UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08062

Nicholas Equity Income Fund, Inc.
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  (Exact name of registrant as specified in charter)

700 North Water Street
Milwaukee, Wisconsin 53202
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  (Address of principle executive offices)

Jeffrey T. May, Senior Vice President & Treasurer
700 North Water Street
Milwaukee, Wisconsin 53202
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  (Name and address of agent for service)
Registrant's telephone number, including area code: 414-272-4650
Date of Fiscal year-end: 03/31/2010

Date of reporting period: 07/01/2008 - 06/30/2009

Item 1. Proxy Voting Record

Account Name: Nicholas Equity Income Fund, Inc.

 

ABBOTT LABORATORIES                                                             

Ticker:       ABT            Security ID:  002824100                            
Meeting Date: APR 24, 2009   Meeting Type: Annual                               
Record Date:  FEB 25, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director R.J. Alpern              For       For          Management 
1.2   Elect Director R.S. Austin              For       For          Management 
1.3   Elect Director W.M. Daley               For       For          Management 
1.4   Elect Director W.J. Farrell             For       For          Management 
1.5   Elect Director H.L. Fuller              For       For          Management 
1.6   Elect Director W.A. Osborn              For       For          Management 
1.7   Elect Director D.A.L. Owen              For       For          Management 
1.8   Elect Director W.A. Reynolds            For       For          Management 
1.9   Elect Director R.S. Roberts             For       For          Management 
1.10  Elect Director S.C. Scott, III          For       For          Management 
1.11  Elect Director W.D. Smithburg           For       For          Management 
1.12  Elect Director G.F. Tilton              For       For          Management 
1.13  Elect Director M.D. White               For       For          Management 
2     Approve Omnibus Stock Plan              For       For          Management 
3     Approve Nonqualified Employee Stock     For       For          Management 
      Purchase Plan                                                             
4     Ratify Auditors                         For       For          Management 
5     Report on Animal Testing                Against   Against      Shareholder
6     Adopt Principles for Health Care Reform Against   Against      Shareholder
7     Advisory Vote to Ratify Named Executive Against   For          Shareholder
      Officers' Compensation                                                    


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ALCON INC.                                                                      

Ticker:       ACL            Security ID:  H01301102                            
Meeting Date: MAY 5, 2009    Meeting Type: Annual                               
Record Date:  MAR 19, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     APPROVAL OF THE 2008 ANNUAL REPORT AND  For       For          Management 
      ACCOUNTS OF ALCON, INC.AND THE 2008                                       
      CONSOLIDATED FINANCIAL STATEMENTS OF                                      
      ALCON, INC.AND SUBSIDIARIES                                               
2     APPROPRIATION OF AVAILABLE EARNINGS AND For       For          Management 
      PROPOSED DIVIDEND TOSHAREHOLDERS FOR                                      
      THE FINANCIAL YEAR 2008                                                   
3     DISCHARGE OF THE MEMBERS OF THE BOARD   For       For          Management 
      OF DIRECTORS FOR THEFINANCIAL YEAR 2008                                   
4     ELECTION OF KPMG AG, ZUG, AS GROUP AND  For       For          Management 
      PARENT COMPANY AUDITORS                                                   
5     ELECTION OF OBT AG, ZURICH, AS SPECIAL  For       For          Management 
      AUDITORS                                                                  
6     ELECTION TO THE BOARD OF DIRECTORS:     For       For          Management 
      KEVIN BUEHLER                                                             
7     ELECTION TO THE BOARD OF DIRECTORS:     For       Against      Management 
      PAUL BULCKE                                                               
8     ELECTION TO THE BOARD OF DIRECTORS:     For       For          Management 
      JOAN MILLER, M.D.                                                         
9     ELECTION TO THE BOARD OF DIRECTORS:     For       Against      Management 
      HERMANN WIRZ                                                              
10    APPROVAL OF SHARE CANCELLATION          For       For          Management 
11    EDITORIAL AMENDMENTS TO THE ARTICLES OF For       For          Management 
      ASSOCIATION                                                               


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ALTRIA GROUP, INC.                                                              

