NICHOLAS II INC
NSAR-B, 1994-11-22
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<PAGE>      PAGE  1
000 B000000 09/30/94
000 C000000 0000723455
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 NICHOLAS II, INC.
001 B000000 811-3851
001 C000000 4142724650
002 A000000 700 NORTH WATER STREET, SUITE 1010
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
002 D020000 4276
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006  000000 N
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007 C011000 10
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
020 C000001     41
020 A000002 INSTINET
020 B000002 13-3443995
020 C000002     39
020 A000003 MORGAN KEEGAN
020 B000003 64-0474907
020 C000003     39
020 A000004 S&P SECURITIES
020 B000004 13-2671951
020 C000004     31
020 A000005 WILLIAM BLAIR
020 B000005 36-2214610
020 C000005     23
020 A000006 DAIN BOSWORTH
020 B000006 41-0212020
020 C000006     22
<PAGE>      PAGE  2
020 A000007 ROBERTSON, STEPHENS & CO.
020 B000007 94-2524501
020 C000007     17
020 A000008 MCDONALD & CO.
020 B000008 34-1391952
020 C000008     16
020 A000009 MASTERS FINANCIAL GROUP, INC.
020 B000009 58-1872347
020 C000009     15
020 A000010 KEMPER SECURITIES
020 B000010 36-3223831
020 C000010     15
021  000000      438
022 A000001 FIRSTAR TRUST COMPANY
022 B000001 39-0281260
022 C000001    129005
022 D000001    133622
022 A000002 FIRSTAR INVESTMENT DEPARTMENT
022 B000002 39-0281225
022 C000002     78179
022 D000002       298
022 A000003 CS FIRST BOSTON
022 B000003 13-5659485
022 C000003     74090
022 D000003         0
022 A000004 BT SECURITIES
022 B000004 13-3311934
022 C000004     72548
022 D000004         0
022 A000005 MORGAN STANELY & CO.
022 B000005 13-2655978
022 C000005     45683
022 D000005      9992
022 A000006 MARSHALL & ILSLEY
022 B000006 39-1610688
022 C000006     36349
022 D000006         0
022 A000007 MERRILL LYNCH
022 B000007 39-1035790
022 C000007     17893
022 D000007         0
022 A000008 PAULSEN DOWLING
022 B000008 04-2904295
022 C000008         0
022 D000008     16173
022 A000009 ROBERT W. BAIRD & CO.
022 B000009 39-6037917
022 C000009      6113
022 D000009      9842
022 A000010 WILLIAM BLAIR
022 B000010 36-2214610
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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>                          SEP-30-1994
<PERIOD-START>                             OCT-01-1993
<PERIOD-END>                               SEP-30-1994
<INVESTMENTS-AT-COST>                      421,546,774
<INVESTMENTS-AT-VALUE>                     625,978,282
<RECEIVABLES>                                1,243,248
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             627,221,530
<PAYABLE-FOR-SECURITIES>                     1,970,265
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      578,695
<TOTAL-LIABILITIES>                          2,548,960
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   379,582,267
<SHARES-COMMON-STOCK>                       23,391,568
<SHARES-COMMON-PRIOR>                       26,570,730
<ACCUMULATED-NII-CURRENT>                    3,623,259
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     37,228,708
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   204,238,336
<NET-ASSETS>                               624,672,570
<DIVIDEND-INCOME>                            7,303,919
<INTEREST-INCOME>                            1,872,141
<OTHER-INCOME>                                   5,506
<EXPENSES-NET>                               4,422,106
<NET-INVESTMENT-INCOME>                      4,759,460
<REALIZED-GAINS-CURRENT>                    39,661,906
<APPREC-INCREASE-CURRENT>                  (8,089,870)
<NET-CHANGE-FROM-OPS>                       31,572,036
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    5,077,717
<DISTRIBUTIONS-OF-GAINS>                    37,294,772
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,790,597
<NUMBER-OF-SHARES-REDEEMED>                  6,478,915
<SHARES-REINVESTED>                          1,509,156
<NET-CHANGE-IN-ASSETS>                    (91,108,067)
<ACCUMULATED-NII-PRIOR>                      3,941,516
<ACCUMULATED-GAINS-PRIOR>                   34,864,017
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        3,491,703
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,422,106
<AVERAGE-NET-ASSETS>                       659,847,114
<PER-SHARE-NAV-BEGIN>                            26.94
<PER-SHARE-NII>                                   0.21
<PER-SHARE-GAIN-APPREC>                           1.23
<PER-SHARE-DIVIDEND>                              0.20
<PER-SHARE-DISTRIBUTIONS>                         1.47
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              26.71
<EXPENSE-RATIO>                                   0.67
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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