0000913131 2025-11-01 2026-04-30 0000913131 nseix:C000024851Member 2025-11-01 2026-04-30 0000913131 nseix:C000024851Member 2026-04-30 0000913131 nseix:MicrosoftCorporationMember nseix:C000024851Member 2026-04-30 0000913131 nseix:UnionPacificCorporationMember nseix:C000024851Member 2026-04-30 0000913131 nseix:JPMorganChaseampCoMember nseix:C000024851Member 2026-04-30 0000913131 nseix:PNCFinancialServicesGroupIncMember nseix:C000024851Member 2026-04-30 0000913131 nseix:JohnsonampJohnsonMember nseix:C000024851Member 2026-04-30 0000913131 nseix:USBancorpMember nseix:C000024851Member 2026-04-30 0000913131 nseix:TexasInstrumentsIncorporatedMember nseix:C000024851Member 2026-04-30 0000913131 nseix:CharlesSchwabCorporationMember nseix:C000024851Member 2026-04-30 0000913131 nseix:MircochipTechnologyIncorporatedMember nseix:C000024851Member 2026-04-30 0000913131 nseix:NextEraEnergyIncMember nseix:C000024851Member 2026-04-30 0000913131 nseix:StrongTotaloftoptenstrongMember nseix:C000024851Member 2026-04-30 0000913131 nseix:C000024851Member nseix:FinancialsMember 2026-04-30 0000913131 nseix:C000024851Member nseix:InformationTechnologyMember 2026-04-30 0000913131 nseix:C000024851Member us-gaap:HealthCareMember 2026-04-30 0000913131 nseix:C000024851Member nseix:IndustrialsMember 2026-04-30 0000913131 nseix:C000024851Member nseix:ConsumerDiscretionaryMember 2026-04-30 0000913131 nseix:C000024851Member nseix:ConsumerStaplesMember 2026-04-30 0000913131 nseix:C000024851Member nseix:UtilitiesMember 2026-04-30 0000913131 nseix:C000024851Member nseix:EnergyMember 2026-04-30 0000913131 nseix:C000024851Member us-gaap:RealEstateMember 2026-04-30 0000913131 nseix:C000024851Member nseix:MaterialsMember 2026-04-30 0000913131 nseix:C000024851Member us-gaap:ShortTermInvestmentsMember 2026-04-30 iso4217:USD shares pure false N-1A N-CSRS 2026-04-30 Nicholas Equity Income Fund, Inc. 0000913131 Nicholas Equity Income Fund, Inc. Nicholas Equity Income Fund, Inc. NSEIX This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430_zF68LvezZSF8">semi-annual shareholder report</span> contains important information about Nicholas Equity Income Fund, Inc. (the "Fund") for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000024851Member_zHffdE6ftnS1">www.nicholasfunds.com/FundMaterials</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000024851Member_ztL4yDZToopO">1-800-544-6547</span>. www.nicholasfunds.com/FundMaterials 1-800-544-6547 <div class="section-header"><strong>What Were the Portfolio Costs for the Last Six Months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important; font-weight: bold"><strong>(based on a hypothetical $10,000 investment)</strong></div> <div class="section-body" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"><strong>Portfolio Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Costs of a $10,000 Investment</strong> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> <strong>Annualized Costs Paid as a Percentage of a $10,000 Investment</strong> </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Nicholas Equity Income Fund</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20251101__20260430__oef--ClassAxis__custom--C000024851Member_zy2BO0a0adXI">$35<sup></sup></span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpenseRatioPct_c20251101__20260430__oef--ClassAxis__custom--C000024851Member_z4mF0O6CJO7k">0.69%<sup></sup></span></td> </tr></table></div> 35 0.0069 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"><em>As of April 30, 2026</em></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260430__oef--ClassAxis__custom--C000024851Member_z4MKJocCYgJ6">$468,070,827</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--HoldingsCount_iI_uShares_c20260430__oef--ClassAxis__custom--C000024851Member_zzk0k8j29NtJ">61</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251101__20260430__oef--ClassAxis__custom--C000024851Member_z2Kyds4Pz26f">38.20%</span></td> </tr> </table> </div> 468070827 61 0.3820 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_989_eoef--LargestHoldingsTableTextBlock_c20251101__20260430__oef--ClassAxis__custom--C000024851Member_zxTZcBtAN7sK"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorporationMember_zIB7rb3Q2Frt">2.96%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Union Pacific Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--UnionPacificCorporationMember_zcgLoANXM5Gy">2.62%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> JPMorgan Chase &amp; Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--JPMorganChaseampCoMember_zgzHxKd4739i">2.61%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> PNC Financial Services Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--PNCFinancialServicesGroupIncMember_zP1f2vB1DdUC">2.52%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zlQgoL8oPsbL">2.