Ticker:       MO             Security ID:  02209S103                            
Meeting Date: MAY 19, 2009   Meeting Type: Annual                               
Record Date:  MAR 30, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     Elect Director Elizabeth E. Bailey      For       For          Management 
2     Elect Director Gerald L. Baliles        For       For          Management 
3     Elect Director Dinyar S. Devitre        For       For          Management 
4     Elect Director Thomas F. Farrell        For       For          Management 
5     Elect Director Robert E. R. Huntley     For       For          Management 
6     Elect Director Thomas W. Jones          For       For          Management 
7     Elect Director George Munoz             For       For          Management 
8     Elect Director Nabil Y. Sakkab          For       For          Management 
9     Elect Director Michael E. Szymanczyk    For       For          Management 
10    Ratify Auditors                         For       For          Management 
11    Reduce Tobacco Harm to Health           Against   Against      Shareholder
12    Report on Marketing Practices on the    Against   Against      Shareholder
      Poor                                                                      
13    Adopt Principles for Health Care Reform Against   Against      Shareholder
14    Adopt Human Rights Protocols for        Against   For          Shareholder
      Company and Suppliers                                                     
15    Advisory Vote to Ratify Named Executive Against   For          Shareholder
      Officers' Compensation                                                    
16    Report on Political Contributions       Against   For          Shareholder


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APTARGROUP, INC.                                                                

Ticker:       ATR            Security ID:  038336103                            
Meeting Date: MAY 6, 2009    Meeting Type: Annual                               
Record Date:  MAR 12, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Stefan A. Baustert       For       For          Management 
1.2   Elect Director Rodney L. Goldstein      For       For          Management 
1.3   Elect Director Leo A. Guthart           For       For          Management 
1.4   Elect Director Ralf K. Wunderlich       For       For          Management 
2     Ratify Auditors                         For       For          Management 


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ASSOCIATED BANC-CORP.                                                           

Ticker:       ASBC           Security ID:  045487105                            
Meeting Date: APR 22, 2009   Meeting Type: Annual                               
Record Date:  FEB 26, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Karen T. Beckwith        For       For          Management 
1.2   Elect Director Paul S. Beideman         For       For          Management 
1.3   Elect Director Lisa B. Binder           For       For          Management 
1.4   Elect Director Ruth M. Crowley          For       For          Management 
1.5   Elect Director Ronald R. Harder         For       For          Management 
1.6   Elect Director William R. Hutchinson    For       For          Management 
1.7   Elect Director Eileen A. Kamerick       For       For          Management 
1.8   Elect Director Richard T. Lommen        For       For          Management 
1.9   Elect Director John C. Meng             For       For          Management 
1.10  Elect Director J. Douglas Quick         For       For          Management 
1.11  Elect Director Carlos E. Santiago       For       For          Management 
1.12  Elect Director John C. Seramur          For       For          Management 
2     Advisory Vote to Ratify Named Executive For       Against      Management 
      Officers' Compensation                                                    
3     Ratify Auditors                         For       For          Management 


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BEMIS COMPANY, INC.                                                             

Ticker:       BMS            Security ID:  081437105                            
Meeting Date: MAY 7, 2009    Meeting Type: Annual                               
Record Date:  MAR 9, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director William J. Bolton        For       For          Management 
1.2   Elect Director Barbara L. Johnson       For       For          Management 
1.3   Elect Director Paul S. Peercy           For       For          Management 
1.4   Elect Director Gene C. Wulf             For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Amend Executive Incentive Bonus Plan    For       For          Management 
4     Amend Omnibus Stock Plan                For       For          Management 
5     Report on Pay Disparity                 Against   Against      Shareholder


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BRIGGS & STRATTON CORP.                                                         

Ticker:       BGG            Security ID:  109043109                            
Meeting Date: OCT 15, 2008   Meeting Type: Annual                               
Record Date:  AUG 25, 2008                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Michael E. Batten        For       For          Management 
1.2   Elect Director Keith R. McLoughlin      For       For          Management 
1.3   Elect Director Brian C. Walker          For       Withhold     Management 
2     Ratify Auditors                         For       For          Management 


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CHEVRON CORPORATION                                                             

Ticker:       CVX            Security ID:  166764100                            
Meeting Date: MAY 27, 2009   Meeting Type: Annual                               
Record Date:  APR 1, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director S. H. Armacost           For       For          Management 
1.2   Elect Director L. F. Deily              For       For          Management 
1.3   Elect Director R. E. Denham             For       For          Management 
1.4   Elect Director R. J. Eaton              For       For          Management 
1.5   Elect Director E. Hernandez             For       For          Management 
1.6   Elect Director F. G. Jenifer            For       For          Management 
1.7   Elect Director S. Nunn                  For       For          Management 
1.8   Elect Director D. J. O'Reilly           For       For          Management 
1.9   Elect Director D. B. Rice               For       For          Management 
1.10  Elect Director K. W. Sharer             For       For          Management 
1.11  Elect Director C. R. Shoemate           For       For          Management 
1.12  Elect Director R. D. Sugar              For       For          Management 
1.13  Elect Director C. Ware                  For       For          Management 
1.14  Elect Director J. S. Watson             For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Amend Executive Incentive Bonus Plan    For       For          Management 
4     Amend Omnibus Stock Plan                For       For          Management 
5     Amend Articles/Bylaws/Charter -- Call   Against   For          Shareholder
      Special Meetings                                                          
6     Advisory Vote to Ratify Named Executive Against   For          Shareholder
      Officers' Compensation                                                    
7     Adopt Quantitative GHG Goals for        Against   Against      Shareholder
      Products and Operations                                                   
8     Adopt Guidelines for Country Selection  Against   For          Shareholder
9     Adopt Human Rights Policy               Against   For          Shareholder
10    Report on Market Specific Environmental Against   Against      Shareholder
      Laws                                                                      


