | Cohen & Steers, Inc. | 3246544 |
| 57365 | Nasdaq, Inc. | 5558095 |

---

------

---

| | | |
|:---|:---|:---|
| 49500 | Raymond James Financial, Inc. | 8210070 |
|  |  | 45130854 |
|  | **Financials - Insurance -- 1.68%** |  |
| 25350 | Chubb Limited | 7847346 |
|  | **Health Care - Health Care Equipment & Services -- 4.75%** |  |
| 88763 | Abbott Laboratories | 9701796 |
| 75400 | Medtronic Plc | 7763184 |
| 16490 | UnitedHealth Group Incorporated | 4731476 |
|  |  | 22196456 |
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 11.62%** |  |
| 38619 | AbbVie, Inc. | 8612423 |
| 16365 | Amgen Inc. | 5594866 |
| 120155 | AstraZeneca PLC Sponsored ADR | 11146779 |
| 49460 | Johnson & Johnson | 11239785 |
| 49007 | Merck & Co., Inc. | 5404002 |
| 90630 | Novo Nordisk A/S | 5386141 |
| 145885 | Sanofi Sponsored ADR | 6862430 |
|  |  | 54246426 |
|  | **Industrials - Capital Goods -- 11.08%** |  |
| 97931 | A. O. Smith Corporation | 7196949 |
| 6825 | Eaton Corporation plc | 2398441 |
| 9270 | Honeywell International Inc. | 2109110 |
| 38845 | IDEX Corporation | 7712675 |
| 23595 | Illinois Tool Works Inc. | 6164430 |
| 15447 | L3Harris Technologies Inc | 5296004 |
| 31340 | Lincoln Electric Holdings, Inc. | 8316069 |
| 15620 | Nordson Corporation | 4288159 |
| 19584 | Rockwell Automation, Inc. | 8257594 |
|  |  | 51739431 |
|  | **Industrials - Transportation -- 2.38%** |  |
| 47292 | Union Pacific Corporation | 11118349 |
|  | **Information Technology - Semiconductors & Semiconductor Equipment -- 7.30%** |  |
| 23195 | Analog Devices, Inc. | 7210862 |
| 20557 | Broadcom Inc. | 6810534 |
| 143642 | Microchip Technology Incorporated | 10905301 |
| 42520 | Texas Instruments Incorporated | 9165186 |
|  |  | 34091883 |
|  | **Information Technology - Software & Services -- 6.16%** |  |
| 26240 | Accenture plc | 6917914 |
| 23571 | International Business Machines Corporation | 7229226 |
| 33972 | Microsoft Corporation | 14617812 |
|  |  | 28764952 |
|  | **Information Technology - Technology Hardware & Equipment -- 1.50%** |  |
| 89095 | Cisco Systems, Inc. | 6977920 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Materials - Materials -- 1.39%** |  |
| 23829 | Air Products and Chemicals, Inc. | 6493402 |
|  | **Real Estate - Equity Real Estate Investment Trusts (REITs) -- 3.34%** |  |
| 37690 | American Tower Corporation | 6757063 |
| 10750 | Equinix, Inc. | 8824997 |
|  |  | 15582060 |
|  | **Utilities - Utilities -- 6.45%** |  |
| 102185 | Alliant Energy Corporation | 6735013 |
| 102185 | CMS Energy Corporation | 7305206 |
| 103610 | NextEra Energy, Inc. | 9107319 |
| 63200 | WEC Energy Group Inc | 6994344 |
|  |  | 30141882 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $297,180,962) | 455035357 |
| **SHORT-TERM INVESTMENTS -- 2.55%** | **SHORT-TERM INVESTMENTS -- 2.55%** |  |
|  | **Money Market Deposit Account -- 0.20%** |  |
| $921553 | U.S. Bank Money Market, 3.45% | 921553 |
|  | **Money Market Fund -- 1.07%** |  |
|  | First American Money Market Funds Government Obligations Fund - X Class, |  |
| 5000000 | 7-day net yield, 3.61% | 5000000 |
|  | **U.S. Government Security -- 1.28%** |  |
| 6000000 | U.S. Treasury Bill 02/10/2026, 2.908% | 5995223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $11,916,392) | 11916776 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $309,097,354) - 99.98% | 466952133 |
|  | OTHER ASSETS, NET OF LIABILITIES - 0.02% | 100359 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) - 100% | $467052492 |
|  | <br> 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 January 31, 2026, 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) | $455035357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Deposit Account | 921553 |
| &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 Security | 5995223 |
| Level 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $466952133 |

---

(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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $468473232.29

