NICHOLAS II INC
NSAR-A, 1999-05-27
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<PAGE>      PAGE  1
000 A000000 03/31/1999
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 MORGAN STANLEY DEAN WITTER DISCOVER
020 B000001 13-2655978
020 C000001     37
020 A000002 WILLIAM BLAIR
020 B000002 36-2214610
020 C000002     36
020 A000003 ROBERT W. BAIRD & CO.
020 B000003 39-6037917
020 C000003     27
020 A000004 ALEX BROWN
020 B000004 52-1319768
020 C000004     20
020 A000005 SALOMON SMITH BARNEY, INC.
020 B000005 13-1912900
020 C000005     20
020 A000006 LEHMAN BROTHERS
020 B000006 13-2518466
020 C000006     16
020 A000007 CANTOR FITZGERALD & CO., INC.
020 B000007 95-1786286
020 C000007     16
020 A000008 C. L. KING & ASSOCIATES
020 B000008 13-2700327
020 C000008     15
020 A000009 BEAR, STEARNS & CO.
020 B000009 13-4946705
020 C000009     15
020 A000010 GS-2 SECURITIES, INC.
<PAGE>      PAGE  2
020 B000010 39-1464853
020 C000010      9
021  000000      318
022 A000001 FIRSTAR BANK MILWAUKEE, N.A.
022 B000001 39-0281225
022 C000001    130837
022 D000001     64171
022 A000002 MERRILL LYNCH & CO., INC.
022 B000002 39-1035790
022 C000002     84002
022 D000002      4013
022 A000003 CREDIT SUISSE FIRST BOSTON
022 B000003 13-5659485
022 C000003     52259
022 D000003      8450
022 A000004 SALOMON SMITH BARNEY
022 B000004 13-1912900
022 C000004     44757
022 D000004      3196
022 A000005 MARSHALL & ILSLEY
022 B000005 39-1610688
022 C000005     47750
022 D000005         0
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006      5770
022 D000006     26521
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007     30791
022 D000007         0
022 A000008 MORGAN STANLEY DEAN WITTER DISCOVER
022 B000008 39-2655978
022 C000008     26947
022 D000008      3426
022 A000009 WILLIAM BLAIR
022 B000009 36-2214610
022 C000009      5513
022 D000009     11689
022 A000010 HAMBRECHT & QUIST INCORPORATED
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<PAGE>      PAGE  3
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<PAGE>      PAGE  5
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SIGNATURE   THOMAS J. SAEGER
TITLE       EXEC VICE PRESIDENT


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1999
<PERIOD-END>                               MAR-31-1999
<INVESTMENTS-AT-COST>                        641348066
<INVESTMENTS-AT-VALUE>                      1024364314
<RECEIVABLES>                                  1860044
<ASSETS-OTHER>                                       0
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<TOTAL-ASSETS>                              1026224358
<PAYABLE-FOR-SECURITIES>                        224386
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       556239
<TOTAL-LIABILITIES>                             780625
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     591268160
<SHARES-COMMON-STOCK>                         29750329
<SHARES-COMMON-PRIOR>                         27606085
<ACCUMULATED-NII-CURRENT>                     (869484)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       52220173
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     382824884
<NET-ASSETS>                                1025443733
<DIVIDEND-INCOME>                               848987
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 3211619
<NET-INVESTMENT-INCOME>                       (343378)
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                     110681240
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2383901
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<SHARES-REINVESTED>                            6119952
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<ACCUMULATED-NII-PRIOR>                        3168886
<ACCUMULATED-GAINS-PRIOR>                    100475226
<OVERDISTRIB-NII-PRIOR>                              0
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<PER-SHARE-NAV-BEGIN>                            34.78
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                           3.84
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              34.47
<EXPENSE-RATIO>                                    .62
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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