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COHEN & STEERS QUALITY INCOME REATLY FUND, INC.                                 

Ticker:       RQI            Security ID:  19247L106                            
Meeting Date: APR 30, 2009   Meeting Type: Annual                               
Record Date:  MAR 5, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Trustee George Grossman           For       For          Management 
1.2   Elect Trustee Robert H. Steers          For       For          Management 
1.3   Elect Trustee C. Edward Ward, Jr.       For       For          Management 


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COMPUTER SERVICES, INC.                                                         

Ticker:       CSVI           Security ID:  20539A105                            
Meeting Date: JUN 18, 2009   Meeting Type: Annual                               
Record Date:  APR 30, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Basil N. Drossos         For       Withhold     Management 
1.2   Elect Director David M. Paxton          For       For          Management 
1.3   Elect Director David R. Perry           For       Withhold     Management 


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CROSSTEX ENERGY L.P.                                                            

Ticker:       XTEX           Security ID:  22765U102                            
Meeting Date: MAY 7, 2009    Meeting Type: Special                              
Record Date:  MAR 17, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     Amend Omnibus Stock Plan                For       For          Management 
2     Approve Stock Option Exchange Program   For       For          Management 


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CROSSTEX ENERGY, INC.                                                           

Ticker:       XTXI           Security ID:  22765Y104                            
Meeting Date: MAY 7, 2009    Meeting Type: Annual                               
Record Date:  MAR 17, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Leldon E. Echols         For       For          Management 
1.2   Elect Director Sheldon B. Lubar         For       For          Management 
2     Approve Omnibus Stock Plan              For       For          Management 
3     Ratify Auditors                         For       For          Management 


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DIAGEO PLC                                                                      

Ticker:       DEO            Security ID:  25243Q205                            
Meeting Date: OCT 15, 2008   Meeting Type: Annual                               
Record Date:  SEP 8, 2008                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     REPORT AND ACCOUNTS 2008                For       For          Management 
2     DIRECTORS  REMUNERATION REPORT 2008     For       For          Management 
3     DECLARATION OF FINAL DIVIDEND           For       For          Management 
4     TO RE-ELECT DR FB HUMER (MEMBER OF      For       For          Management 
      NOMINATION COMMITTEE, CHAIRMAN OF                                         
      COMMITTEE) AS A DIRECTOR                                                  
5     TO RE-ELECT M LILJA (MEMBER OF AUDIT,   For       For          Management 
      NOMINATION, REMUNERATION COMMITTEE) AS                                    
      A DIRECTOR                                                                
6     TO RE-ELECT WS SHANAHAN (MEMBER OF      For       For          Management 
      AUDIT, NOMINATION, REMUNERATION                                           
      COMMITTEE) AS A DIRECTOR                                                  
7     TO RE-ELECT HT STITZER (MEMBER OF       For       For          Management 
      AUDIT, NOMINATION, REMUNERATION                                           
      COMMITTEE) AS A DIRECTOR                                                  
8     ELECTION OF PG SCOTT (MEMBER OF AUDIT,  For       For          Management 
      CHAIRMAN OF COMMITTEE, NOMINATION,                                        
      REMUNERATION) AS A DIRECTOR                                               
9     RATIFY AUDITORS                         For       For          Management 
10    AUTHORITY TO ALLOT RELEVANT SECURITIES  For       For          Management 
11    DISAPPLICATION OF PRE-EMPTION RIGHTS    For       For          Management 
12    AUTHORITY TO PURCHASE OWN ORDINARY      For       For          Management 
      SHARES                                                                    
13    AUTHORITY TO MAKE POLITICAL DONATIONS   For       For          Management 
      AND/OR TO INCUR POLITICAL EXPENDITURE                                     
14    ADOPTION OF THE DIAGEO PLC 2008         For       For          Management 
      PERFORMANCE SHARE PLAN                                                    
15    ADOPTION OF THE DIAGEO PLC 2008 SENIOR  For       For          Management 
      EXECUTIVE SHARE OPTION PLAN                                               
16    AUTHORITY TO ESTABLISH INTERNATIONAL    For       For          Management 
      SHARE PLANS                                                               
17    AMENDMENTS TO THE ARTICLES OF           For       For          Management 
      ASSOCIATION                                                               


