|UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM N-QQUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTEREDMANAGEMENT INVESTMENT COMPANYInvestment Company Act file number:811-01728Nicholas Fund, Inc.(Exact Name of Registrant as Specified in Charter)700 North Water Street, Milwaukee, Wisconsin 53202(Address of Principal Executive Offices) (Zip Code)Jeffrey T. May, Senior Vice President, Secretary and Treasurer700 North Water StreetMilwaukee, Wisconsin 53202(Name and Address of Agent for Service)
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|Registrant's Telephone Number, Including Area Code:414-272-4650Date of Fiscal Year End:03/31/2008Date of Reporting Period:06/30/2007Item 1. Schedule of Investments.
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|                       |  | Nicholas Fund, Inc.                           |  |            
|---------------------- |  | --------------------------------------------- |  | -----------
|                       |  | Schedule of Investments (unaudited)           |  |            
|                       |  | June 30, 2007                                 |  |            
|                      
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|COMMON STOCKS - 93.17% |  |                                               |  |            
|                       |  | Consumer Discretionary - Consumer Durables    |  |            
|                       |  | & Apparel - 6.56%                             |  |            
|700,000                |  | Fortune Brands, Inc.                          |  |            
|1,259,900              |  | Helen of Troy Limited                         |  | *          
|450,000                |  | Mohawk Industries, Inc.                       |  | *          
|100,000                |  | Whirlpool Corporation                         |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Consumer Discretionary - Hotels, Restaurants  |  |            
|                       |  | & Leisure - 3.89%                             |  |            
|804,037                |  | California Pizza Kitchen, Inc. *              |  | 17,270,715 
|1,400,000              |  | Six Flags, Inc. *                             |  |            
|1,900,000              |  | Yum! Brands, Inc.                             |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Consumer Discretionary - Media - 1.46%        |  |            
|1,175,000              |  | Comcast Corporation *                         |  |            
|                       |  |                                               |  |            
|                       |  | Consumer Discretionary - Retail - 5.87%       |  |            
|1,050,000              |  | Bed Bath & Beyond Inc.                        |  | *          
|100,000                |  | Best Buy Co., Inc.                            |  |            
|2,050,000              |  | O'Reilly Automotive, Inc.                     |  | *          
|864,100                |  | Sally Beauty Company, Inc.                    |  | *          
|350,000                |  | United Auto Group, Inc.                       |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Consumer Staples - Food                       |  |            
|                       |  | & Staple Retail - 2.31%                       |  |            
|1,200,000              |  | Walgreen Co.                                  |  |            
|                       |  |                                               |  |            
|                       |  | Consumer Staples - Food, Beverage             |  |            
|                       |  | & Tobacco - 2.53%                             |  |            
|2,354,800              |  | Constellation Brands, Inc. - Class A *        |  | 57,174,544 
|                       |  |                                               |  |            
|                       |  | Energy - 8.69%                                |  |            
|850,000                |  | Apache Corporation                            |  |            
|351,300                |  | Inergy, L.P.                                  |  |            
|230,000                |  | Kayne Anderson Energy Development Company     |  | 5,791,400  
|700,000                |  | Kayne Anderson Energy Total Return Fund, Inc. |  | 20,265,000 
|700,000                |  | Kayne Anderson MLP Investment Company         |  | 23,247,000 
|1,249,354              |  | Kinder Morgan Management, LLC *               |  | 64,841,478 
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Financials - Banks - 5.00%                    |  |            
|1,300,000              |  | Bank Mutual Corporation                       |  |            
|2,054,126              |  | Marshall & Ilsley Corporation                 |  | 97,838,021 
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Financials - Diversified - 8.49%              |  |            
|1,096,000              |  | Affiliated Managers Group, Inc. *             |  | 141,120,960
|800,000                |  | American Express Company                      |  |            
|50,000                 |  | Leucadia National Corporation                 |  | 1,762,500  
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Financials - Insurance - 10.58%               |  |            
|1,155                  |  | Berkshire Hathaway Inc. - Class A *           |  | 126,443,625
|710,800                |  | Mercury General Corporation                   |  |            
|180,000                |  | Philadelphia Consolidated Holding Corp. *     |  | 7,524,000  
|2,024,312              |  | W.R. Berkley Corporation                      |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  |                                               |  |            
|                       |  | Health Care - Equipment - 2.15%               |  |            
|936,196                |  | Medtronic, Inc.                               |  |            
|                       |  |                                               |  |            
|                       |  | Health Care - Pharmaceuticals                 |  |            
|                       |  | & Biotechnology - 2.82%                       |  |            
|1,230,688              |  | Thermo Fisher Scientific Inc. *               |  | 63,651,183 
|                       |  |                                               |  |            
|                       |  | Health Care - Services - 5.49%                |  |            
|801,087                |  | Cardinal Health, Inc.                         |  |            

