NICHOLAS EQUITY INCOME FUND INC
NSAR-B, 1998-05-28
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<PAGE>      PAGE  1
000 B000000 03/31/98
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
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007 C010100  1
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007 C010300  3
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007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
012 A000001 FIRSTAR TRUST COMPANY
012 B000001 85-00410
012 C010001 MILWAUKEE
012 C020001 WI
012 C030001 53202
012 C040001 2944
013 A000001 ARTHUR ANDERSEN LLP
013 B010001 MILWAUKEE
013 B020001 WI
013 B030001 53202
013 B040001 5390
015 A000001 FIRSTAR TRUST COMPANY
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
015 C030001 53202
015 C040001 2944
015 E010001 X
<PAGE>      PAGE  2
020 A000001 ROBERT W. BAIRD & CO.
020 B000001 39-6037917
020 C000001      6
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
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       13
022 A000001 FIRSTAR MONEY CENTER
022 B000001 39-0281225
022 C000001     30041
022 D000001         0
022 A000002 FIRSTAR TRUST CO.
022 B000002 39-0281260
022 C000002     12658
022 D000002     12613
022 A000003 MARSHALL & ILSLEY
022 B000003 39-1610688
022 C000003     23864
022 D000003       900
022 A000004 FIRST BOSTON
022 B000004 13-5659485
022 C000004      7240
022 D000004         0
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005      1011
022 D000005       882
022 A000006 WILLIAM BLAIR
022 B000006 36-2214610
022 C000006         0
022 D000006      1175
022 A000007 FORMAN CAPITAL CORP.
022 B000007 06-1351111
022 C000007         0
022 D000007       908
022 A000008 EVEREN SECURITIES
022 B000008 36-3223831
<PAGE>      PAGE  3
022 C000008       742
022 D000008         0
022 A000009 SOUTHWEST SECURITIES
022 B000009 75-1382137
022 C000009         0
022 D000009       620
022 A000010 MORGAN STANLEY & CO.
022 B000010 13-2655978
022 C000010       575
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<PAGE>      PAGE  6
080 A000000 CHUBB GROUP
080 C000000     6325
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SIGNATURE   THOMAS J. SAEGER                             
TITLE       EXEC. VICE PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                         22438378
<INVESTMENTS-AT-VALUE>                        28920903
<RECEIVABLES>                                   126859
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                29047762
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        75869
<TOTAL-LIABILITIES>                              75869
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      22286315
<SHARES-COMMON-STOCK>                          2018918
<SHARES-COMMON-PRIOR>                          1696902
<ACCUMULATED-NII-CURRENT>                       176691
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          28039
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       6480848
<NET-ASSETS>                                  28971893
<DIVIDEND-INCOME>                               448816
<INTEREST-INCOME>                               639050
<OTHER-INCOME>                                   38769
<EXPENSES-NET>                                  225292
<NET-INVESTMENT-INCOME>                         901343
<REALIZED-GAINS-CURRENT>                        778333
<APPREC-INCREASE-CURRENT>                      4450636
<NET-CHANGE-FROM-OPS>                          6130312
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       932718
<DISTRIBUTIONS-OF-GAINS>                       1225096
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         447302
<NUMBER-OF-SHARES-REDEEMED>                     283616
<SHARES-REINVESTED>                             158330
<NET-CHANGE-IN-ASSETS>                         8150584
<ACCUMULATED-NII-PRIOR>                         208066
<ACCUMULATED-GAINS-PRIOR>                       474802
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           175227
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 271460
<AVERAGE-NET-ASSETS>                          24925780
<PER-SHARE-NAV-BEGIN>                            12.27
<PER-SHARE-NII>                                    .47
<PER-SHARE-GAIN-APPREC>                           2.77
<PER-SHARE-DIVIDEND>                               .50
<PER-SHARE-DISTRIBUTIONS>                          .66
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.35
<EXPENSE-RATIO>                                     .9
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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