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Bancorp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--USBancorpMember_zSOZjWkZEcR4">2.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Texas Instruments Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--TexasInstrumentsIncorporatedMember_z9xvOOXnrP7x">2.35%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Charles Schwab Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--CharlesSchwabCorporationMember_zsFDWgunbhTQ">2.23%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Mircochip Technology Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--MircochipTechnologyIncorporatedMember_zfobizysfopq">2.22%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NextEra Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--NextEraEnergyIncMember_zqOeKSwj3og8">2.17%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_znHootWR2Ri6">24.50%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Sector Diversification (As a Percentage of Total Investments)</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--FinancialsMember_zrpe8NQMLT21">17.18%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zt1LA3oxZfDt">15.76%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--HealthCareMember_zQ0Sz5JDIuZJ">14.49%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zalCRpWLlo5Q">13.53%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zOCGJ2nzvOR7">8.56%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zLCXnI2lgjuO">7.55%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zQvC3CGgONAB">6.85%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--EnergyMember_zRP0bD4aYvOB">5.59%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--RealEstateMember_zqpMqEcXui5b">4.97%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--MaterialsMember_zNnPsotIPJtU">1.79%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Short-Term Investments </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentsMember_zpVh5t7ojhqA">3.73%</span></td> </tr> </table><img alt="Af Image" src="fp0099334-4_sa51.jpg" style="width: 348px; height: 300px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"><strong>Top Ten Equity Holdings</strong></div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"><em>As of April 30, 2026</em></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Name</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Percentage of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorporationMember_zIB7rb3Q2Frt">2.96%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Union Pacific Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--UnionPacificCorporationMember_zcgLoANXM5Gy">2.62%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> JPMorgan Chase &amp; Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--JPMorganChaseampCoMember_zgzHxKd4739i">2.61%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> PNC Financial Services Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--PNCFinancialServicesGroupIncMember_zP1f2vB1DdUC">2.52%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Johnson &amp; Johnson </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--JohnsonampJohnsonMember_zlQgoL8oPsbL">2.43%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Bancorp </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--USBancorpMember_zSOZjWkZEcR4">2.39%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Texas Instruments Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--TexasInstrumentsIncorporatedMember_z9xvOOXnrP7x">2.35%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Charles Schwab Corporation </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--CharlesSchwabCorporationMember_zsFDWgunbhTQ">2.23%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Mircochip Technology Incorporated </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--MircochipTechnologyIncorporatedMember_zfobizysfopq">2.22%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> NextEra Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--NextEraEnergyIncMember_zqOeKSwj3og8">2.17%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Total of top ten</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000024851Member__us-gaap--InvestmentTypeAxis__custom--StrongTotaloftoptenstrongMember_znHootWR2Ri6">24.50%</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.0296 0.0262 0.0261 0.0252 0.0243 0.0239 0.0235 0.0223 0.0222 0.0217 0.2450 0.1718 0.1576 0.1449 0.1353 0.0856 0.0755 0.0685 0.0559 0.0497 0.0179 0.0373