NICHOLAS II INC
NSAR-B, 1999-11-30
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<PAGE>      PAGE  1
000 B000000 09/30/1999
000 C000000 0000723455
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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
020 A000001 INSTINET
020 B000001 13-3443995
020 C000001     65
020 A000002 FIRST ANALYSIS
020 B000002 36-3158137
020 C000002     56
020 A000003 LEHMAN BROTHERS
020 B000003 13-2518466
020 C000003     49
020 A000004 MORGAN STANLEY DEAN WITTER DISCOVER
020 B000004 13-2655978
020 C000004     44
020 A000005 WILLIAM BLAIR
020 B000005 36-2214610
020 C000005     40
020 A000006 ROBERT W. BAIRD
020 B000006 39-6037917
020 C000006     31
020 A000007 BEAR STEARNS
020 B000007 13-4946705
020 C000007     27
020 A000008 ALEX BROWN
020 B000008 52-1319768
020 C000008     21
020 A000009 FIRST UNION CAPITAL
020 B000009 56-1529080
020 C000009     20
020 A000010 SALOMON SMITH BARNEY
<PAGE>      PAGE  2
020 B000010 13-1912900
020 C000010     20
021  000000      615
022 A000001 FIRSTAR BANK MILWAUKEE, N.A.
022 B000001 39-0281225
022 C000001    260750
022 D000001    142508
022 A000002 MERRILL LYNCH & CO., INC.
022 B000002 39-1035790
022 C000002    162159
022 D000002     33358
022 A000003 MARSHALL & ILSLEY
022 B000003 39-1610688
022 C000003    135485
022 D000003      6976
022 A000004 GOLDMAN SACHS
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<PAGE>      PAGE  6
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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-30-1999
<PERIOD-END>                               SEP-30-1999
<INVESTMENTS-AT-COST>                        508710028
<INVESTMENTS-AT-VALUE>                       859280126
<RECEIVABLES>                                 15966988
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               875247144
<PAYABLE-FOR-SECURITIES>                        517500
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       584325
<TOTAL-LIABILITIES>                            1101825
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     511594001
<SHARES-COMMON-STOCK>                         27462951
<SHARES-COMMON-PRIOR>                         27606085
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       12210349
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     350340939
<NET-ASSETS>                                 874145289
<DIVIDEND-INCOME>                              2984220
<INTEREST-INCOME>                              3526477
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 6240656
<NET-INVESTMENT-INCOME>                         270041
<REALIZED-GAINS-CURRENT>                      22672428
<APPREC-INCREASE-CURRENT>                     11314637
<NET-CHANGE-FROM-OPS>                         34257106
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      3694992
<DISTRIBUTIONS-OF-GAINS>                     110681240
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        4328067
<NUMBER-OF-SHARES-REDEEMED>                    7591153
<SHARES-REINVESTED>                            3119952
<NET-CHANGE-IN-ASSETS>                      (85884636)
<ACCUMULATED-NII-PRIOR>                        3168886
<ACCUMULATED-GAINS-PRIOR>                    100475226
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          5305196
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                6240656
<AVERAGE-NET-ASSETS>                        1024230042
<PER-SHARE-NAV-BEGIN>                            34.78
<PER-SHARE-NII>                                    .01
<PER-SHARE-GAIN-APPREC>                           1.18
<PER-SHARE-DIVIDEND>                               .13
<PER-SHARE-DISTRIBUTIONS>                         4.01
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              31.83
<EXPENSE-RATIO>                                   .610


</TABLE>


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