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)Jennifer R. Kloehn, Senior Vice President and Treasurer700 North Water StreetMilwaukee, Wisconsin 53202(Name and Address of Agent for Service)
  Registrant's Telephone Number, Including Area Code:414-272-4650Date of Fiscal Year End:03/31/2017Date of Reporting Period:06/30/2016 Item 1. Schedule of Investments.


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NICHOLAS FUND, INC.SCHEDULE OF INVESTMENTS (UNAUDITED)AS OF JUNE 30, 2016SHARES ORPRINCIPALAMOUNT

   

   

   VALUE-------------

   

   

   --------------COMMON STOCKS -- 94.14%Consumer Discretionary - Automobiles &Components -- 3.09%2,250,000

   Johnson Controls, Inc.

   

   $   99,585,000--------------Consumer Discretionary - Media -- 7.89%1,174,000

   CBS Corporation - Class B

   

   63,912,5601,910,000

   Gannett Co., Inc.

   

   26,377,1002,700,000

   TEGNA, Inc.

   

   62,559,0001,375,000

   Time Warner Inc.

   

   101,117,500--------------253,966,160--------------Consumer Discretionary -Retailing -- 10.35%250,000

   Dollar General Corporation

   

   23,500,0003,562,782

   LKQ Corporation *

   

   112,940,189372,476

   O'Reilly Automotive, Inc. *

   

   100,978,244939,786

   Sally Beauty Company, Inc. *

   

   27,639,106826,180

   Signet Jewelers Limited

   

   68,085,494--------------333,143,033--------------Consumer Discretionary - Services -- 2.08%1,224,153

   Popeyes Louisiana Kitchen, Inc. *

   

   66,887,720--------------Consumer Staples - Food & StaplesRetailing -- 4.01%1,550,000

   Walgreens Boots Alliance, Inc.

   

   129,068,500--------------Consumer Staples - Food, Beverage &Tobacco -- 1.42%450,000

   Philip Morris International Inc.

   

   45,774,000--------------Energy -- 5.31%1,800,000

   Enterprise Products Partners L.P.

   

   52,668,0001,300,000

   Plains All American Pipeline, L.P.

   

   35,737,0004,843,000

   Plains GP Holdings, L.P.

   

   50,512,490556,072

   TC PipeLines, LP

   

   31,840,683--------------170,758,173--------------Financials - Diversified -- 3.30%754,505

   Affiliated Managers Group, Inc. *

   

   106,211,669--------------Financials - Insurance -- 7.45%1,105,000

   Aon plc

   

   120,699,150910,000

   Chubb Limited

   

   118,946,100--------------239,645,250--------------Financials - Real Estate -- 1.16%1,405,000

   CBRE Group, Inc. *

   

   37,204,400--------------Health Care - Equipment &


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Services -- 5.22%1,186,254

   DaVita HealthCare Partners Inc. *

   

   91,721,159585,100

   Laboratory Corporation ofAmerica Holdings *

   

   76,220,977--------------167,942,136--------------Health Care - Pharmaceuticals,Biotechnology & Life Sciences -- 15.27%1,400,000

   AbbVie Inc.

   

   86,674,000720,000

   Celgene Corporation *

   

   71,013,6001,400,000

   Gilead Sciences, Inc.

   

   116,788,0002,700,000

   Pfizer Inc.

   

   95,067,000825,688

   Thermo Fisher Scientific Inc.

   

   122,003,659--------------491,546,259--------------Industrials - Capital Goods -- 4.56%571,100

   Snap-on Incorporated

   

   90,131,002248,910

   W.W. Grainger, Inc.

   

   56,564,797--------------146,695,799--------------Industrials - Commercial & ProfessionalServices -- 4.89%1,933,000

   Copart, Inc. *

   

   94,736,330124,100

   Deluxe Corporation

   

   8,236,5171,050,000

   Nielsen Holdings plc

   

   54,568,500--------------157,541,347--------------Industrials - Transportation -- 3.28%282,076

   AMERCO

   

   105,651,566--------------Information Technology - Semiconductors &Semiconductor Equipment -- 1.50%765,000

   Skyworks Solutions, Inc.

   

   48,409,200--------------Information Technology - Software &Services -- 6.73%700,000

   International Business MachinesCorporation

   

   106,246,000700,000

   MasterCard Incorporated - Class A

   

   61,642,000950,000

   Microsoft Corporation

   

   48,611,500--------------216,499,500--------------Materials -- 3.88%436,600

   AptarGroup, Inc.

   

   34,548,1581,250,401

   Ball Corporation

   

   90,391,488--------------124,939,646--------------Telecommunication Services -- 2.75%2,050,000

   AT&T Inc.