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|1,250,000                      |  | DaVita, Inc. *                                 |  | 67,350,000   
|------------------------------ |  | ---------------------------------------------- |  | -------------
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  | Industrials - Capital Goods - 13.28%           |  |              
|400,000                        |  | Chicago Bridge & Iron Company N.V.             |  | 15,096,000   
|600,000                        |  | General Dynamics Corporation                   |  | 46,932,000   
|1,130,600                      |  | Oshkosh Truck Corporation                      |  | 71,137,352   
|1,500,000                      |  | Pentair, Inc.                                  |  | 57,855,000   
|1,950,000                      |  | Tyco International Ltd.                        |  | 65,890,500   
|325,000                        |  | W.W. Grainger, Inc.                            |  | 30,241,250   
|350,000                        |  | Westinghouse Air Brake                         |  |              
|                               |  | Technologies Corporation                       |  | 12,785,500   
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  | Industrials - Commerical Services              |  |              
|                               |  | & Supplies - 3.37%                             |  |              
|1,150,000                      |  | Brady Corporation                              |  | 42,711,000   
|500,000                        |  | Cintas Corporation                             |  | 19,715,000   
|450,000                        |  | Copart, Inc. *                                 |  | 13,765,500   
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  | Industrials - Transportation - 0.64%           |  |              
|700,000                        |  | Heartland Express, Inc.                        |  | 11,410,000   
|100,000                        |  | J.B. Hunt Transport Services, Inc.             |  | 2,932,000    
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  | Information Technology - Hardware              |  |              
|                               |  | & Equipment - 4.15%                            |  |              
|700,000                        |  | CDW Corporation                                |  | 59,479,000   
|1,200,000                      |  | Dell Inc. *                                    |  | 34,260,000   
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  | Information Technology - Software              |  |              
|                               |  | & Services - 1.35%                             |  |              
|950,000                        |  | Hewitt Associates, Inc. *                      |  | 30,400,000   
|                               |  |                                                |  |              
|                               |  | Materials - 3.97%                              |  |              
|900,000                        |  | Bemis Company, Inc.                            |  | 29,862,000   
|1,331,901                      |  | CEMEX, S.A.B. de C.V.                          |  | 49,147,150   
|355,300                        |  | STEPAN COMPANY                                 |  | 10,758,484   
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  |                                                |  |              
|                               |  | Telecommunication Services - 0.57%             |  |              
|2,200,000                      |  | Level 3 Communications, Inc. *                 |  | 12,870,000   
|                               |  |                                                |  |              
|TOTAL Common Stocks            |  | (COST: $ 1,165,455,692)                        |  | 2,104,460,133
|                               |  |                                                |  |              
|                              
|                              
|SHORT-TERM INVESTMENTS - 6.85% |  |                                               
|                               |  | Commercial Paper - 6.67%                       |  |              
|$ 900,000                      |  | Chevron Phillips Chemical Company LLC          |  |              
|                               |  | 07/02/07, 5.50%                                |  | 900,000      
|7,000,000                      |  | Prudential Financial, Inc. 07/02/07, 5.26%     |  | 7,000,000    
|4,000,000                      |  | Verizon Communications Inc. 07/02/07, 5.32%    |  | 4,000,000    
|4,625,000                      |  | SABMiller plc 07/03/07, 5.36%                  |  | 4,624,311    
|5,000,000                      |  | Time Warner Inc. 07/05/07, 5.34%               |  | 4,997,775    
|3,700,000                      |  | Fiserv, Inc. 07/06/07, 5.33%                   |  | 3,697,809    
|2,206,000                      |  | SABMiller plc 07/06/07, 5.40%                  |  | 2,204,676    
|6,000,000                      |  | Fortune Brands, Inc. 07/09/07, 5.30%           |  | 5,993,816    
|4,035,000                      |  | Kraft Foods Inc. 07/10/07, 5.38%               |  | 4,030,176    
|3,025,000                      |  | Fiserv, Inc. 07/11/07, 5.33%                   |  | 3,020,969    
|4,525,000                      |  | General Mills, Inc. 07/12/07, 5.28%            |  | 4,518,364    
|8,000,000                      |  | General Mills, Inc. 07/12/07, 5.33%            |  | 7,988,156    
|2,885,000                      |  | SABMiller plc 07/13/07, 5.36%                  |  | 2,880,275    
|3,500,000                      |  | Travelers Companies Inc. (The) 07/13/07, 5.28% |  | 3,494,353    
|6,425,000                      |  | Walt Disney Company (The) 07/16/07, 5.36%      |  | 6,411,607    
|3,800,000                      |  | Fiserv, Inc. 07/17/07, 5.33%                   |  | 3,791,561    
|4,750,000                      |  | Fiserv, Inc. 07/18/07, 5.35%                   |  | 4,738,706    
|4,000,000                      |  | General Mills, Inc. 07/18/07, 5.32%            |  | 3,990,542    
|3,060,000                      |  | Fiserv, Inc. 07/19/07, 5.35%                   |  | 3,052,269    
|3,495,000                      |  | Kraft Foods Inc. 07/20/07, 5.32%               |  | 3,485,703    
|1,350,000                      |  | Fiserv, Inc. 07/23/07, 5.35%                   |  | 1,345,787    
|4,000,000                      |  | Travelers Companies Inc. (The) 07/24/07, 5.30% |  | 3,987,044    
|4,500,000                      |  | Time Warner Cable Inc. 07/25/07, 5.38%         |  | 4,484,533    
|3,950,000                      |  | Barclays U.S. Funding Corp. 7/27/07, 5.235%    |  | 3,935,640    
|3,150,000                      |  | Fortune Brands, Inc. 07/30/07, 5.30%           |  | 3,137,015    
|2,700,000                      |  | John Deere Capital Corporation 08/01/07, 5.22% |  | 2,688,255    

