<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0000723455
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
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
012 A000001 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B000001 85-410
012 C010001 MILWAUKEE
012 C020001 WI
012 C030001 53202
012 C040001 2944
015 A000001 FIRSTAR BANK MILWAUKEE, N.A.
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
015 C030001 53202
015 C040001 2944
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 6
019 C000000 NICHOLASFA
020 A000001 J. C. BRADFORD CO.
<PAGE> PAGE 2
020 B000001 62-0674123
020 C000001 35
020 A000002 DONALDSON, LUFKIN & JENRETTE
020 B000002 13-2741729
020 C000002 31
020 A000003 LYNCH JONES
020 B000003 13-3356934
020 C000003 30
020 A000004 SALOMON SMITH BARNEY, INC.
020 B000004 13-1912900
020 C000004 25
020 A000005 MONTGOMERY SECURITIES
020 B000005 94-1701676
020 C000005 23
020 A000006 CLEARY GULL
020 B000006 39-1567700
020 C000006 23
020 A000007 LEGG, MASON, WOOD, WALKER
020 B000007 52-0902557
020 C000007 20
020 A000008 MORGAN STANLEY DEAN WITTER DISCOVER
020 B000008 13-2655978
020 C000008 18
020 A000009 GOLDMAN SACHS & CO.
020 B000009 13-5108880
020 C000009 13
020 A000010 SUN TRUST EQUITABLE
020 B000010 62-0871146
020 C000010 12
021 000000 352
022 A000001 FIRSTAR BANK MILWAUKEE, N.A.
022 B000001 39-0281225
022 C000001 269262
022 D000001 144047
022 A000002 MARSHALL & ILSLEY
022 B000002 39-1610688
022 C000002 118654
022 D000002 15063
022 A000003 FIRST BOSTON
022 B000003 13-5659485
022 C000003 74233
022 D000003 3990
022 A000004 ROBERT W. BAIRD & CO.
022 B000004 39-6037917
022 C000004 62084
022 D000004 0
022 A000005 MORGAN STANLEY DEAN WITTER DISCOVER
022 B000005 13-2655978
022 C000005 38677
022 D000005 5995
022 A000006 WILLIAM BLAIR
<PAGE> PAGE 3
022 B000006 36-2214610
022 C000006 7447
022 D000006 23395
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007 26537
022 D000007 0
022 A000008 MERRILL LYNCH & CO. INC.
022 B000008 39-1035790
022 C000008 24751
022 D000008 48
022 A000009 HELLER FINANCIAL
022 B000009 39-1444762
022 C000009 15706
022 D000009 3992
022 A000010 SALOMON SMITH BARNEY, INC.
022 B000010 13-1912900
022 C000010 12292
022 D000010 4644
023 C000000 683010
023 D000000 652726
028 A010000 21798
028 A020000 0
028 A030000 0
028 A040000 26933
028 B010000 15073
028 B020000 0
028 B030000 0
028 B040000 13187
028 C010000 11093
028 C020000 0
028 C030000 0
028 C040000 9794
028 D010000 17911
028 D020000 0
028 D030000 0
028 D040000 12635
028 E010000 14521
028 E020000 0
028 E030000 0
028 E040000 16346
028 F010000 15630
028 F020000 0
028 F030000 0
028 F040000 29903
028 G010000 96026
028 G020000 0
028 G030000 0
028 G040000 108798
028 H000000 0
062 A000000 N
<PAGE> PAGE 4
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
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
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
<PAGE> PAGE 5
070 R010000 N
070 R020000 N
071 A000000 210813
071 B000000 239569
071 C000000 1029987
071 D000000 20
072 A000000 12
072 B000000 2282
072 C000000 7619
072 D000000 0
072 E000000 0
072 F000000 5549
072 G000000 0
072 H000000 0
072 I000000 506
072 J000000 54
072 K000000 46
072 L000000 33
072 M000000 14
072 N000000 73
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 21
072 S000000 41
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 29
072 X000000 6366
072 Y000000 0
072 Z000000 3535
072AA000000 100478
072BB000000 0
072CC010000 0
072CC020000 122367
072DD010000 1982
072DD020000 0
072EE000000 127850
073 A010000 0.0810
073 A020000 0.0000
073 B000000 5.2282
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 32050
074 D000000 7197
074 E000000 0
074 F000000 914327
074 G000000 0
074 H000000 0
<PAGE> PAGE 6
074 I000000 0
074 J000000 10421
074 K000000 0
074 L000000 320
074 M000000 0
074 N000000 964315
074 O000000 3651
074 P000000 417
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 217
074 S000000 0
074 T000000 960030
074 U010000 27606
074 U020000 0
074 V010000 34.78
074 V020000 0.00
074 W000000 0.0000
074 X000000 40369
074 Y000000 0
075 A000000 0
075 B000000 1076094
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
080 A000000 CHUBB GROUP
080 C000000 6325
081 A000000 Y
081 B000000 6
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
<PAGE> PAGE 7
085 A000000 Y
085 B000000 N
SIGNATURE THOMAS J. SAEGER
TITLE EXEC VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 614409477
<INVESTMENTS-AT-VALUE> 953573538
<RECEIVABLES> 10741900
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 964315438
<PAYABLE-FOR-SECURITIES> 3651536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 633977
<TOTAL-LIABILITIES> 4285513
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 517359511
<SHARES-COMMON-STOCK> 27606085
<SHARES-COMMON-PRIOR> 24462981
<ACCUMULATED-NII-CURRENT> 3168886
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 100475226
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 339026302
<NET-ASSETS> 960029925
<DIVIDEND-INCOME> 7618713
<INTEREST-INCOME> 2281738
<OTHER-INCOME> 0
<EXPENSES-NET> 6365353
<NET-INVESTMENT-INCOME> 3535098
<REALIZED-GAINS-CURRENT> 100477543
<APPREC-INCREASE-CURRENT> (122367451)
<NET-CHANGE-FROM-OPS> (18354810)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1981807
<DISTRIBUTIONS-OF-GAINS> 127849595
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4358514
<NUMBER-OF-SHARES-REDEEMED> 4605308
<SHARES-REINVESTED> 3389898
<NET-CHANGE-IN-ASSETS> (34350700)
<ACCUMULATED-NII-PRIOR> 1615595
<ACCUMULATED-GAINS-PRIOR> 127847278
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5548861
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6365353
<AVERAGE-NET-ASSETS> 1076093612
<PER-SHARE-NAV-BEGIN> 40.65
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> (.69)
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 5.23
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 34.78
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>