   

   88,580,500--------------TOTAL COMMON STOCKS(cost $2,006,342,233)

   

   3,030,049,858--------------SHORT-TERM INVESTMENTS -- 4.97%Commercial Paper - 4.88%$

   3,050,000

   V.F. Corporation 07/05/16, 0.73%

   

   3,049,7537,400,000

   Bacardi-Martini B.V. 07/06/16, 0.67%

   

   7,399,3116,350,000

   Bemis Company, Inc. 07/06/16, 0.68%

   

   6,349,4004,000,000

   Southern Power Company 07/06/16, 0.74%

   

   3,999,589


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$6,525,000

   Ford Motor Credit Company LLC07/08/16, 0.70%

   

   6,524,1128,000,000

   PPG Industries, Inc. 07/08/16, 0.75%

   

   7,998,8338,400,000

   WEC Energy Group, Inc. 07/11/16, 0.80%

   

   8,398,1334,000,000

   Monsanto Company 07/12/16, 0.74%

   

   3,999,0963,900,000

   PPG Industries, Inc. 07/12/16, 0.70%

   

   3,899,1664,200,000

   Southern Company Funding Corporation07/12/16, 0.80%

   

   4,198,9735,450,000

   WEC Energy Group, Inc. 07/12/16, 0.80%

   

   5,448,6686,825,000

   Eaton Corporation 07/13/16, 0.70%

   

   6,823,4076,000,000

   Baxter International Inc. 07/14/16, 0.79%

   

   5,998,2883,350,000

   Valspar Corporation (The) 07/14/16, 0.94%

   

   3,348,8634,700,000

   AstraZeneca PLC 07/15/16, 0.68%

   

   4,698,7573,000,000

   Bemis Company, Inc. 07/15/16, 0.70%

   

   2,999,1835,000,000

   Leggett & Platt, Incorporated07/18/16, 0.71%

   

   4,998,3244,600,000

   CBS Corporation 07/19/16, 0.68%

   

   4,598,4366,125,000

   Bacardi Corporation 07/20/16, 0.79%

   

   6,122,4466,025,000

   Pacific Gas and Electric Company07/20/16, 0.73%

   

   6,022,6794,500,000

   Harley-Davidson Financial Services, Inc.07/21/16, 0.70%

   

   4,498,2504,875,000

   Bell Canada 07/22/16, 0.77%

   

   4,872,8107,500,000

   Harley-Davidson Financial Services, Inc.07/25/16, 0.70%

   

   7,496,5005,000,000

   Ford Motor Credit Company LLC07/26/16, 0.73%

   

   4,997,4657,000,000

   Harley-Davidson Financial Services, Inc.07/27/16, 0.70%

   

   6,996,4615,000,000

   Hyundai Capital America, Inc.07/28/16, 0.65%

   

   4,997,5636,000,000

   Valspar Corporation (The) 07/29/16, 0.98%

   

   5,995,4274,000,000

   Ford Motor Credit Company LLC08/01/16, 0.73%

   

   3,997,4866,200,000

   Clorox Company (The) 08/22/16, 0.85%

   

   6,192,388--------------156,919,767--------------Variable Rate Security - 0.09%3,068,968

   Morgan Stanley Liquidity Funds GovernmentPortfolio (Institutonal Class), 0.27%

   

   3,068,968--------------TOTAL SHORT-TERM INVESTMENTS(cost $159,988,735)

   

   159,988,735--------------TOTAL INVESTMENTS(cost $2,166,330,968) - 99.11%

   

   3,190,038,593--------------OTHER ASSETS, NET OF LIABILITIES - 0.89%

   

   28,555,418--------------TOTAL NET ASSETS(basis of percentagesdisclosed above) - 100%

   

   $3,218,594,011----------------------------%

   Of net assets.*

   Non-income producing.
  As of June 30, 2016, investment cost for federal tax purposes was $2,166,330,968 and the tax basis components of unrealized appreciation/depreciation were as follows: Unrealized appreciation

   

   $1,140,728,316


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Unrealized depreciation

   

   (117,020,691

   )--------------Net unrealized appreciation

   

   $1,023,707,625----------------------------
  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, 2016 in valuing the Fund’s investments carried at value: InvestmentsValuation Inputs

   

   in SecuritiesLevel 1 -Common Stocks(1)

   

   $3,030,049,858Variable Rate Security

   

   3,068,968Level 2 -Commercial Paper

   

   156,919,767Level 3 -None

   

   ----------------Total

   

   $3,190,038,593----------------------------
  (1) See Schedule above for further detail by industry


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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/ David O. NicholasName: David O. NicholasTitle: Principal Executive OfficerDate:08/29/2016 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/ David O. NicholasName: David O. NicholasTitle: Principal Executive OfficerDate:08/29/2016By:/s/ Jennifer R. KloehnName: Jennifer R. KloehnTitle: Principal Financial OfficerDate:08/29/2016