|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:03/31/2009Date of Reporting Period:06/30/2008
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|Item 1. Schedule of Investments.
|--------------------------------

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|                                              |  | Nicholas Fund, Inc.                           |  |               
|--------------------------------------------- |  | --------------------------------------------- |  | --------------
|Schedule of Investments (unaudited)          
|                                              |  | June 30, 2008                                 |  |               
|                                             
|                                              |  |                                               |  | VAULE         
|                                              |  |                                               |  | --------------
|COMMON STOCKS - 94.46%                        |  |                                              
|                                              |  | Consumer Discretionary - Auto & Components -  |  |               
|                                              |  | 0.92%                                         |  |               
|500,000                                       |  | Johnson Controls, Inc.                        |  | $ 14,340,000  
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Consumer Discretionary - Consumer Durables &  |  |               
|                                              |  | Apparel - 2.59%                               |  |               
|650,000                                       |  | Fortune Brands, Inc.                          |  | 40,566,500    
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Consumer Discretionary - Consumer Services -  |  |               
|                                              |  | 1.08%                                         |  |               
|451,300                                       |  | DineEquity, Inc.                              |  | 16,860,568    
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Consumer Discretionary - Hotels, Restaurants  |  |               
|                                              |  | & Leisure - 3.96%                             |  |               
|1,154,037                                     |  | California Pizza Kitchen, Inc. *              |  | 12,913,674    
|1,400,000                                     |  | Yum! Brands, Inc.                             |  | 49,126,000    
|                                              |  |                                               |  | --------------
|                                              |  |                                               |  | 62,039,674    
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Consumer Discretionary - Retail - 7.20%       |  |               
|500,000                                       |  | Best Buy Co., Inc.                            |  | 19,800,000    
|330,000                                       |  | Jos. A. Bank Clothiers, Inc. *                |  | 8,827,500     
|650,000                                       |  | Kohl's Corporation *                          |  | 26,026,000    
|2,050,000                                     |  | O'Reilly Automotive, Inc. *                   |  | 45,817,500    
|450,000                                       |  | Penske Automotive Group, Inc.                 |  | 6,633,000     
|864,100                                       |  | Sally Beauty Company, Inc. *                  |  | 5,582,086     
|                                              |  |                                               |  | --------------
|                                              |  |                                               |  | 112,686,086   
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Consumer Staples - Food & Staple Retail -     |  |               
|                                              |  | 3.01%                                         |  |               
|1,450,000                                     |  | Walgreen Co.                                  |  | 47,139,500    
|                                              |  |                                               |  | --------------
|                                             
|Consumer Staples - Food, Beverage & Tobacco -
|                                              |  | 3.05%                                         |  |               
|2,404,800                                     |  | Constellation Brands, Inc. - Class A *        |  | 47,759,328    
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Consumer Staples - Household & Personal       |  |               
|                                              |  | Products - 0.57%                              |  |               
|250,000                                       |  | Avon Products, Inc.                           |  | 9,005,000     
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Energy - 11.54%                               |  |               
|400,000                                       |  | Apache Corporation                            |  | 55,600,000    
|50,000                                        |  | Bristow Group Inc. *                          |  | 2,474,500     
|50,000                                        |  | Chesapeake Energy Corporation                 |  | 3,298,000     
|681,300                                       |  | Inergy, L.P.                                  |  | 17,727,426    
|230,000                                       |  | Kayne Anderson Energy Development Company     |  | 5,278,500     
|700,000                                       |  | Kayne Anderson Energy Total Return Fund, Inc. |  | 20,426,000    
|700,000                                       |  | Kayne Anderson MLP Investment Company         |  | 19,208,000    
|1,029,036                                     |  | Kinder Morgan Management, LLC *               |  | 55,413,572    
|50,000                                        |  | McMoRan Exploration Co. *                     |  | 1,376,000     
|                                              |  |                                               |  | --------------
|                                              |  |                                               |  | 180,801,998   
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Financials - Banks - 3.55%                    |  |               
|728,040                                       |  | Bank Mutual Corporation                       |  | 7,309,522     
|2,054,126                                     |  | Marshall & Ilsley Corporation                 |  | 31,489,752    
|2,742,975                                     |  | MGIC Investment Corporation                   |  | 16,759,577    
|                                              |  |                                               |  | --------------
|                                              |  |                                               |  | 55,558,851    
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Financials - Diversified - 7.70%              |  |               
|900,000                                       |  | Affiliated Managers Group, Inc. *             |  | 81,054,000    
|800,000                                       |  | American Express Company                      |  | 30,136,000    
|200,000                                       |  | Leucadia National Corporation                 |  | 9,388,000     
|                                              |  |                                               |  | --------------
|                                              |  |                                               |  | 120,578,000   
|                                              |  |                                               |  | --------------
|                                             
|                                              |  | Financials - Insurance - 8.06%                |  |               
|720                                           |  | Berkshire Hathaway Inc. - Class A *           |  | 86,940,000    
|600,000                                       |  | Loews Corporation                             |  | 28,140,000    
|330,000                                       |  | Philadelphia Consolidated Holding Corp. *     |  | 11,210,100    
|                                              |  |                                               |  | --------------
|                                              |  |                                               |  | 126,290,100   
|                                              |  |                                               |  | --------------