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DORCHESTER MINERALS,  L.P.                                                      

Ticker:       DMLP           Security ID:  25820R105                            
Meeting Date: MAY 13, 2009   Meeting Type: Annual                               
Record Date:  MAR 20, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Buford P. Berry          For       For          Management 
1.2   Elect Director C.W. (Bill) Ruddell      For       For          Management 
1.3   Elect Director Ronald P. Trout          For       For          Management 


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DUKE ENERGY CORP.                                                               

Ticker:       DUK            Security ID:  26441C105                            
Meeting Date: MAY 7, 2009    Meeting Type: Annual                               
Record Date:  MAR 12, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director William Barnet, III      For       For          Management 
1.2   Elect Director G. Alex Bernhardt, Sr.   For       For          Management 
1.3   Elect Director Michael G. Browning      For       For          Management 
1.4   Elect Director Daniel R. DiMicco        For       For          Management 
1.5   Elect Director Ann Maynard Gray         For       For          Management 
1.6   Elect Director James H. Hance, Jr       For       For          Management 
1.7   Elect Director James T. Rhodes          For       For          Management 
1.8   Elect Director James E. Rogers          For       For          Management 
1.9   Elect Director Philip R. Sharp          For       For          Management 
1.10  Elect Director Dudley S. Taft           For       For          Management 
2     Ratify Auditors                         For       For          Management 


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FORTUNE BRANDS, INC.                                                            

Ticker:       FO             Security ID:  349631101                            
Meeting Date: APR 28, 2009   Meeting Type: Annual                               
Record Date:  FEB 27, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Bruce A. Carbonari       For       For          Management 
1.2   Elect Director Ann F. Hackett           For       For          Management 
1.3   Elect Director David M. Thomas          For       For          Management 
1.4   Elect Director Ronald V. Waters, III    For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Declassify the Board of Directors       For       For          Management 
4     Reduce Supermajority Vote Requirement   Against   For          Shareholder


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FRONTIER COMMUNICATIONS CORP.                                                   

Ticker:       FTR            Security ID:  35906A108                            
Meeting Date: MAY 14, 2009   Meeting Type: Annual                               
Record Date:  MAR 18, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Kathleen Q. Abernathy    For       For          Management 
1.2   Elect Director Leroy T. Barnes, Jr.     For       For          Management 
1.3   Elect Director Peter C.B. Bynoe         For       For          Management 
1.4   Elect Director Michael T. Dugan         For       For          Management 
1.5   Elect Director Jeri B. Finard           For       For          Management 
1.6   Elect Director Lawton Wehle Fitt        For       For          Management 
1.7   Elect Director William M. Kraus         For       For          Management 
1.8   Elect Director Howard L. Schrott        For       For          Management 
1.9   Elect Director Larraine D. Segil        For       For          Management 
1.10  Elect Director David H. Ward            For       For          Management 
1.11  Elect Director Myron A. Wick, III       For       For          Management 
1.12  Elect Director Mary Agnes Wilderotter   For       For          Management 
2     Approve Omnibus Stock Plan              For       For          Management 
3     Advisory Vote to Ratify Named Executive Against   For          Shareholder
      Officers' Compensation                                                    
4     Ratify Auditors                         For       For          Management 


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HEALTHCARE SERVICES GROUP, INC.                                                 

Ticker:       HCSG           Security ID:  421906108                            
Meeting Date: MAY 19, 2009   Meeting Type: Annual                               
Record Date:  APR 3, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Daniel P. McCartney      For       Withhold     Management 
1.2   Elect Director Joseph F. McCartney      For       Withhold     Management 
1.3   Elect Director Robert L. Frome          For       Withhold     Management 
1.4   Elect Director Thomas A. Cook           For       Withhold     Management 
1.5   Elect Director Robert J. Moss           For       For          Management 
1.6   Elect Director John M. Briggs           For       For          Management 
1.7   Elect Director Dino D. Ottaviano        For       For          Management 
2     Ratify Auditors                         For       For          Management 


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ILLINOIS TOOL WORKS INC.                                                        

Ticker:       ITW            Security ID:  452308109                            
Meeting Date: MAY 8, 2009    Meeting Type: Annual                               
Record Date:  MAR 10, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director William F. Aldinger      For       For          Management 
1.2   Elect Director Marvin D. Brailsford     For       For          Management 
1.3   Elect Director Susan Crown              For       For          Management 
1.4   Elect Director Don H. Davis, Jr.        For       For          Management 
1.5   Elect Director Robert C. McCormack      For       For          Management 
1.6   Elect Director Robert S. Morrison       For       For          Management 
1.7   Elect Director James A. Skinner         For       For          Management 
1.8   Elect Director Harold B. Smith          For       For          Management 
1.9   Elect Director David B. Speer           For       For          Management 
1.10  Elect Director Pamela B. Strobel        For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Submit SERP to Shareholder Vote         Against   For          Shareholder