**Total Liabilities:** $367630.49

**Net Assets:** $468105601.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024851 | 1.58%                | 0.33%                | 4.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8224589.73              | $-1817661.81                               |
| Month 2  | $5787410.71              | $-4915535.68                               |
| Month 3  | $1423198.55              | $16779283.62                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc.                           | AbbVie Inc. COM                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     38619 | NS      | $8612423.19   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                   | Abbott Laboratories COM                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     88763 | NS      | $9701795.90   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                   | Analog Devices Inc. COM                   | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     23195 | NS      | $7210861.60   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                            | Amgen Inc. COM                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     16365 | NS      | $5594866.20   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc            | L3 Harris Technologies Inc COM            | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     15447 | NS      | $5296003.95   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation            | Alliant Energy Corporation COM            | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     87990 | NS      | $5799420.90   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                      | McDonald's Corp. COM                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     20505 | NS      | $6459075.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated     | Microchip Technology Incorporated COM     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    143642 | NS      | $10905300.64  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | Accenture PLC SHS CLASS A                 | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     26240 | NS      | $6917913.60   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                            | Chubb Ltd. COM                            | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     25350 | NS      | $7847346.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                 | Eaton Corporation PLC SHS                 | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      6825 | NS      | $2398441.50   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                         | Medtronic PLC SHS                         | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     75400 | NS      | $7763184.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                      | Novo Nordisk A/S ADR                      | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     90630 | NS      | $5386140.90   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                             | Sanofi SA SPONSORED ADR                   | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    145885 | NS      | $6862430.40   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                          | Unilever PLC SPON ADR NEW                 | CUSIP: 904767803<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    129408 | NS      | $8846330.88   | 1.89%             |  |  |  | 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      | $3952929.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                          | US BANK MMDA - USBGFS 9                   | CUSIP: 8AMMF0JA0<br>LEI: N/A                  | Long             | STIV             |  | US        |    991452 | NS      | $991451.53    | 0.21%             |  |  |  | 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   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation            | American Tower Corporation COM            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     37690 | NS      | $6757063.20   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                         | Equinix, Inc. COM                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     10750 | NS      | $8824997.50   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills          | B 0 02/10/26                              | CUSIP: 912797SQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5995223.34   | 1.28%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Smith(Ao)Corp                         | Smith(Ao)Corp COM                         | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     97931 | NS      | $7196949.19   | 1.54%             |  |  |  | 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      | $6493402.50   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                          | Broadcom Inc COM                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     20557 | NS      | $6810534.10   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                        | Blackrock Inc. COM                        | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      8444 | NS      | $9448329.36   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                        | Blackstone Inc COM                        | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     47780 | NS      | $6804827.60   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                | CMS Energy Corporation COM                | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    151600 | NS      | $10837884.00  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen And Steers Inc.                 | Cohen And Steers Inc. COM                 | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     50522 | NS      | $3246543.72   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                        | ConocoPhillips COM                        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     70843 | NS      | $7383965.89   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                   | Cisco Systems, Inc. COM                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     89095 | NS      | $6977920.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                         | Chevron Corp. COM                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57055 | NS      | $10093029.50  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                       | Home Depot Inc. COM                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     20300 | NS      | $7604177.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.          | Honeywell International Inc. COM          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5185 | NS      | $1179691.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp. | International Business Machines Corp. COM | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     23571 | NS      | $7229225.70   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                      | Idex Corporation COM                      | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     38845 | NS      | $7712674.75   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.              | Illinois Tool Works Inc. COM              | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     23595 | NS      | $6164429.70   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | Johnson & Johnson COM                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     49460 | NS      | $11239785.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                  | JPMorgan Chase & Co. COM                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     39040 | NS      | $11941945.60  | 2.55%             |  |  |  | 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      | $7424294.02   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.        | Lincoln Electric Holdings Inc. COM        | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     31340 | NS      | $8316069.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.          | Mondelez International, Inc. CL A         | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     99729 | NS      | $5831154.63   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                      | Merck & Co., Inc COM                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     49007 | NS      | $5404001.89   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                       | Microsoft Corp. COM                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     33972 | NS      | $14617811.88  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                            | Nasdaq Inc COM                            | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     62125 | NS      | $6019291.25   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                          | Nordson Corp COM                          | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     15620 | NS      | $4288158.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                    | NextEra Energy Inc COM                    | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    103610 | NS      | $9107319.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                            | Nike, Inc. CL B                           | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    123307 | NS      | $7621605.67   | 1.63%             |  |  |  | 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      | $7064893.50   | 1.51%             |  |  |  | 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      | $11790240.00  | 2.52%             |  |  |  | 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      | $8210070.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.             | Rockwell Automation, Inc. COM             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     19584 | NS      | $8257593.60   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                       | Starbucks Corp. COM                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     77090 | NS      | $7088425.50   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation        | The Charles Schwab Corporation COM        | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    114155 | NS      | $11862987.60  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                     | Sysco Corporation COM                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     85925 | NS      | $7204811.25   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                | The TJX Companies Inc. COM                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     71925 | NS      | $10775084.25  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                     | Tractor Supply Co COM                     | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    115312 | NS      | $5867074.56   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                | Texas Instruments Inc. COM                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     42520 | NS      | $9165186.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.               | UnitedHealth Group Inc. COM               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     16490 | NS      | $4731475.70   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation             | Union Pacific Corporation COM             | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     47292 | NS      | $11118349.20  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                         | U.S. Bancorp. COM NEW                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    197405 | NS      | $11076394.55  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                 | WEC Energy Group Inc. COM                 | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     50485 | NS      | $5587174.95   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)         | Williams Companies Inc. (The) COM         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     39830 | NS      | $2678965.80   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                       | AstraZeneca PLC SPONSORED ADR             | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    120155 | NS      | $11146779.35  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-23

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

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer