<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000913131
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 NICHOLAS EQUITY INCOME FUND, INC.
001 B000000 811-8062
001 C000000 4142724650
002 A000000 700 N. WATER STREET, SUITE 1010
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
002 D020000 4276
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 KAYNE ANDERSON
020 B000001 95-3901352
020 C000001 3
020 A000002 INVEMED ASSOCIATES, INC
020 B000002 13-2782614
020 C000002 1
020 A000003 EQUITABLE SECURITIES
020 B000003 62-0871146
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 14
022 A000001 FFIRSTAR INVESTMENT DEPARTMENT
<PAGE> PAGE 2
022 B000001 39-0281225
022 C000001 6725
022 D000001 0
022 A000002 FIRSTAR TRUST
022 B000002 39-0281260
022 C000002 3438
022 D000002 3214
022 A000003 MARSHALL & ILSLEY
022 B000003 39-1610688
022 C000003 972
022 D000003 0
022 A000004 JEFFRIES & CO.
022 B000004 95-2622900
022 C000004 893
022 D000004 0
022 A000005 FIRST BOSTON
022 B000005 13-5659485
022 C000005 199
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 12232
023 D000000 3210
024 000000 N
028 A010000 763
028 A020000 618
028 A030000 0
028 A040000 75
028 B010000 283
028 B020000 0
028 B030000 0
028 B040000 31
028 C010000 203
028 C020000 0
028 C030000 0
028 C040000 79
028 D010000 226
028 D020000 142
028 D030000 0
028 D040000 63
028 E010000 152
028 E020000 0
028 E030000 0
<PAGE> PAGE 3
028 E040000 190
028 F010000 457
028 F020000 0
028 F030000 0
028 F040000 243
028 G010000 2084
028 G020000 760
028 G030000 0
028 G040000 681
028 H000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
<PAGE> PAGE 4
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1347
071 B000000 873
071 C000000 15707
071 D000000 6
072 A000000 6
072 B000000 187
072 C000000 212
072 D000000 0
072 E000000 0
072 F000000 59
072 G000000 0
072 H000000 0
072 I000000 4
072 J000000 1
072 K000000 1
072 L000000 1
072 M000000 2
072 N000000 12
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 5
072 S000000 14
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 0
<PAGE> PAGE 5
072 X000000 99
072 Y000000 23
072 Z000000 323
072AA000000 219
072BB000000 0
072CC010000 0
072CC020000 220
072DD010000 270
072DD020000 0
072EE000000 517
073 A010000 0.1982
073 A020000 0.0000
073 B000000 0.3998
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 2148
074 D000000 4334
074 E000000 728
074 F000000 10486
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 100
074 M000000 0
074 N000000 17796
074 O000000 233
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 51
074 S000000 0
074 T000000 17512
074 U010000 1461
074 U020000 0
074 V010000 11.99
074 V020000 0.00
074 W000000 0.0000
074 X000000 652
074 Y000000 0
075 A000000 0
075 B000000 16787
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 CHUBB GROUP
080 C000000 5500
<PAGE> PAGE 6
081 A000000 Y
081 B000000 6
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE THOMAS J. SAEGER
TITLE EXEC. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CURRENCY> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-1-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 15768658
<INVESTMENTS-AT-VALUE> 17696497
<RECEIVABLES> 99329
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17795826
<PAYABLE-FOR-SECURITIES> 233100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50302
<TOTAL-LIABILITIES> 283402
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15195452
<SHARES-COMMON-STOCK> 1461049
<SHARES-COMMON-PRIOR> 1281006
<ACCUMULATED-NII-CURRENT> 173850
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 219443
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1923679
<NET-ASSETS> 17512424
<DIVIDEND-INCOME> 186849
<INTEREST-INCOME> 211788
<OTHER-INCOME> 0
<EXPENSES-NET> 75744
<NET-INVESTMENT-INCOME> 322893
<REALIZED-GAINS-CURRENT> 219458
<APPREC-INCREASE-CURRENT> (220287)
<NET-CHANGE-FROM-OPS> 322064
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 270193
<DISTRIBUTIONS-OF-GAINS> 517062
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 173976
<NUMBER-OF-SHARES-REDEEMED> 57434
<SHARES-REINVESTED> 63501
<NET-CHANGE-IN-ASSETS> 1696741
<ACCUMULATED-NII-PRIOR> 121150
<ACCUMULATED-GAINS-PRIOR> 517047
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58912
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98789
<AVERAGE-NET-ASSETS> 16786896
<PER-SHARE-NAV-BEGIN> 12.35
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> .2
<PER-SHARE-DISTRIBUTIONS> .4
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.99
<EXPENSE-RATIO> 000.009
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