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INTEGRYS ENERGY GROUP INC                                                       

Ticker:       TEG            Security ID:  45822P105                            
Meeting Date: MAY 13, 2009   Meeting Type: Annual                               
Record Date:  MAR 19, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Keith E. Bailey          For       For          Management 
1.2   Elect Director Kathryn M.               For       For          Management 
      Hasselblad-Pascale                                                        
1.3   Elect Director John W. Higgins          For       For          Management 
1.4   Elect Director James L. Kemerling       For       For          Management 
1.5   Elect Director Charles A. Schrock       For       For          Management 
2     Ratify Auditors                         For       For          Management 


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JACKSON HEWITT TAX SERVICE, INC.                                                

Ticker:       JTX            Security ID:  468202106                            
Meeting Date: SEP 23, 2008   Meeting Type: Annual                               
Record Date:  AUG 5, 2008                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     Elect Director Ulysses L. Bridgeman,    For       For          Management 
      Jr.                                                                       
2     Elect Director Rodman L. Drake          For       For          Management 
3     Declassify the Board of Directors       For       For          Management 
4     Advisory Vote on Executive              For       Against      Management 
      Compensation- Approve Application of                                      
      Compensation Policies and Procedures                                      
5     Ratify Auditors                         For       For          Management 


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JOHNSON CONTROLS, INC.                                                          

Ticker:       JCI            Security ID:  478366107                            
Meeting Date: JAN 21, 2009   Meeting Type: Annual                               
Record Date:  NOV 20, 2008                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Dennis W. Archer         For       For          Management 
1.2   Elect Director Richard Goodman          For       For          Management 
1.3   Elect Director  Southwood J. Morcott    For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Adopt Policy to Obtain Shareholder      Against   For          Shareholder
      Approval of Survivor Benefits                                             


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KAYNE ANDERSON ENERGY TOTAL RETURN FUND, INC.                                   

Ticker:       KYE            Security ID:  48660P104                            
Meeting Date: JUN 16, 2009   Meeting Type: Annual                               
Record Date:  APR 20, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Trustee Steven C. Good            For       For          Management 
1.2   Elect Trustee Kevin S. McCarthy         For       For          Management 
2     Authorize Company to Sell Shares Below  For       For          Management 
      Net Asset Value                                                           


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KAYNE ANDERSON MLP INVESTMENT COMPANY                                           

Ticker:       KYN            Security ID:  486606106                            
Meeting Date: JUN 16, 2009   Meeting Type: Annual                               
Record Date:  APR 20, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Trustee Kevin S. McCarthy         For       For          Management 
2     Authorize Company to Sell Shares Below  For       For          Management 
      Net Asset Value                                                           


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MERCURY GENERAL CORP.                                                           

Ticker:       MCY            Security ID:  589400100                            
Meeting Date: MAY 13, 2009   Meeting Type: Annual                               
Record Date:  MAR 16, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director George Joseph            For       For          Management 
1.2   Elect Director Martha E. Marcon         For       For          Management 
1.3   Elect Director Donald R. Spuehler       For       For          Management 
1.4   Elect Director Richard E. Grayson       For       For          Management 
1.5   Elect Director Donald P. Newell         For       For          Management 
1.6   Elect Director Bruce A. Bunner          For       For          Management 
1.7   Elect Director Nathan Bessin            For       For          Management 
1.8   Elect Director Michael D. Curtius       For       For          Management 
1.9   Elect Director Gabriel Tirador          For       For          Management 


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NATIONAL HEALTHCARE CORPORATION                                                 

Ticker:       NHC            Security ID:  635906209                            
Meeting Date: MAY 5, 2009    Meeting Type: Annual                               
Record Date:  MAR 16, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director J. Paul Abernathy        For       For          Management 
1.2   Elect Director Robert G. Adams          For       For          Management 


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NATIONAL PENN BANCSHARES, INC.                                                  

Ticker:       NPBC           Security ID:  637138108                            
Meeting Date: APR 21, 2009   Meeting Type: Annual                               
Record Date:  MAR 3, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director J. Ralph Borneman, Jr.   For       For          Management 
1.2   Elect Director Thomas L. Kennedy        For       For          Management 
1.3   Elect Director Albert H. Kramer         For       For          Management 
1.4   Elect Director Glenn E. Moyer           For       For          Management 
1.5   Elect Director Robert E. Rigg           For       For          Management 
2     Increase Authorized Common Stock        For       For          Management 
3     Ratify Auditors                         For       For          Management 
4     Advisory Vote to Ratify Named Executive For       For          Management 
      Officers' Compensation                                                    


