UNITES STATES
                   SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                               FORM 13F
                          Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  September 30, 2001

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 Company, Inc.
Address:   700 North Water Street
           Suite 1010
           Milwaukee, WI  53202

Form 13F File Number:  28-1226

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 therein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, list, and tables,  are considered integral parts of
this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:   Jeffrey T. May
Title:  Senior Vice President and Treasurer
Phone:  414-272-4650

Signature, Place, and Date of Signing:

/s/ Jeffrey T. May              Milwaukee, WI                   08/13/2001
[Signature]                     [City, State]                     [Date]

Report Type (check only one.):

[x] 13F HOLDINGS REPORT.  (Check here if all holdings of this reporting
    manager are reported in this report.)

[ ] 13F NOTICE.  (Check here if no holdings reported are in this report,
    and all holdings are reported by other reporting manager(s).)

[ ] 13F COMBINATION REPORT.  (Check here if a portion of the holdings for
    this reporting manager are reported in this report and a portion are
    reported by other reporting manager(s).)

                                        Item 2:                               Item 5:    Item 6:
              Item 1:                    Title        Item 3:  Item 4:        Shares   Investment  Item 7:        Item 8:
              Name of                      of          CUSIP  Fair Market   or PrincipaDiscretion Managers    Voting Authority
              Issuer                     Class        Number    Value         Amount    (a) Sole  See Instr(a)Sole(b)Shared(c)None

