NICHOLAS INCOME FUND INC
NSAR-B, 1995-02-28
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<PAGE>      PAGE  1
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000 F000000 Y
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001 A000000 NICHOLAS INCOME FUND, INC.
001 B000000 811-216
001 C000000 4142724650
002 A000000 700 N. WATER STREET, SUITE 1010
002 B000000 MILWAUKEE
002 C000000 WI
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020 A000001 LAZARD FRERES & CO.
020 B000001 13-5545100
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020 A000002 J. C. BRADFORD
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022 A000001 FIRSTAR TRUST COMPANY
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<PAGE>      PAGE  2
022 D000001     47490
022 A000002 RODMAN & RENSHAW, INC.
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022 A000003 FIRST BOSTON CORP.
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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>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               DEC-31-1994
<INVESTMENTS-AT-COST>                      147,688,863
<INVESTMENTS-AT-VALUE>                     137,464,509
<RECEIVABLES>                                4,704,246
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             142,168,755
<PAYABLE-FOR-SECURITIES>                       231,509
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    1,018,061
<TOTAL-LIABILITIES>                          1,249,570
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   140,919,185
<SHARES-COMMON-STOCK>                       43,948,160
<SHARES-COMMON-PRIOR>                       44,941,886
<ACCUMULATED-NII-CURRENT>                      739,437
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                   (16,366,223)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                  (10,224,354)
<NET-ASSETS>                               140,919,185
<DIVIDEND-INCOME>                            1,336,344
<INTEREST-INCOME>                           12,864,114
<OTHER-INCOME>                                  15,000
<EXPENSES-NET>                                 902,076
<NET-INVESTMENT-INCOME>                     13,313,382
<REALIZED-GAINS-CURRENT>                       736,274
<APPREC-INCREASE-CURRENT>                 (14,836,039)
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                   13,272,187
<DISTRIBUTIONS-OF-GAINS>                             0
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<PER-SHARE-NAV-BEGIN>                             3.52
<PER-SHARE-NII>                                   0.30
<PER-SHARE-GAIN-APPREC>                         (0.31)
<PER-SHARE-DIVIDEND>                              0.30
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               3.21
<EXPENSE-RATIO>                                   0.59
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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