NICHOLAS EQUITY INCOME FUND INC
NSAR-B, 1999-05-28
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<PAGE>      PAGE  1
000 B000000 03/31/1999
000 C000000 0000913131
000 D000000 N
000 E000000 NF
000 F000000 Y
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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
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007 C010900  9
007 C011000 10
012 A000001 FIRSTAR MUTUAL FUND SERVICES, LLC.
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
020 A000001 ROBERT W. BAIRD & CO.
020 B000001 39-6037917
020 C000001     14
020 A000002 DOWLING & PARTNERS
020 B000002 06-1400223
020 C000002      8
020 A000003 TUCKER CLEARY
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020 B000003 39-1567700
020 C000003      6
020 A000004 SUN TRUST EQUITABLE
020 B000004 62-0871146
020 C000004      2
020 C000005      0
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022 A000001 FIRSTAR BANK MILWAUKEE, N.A.
022 B000001 39-0281260
022 C000001     41719
022 D000001     18883
022 A000002 MARSHALL & ILSLEY
022 B000002 39-1610688
022 C000002     18003
022 D000002         0
022 A000003 MERRILL LYNCH & CO., INC.
022 B000003 39-1035790
022 C000003      3445
022 D000003         0
022 A000004 SOUTHWEST SECURITIES
022 B000004 75-1382137
022 C000004      2019
022 D000004      1000
022 A000005 JEFFRIES & CO., INC.
022 B000005 95-2622900
022 C000005       970
022 D000005      1987
022 A000006 CREDIT SUISSE FIRST BOSTON, INC.
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022 C000006      2895
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022 A000008 MCMAHON SECURITIES
022 B000008 06-1229141
022 C000008         0
022 D000008      1225
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<PAGE>      PAGE  7
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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-31-1999
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                         22265374
<INVESTMENTS-AT-VALUE>                        24949696
<RECEIVABLES>                                   163389
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                25113085
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        92235
<TOTAL-LIABILITIES>                              92235
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      22568631
<SHARES-COMMON-STOCK>                          2030594
<SHARES-COMMON-PRIOR>                          2018918
<ACCUMULATED-NII-CURRENT>                        89042
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        315947
<ACCUM-APPREC-OR-DEPREC>                       2679124
<NET-ASSETS>                                  25020850
<DIVIDEND-INCOME>                               573954
<INTEREST-INCOME>                               573854
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  242370
<NET-INVESTMENT-INCOME>                         905438
<REALIZED-GAINS-CURRENT>                        319270
<APPREC-INCREASE-CURRENT>                    (3801724)
<NET-CHANGE-FROM-OPS>                        (2577016)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       993087
<DISTRIBUTIONS-OF-GAINS>                        347309
<DISTRIBUTIONS-OTHER>                           315947
<NUMBER-OF-SHARES-SOLD>                         264804
<NUMBER-OF-SHARES-REDEEMED>                     374179
<SHARES-REINVESTED>                             121051
<NET-CHANGE-IN-ASSETS>                       (3951043)
<ACCUMULATED-NII-PRIOR>                         176691
<ACCUMULATED-GAINS-PRIOR>                        28039
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           188511
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 295256
<AVERAGE-NET-ASSETS>                          26914481
<PER-SHARE-NAV-BEGIN>                            14.35
<PER-SHARE-NII>                                    .44
<PER-SHARE-GAIN-APPREC>                         (1.66)
<PER-SHARE-DIVIDEND>                             (.48)
<PER-SHARE-DISTRIBUTIONS>                        (.17)
<RETURNS-OF-CAPITAL>                             (.16)
<PER-SHARE-NAV-END>                              12.32
<EXPENSE-RATIO>                                     .9


</TABLE>


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