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|                                               |  | Health Care - Equipment - 1.55%               |  |              
|---------------------------------------------- |  | --------------------------------------------- |  | -------------
|507,500                                        |  | Covidien Ltd.                                 |  | 24,304,175   
|                                               |  |                                               |  |              
|                                              
|                                               |  | Health Care - Pharmaceuticals &               |  |              
|                                               |  | Biotechnology - 5.08%                         |  |              
|550,000                                        |  | Gilead Sciences, Inc. *                       |  | 29,122,500   
|905,688                                        |  | Thermo Fisher Scientific Inc. *               |  | 50,473,992   
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|                                               |  | Health Care - Services - 7.33%                |  |              
|731,087                                        |  | Cardinal Health, Inc.                         |  | 37,709,467   
|1,100,000                                      |  | DaVita, Inc. *                                |  | 58,443,000   
|670,000                                        |  | VCA Antech, Inc. *                            |  | 18,612,600   
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|                                               |  | Industrials - Capital Goods - 12.88%          |  |              
|1,150,000                                      |  | Brady Corporation                             |  | 39,709,500   
|450,000                                        |  | Chicago Bridge & Iron Company N.V.            |  | 17,919,000   
|100,000                                        |  | EMCOR Group, Inc. *                           |  | 2,853,000    
|507,300                                        |  | General Dynamics Corporation                  |  | 42,714,660   
|300,000                                        |  | Lincoln Electric Holdings, Inc .              |  | 23,610,000   
|1,310,600                                      |  | Oshkosh Truck Corporation                     |  | 27,116,314   
|425,000                                        |  | W.W. Grainger, Inc.                           |  | 34,765,000   
|365,000                                        |  | Woodward Governor Company                     |  | 13,015,900   
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|Industrials - Commercial Services & Supplies -
|                                               |  | 3.27%                                         |  |              
|500,000                                        |  | Copart, Inc. *                                |  | 21,410,000   
|354,200                                        |  | Manpower Inc.                                 |  | 20,628,608   
|250,000                                        |  | United Stationers Inc. *                      |  | 9,237,500    
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|                                               |  | Industrials - Transportation - 1.20%          |  |              
|700,000                                        |  | Heartland Express, Inc.                       |  | 10,437,000   
|250,000                                        |  | J.B. Hunt Transport Services, Inc.            |  | 8,320,000    
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|                                               |  | Information Technology - Hardware &           |  |              
|                                               |  | Equipment - 2.78%                             |  |              
|1,250,000                                      |  | Dell Inc. *                                   |  | 27,350,000   
|100,000                                        |  | Mettler-Toledo International Inc. *           |  | 9,486,000    
|250,000                                        |  | ScanSource, Inc. *                            |  | 6,690,000    
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|Information Technology - Software & Services -
|                                               |  | 3.38%                                         |  |              
|785,000                                        |  | Fiserv, Inc. *                                |  | 35,615,450   
|450,000                                        |  | Hewitt Associates, Inc. *                     |  | 17,248,500   
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                              
|                                               |  | Materials - 3.76%                             |  |              
|1,000,000                                      |  | Bemis Company, Inc.                           |  | 22,420,000   
|800,200                                        |  | Stepan Company                                |  | 36,505,124   
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|                                               |  |                                               |  |              
|TOTAL Common Stocks                            |  | (COST: $ 1,158,431,434)                       |  | 1,479,342,895
|                                               |  |                                               |  |              
|                                              
|SHORT-TERM INVESTMENTS - 4.83%                 |  |                                              
|                                               |  | Commercial Paper - 4.58%                      |  |              
|$ 945,000                                      |  | Dow Chemical Company 07/01/08, 3.00%          |  | 945,000      
|3,250,000                                      |  | R.R. Donnelley & Sons Company 07/02/08, 3.00% |  | 3,249,729    
|950,000                                        |  | Sara Lee Corporation 07/02/08, 2.75%          |  | 949,927      
|3,350,000                                      |  | Starbucks Corporation 07/02/08, 2.90%         |  | 3,349,730    
|2,885,000                                      |  | Starbucks Corporation 07/03/08, 2.80%         |  | 2,884,551    
|5,000,000                                      |  | Dow Chemical Company 07/07/08, 3.15%          |  | 4,997,375    
|1,710,000                                      |  | Starbucks Corporation 07/07/08, 2.90%         |  | 1,709,174    
|4,250,000                                      |  | Wisconsin Energy Corporation 07/08/08, 2.90%  |  | 4,247,603    
|6,500,000                                      |  | Fortune Brands, Inc. 07/09/08, 2.80%          |  | 6,495,956    
|5,295,000                                      |  | Diageo Capital plc 07/10/08, 2.78%            |  | 5,291,320    
|1,050,000                                      |  | General Mills, Inc. 07/11/08, 2.78%           |  | 1,049,189    
|5,000,000                                      |  | Altria Group, Inc. 07/14/08, 2.70%            |  | 4,995,125    
|4,500,000                                      |  | Alcoa Inc. 07/15/08, 2.90%                    |  | 4,494,925    
|3,000,000                                      |  | Altria Group, Inc. 07/16/08, 2.95%            |  | 2,996,313    
|5,000,000                                      |  | Verizon Communications Inc. 07/17/08, 2.50%   |  | 4,994,444    
|5,000,000                                      |  | General Mills, Inc. 07/18/08, 2.90%           |  | 4,993,153    
|3,250,000                                      |  | Altria Group, Inc. 07/21/08, 2.85%            |  | 3,244,854    