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NATIONAL PRESTO INDUSTRIES, INC.                                                

Ticker:       NPK            Security ID:  637215104                            
Meeting Date: MAY 19, 2009   Meeting Type: Annual                               
Record Date:  MAR 19, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Maryjo Cohen             For       For          Management 


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NORDSTROM, INC.                                                                 

Ticker:       JWN            Security ID:  655664100                            
Meeting Date: MAY 19, 2009   Meeting Type: Annual                               
Record Date:  MAR 11, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     Elect Director Phyllis J. Campbell      For       For          Management 
2     Elect Director Enrique Hernandez, Jr.   For       For          Management 
3     Elect Director Robert G. Miller         For       For          Management 
4     Elect Director Blake W. Nordstrom       For       For          Management 
5     Elect Director Erik B. Nordstrom        For       For          Management 
6     Elect Director Peter E. Nordstrom       For       For          Management 
7     Elect Director Philip G. Satre          For       For          Management 
8     Elect Director Robert D. Walter         For       For          Management 
9     Elect Director Alison A. Winter         For       For          Management 
10    Ratify Auditors                         For       For          Management 
11    Approve Executive Incentive Bonus Plan  For       For          Management 


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OSHKOSH CORP.                                                                   

Ticker:       OSK            Security ID:  688239201                            
Meeting Date: FEB 3, 2009    Meeting Type: Annual                               
Record Date:  DEC 9, 2008                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director J. William Andersen      For       For          Management 
1.2   Elect Director Robert G. Bohn           For       For          Management 
1.3   Elect Director Richard M. Donnelly      For       For          Management 
1.4   Elect Director F.M. Franks, Jr.         For       For          Management 
1.5   Elect Director Michael W. Grebe         For       For          Management 
1.6   Elect Director Kathleen J. Hempel       For       For          Management 
1.7   Elect Director Harvey N. Medvin         For       For          Management 
1.8   Elect Director J. Peter Mosling, Jr.    For       For          Management 
1.9   Elect Director Craig P. Omtvedt         For       For          Management 
1.10  Elect Director Timothy J. Roemer        For       For          Management 
1.11  Elect Director Richard G. Sim           For       For          Management 
1.12  Elect Director Charles L. Szews         For       For          Management 
2     Approve Omnibus Stock Plan              For       For          Management 
3     Ratify Auditors                         For       For          Management 
4     Reincorporate in Another State from     Against   Against      Shareholder
      Wisconsin to North Dakota                                                 


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PHILIP MORRIS INTERNATIONAL INC.                                                

Ticker:       PM             Security ID:  718172109                            
Meeting Date: MAY 5, 2009    Meeting Type: Annual                               
Record Date:  MAR 10, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Harold Brown             For       For          Management 
1.2   Elect Director Mathis Cabiallavetta     For       For          Management 
1.3   Elect Director Louis C. Camilleri       For       For          Management 
1.4   Elect Director J. Dudley Fishburn       For       For          Management 
1.5   Elect Director Graham Mackay            For       For          Management 
1.6   Elect Director Sergio Marchionne        For       Against      Management 
1.7   Elect Director Lucio A. Noto            For       For          Management 
1.8   Elect Director Carlos Slim Helu         For       For          Management 
1.9   Elect Director Stephen M. Wolf          For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Amend Omnibus Stock Plan                For       For          Management 


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QUALITY SYSTEMS, INC.                                                           

Ticker:       QSII           Security ID:  747582104                            
Meeting Date: SEP 4, 2008    Meeting Type: Proxy Contest                        
Record Date:  JUL 18, 2008                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
      Management Proxy (White Card)                                             
1.1   Elect  Director George Bristol          For       For          Management 
1.2   Elect  Director Patrick Cline           For       For          Management 
1.3   Elect  Director Philip N. Kaplan        For       For          Management 
1.4   Elect  Director Vincent J. Love         For       For          Management 
1.5   Elect  Director Russell Pflueger        For       For          Management 
1.6   Elect  Director Steven T. Plochocki     For       For          Management 
1.7   Elect  Director Sheldon Razin           For       For          Management 
1.8   Elect  Director Robert L. Smith         For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Amend Bylaws to Replace Definition of   Against   For          Shareholder
      Independent Director                                                      