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|5,000,000                                  |  | Fortune Brands, Inc. 08/02/07, 5.30%        |  | 4,977,181     
|------------------------------------------ |  | ------------------------------------------- |  | --------------
|5,020,000                                  |  | Walt Disney Company (The) 08/03/07, 5.27%   |  | 4,996,484     
|5,050,000                                  |  | Walt Disney Company (The) 08/03/07, 5.27%   |  | 5,026,343     
|5,200,000                                  |  | Starbucks Corporation 08/06/07, 5.37%       |  | 5,172,852     
|1,825,000                                  |  | Starbucks Corporation 08/07/07, 5.35%       |  | 1,815,236     
|5,000,000                                  |  | General Mills, Inc. 08/10/07, 5.30%         |  | 4,971,292     
|2,275,000                                  |  | Starbucks Corporation 08/13/07, 5.35%       |  | 2,260,800     
|7,000,000                                  |  | Fortune Brands, Inc. 08/20/07, 5.33%        |  | 6,949,217     
|6,650,000                                  |  | Starbucks Corporation 08/21/07, 5.33%       |  | 6,600,772     
|3,600,000                                  |  | Barclays U.S. Funding Corp. 08/23/07, 5.24% |  | 3,572,752     
|                                           |  |                                             |  |               
|                                           |  |                                             |  |               
|                                           |  |                                             |  |               
|                                           |  | Variable Rate Security - 0.18%              |  |               
|4,087,141                                  |  | Wisconsin Corporate Central Credit Union    |  |               
|                                           |  | 07/02/07, 4.99%                             |  | 4,087,141     
|                                           |  |                                             |  |               
|TOTAL Short-term Investments               |  | (COST: $ 154,829,412)                       |  | 154,829,412   
|                                           |  |                                             |  |               
|                                          
|                                          
|TOTAL SECURITY HOLDINGS - 100.02%          |  | 2,259,289,545                              
|                                           |  |                                             |  |               
|                                          
|LIABILITIES, NET OF OTHER ASSETS - (0.02)% |  | (521,906)                                  
|                                           |  |                                             |  |               
|TOTAL NET ASSETS                           |  |                                             |  | $2,258,767,639
|                                           |  |                                             |  |               
|                                           |  |                                             |  |               
|                                          
|                                          
|% OF NET ASSETS                            |  |                                             |  |               
|* NON-INCOME PRODUCING                     |  |                                             |  |               

As of June 30, 2007, investment cost for federal tax purposes was $1,320,238,506 and the tax basis components of unrealized appreciation/depreciation were as follows:

|Unrealized appreciation     |  | $945,096,778
|--------------------------- |  | ------------
|Unrealized depreciation     |  | (6,045,739) 
|                            |  | ------------
|Net unrealized appreciation |  | $939,051,039
|                            |  | ------------
|                            |  | ------------

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent Semiannual or Annual Report to Shareholders.

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Item 2. Controls and Procedures.

(a) The Fund's principal executive officer and principal financial officer have concluded that the Fund's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in
this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within
90 days of the filing date of the report.

(b) There were no significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Fund's internal controls or in other factors that could significantly affect the Fund's
internal controls during the last fiscal quarter.

Item 3. Exhibits.

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Act, attached hereto as part of EX-99.CERT.



|SIGNATURES
|----------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



|(Registrant)Nicholas Fund, Inc.By:/s/ Albert O. NicholasName: Albert O. NicholasTitle: Principal Executive OfficerDate:08/29/2007
|---------------------------------------------------------------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.



|By:/s/ Albert O. NicholasName: Albert O. NicholasTitle: Principal Executive OfficerDate:08/29/2007By:/s/ Jeffrey T. MayName: Jeffrey T. MayTitle: Principal Financial OfficerDate:08/29/2007
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