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|3,150,000                                |  | ITT Corporation 07/22/08, 2.87%              |  | 3,144,726     
|---------------------------------------- |  | -------------------------------------------- |  | --------------
|1,725,000                                |  | ITT Corporation 07/24/08, 2.87%              |  | 1,721,837     
|3,000,000                                |  | H.J. Heinz Finance Company 07/30/08, 2.85%   |  | 2,993,113     
|3,000,000                                |  | Wisconsin Energy Corporation 07/30/08, 2.90% |  | 2,992,992     
|                                         |  |                                              |  |               
|                                         |  |                                              |  |               
|                                         |  |                                              |  |               
|                                         |  | Variable Rate Security - 0.25%               |  |               
|3,911,436                                |  | Wisconsin Corporate Central Credit Union     |  |               
|                                         |  | 07/01/08, 2.15%                              |  | 3,911,436     
|                                         |  |                                              |  |               
|                                        
|TOTAL Short-term Investments             |  | (COST: $ 75,652,472)                         |  | 75,652,472    
|                                         |  |                                              |  |               
|                                        
|                                        
|TOTAL SECURITY HOLDINGS -                |  | 99.29%                                       |  | 1,554,995,367 
|                                         |  |                                              |  |               
|                                        
|OTHER ASSETS, NET OF LIABILITIES - 0.71% |  | 11,123,240                                  
|                                         |  |                                              |  |               
|TOTAL NET ASSETS                         |  |                                              |  | $1,566,118,607
|                                         |  |                                              |  |               
|                                         |  |                                              |  |               
|                                        
|                                        
|% OF NET ASSETS                          |  |                                              |  |               
|* NON-INCOME PRODUCING                   |  |                                              |  |               

As of June 30, 2008, investment cost for federal tax purposes was $1,236,776,680 and the tax basis components of unrealized appreciation/depreciation were as follows:

|Unrealized appreciation     |  | $ 480,114,870
|--------------------------- |  | -------------
|Unrealized depreciation     |  | (161,896,183)
|                            |  | -------------
|Net unrealized appreciation |  | $ 318,218,687
|                            |  | -------------
|                            |  | -------------

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.

Various inputs are used in determining the value of the Fund's investments relating to Finanacial Accounting Standard No. 157.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1  quoted prices in active markets for identical investments

Level 2  other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Funds investments carried at value:

|Valuation Inputs                                                           |  | Investments in Securities |  | Other Financial Instruments*
|-------------------------------------------------------------------------- |  | ------------------------- |  | ----------------------------
|Level 1 - Quoted Prices                                                    |  | $1,479,342,895            |  | $ --                        
|Level 2 - Other Significant Observable Inputs                              |  | 75,652,472                |  | --                          
|Level 3 - Significant Unobservable Inputs                                  |  | --                        |  | --                          
|                                                                           |  | --------------            |  | --------------              
|Total                                                                      |  | $1,544,995,367            |  | $ --                        
|                                                                           |  | --------------            |  | --------------              
|                                                                           |  | --------------            |  | --------------              
|                                                                          
|*Other financial instruments include futures, forwards and swap contracts. |  |                          

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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:08/27/2008
|--------------------------------------------------------------------------------------------------

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:08/27/2008By:/s/ Jeffrey T. MayName: Jeffrey T. MayTitle: Principal Financial OfficerDate:08/27/2008
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