#     Proposal                                Diss Rec  Vote Cast    Sponsor    
      Dissident Proxy (Blue Card)                                               
1.1   Elect Director Ahmed Hussein            For       None         Shareholder
1.2   Elect Director Murray Brennan           For       None         Shareholder
1.3   Elect Director Ibrahim Fawzy            For       None         Shareholder
1.4   Elect Director Thomas R. DiBenedetto    For       None         Shareholder
1.5   Elect Director Joseph D. Stilwell       For       None         Shareholder
1.6   Elect Director Edwin Hoffman            For       None         Shareholder
2     Ratify Auditors                         For       None         Management 
3     Amend Bylaws to Replace Definition of   For       None         Shareholder
      Independent Director                                                      


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ROCKY MOUNTAIN CHOCOLATE FACTORY                                                

Ticker:       RMCF           Security ID:  774678403                            
Meeting Date: JUL 18, 2008   Meeting Type: Annual                               
Record Date:  JUN 9, 2008                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Franklin E. Crail        For       For          Management 
1.2   Elect Director Lee N. Mortenson         For       For          Management 
1.3   Elect Director Bryan J. Merryman        For       For          Management 
1.4   Elect Director Gerald A. Kien           For       For          Management 
1.5   Elect Director Clyde Wm. Engle          For       Withhold     Management 


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RPM INTERNATIONAL INC.                                                          

Ticker:       RPM            Security ID:  749685103                            
Meeting Date: OCT 10, 2008   Meeting Type: Annual                               
Record Date:  AUG 15, 2008                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Frederick R. Nance       For       Withhold     Management 
1.2   Elect Director Charles A. Ratner        For       For          Management 
1.3   Elect Director William B. Summers, Jr.  For       For          Management 
1.4   Elect Director Jerry Sue Thornton       For       For          Management 
2     Ratify Auditors                         For       For          Management 


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SEVERN BANCORP, INC.                                                            

Ticker:       SVBI           Security ID:  81811M100                            
Meeting Date: APR 23, 2009   Meeting Type: Annual                               
Record Date:  MAR 6, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Alan J. Hyatt            For       Withhold     Management 
1.2   Elect Director Melvin E. Meekins, Jr.   For       Withhold     Management 
1.3   Elect Director Keith Stock              For       Withhold     Management 
1.4   Elect Director John A. Lamon III        For       For          Management 
1.5   Elect Director Konrad M. Wayson         For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Advisory Vote to Ratify Named Executive For       Against      Management 
      Officers' Compensation                                                    


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STEPAN CO.                                                                      

Ticker:       SCL            Security ID:  858586100                            
Meeting Date: APR 21, 2009   Meeting Type: Annual                               
Record Date:  FEB 20, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Gary E. Hendrickson      For       For          Management 
1.2   Elect Director Gregory E. Lawton        For       For          Management 
2     Amend Executive Incentive Bonus Plan    For       For          Management 
3     Ratify Auditors                         For       For          Management 


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SUPERVALU INC.                                                                  

Ticker:       SVU            Security ID:  868536103                            
Meeting Date: JUN 25, 2009   Meeting Type: Annual                               
Record Date:  APR 28, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1     Elect Director Irwin S. Cohen           For       For          Management 
2     Elect Director Ronald E. Daly           For       For          Management 
3     Elect Director Lawrence A. Del Santo    For       For          Management 
4     Elect Director Susan E. Engel           For       For          Management 
5     Elect Director Craig R. Herkert         For       For          Management 
6     Elect Director Kathi P. Seifert         For       For          Management 
7     Ratify Auditors                         For       For          Management 
8     Report on Halting Tobacco Sales         Against   Against      Shareholder
9     Advisory Vote to Ratify Named Executive Against   For          Shareholder
      Officers' Compensation                                                    


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TECO ENERGY, INC.                                                               

Ticker:       TE             Security ID:  872375100                            
Meeting Date: APR 29, 2009   Meeting Type: Annual                               
Record Date:  FEB 20, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Sherrill W. Hudson       For       For          Management 
1.2   Elect Director Joseph P. Lacher         For       For          Management 
1.3   Elect Director Loretta A. Penn          For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Amend Omnibus Stock Plan                For       For          Management 
4     Declassify the Board of Directors       Against   For          Shareholder


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UNITED BANKSHARES, INC.                                                         