Abbott Laboratories                COM               002824100    42,346SH      816,700    816,700          19,500         797,200
ACE Limited                        ORD               G0070K103    10,471SH      362,700    362,700          47,700         315,000
Accenture Ltd                      CL A              G1150G111    20,353SH    1,596,300  1,596,300               0       1,596,300
Alberto-Culver Company             CL A              013068200    36,720SH    1,113,400  1,113,400          22,800       1,090,600
ADC Telecommunications, Inc.       COM               000886101    41,182SH   11,800,000 11,800,000         170,000      11,630,000
Automatic Data Processing, Inc.    COM               053015103    25,435SH      540,700    540,700               0         540,700
American Home Products Corporation COM               026609107    68,036SH    1,168,000  1,168,000           2,000       1,166,000
American International Group, Inc. COM               026874107        94SH        1,203      1,203           1,203               0
Airspan Networks Inc.              COM               00950H102       631SH      385,000    385,000               0         385,000
Affiliated Managers Group          COM               008252108     1,704SH       30,000     30,000               0          30,000
AmerUs Group Co.                   COM               03072M108       912SH       25,900     25,900          15,900          10,000
American Tower Corporation         CL A              029912201     5,556SH      400,000    400,000               0         400,000
Andrew Corporation                 COM               034425108     9,363SH      515,000    515,000           5,000         510,000
Aon Corporation                    COM               037389103       420SH       10,000     10,000               0          10,000
Apogent Technologies Inc.          COM               03760A101    98,062SH    4,103,000  4,103,000          89,300       4,013,700
Apache Corporation                 COM               037411105    14,809SH      344,400    344,400           4,400         340,000
Anadarko Petroleum Corporation     COM               032511107    59,158SH    1,230,400  1,230,400          30,400       1,200,000
Ascential Software Corporation     COM               04362P108       825SH      250,000    250,000               0         250,000
ALLTEL Corporation                 COM               020039103       377SH        6,500      6,500               0           6,500
AptarGroup, Inc.                   COM               038336103     2,789SH       87,700     87,700          17,700          70,000
Artesyn Technologies, Inc.         COM               043127109     3,037SH      558,200    558,200          87,300         470,900
Avery Dennison Corporation         COM               053611109       378SH        8,000      8,000               0           8,000
American Express Company           COM               025816109    24,701SH      850,000    850,000               0         850,000
BEA Systems, Inc.                  COM               073325102     3,889SH      405,500    405,500           8,000         397,500
W. R. Berkley Corporation          COM               084423102    21,696SH      452,000    452,000               0         452,000
Biogen, Inc.                       COM               090597105     8,893SH      160,000    160,000               0         160,000
Business Objects S.A.              SPONSORED ADR     12328X107     4,778SH      245,000    245,000               0         245,000
BP Amoco Plc                       SPONSORED ADR     055622104        81SH        1,640      1,640           1,640               0
Brooks Automation, Inc.            COM               11434A100     2,659SH      100,000    100,000               0         100,000
Berkshire Hathaway Inc.-Cl A       CL A              084670108   109,830SH        1,569      1,569               0           1,569
Braun Consulting, Inc.             COM               105651103       576SH      160,000    160,000               0         160,000
Brown & Brown, Inc.                COM               115236101     5,830SH      111,900    111,900          33,000          78,900
Boston Scientific Corporation      COM               101137107    13,120SH      640,000    640,000          40,000         600,000
Citigroup Inc.                     COM               172967101    57,537SH    1,420,666  1,420,666               0       1,420,666
Cardinal Health, Inc.              COM               14149Y108    30,584SH      413,583    413,583          19,244         394,339
Commerce Bancorp, Inc.             COM               200519106     3,383SH       49,750     49,750               0          49,750
Circuit City Stores, Inc.-Circuit CCIRCT CITY GRP    172737108       506SH       42,200     42,200          42,200               0
Crown Castle International Corp.   COM               228227104       162SH       18,000     18,000          18,000               0
Clear Channel Communications, Inc. COM               184502102    80,349SH    2,021,365  2,021,365          30,900       1,990,465
Cable Design Technologies CorporatiCOM               126924109     1,778SH      150,000    150,000               0         150,000
Concord EFS, Inc.                  COM               206197105     2,448SH       50,000     50,000               0          50,000
Charter One Financial, Inc.        COM               160903100       564SH       20,000     20,000               0          20,000
Check Point Software Technologies LORD               M22465104     9,455SH      429,400    429,400          34,100         395,300
C.H. Robinson Worldwide, Inc.      COM               12541W100     3,041SH      105,000    105,000               0         105,000
Cincinnati Financial Corporation   COM               172062101        87SH        2,082      2,082           2,082               0
Conexant Systems                   SUB NT CONV 4%07  207142AF7     1,755PRN   3,250,000  3,250,000               0       3,250,000
Compaq Computer Corporation        COM               204493100       288SH       34,600     34,600          34,600               0
ChoicePoint Inc.                   COM               170388102    19,519SH      468,749    468,749               0         468,749
Cisco Systems, Inc.                COM               17275R102    24,697SH    2,027,700  2,027,700          47,700       1,980,000
Cintas Corporation                 COM               172908105    45,051SH    1,117,900  1,117,900          23,050       1,094,850
CVS Corporation                    COM               126650100    43,707SH    1,316,490  1,316,490          42,342       1,274,148
Cyberonics, Inc.                   COM               23251P102     3,089SH      196,000    196,000               0         196,000
