NICHOLAS EQUITY INCOME FUND INC
NSAR-B, 1996-05-30
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<PAGE>      PAGE  1
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001 A000000 NICHOLAS EQUITY INCOME FUND, INC.
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002 A000000 700 N. WATER STREET, SUITE 1010
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<PAGE>      PAGE  2
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SIGNATURE   THOMAS J. SAEGER                             
TITLE       EXEC. VICE PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-START>                             APR-01-1995
<PERIOD-END>                               MAR-31-1996
<INVESTMENTS-AT-COST>                       13,600,503
<INVESTMENTS-AT-VALUE>                      15,744,866
<RECEIVABLES>                                  100,808
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              15,845,674
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       29,991
<TOTAL-LIABILITIES>                             29,991
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    13,033,520
<SHARES-COMMON-STOCK>                        1,281,006
<SHARES-COMMON-PRIOR>                        1,112,994
<ACCUMULATED-NII-CURRENT>                      121,150
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        517,047
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,143,966
<NET-ASSETS>                                15,815,683
<DIVIDEND-INCOME>                              322,279
<INTEREST-INCOME>                              320,537
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 191,401
<NET-INVESTMENT-INCOME>                        451,415
<REALIZED-GAINS-CURRENT>                       557,867
<APPREC-INCREASE-CURRENT>                    1,668,395
<NET-CHANGE-FROM-OPS>                        2,677,677
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      412,917
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        300,013
<NUMBER-OF-SHARES-REDEEMED>                    168,391
<SHARES-REINVESTED>                             36,390
<NET-CHANGE-IN-ASSETS>                       4,065,465
<ACCUMULATED-NII-PRIOR>                         82,652
<ACCUMULATED-GAINS-PRIOR>                     (40,819)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           96,493
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                193,545
<AVERAGE-NET-ASSETS>                        13,772,979
<PER-SHARE-NAV-BEGIN>                            10.56
<PER-SHARE-NII>                                   0.36
<PER-SHARE-GAIN-APPREC>                           1.77
<PER-SHARE-DIVIDEND>                              0.34
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.35
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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