13F-HR
		09/30/03

CIK			0001034646
CCC			nyjrdm@8

			NONE
	1

NAME			LOUISE ORZO
PHONE			212-317-0200

	NICADV@AOL.COM

				13F-HR
			FORM 13F HOLDINGS REPORT

				UNITED STATES
				SECURITIES AND EXCHANGE COMMISSION
				WASHINGTON, D.C. 20549

				FORM 13F

				FORM 13F COVER PAGE

REPORT FOR THE CALENDAR YEAR OR QUARTER ENDED JUNE 30, 2003

Check here if Amendment [ ]; Amendment Number:

This Amendment (check only one.)	[ ] is a restatement.
						[ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:		Nicholas Advisors, Inc.
Address:	126 East 56 Street
		Suite 1510
		New York, NY 10022

13F File Number:  28-6218

The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the
report is authorized to submit it, that all information contained
herein is true, correct and complete,and that it is understood
that all required items, statements, schedules lists, and
tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:  	Nancy J. O. Luburich
Title:  Administrative Officer
Phone:  212-317-0200
Signature, Place, and Date of Signing:
Nancy J. O. Luburich, New York, NY October 13, 2003

Report type (Check only one):

[X]	13F HOLDING REPORT.
[ ]	13F NOTICE.
[ ]	13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:


FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 0

Form 13F Information Table Entry Total:


Form 13 F Information Table Value Total: $150,079,822


			
			Form 13 F information Table
	           	Title of		Value	Shares/	Sh/	Put/	Invstmt	Other	Voting Authority
Name of Issuer     	Class	CUSIP		(x$1000)PRN AMT	PRN	Call	Dscretn	Mngrs	Sole  Shared None