Dell Computer Corporation          COM               247025109    19,469SH    1,050,700  1,050,700             700       1,050,000
Dollar General Corporation         COM               256669102    41,012SH    3,505,325  3,505,325          80,325       3,425,000
Walt Disney Company (The)          COM               254687106    32,315SH    1,735,500  1,735,500          35,500       1,700,000
EchoStar Communications CorporationCL A              278762109     6,306SH      271,000    271,000          31,000         240,000
Duke Energy Corporation            COM               264399106       379SH       10,000     10,000               0          10,000
Brinker International, Inc.        COM               109641100     1,464SH       62,000     62,000               0          62,000
Electronic Data Systems CorporationCOM               285661104    32,395SH      562,600    562,600          12,600         550,000
EMC Corporation                    COM               268648102    29,436SH    2,505,200  2,505,200          40,200       2,465,000
Emmis Communications Corporation   CL A              291525103     1,223SH       84,800     84,800               0          84,800
Emerson Electric Co.               COM               291011104       259SH        5,500      5,500               0           5,500
El Paso Corporation                COM               28336L109    53,122SH    1,278,501  1,278,501          32,501       1,246,000
Entercom Communications Corp.      CL A              293639100       881SH       25,900     25,900               0          25,900
Expeditors International of WashingCOM               302130109     8,111SH      171,290    171,290           1,290         170,000
Fastenal Company                   COM               311900104    51,829SH      909,600    909,600          13,600         896,000
Fleet Boston Financial Corporation COM               339030108        74SH        2,000      2,000           2,000               0
Fiserv, Inc.                       COM               337738108     8,843SH      258,562    258,562           2,625         255,937
Fifth Third Bancorp                COM               316773100    84,280SH    1,370,851  1,370,851          22,088       1,348,763
Firstmerit Corporation             COM               337915102       540SH       23,000     23,000          23,000               0
Fannie Mae                         COM               313586109        64SH          800        800             800               0
Sprint Corporation                 COM FON GROUP     852061100    88,707SH    3,694,600  3,694,600          84,600       3,610,000
Forrester Research, Inc.           COM               346563109        17SH        1,000      1,000           1,000               0
Freddie Mac                        COM               313400301       299SH        4,600      4,600           4,600               0
Fresh Brands, Inc.                 COM               35803U108       183SH       12,000     12,000               0          12,000
Forest Laboratories, Inc.          COM               345838106     2,236SH       31,000     31,000               0          31,000
FLAG Telecom Holdings Limited      COM               G3529L102     1,585SH    1,116,000  1,116,000           8,000       1,108,000
Cedar Fair, L.P.                   DEPOSITRY UNIT    150185106       469SH       24,000     24,000          24,000               0
FYI Incorporated                   COM               302712104     2,154SH       57,400     57,400           2,400          55,000
Guidant Corporation                COM               401698105   100,312SH    2,605,500  2,605,500          31,000       2,574,500
General Electric Company           COM               369604103    21,390SH      575,000    575,000               0         575,000
General Mills, Inc.                COM               370334104       364SH        8,000      8,000           8,000               0
General Motors Corporation - Cl H  CL H NEW          370442832    54,066SH    4,055,972  4,055,972          28,272       4,027,700
Genuine Parts Company              COM               372460105     1,037SH       32,550     32,550          17,550          15,000
W.W. Grainger, Inc.                COM               384802104       295SH        7,600      7,600           1,600           6,000
HCC Insurance Holdings, Inc.       COM               404132102     3,708SH      141,000    141,000           1,000         140,000
Home Depot, Inc. (The)             COM               437076102       288SH        7,500      7,500           7,500               0
Harley-Davidson, Inc.              COM               412822108    28,937SH      714,500    714,500          18,200         696,300
Household International, Inc.      COM               441815107       451SH        8,000      8,000               0           8,000
Health Management Associates, Inc.-CL A              421933102    94,266SH    4,540,745  4,540,745          78,825       4,461,920
Harris Corporation                 COM               413875105    14,239SH      447,500    447,500          27,500         420,000
Hispanic Broadcasting Corporation  CL A              43357B104     1,771SH      110,000    110,000               0         110,000
Aquila, Inc.                       CL A              0384J106      2,616SH      120,000    120,000               0         120,000
Intel Corporation                  COM               458140100    23,782SH    1,163,500  1,163,500               0       1,163,500
IPC Holdings, Ltd.                 ORD               G4933P101       593SH       26,000     26,000           1,000          25,000
Interpublic Group of Companies, IncCOM               460690100    30,035SH    1,472,300  1,472,300          52,300       1,420,000
International Speedway Corporation CL A              460335201    18,068SH      518,736    518,736           3,000         515,736
International Speedway Corporation CL B              460335300     3,420SH      100,000    100,000               0         100,000
ITC/\DeltaCom, Inc.                COM               45031T104       610SH      508,300    508,300               0         508,300
Illinois Tool Works Inc.           COM               452308109       752SH       13,900     13,900           6,900           7,000
Interwoven, Inc.                   COM               46114T102       232SH       60,000     60,000           5,000          55,000
Jones Apparel Group, Inc.          COM               480074103    12,745SH      500,000    500,000               0         500,000
Keane, Inc.                        COM               486665102    10,347SH      758,000    758,000          10,000         748,000
The Kroger Co.                     COM               501044101    19,712SH      800,000    800,000               0         800,000
