<PAGE> PAGE 1
000 B000000 03/31/2000
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 31
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 35
022 A000001 FIRSTAR BANK MILWAUKEE, N.A.
022 B000001 39-0281225
022 C000001 49837
022 D000001 14959
022 A000002 MARSHALL & ILSLEY
022 B000002 39-1610688
022 C000002 29330
022 D000002 0
022 A000003 MERRILL LYNCH & CO., INC.
022 B000003 39-1035790
022 C000003 4826
<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 798
022 D000006 1064
022 A000007 SALOMON SMITH BARNEY, INC.
022 B000007 13-1912900
022 C000007 999
022 D000007 0
022 A000008 ROBERT W. BAIRD & CO.
022 B000008 39-6037917
022 C000008 419
022 D000008 576
022 A000009 MCDONALD & CO.
022 B000009 34-1391952
022 C000009 448
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 89754
023 D000000 18629
028 A010000 46
028 A020000 160
028 A030000 0
028 A040000 281
028 B010000 31
028 B020000 0
028 B030000 0
028 B040000 181
028 C010000 60
028 C020000 711
028 C030000 0
028 C040000 398
028 D010000 50
028 D020000 0
028 D030000 0
028 D040000 548
028 E010000 136
028 E020000 0
028 E030000 0
028 E040000 564
028 F010000 54
028 F020000 0
<PAGE> PAGE 3
028 F030000 0
028 F040000 356
028 G010000 377
028 G020000 871
028 G030000 0
028 G040000 2328
028 H000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
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 13118
071 B000000 15868
071 C000000 16535
071 D000000 79
072 A000000 12
072 B000000 303
072 C000000 579
072 D000000 0
072 E000000 0
072 F000000 147
072 G000000 0
072 H000000 0
072 I000000 13
072 J000000 1
072 K000000 3
072 L000000 2
072 M000000 4
072 N000000 13
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 20
072 S000000 41
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 4
072 X000000 248
072 Y000000 59
072 Z000000 693
072AA000000 102
072BB000000 0
072CC010000 0
072CC020000 1683
072DD010000 783
072DD020000 0
072EE000000 407
073 A010000 0.4447
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.2392
<PAGE> PAGE 5
074 A000000 0
074 B000000 0
074 C000000 1741
074 D000000 588
074 E000000 0
074 F000000 15902
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 95
074 M000000 0
074 N000000 18326
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 38
074 S000000 0
074 T000000 18288
074 U010000 1647
074 U020000 0
074 V010000 11.10
074 V020000 0.00
074 W000000 0.0000
074 X000000 658
074 Y000000 0
075 A000000 0
075 B000000 20992
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
080 A000000 CHUBB GROUP
080 C000000 6500
<PAGE> PAGE 6
081 A000000 Y
081 B000000 6
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE THOMAS J. SAEGER
TITLE EXEC. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 17233911
<INVESTMENTS-AT-VALUE> 18231089
<RECEIVABLES> 95358
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18326447
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38643
<TOTAL-LIABILITIES> 38643
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17912849
<SHARES-COMMON-STOCK> 1647173
<SHARES-COMMON-PRIOR> 2030594
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (621379)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 996334
<NET-ASSETS> 18287804
<DIVIDEND-INCOME> 579033
<INTEREST-INCOME> 303370
<OTHER-INCOME> 0
<EXPENSES-NET> 188930
<NET-INVESTMENT-INCOME> 693473
<REALIZED-GAINS-CURRENT> 101762
<APPREC-INCREASE-CURRENT> (1682790)
<NET-CHANGE-FROM-OPS> (887555)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 782515
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 407194
<NUMBER-OF-SHARES-SOLD> 97105
<NUMBER-OF-SHARES-REDEEMED> 582893
<SHARES-REINVESTED> 102367
<NET-CHANGE-IN-ASSETS> (6733046)
<ACCUMULATED-NII-PRIOR> 89042
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 315947
<GROSS-ADVISORY-FEES> 146946
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 248376
<AVERAGE-NET-ASSETS> 20992222
<PER-SHARE-NAV-BEGIN> 12.32
<PER-SHARE-NII> .4
<PER-SHARE-GAIN-APPREC> (.94)
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> (.24)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> .90
</TABLE>
