NICHOLAS EQUITY INCOME FUND INC
NSAR-A, 1997-11-28
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<PAGE>      PAGE  1
000 A000000 09/30/97
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
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007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
020 A000001 ROBERT W. BAIRD & CO.
020 B000001 39-6037917
020 C000001      5
020 A000002 CLEARY GULL
020 B000002 39-1567700
020 C000002      3
020 A000003 ROBINSON-HUMPHREY
020 B000003 58-0406110
020 C000003      2
020 A000004 FURMAN SELZ
020 B000004 13-2753731
020 C000004      1
020 A000005 DONALDSON, LUFKIN & JENRETTE
020 B000005 13-2741729
020 C000005      1
020 C000006      0
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<PAGE>      PAGE  2
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022 A000001 FIRSTAR INVESTMENT
022 B000001 39-0281225
022 C000001     15961
022 D000001         0
022 A000002 FIRSTAR TRUST CO.
022 B000002 39-0281260
022 C000002      6931
022 D000002      6972
022 A000003 MARSHALL & ILSLEY
022 B000003 39-1610688
022 C000003      6441
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022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004      5243
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022 A000005 WILLIAM BLAIR
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022 B000006 13-2518466
022 C000006       882
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022 C000008       542
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022 A000009 JEFFERIES & CO.
022 B000009 95-2622900
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SIGNATURE   THOMAS J. SAEGER                             
TITLE       EXEC. VICE PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000913131
<NAME> NICHOLAS EQUITY INCOME FUND, INC.
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                         21293025
<INVESTMENTS-AT-VALUE>                        25523695
<RECEIVABLES>                                   149294
<ASSETS-OTHER>                                       0
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<TOTAL-ASSETS>                                25672989
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                              65609
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      20465140
<SHARES-COMMON-STOCK>                          1884386
<SHARES-COMMON-PRIOR>                          1696902
<ACCUMULATED-NII-CURRENT>                       197620
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         716016
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<REALIZED-GAINS-CURRENT>                        716580
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         205828
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<EXPENSE-RATIO>                                     .9
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</TABLE>


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