Kohl's Corporation                 COM               500255104    12,749SH      265,600    265,600               0         265,600
Lamar Advertising Company          CL A              512815101     6,825SH      225,100    225,100           5,100         220,000
Eli Lilly and Company              COM               532457108    34,298SH      425,000    425,000               0         425,000
Liberty Media Corporation          COM LIB GRP A     001957208    63,663SH    5,012,800  5,012,800          62,800       4,950,000
Loral Space & Communications Ltd.  COM               G56462107       988SH      760,000    760,000               0         760,000
LSI Logic Corporation              COM               502161102    15,275SH    1,300,000  1,300,000               0       1,300,000
La-Z-Boy Incorporated              COM               505336107     1,181SH       74,800     74,800          54,800          20,000
McDonald's Corporation             COM               580135101       103SH        3,800      3,800           3,800               0
Microchip Technology Incorporated  COM               595017104     7,705SH      287,500    287,500               0         287,500
McLeodUSA Incorporated             CL A              582266102       674SH      875,000    875,000               0         875,000
MCSi, Inc.                         COM               55270M108     3,174SH      197,000    197,000           7,000         190,000
Mercury General Corporation        COM               589400100   136,179SH    3,430,192  3,430,192          41,292       3,388,900
Molecular Devices Corp.            COM               60851C107     1,258SH       67,500     67,500               0          67,500
Medtronic, Inc.                    COM               585055106    53,514SH    1,230,210  1,230,210           6,414       1,223,796
MedImmune, Inc.                    COM               584699102     6,378SH      179,000    179,000               0         179,000
Merrill Lynch & Co., Inc.          COM               590188108    40,600SH    1,000,000  1,000,000               0       1,000,000
Mercury Interactive Corporation    COM               589405109     1,238SH       65,000     65,000               0          65,000
Marshall & Ilsley Corporation      COM               571834100    71,929SH    1,268,813  1,268,813          20,850       1,247,963
Marsh & McLennan Companies, Inc.   COM               571748102       193SH        2,000      2,000               0           2,000
Minnesota Mining & Manufacturing CoCOM               604059105    22,435SH      228,000    228,000               0         228,000
Philip Morris Companies Inc.       COM               718154107    39,211SH      812,000    812,000               0         812,000
MatrixOne, Inc.                    COM               57685P304       209SH       38,500     38,500               0          38,500
Motorola, Inc.                     COM               620076109    40,955SH    2,625,334  2,625,334          50,334       2,575,000
Merck & Co., Inc.                  COM               589331107       333SH        5,000      5,000               0           5,000
USX-Marathon Group                 COM NEW           902905827       294SH       11,000     11,000               0          11,000
Microsoft Corporation              COM               594918104    29,167SH      570,000    570,000               0         570,000
MGIC Investment Corporation        COM               552848103       105SH        1,600      1,600           1,600               0
Morgan Stanley Dean Witter & Co.   COM NEW           617446448       426SH        9,200      9,200           9,200               0
National Commerce Financial CorporaCOM               63545P104    22,707SH      870,000    870,000          70,000         800,000
Nationwide Financial Services, Inc.CL A              638612101     8,589SH      231,000    231,000          42,200         188,800
National HealthCare Corporation    COM               636906100       154SH       10,000     10,000          10,000               0
National Health Realty, Inc.       COM               635905102     1,674SH      111,628    111,628          10,000         101,628
Oracle Corporation                 COM               68389X105    13,712SH    1,090,000  1,090,000               0       1,090,000
O'Reilly Automotive, Inc.          COM               686091109    13,637SH      476,000    476,000           6,000         470,000
Outback Steakhouse, Inc.           COM               689899102    17,988SH      702,400    702,400          42,400         660,000
OTG Software, Inc.                 COM               671059103     1,177SH      212,000    212,000           3,000         209,000
Paychex, Inc.                      COM               704326107     4,490SH      142,500    142,500               0         142,500
Sprint Corp. (PCS Group)           PCS COM SER 1     852061506    77,403SH    2,944,200  2,944,200          54,200       2,890,000
AirGate PCS, Inc.                  COM               009367103     1,288SH       29,000     29,000             500          28,500
Patterson Dental Company           COM               703412106    10,111SH      274,300    274,300           3,000         271,300
PepsiCo, Inc.                      COM               713448108        39SH          800        800             800               0
Pfizer Inc.                        COM               717081103    47,920SH    1,195,000  1,195,000               0       1,195,000
The Proctor & Gamble Company       COM               742718109       291SH        4,000      4,000               0           4,000
Pharmacia Corporation              COM               71713U102    32,601SH      803,770    803,770          18,200         785,570
Protective Life Corporation        COM               743674103    86,327SH    2,976,796  2,976,796          61,896       2,914,900
Plantronics, Inc.                  COM               727493108    28,651SH    1,680,400  1,680,400          34,500       1,645,900
Pericom Semiconductor Corporation  COM               713831105     2,363SH      170,000    170,000               0         170,000
Patterson Energy, Inc.             COM               703481101       865SH       70,000     70,000               0          70,000
Qwest Communications International COM               749121109    59,570SH    3,567,056  3,567,056          72,584       3,494,472
QLT Inc.                           COM               746927102       941SH       61,000     61,000               0          61,000
Reckson Associates Realty Corp.    COM               75621K106       502SH       20,800     20,800          20,800               0
Rational Software Corporation      COM NEW           75409P202    15,971SH    1,844,200  1,844,200          79,200       1,765,000
