<PAGE> PAGE 1
000 B000000 09/30/95
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
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 BEAR STEARNS
020 B000001 13-4946705
020 C000001 52
020 A000002 INSTINET
020 B000002 13-3443995
020 C000002 28
020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
020 C000003 23
020 A000004 GS-2 SECURITIES
020 B000004 39-1464853
020 C000004 19
020 A000005 S&P SECURITIES
020 B000005 13-2671951
020 C000005 19
020 A000006 CLEARY GULL
020 B000006 39-1567700
020 C000006 19
<PAGE> PAGE 2
020 A000007 INVEMED ASSOCIATES
020 B000007 13-2782614
020 C000007 18
020 A000008 ALEX BROWN
020 B000008 52-1319768
020 C000008 16
020 A000009 C. L. KING
020 B000009 13-2700327
020 C000009 15
020 A000010 MORGAN STANLEY & CO.
020 B000010 13-2655978
020 C000010 14
021 000000 327
022 A000001 FIRSTAR TRUST COMPANY
022 B000001 39-0281260
022 C000001 136817
022 D000001 138828
022 A000002 FIRSTAR INVESTMENT DEPARTMENT
022 B000002 39-0281225
022 C000002 80593
022 D000002 0
022 A000003 FIRST BOSTON
022 B000003 13-5659485
022 C000003 55762
022 D000003 5974
022 A000004 MARSHALL & ILSLEY
022 B000004 39-1610688
022 C000004 38756
022 D000004 0
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 30874
022 D000005 0
022 A000006 MORGAN STANELY & CO.
022 B000006 13-2655978
022 C000006 15854
022 D000006 0
022 A000007 CANTOR FITZGERALD
022 B000007 95-1786286
022 C000007 0
022 D000007 12729
022 A000008 HUNTLEIGH
022 B000008 43-1106957
022 C000008 0
022 D000008 8553
022 A000009 MCDONALD & CO.
022 B000009 34-1391952
022 C000009 244
022 D000009 8005
022 A000010 HERZOG, HEINE, GEDULD
022 B000010 13-1955436
<PAGE> PAGE 3
022 C000010 0
022 D000010 7541
023 C000000 408072
023 D000000 188352
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 3289
028 A020000 0
028 A030000 0
028 A040000 5604
028 B010000 2003
028 B020000 0
028 B030000 0
028 B040000 8621
028 C010000 2746
028 C020000 0
028 C030000 0
028 C040000 8699
028 D010000 1725
028 D020000 0
028 D030000 0
028 D040000 9753
028 E010000 2254
028 E020000 0
028 E030000 0
028 E040000 10906
028 F010000 2028
028 F020000 0
028 F030000 0
028 F040000 6811
028 G010000 14045
028 G020000 0
028 G030000 0
028 G040000 50394
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
<PAGE> PAGE 4
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
063 A000000 0
063 B000000 0.0
071 A000000 118010
071 B000000 174258
071 C000000 601039
071 D000000 20
072 A000000 12
072 B000000 1965
072 C000000 6456
072 D000000 0
072 E000000 39
072 F000000 3321
072 G000000 0
072 H000000 0
072 I000000 535
072 J000000 72
072 K000000 64
072 L000000 49
072 M000000 12
072 N000000 56
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 20
072 S000000 30
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 21
072 X000000 4180
072 Y000000 0
072 Z000000 4280
072AA000000 53181
072BB000000 0
072CC010000 71740
072CC020000 0
072DD010000 4696
072DD020000 0
<PAGE> PAGE 5
072EE000000 43255
073 A010000 0.2056
073 A020000 0.0000
073 B000000 1.8944
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 25437
074 D000000 0
074 E000000 0
074 F000000 655914
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 4667
074 K000000 0
074 L000000 413
074 M000000 0
074 N000000 686431
074 O000000 3555
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 642
074 S000000 0
074 T000000 682234
074 U010000 22689
074 U020000 0
074 V010000 30.07
074 V020000 0.00
074 W000000 0.0000
074 X000000 39446
074 Y000000 0
075 A000000 0
075 B000000 634009
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 CHUBB GROUP
080 C000000 5500
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
<PAGE> PAGE 6
085 B000000 N
SIGNATURE THOMAS J. SAEGER
TITLE EXEC VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 405,317,746
<INVESTMENTS-AT-VALUE> 681,351,190
<RECEIVABLES> 5,079,512
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686,430,702
<PAYABLE-FOR-SECURITIES> 3,555,249
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 641,476
<TOTAL-LIABILITIES> 4,196,725
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 355,893,052
<SHARES-COMMON-STOCK> 22,688,733
<SHARES-COMMON-PRIOR> 23,391,568
<ACCUMULATED-NII-CURRENT> 3,206,733
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,155,635
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 275,978,557
<NET-ASSETS> 682,233,977
<DIVIDEND-INCOME> 6,455,732
<INTEREST-INCOME> 1,964,669
<OTHER-INCOME> 39,228
<EXPENSES-NET> 4,179,767
<NET-INVESTMENT-INCOME> 4,279,862
<REALIZED-GAINS-CURRENT> 53,181,461
<APPREC-INCREASE-CURRENT> 71,740,215
<NET-CHANGE-FROM-OPS> 129,201,538
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,696,388
<DISTRIBUTIONS-OF-GAINS> 43,254,533
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,264,903
<NUMBER-OF-SHARES-REDEEMED> 3,835,468
<SHARES-REINVESTED> 1,867,730
<NET-CHANGE-IN-ASSETS> 57,561,407
<ACCUMULATED-NII-PRIOR> 3,623,259
<ACCUMULATED-GAINS-PRIOR> 37,228,708
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,321,192
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,179,767
<AVERAGE-NET-ASSETS> 631,064,679
<PER-SHARE-NAV-BEGIN> 26.71
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 5.22
<PER-SHARE-DIVIDEND> 0.21
<PER-SHARE-DISTRIBUTIONS> 1.89
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.07
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>