NICHOLAS II INC
NSAR-A, 1996-05-29
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<PAGE>      PAGE  1
000 A000000 03/31/96
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
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007 C011000 10
020 A000001 BEAR STEARNS
020 B000001 13-4946705
020 C000001     39
020 A000002 S&P CORPORATION
020 B000002 13-2671951
020 C000002     25
020 A000003 CANTOR FITZGERALD
020 B000003 95-1786286
020 C000003     17
020 A000004 HERZOG HEINE
020 B000004 13-1955436
020 C000004     16
020 A000005 FIRST ANALYSIS
020 B000005 36-3158137
020 C000005     14
020 A000006 ROBERT W. BAIRD & CO.
020 B000006 39-6037917
020 C000006     13
<PAGE>      PAGE  2
020 A000007 J.C. BRADFORD
020 B000007 62-0674123
020 C000007     13
020 A000008 C.L. KING
020 B000008 13-2700327
020 C000008     13
020 A000009 INVEMED
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020 C000009     13
020 A000010 NATWEST SECURITIES
020 B000010 13-3312778
020 C000010      8
021  000000      231
022 A000001 FIRSTAR TRUST COMPANY
022 B000001 39-0281260
022 C000001     65024
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022 A000002 FIRSTAR INVESTMENT DEPARTMENT
022 B000002 39-0281225
022 C000002     44938
022 D000002         0
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022 C000003     22362
022 D000003      5992
022 A000004 MARSHALL & ILSLEY
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022 A000005 ROBERT W. BAIRD & CO.
022 B000005 39-6037917
022 C000005      2830
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022 A000006 LEHMAN BROTHERS
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022 C000006      9458
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022 A000007 DONALDSON, LUFKIN
022 B000007 13-2741729
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022 C000008      5215
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SIGNATURE   THOMAS J. SAEGER                             
TITLE       EXEC VICE PRESIDENT 
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-START>                             OCT-01-1995
<PERIOD-END>                               MAR-31-1996
<INVESTMENTS-AT-COST>                      415,543,083
<INVESTMENTS-AT-VALUE>                     773,296,355
<RECEIVABLES>                                2,799,120
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             776,095,475
<PAYABLE-FOR-SECURITIES>                     4,676,605
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      642,847
<TOTAL-LIABILITIES>                          5,319,452
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   390,856,296
<SHARES-COMMON-STOCK>                       23,949,760
<SHARES-COMMON-PRIOR>                       22,688,733
<ACCUMULATED-NII-CURRENT>                      591,825
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     21,628,915
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   357,698,987
<NET-ASSETS>                               770,776,023
<DIVIDEND-INCOME>                            2,856,372
<INTEREST-INCOME>                              617,608
<OTHER-INCOME>                                  25,287
<EXPENSES-NET>                               2,233,162
<NET-INVESTMENT-INCOME>                      1,266,105
<REALIZED-GAINS-CURRENT>                    29,877,035
<APPREC-INCREASE-CURRENT>                   81,720,430
<NET-CHANGE-FROM-OPS>                      112,863,570
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    3,881,013
<DISTRIBUTIONS-OF-GAINS>                    55,403,755
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        811,818
<NUMBER-OF-SHARES-REDEEMED>                  1,518,119
<SHARES-REINVESTED>                          1,967,328
<NET-CHANGE-IN-ASSETS>                      88,542,046
<ACCUMULATED-NII-PRIOR>                      3,206,733
<ACCUMULATED-GAINS-PRIOR>                   47,155,635
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        1,826,742
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              2,233,162
<AVERAGE-NET-ASSETS>                       696,105,347
<PER-SHARE-NAV-BEGIN>                            30.07
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                           4.73
<PER-SHARE-DIVIDEND>                              0.18
<PER-SHARE-DISTRIBUTIONS>                         2.50
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              32.18
<EXPENSE-RATIO>                                   0.64
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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