The aim of the present work was to compare the features of Slow Wave Sleep (SWS) mentation during the first and the second sleep cycle. One hundred-two dream reports (66 SWS reports of the first cycle and 36 SWS reports of the second cycle) were obtained from the Dream Data Bank of the Sleep and Dream Laboratory of the Bologna University Department of Psychology. The dream reports were analysed for structure (number of temporal units, number of report multi-units, and narrative continuity), and content (self, double self, setting, laboratory references, number of non-self characters, dimensional distortion, space-time distortion, plausibility, body feelings, emotions, reality testing). On the whole the results showed no significant differences between Slow Wave Sleep dreams of the first and of the second sleep cycle. The SWS mentation in the second cycle is not influenced by the previous REM period. Data are discussed in relation to the present cognitive models on dream production.