NICHOLAS EQUITY INCOME FUND INC
NSAR-A, 1999-11-30
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<PAGE>      PAGE  1
000 A000000 09/30/1999
000 C000000 0000913131
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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
020 A000001 ROBERT W. BAIRD & CO.
020 B000001 39-6037917
020 C000001     14
020 A000002 INSTINET
020 B000002 13-3443995
020 C000002      3
020 A000003 DOWLING & PARTNERS
020 B000003 06-1400223
020 C000003      1
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000       18
022 A000001 FIRSTAR BANK MILWAUKEE, N.A.
022 B000001 39-0281225
022 C000001     24559
022 D000001      6874
022 A000002 MARSHALL & ILSLEY
022 B000002 39-1610688
022 C000002     13361
022 D000002         0
022 A000003 MERRILL LYNCH & CO., INC.
022 B000003 39-1035790
022 C000003      3875
<PAGE>      PAGE  2
022 D000003         0
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004      3097
022 D000004         0
022 A000005 SOUTHWEST SECURITIES GROUP
022 B000005 75-1382137
022 C000005         0
022 D000005      2030
022 A000006 LEHMAN BROTHERS
022 B000006 13-2518466
022 C000006         0
022 D000006      1064
022 A000007 SALOMON SMITH BARNEY, INC.
022 B000007 13-1912900
022 C000007       999
022 D000007         0
022 A000008 MCDONALD & CO.
022 B000008 34-1391952
022 C000008       448
022 D000008         0
022 A000009 ROBERT W. BAIRD & CO.
022 B000009 39-6037917
022 C000009         0
022 D000009       106
022 C000010         0
022 D000010         0
023 C000000      46339
023 D000000      10074
028 A010000       134
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028 A040000       446
028 B010000       147
028 B020000        87
028 B030000         0
028 B040000      2062
028 C010000       215
028 C020000         0
028 C030000         0
028 C040000      1033
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028 D020000       168
028 D030000         0
028 D040000       236
028 E010000        39
028 E020000         0
028 E030000         0
028 E040000       583
028 F010000       114
028 F020000         0
<PAGE>      PAGE  3
028 F030000         0
028 F040000       241
028 G010000       770
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028 G030000         0
028 G040000      4601
028 H000000         0
062 A000000 N
062 B000000   0.0
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062 F000000   0.0
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062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
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
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 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
<PAGE>      PAGE  4
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000      6017
071 B000000     11465
071 C000000     18877
071 D000000   32
072 A000000  6
072 B000000      161
072 C000000      298
072 D000000        0
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072 F000000       81
072 G000000        0
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072 I000000        8
072 J000000        1
072 K000000        1
072 L000000        1
072 M000000        2
072 N000000        3
072 O000000        0
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072 R000000       10
072 S000000       20
072 T000000        0
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072 V000000        0
072 W000000        4
072 X000000      131
072 Y000000       26
072 Z000000      354
072AA000000     1192
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072CC010000        0
072CC020000     2667
072DD010000      271
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073 A010000   0.1455
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073 C000000   0.0000
<PAGE>      PAGE  5
074 A000000        0
074 B000000        0
074 C000000     4803
074 D000000      540
074 E000000        0
074 F000000    13358
074 G000000        0
074 H000000        0
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074 J000000        0
074 K000000        0
074 L000000     1438
074 M000000        0
074 N000000    20139
074 O000000        0
074 P000000       69
074 Q000000        0
074 R010000        0
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074 R040000       17
074 S000000        0
074 T000000    20053
074 U010000     1748
074 U020000        0
074 V010000    11.47
074 V020000     0.00
074 W000000   0.0000
074 X000000      800
074 Y000000        0
075 A000000        0
075 B000000    23109
076  000000     0.00
077 A000000 N
078  000000 N
SIGNATURE   THOMAS J. SAEGER
TITLE       EXEC. VICE PRESIDENT



<TABLE> <S> <C>

<ARTICLE> 6

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-2000
<PERIOD-END>                               SEP-30-1999
<INVESTMENTS-AT-COST>                         18683890
<INVESTMENTS-AT-VALUE>                        18701578
<RECEIVABLES>                                  1437740
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                20139318
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        85932
<TOTAL-LIABILITIES>                              85932
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      18992482
<SHARES-COMMON-STOCK>                          1747865
<SHARES-COMMON-PRIOR>                          2030594
<ACCUMULATED-NII-CURRENT>                       172620
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         876294
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         11990
<NET-ASSETS>                                  20053386
<DIVIDEND-INCOME>                               297869
<INTEREST-INCOME>                               160778
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  104367
<NET-INVESTMENT-INCOME>                         354280
<REALIZED-GAINS-CURRENT>                       1192241
<APPREC-INCREASE-CURRENT>                    (2667134)
<NET-CHANGE-FROM-OPS>                        (1120613)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       270702
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          61560
<NUMBER-OF-SHARES-REDEEMED>                     364552
<SHARES-REINVESTED>                              20263
<NET-CHANGE-IN-ASSETS>                       (4967464)
<ACCUMULATED-NII-PRIOR>                          89042
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                      315947
<GROSS-ADVISORY-FEES>                            81175
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 130697
<AVERAGE-NET-ASSETS>                          23108739
<PER-SHARE-NAV-BEGIN>                            12.32
<PER-SHARE-NII>                                    .20
<PER-SHARE-GAIN-APPREC>                          (.90)
<PER-SHARE-DIVIDEND>                             (.15)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.47
<EXPENSE-RATIO>                                   0.90


</TABLE>


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