Renal Care Group, Inc.             COM               759930100    24,258SH      788,350    788,350          42,100         746,250
Everest Re Group, Ltd.             COM               G3223R108       453SH        7,000      7,000               0           7,000
Robert Half International Inc.     COM               770323103    38,193SH    1,908,700  1,908,700          40,700       1,868,000
Radio One, Inc.                    CL A              75040P108       955SH       82,500     82,500               0          82,500
Rayovac Corporation                COM               755081106     3,785SH      248,200    248,200          49,500         198,700
RPM, Inc.                          COM               749685103       286SH       30,312     30,312          30,312               0
Res-Care, Inc.                     COM               760943100     1,765SH      196,150    196,150               0         196,150
IMS Health Incorporated            COM               449934108     7,740SH      309,000    309,000           9,000         300,000
Salem Communications Corporation   CL A              794093104     1,482SH       76,000     76,000               0          76,000
Asia Satellite Telecommunications HSPONSORED ADR     04516X106     1,830SH      140,800    140,800               0         140,800
SBC Communications Inc.            COM               78387G103    38,554SH      818,200    818,200          18,200         800,000
The Charles Schwab Corporation     COM               808513105    31,769SH    2,762,500  2,762,500          69,500       2,693,000
Syncor International Corporation   COM               87157J106     2,387SH       75,000     75,000               0          75,000
SunGard(R) Data Systems Inc.       COM               867363103     1,729SH       74,000     74,000           4,000          70,000
SeaChange International, Inc.      COM               811699107       571SH       32,700     32,700           4,000          28,700
Spherion Corporation               COM               848420105       429SH       59,600     59,600               0          59,600
Shire Pharmaceuticals Group PLC    SPONSORED ADR     82481R106    15,046SH      373,343    373,343           3,017         370,326
DMC Stratex Networks, Inc.         COM               23322L106     1,180SH      228,700    228,700           2,500         226,200
Sun Microsystems, Inc.             COM               866810104     8,766SH    1,060,000  1,060,000               0       1,060,000
ServiceMaster Company (The)        COM               81760N109     1,962SH      176,950    176,950         124,950          52,000
TESSCO Technologies Incorporated   COM               872386107     3,192SH      246,500    246,500           4,500         242,000
Tellabs, Inc.                      COM               879664100       245SH       24,800     24,800          24,800               0
Total Renal Care Holdings Inc.     SUB NT CONV 7%09  89151AAC1     1,890PRN   2,000,000  2,000,000               0       2,000,000
Tootsie Roll Industries, Inc.      COM               890516107       132SH        3,459      3,459               0           3,459
Tribune Company                    COM               896047107       534SH       17,000     17,000           8,000           9,000
Titan Corporation (The)            COM               888266103     3,959SH      202,000    202,000           7,000         195,000
Texaco, Inc.                       COM               881694103       325SH        5,000      5,000               0           5,000
Texas Instruments Incorporated     COM               882508104    13,727SH      549,500    549,500          24,500         525,000
Tyco International Ltd.            COM               902124106    37,538SH      825,000    825,000               0         825,000
USA Networks, Inc.                 COM               902984103    88,188SH    4,904,800  4,904,800          99,800       4,805,000
U.S. Bancorp                       COM               902973304        27SH        1,200      1,200           1,200               0
Valspar Corporation (The)          COM               920355104     1,331SH       39,800     39,800          39,800               0
Vascular Solutions, Inc.           COM               92231M109       443SH      250,500    250,500               0         250,500
Viacom Inc.                        CL B              925524308     5,241SH      151,925    151,925               0         151,925
Vulcan Materials Company           COM               929160109    59,689SH    1,381,700  1,381,700          32,700       1,349,000
Vishay Intertechnology, Inc.       COM               928298108    39,680SH    2,156,500  2,156,500          31,100       2,125,400
Verizon Communications             COM               92343V104    16,082SH      297,205    297,205          23,225         273,980
Walgreen Co.                       COM               931422109    32,053SH      930,951    930,951          30,951         900,000
Waters Corporation                 COM               941848103     7,515SH      210,100    210,100          25,100         185,000
Winstar Communications, Inc.       COM               975515107         0SH        3,000      3,000           3,000               0
Waddell & Reed Financial, Inc.-Cl ACL A              930059100     1,824SH       70,150     70,150          52,150          18,000
Wisconsin Energy Corporation       COM               976657106       450SH       20,000     20,000               0          20,000
Wells Fargo & Company              COM               949746101        80SH        1,800      1,800           1,800               0
Wal-Mart Stores, Inc.              COM               931142103    34,650SH      700,000    700,000               0         700,000
Western Multiplex Corporation      COM               95874P107       883SH      236,000    236,000               0         236,000
Willis Group Holdings Limited      SHS               G96655108    12,046SH      515,000    515,000           3,000         512,000
XL Capital Ltd.                    CL A              G98255105       395SH        5,000      5,000               0           5,000
Zebra Technologies Corporation     CL A              989207105     7,616SH      203,300    203,300          23,300         180,000

                                                              $3,471,299

                          Form 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:        0

Form 13F Information Table Entry Total:  204
  				

Form 13F Information Table Value Total (thousands):  $3,471,299

List of Other Included Managers:  NONE

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is
filed, other than the manager filing this report.

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