NICHOLAS II INC
NSAR-B, 1995-11-27
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<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
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
072EE000000    43255
073 A010000   0.2056
073 A020000   0.0000
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080 A000000 CHUBB GROUP
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<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>


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