3M Company		COM	88579Y101	1409	20400	SH		SOLE		20400	0	0
Aetna Inc. 8.50%	PFD STK	00817Y207	246	9100	SH		SOLE		9100	0	0
Alcoa Inc.		COM	013817101	1481	56650	SH		SOLE		56650	0	0
American Express Corp	COM	025816109	2877	63860	SH		SOLE		63860	0	0
American Int'l Group	COM	026874107	2866	49680	SH		SOLE		49680	0	0
Amgen Inc.		COM	031162100	2569	39825	SH		SOLE		39825	0	0
Anheuser Busch		COM	035229103	2577	52245	SH		SOLE		52245	0	0
AOL Time Warner		COM	00184A105	239	15837	SH		SOLE		15837	0	0
Applied Biosystems Grp	COM	038020103	669	30000	SH		SOLE		30000	0	0
AT&T Wireless Ser, Inc	COM	00209A106	1572	192218	SH		SOLE		192218	0	0
Barr Labs, Inc.		COM	068306109	2576	37775	SH		SOLE		37775	0	0
Basic Indust Select	COM	81369Y100	408	18700	SH		SOLE		18700	0	0
Baxter Intl Inc. 7%	PFD STK	071813406	247	4700	SH		SOLE		4700	0	0
Biogen Inc.		COM	090597105	1675	43950	SH		SOLE		43950	0	0
Black & Decker Corp.	COM	091797100	1924	47455	SH		SOLE		47455	0	0
Boise Cascade Corp 	PFD STK	097383855	237	5250	SH		SOLE		5250	0	0
Boston Scientific	COM	101137107	11566	181300	SH		SOLE		181300	0	0
C.R. Bard, Inc.		COM	067383109	1476	20800	SH		SOLE		20800	0	0
Cadbury Schweppes PLC	COM	127209302	1502	59900	SH		SOLE		59900	0	0
Cardinal Health Inc.	COM	14149Y108	1845	31600	SH		SOLE		31600	0	0
ChevronTexaco Corp.	COM	166764100	2697	37750	SH		SOLE		37750	0	0
Cisco Systems Inc.	COM	17275R102	2520	128650	SH		SOLE		128650	0	0
CitiGroup		COM	172967101	3347	73550	SH		SOLE		73550	0	0
Colgate-Palmolive	COM	194162103	2193	39250	SH		SOLE		39250	0	0
Comcast Corp Class A	COM	20030N200	2560	86370	SH		SOLE		86370	0	0
Curis, Inc.		COM	231269101	149	34000	SH		SOLE		34000	0	0
CV Therapeutics, Inc.	COM	126667104	726	33000	SH		SOLE		33000	0	0
CVS Corp.		COM	126650100	2702	87000	SH		SOLE		87000	0	0
Devon Energy Corp	COM	25179M103	1963	40750	SH		SOLE		40750	0	0
Disney (Walt) Co.	COM	254687106	2549	126425	SH		SOLE		126425	0	0
Double Click		COM	258609304	1189	110300	SH		SOLE		110300	0	0
Duke Energy Co		COM	264399106	283	15900	SH		SOLE		15900	0	0
El Paso Corp		COM	28336L109	100	13717	SH		SOLE		13717	0	0
Electronic Arts Inc.	COM	285512109	1548	16800	SH		SOLE		16800	0	0
EMC Corp		COM	268648102	2222	175950	SH		SOLE		175950	0	0
Exxon Mobil Corp	COM	30231G102	3357	91739	SH		SOLE		91739	0	0
FedEx Corp		COM	31428X106	2707	42015	SH		SOLE		42015	0	0
First Data Corp		COM	319963104	2799	70050	SH		SOLE		70050	0	0
FleetBoston Finl Corp	COM	339030108	468	15550	SH		SOLE		15550	0	0
Gemstar-TV Guide Intl	COM	36866W106	60	12800	SH		SOLE		12800	0	0
General Electric Co	COM	369604103	3525	118275	SH		SOLE		118275	0	0
Goldman Sachs		COM	38141G104	2101	25050	SH		SOLE		25050	0	0
Hewlett Packard Co	COM	428236103	1665	86025	SH		SOLE		86025	0	0
Indust Select Sector	COM	81369Y704	247	10625	SH		SOLE		10625	0	0
Intel Corp		COM	458140100	3049	110800	SH		SOLE		110800	0	0
Intl Business Machine	COM	459200101	2422	27425	SH		SOLE		27425	0	0
Intersil Corp		COM	46069S109	2093	87975	SH		SOLE		87975	0	0
iSHR Nasdaq Biotech	COM	464287556	1513	21100	SH		SOLE		21100	0	0
J.P. Morgan Chase & Co	COM	46625H100	2778	80925	SH		SOLE		80925	0	0
Lehman Bros. Hldgs Inc	COM	524908100	1846	26735	SH		SOLE		26735	0	0
Liberty Media Corp	COM	530718105	2359	236624	SH		SOLE		236624	0	0
Lilly, Eli & Co.	COM	532457108	330	5565	SH		SOLE		5565	0	0
Lowes Companies Inc	COM	548661107	2556	49265	SH		SOLE		49265	0	0
Medtronic Inc.		COM	585055106	2287	48750	SH		SOLE		48750	0	0
Mellon Bank		COM	585509102	2412	80050	SH		SOLE		80050	0	0
Microsoft Corp		COM	594918104	3178	114350	SH		SOLE		114350	0	0
Millennium Pharm Inc	COM	599902103	1653	107000	SH		SOLE		107000	0	0
ML Stride Boeing 6%	PFD STK	59021J539	226	6450	SH		SOLE		6450	0	0
Morgan Stanley		COM	617446448	3214	63700	SH		SOLE		63700	0	0
Myriad Genetics, Inc	COM	62855J104	454	40000	SH		SOLE		40000	0	0
Nortel Networks		COM	656568102	160	39100	SH		SOLE		39100	0	0
North Fork Bancorp	COM	659424105	2724	78415	SH		SOLE		78415	0	0
Nuveen NY Invest Qty M	COM	67062X101	153	10000	SH		SOLE		10000	0	0
Nuveen NY Select Qty M	COM	670976109	152	10000	SH		SOLE		10000	0	0
Omnicare, Inc		COM	681904108	2789	77350	SH		SOLE		77350	0	0
Packaging Corp of Amer	COM	695156109	1304	67150	SH		SOLE		67150	0	0
Pepsico, Inc		COM	713448108	2882	62895	SH		SOLE		62895	0	0
Pfizer, Inc		COM	717081103	2247	73965	SH		SOLE		73965	0	0
Pixelworks, Inc		COM	72581M107	1157	133400	SH		SOLE		133400	0	0
Rayonier Inc		COM	754907103	358	8825	SH		SOLE		8825	0	0
Scientific Atlanta Inc	COM	808655104	1407	45200	SH		SOLE		45200	0	0
St. Paul Co.		PFD STK	792860306	240	3450	SH		SOLE		3450	0	0
Sun Microsystems	COM	866810104	49	15000	SH		SOLE		15000	0	0
Target Corp		COM	87612E106	2595	68975	SH		SOLE		68975	0	0
Tribune Co		COM	896047107	1220	26600	SH		SOLE		26600	0	0
Tyco International	COM	902124106	2576	126100	SH		SOLE		126100	0	0
Verizon Comm		COM	92343V104	219	6775	SH		SOLE		6775	0	0
Vertex Pharm		COM	92532F100	492	40000	SH		SOLE		40000	0	0
Viacom Inc. Cl. B	COM	925524308	2199	57419	SH		SOLE		57419	0	0
Wal Mart Stores Inc	COM	931142103	1718	30775	SH		SOLE		30775	0	0
Walt Disney Company 7%	PFD STK	254687304	226	8500	SH		SOLE		8500	0	0
Wellpoint Hlth Ntwk A	COM	94973H108	2132	27668	SH		SOLE		27668	0	0
Wells Fargo & Co	COM	949746101	2536	49260	SH		SOLE		49260	0	0
Wells Fargo 7%		PFD STK	94976Y207	248	9350	SH		SOLE		9350	0	0
Williams-Sonoma, Inc	COM	969904101	2247	83300	SH		SOLE		83300	0	0