Ticker:       UBSI           Security ID:  909907107                            
Meeting Date: MAY 18, 2009   Meeting Type: Annual                               
Record Date:  MAR 30, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Richard M. Adams         For       For          Management 
1.2   Elect Director Robert G. Astorg         For       For          Management 
1.3   Elect Director W. Gaston Caperton, III  For       Withhold     Management 
1.4   Elect Director Lawrence K. Doll         For       For          Management 
1.5   Elect Director Theodore J. Georgelas    For       Withhold     Management 
1.6   Elect Director F. T. Graff, Jr.         For       For          Management 
1.7   Elect Director John M. McMahon          For       For          Management 
1.8   Elect Director J. Paul McNamara         For       For          Management 
1.9   Elect Director G. Ogden Nutting         For       For          Management 
1.10  Elect Director William C. Pitt, III     For       For          Management 
1.11  Elect Director Donald L. Unger          For       For          Management 
1.12  Elect Director Mary K. Weddle           For       For          Management 
1.13  Elect Director Gary G. White            For       For          Management 
1.14  Elect Director P. Clinton Winter, Jr.   For       For          Management 
2     Ratify Auditors                         For       For          Management 
3     Other Business                          For       Against      Management 


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VF CORP.                                                                        

Ticker:       VFC            Security ID:  918204108                            
Meeting Date: APR 28, 2009   Meeting Type: Annual                               
Record Date:  MAR 10, 2009                                                      

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Robert J. Hurst          For       For          Management 
1.2   Elect Director W. Alan McCollough       For       For          Management 
1.3   Elect Director M. Rust Sharp            For       For          Management 
1.4   Elect Director Raymond G. Viault        For       For          Management 
2     Ratify Auditors                         For       For          Management 


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VILLAGE SUPER MARKET, INC.                                                      

Ticker:       VLGEA          Security ID:  927107409                            
Meeting Date: DEC 5, 2008    Meeting Type: Annual                               
Record Date:  OCT 3, 2008                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director James Sumas              For       Withhold     Management 
1.2   Elect Director Perry Sumas              For       Withhold     Management 
1.3   Elect Director Robert Sumas             For       Withhold     Management 
1.4   Elect Director William Sumas            For       Withhold     Management 
1.5   Elect Director John P. Sumas            For       Withhold     Management 
1.6   Elect Director John J. McDermott        For       For          Management 
1.7   Elect Director Steven Crystal           For       For          Management 
1.8   Elect Director David C. Judge           For       For          Management 
2     Ratify Auditors                         For       For          Management 


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W.W. GRAINGER, INC.                                                             

Ticker:       GWW            Security ID:  384802104                            
Meeting Date: APR 29, 2009   Meeting Type: Annual                               
Record Date:  MAR 2, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director Brian P. Anderson        For       For          Management 
1.2   Elect Director Wilbur H. Gantz          For       For          Management 
1.3   Elect Director V. Ann Hailey            For       For          Management 
1.4   Elect Director William K. Hall          For       For          Management 
1.5   Elect Director Richard L. Keyser        For       For          Management 
1.6   Elect Director Stuart L. Levenick       For       For          Management 
1.7   Elect Director John W. McCarter, Jr.    For       For          Management 
1.8   Elect Director Neil S. Novich           For       For          Management 
1.9   Elect Director Michael J. Roberts       For       For          Management 
1.10  Elect Director Gary L. Rogers           For       For          Management 
1.11  Elect Director James T. Ryan            For       For          Management 
1.12  Elect Director James D. Slavik          For       For          Management 
1.13  Elect Director Harold B. Smith          For       For          Management 
2     Ratify Auditors                         For       For          Management 


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WEYCO GROUP, INC.                                                               

Ticker:       WEYS           Security ID:  962149100                            
Meeting Date: MAY 5, 2009    Meeting Type: Annual                               
Record Date:  MAR 2, 2009                                                       

#     Proposal                                Mgt Rec   Vote Cast    Sponsor    
1.1   Elect Director John W. Florsheim        For       For          Management 
1.2   Elect Director Frederick P. Stratton,   For       For          Management 
      Jr.                                                                       
1.3   Elect Director Cory L. Nettles          For       For          Management 

 

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Any ballot marked 'Abstain' is considered to have been voted. Ballots marked 'Abstain' are considered to have been voted against management's recommendation, regardless of whether the recommendation is 'For' or 'Against,' except where management has made no recommendation or has recommended that shareholders 'Abstain.'

Where management has recommended that shareholders 'Abstain' from voting on a ballot item: 1) a ballot market 'Abstain' is considered to have been voted for management's recommendation to 'Abstain' and 2) a ballot voted 'For" or 'Against' is considered to have been voted against management's recommendation to 'Abstain.'

Where management has made no recommendation on a ballot item, the abbreviation "N/A" is used to denote that there is no applicable recommendation compared to which a vote may be 'For' or 'Against' the recommendation of management.




 

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Nicholas Equity Income Fund, Inc.
By (Signature and Title) /s/ Albert O. Nicholas
Albert O. Nicholas, Principal Executive Officer
Date 08/28/2009