|UNITED STATES                                                 
|--------------------------------------------------------------
|SECURITIES AND EXCHANGE COMMISSION                            
|Washington, D.C. 20549                                        
|                                                              
|FORM N-Q                                                      
|                                                              
|QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED        
|MANAGEMENT INVESTMENT COMPANY                                 
|                                                              
|Investment Company Act file number:811-01728                  
|                                                              
|Nicholas Fund, Inc.                                           
|(Exact Name of Registrant as Specified in Charter)            
|                                                              
|700 North Water Street, Milwaukee, Wisconsin 53202            
|(Address of Principal Executive Offices)                      
|                                                              
|Jeffrey T. May, Senior Vice President, Secretary and Treasurer
|700 North Water Street                                        
|Milwaukee, Wisconsin 53202                                    
|(Name and Address of Agent for Service)                       



|Registrant's Telephone Number, Including Area Code:414-272-4650Date of Fiscal Year End:03/31/2010Date of Reporting Period:06/30/2009
|------------------------------------------------------------------------------------------------------------------------------------



|Item 1. Schedule of Investments.
|--------------------------------

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|Nicholas Fund, Inc.                
|-----------------------------------
|Schedule of Investments (unaudited)
|June 30, 2009                      
|                                   
|                                   
|                                   
|COMMON STOCKS - 93.53%             
|                                   
|575,100                            
|                                   
|                                   
|                                   
|600,000                            
|100,000                            
|                                   
|                                   
|                                   
|                                   
|1,250,000                          
|                                   
|                                   
|                                   
|450,000                            
|650,000                            
|1,192,476                          
|726,160                            
|1,130,886                          
|                                   
|                                   
|                                   
|                                   
|932,868                            
|                                   
|                                   
|                                   
|1,450,000                          
|                                   
|                                   
|                                   
|300,000                            
|700,000                            
|                                   
|                                   
|                                   
|                                   
|400,000                            
|513,300                            
|931,300                            
|230,000                            
|700,000                            
|700,000                            
|1,124,382                          
|                                   
|                                   
|                                   
|                                   
|544,126                            
|                                   
|                                   
|                                   
|900,000                            
|1,044,785                          
|                                   
|                                   
|                                   
|                                   
|450                                
|850,000                            
|                                   
|                                   
|                                   
|                                   
|1,165,550                          
|                                   
|                                   
|                                   
|280,000                            
|507,500                            
|475,000                            
|                                   
|                                   
|                                   
|                                   
|278,000                            
|550,000                            
|325,400                            
|905,688                            
|                                   
|                                   
|                                   
|                                   
|850,000                            
|920,000                            

Page 1

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|                                         |  |                                                          |  | --------------
|---------------------------------------- |  | -------------------------------------------------------- |  | --------------
|                                         |  |                                                          |  | 66,605,000    
|                                         |  |                                                          |  | --------------
|                                         |  | Industrials - Capital Goods - 8.80%                      |  |               
|950,000                                  |  | Chicago Bridge & Iron Company N.V.                       |  | 11,780,000    
|236,100                                  |  | Curtiss-Wright Corporation                               |  | 7,019,253     
|300,000                                  |  | Fastenal Company                                         |  | 9,951,000     
|2,083,300                                |  | Oshkosh Corporation *                                    |  | 30,291,182    
|425,000                                  |  | W.W. Grainger, Inc.                                      |  | 34,799,000    
|733,695                                  |  | Woodward Governor Company                                |  | 14,527,161    
|                                         |  |                                                          |  | --------------
|                                         |  |                                                          |  | 108,367,596   
|                                         |  |                                                          |  | --------------
|                                         |  | Industrials - Commercial Services & Supplies - 3.41%     |  |               
|756,500                                  |  | Copart, Inc. *                                           |  | 26,227,855    
|200,000                                  |  | Duff & Phelps Corporation - Class A                      |  | 3,556,000     
|500,000                                  |  | Republic Services, Inc.                                  |  | 12,205,000    
|                                         |  |                                                          |  | --------------
|                                         |  |                                                          |  | 41,988,855    
|                                         |  |                                                          |  | --------------
|                                         |  | Information Technology - Software & Services - 5.62%     |  |               
|785,000                                  |  | Fiserv, Inc. *                                           |  | 35,874,500    
|600,000                                  |  | Hewitt Associates, Inc. *                                |  | 17,868,000    
|608,800                                  |  | Solera Holdings, Inc. *                                  |  | 15,463,520    
|                                         |  |                                                          |  | --------------
|                                         |  |                                                          |  | 69,206,020    
|                                         |  |                                                          |  | --------------
|                                         |  | Materials - 7.18%                                        |  |               
|450,000                                  |  | Airgas, Inc.                                             |  | 18,238,500    
|350,000                                  |  | AptarGroup, Inc.                                         |  | 11,819,500    
|1,000,000                                |  | Bemis Company, Inc.                                      |  | 25,200,000    
|300,000                                  |  | RPM International, Inc.                                  |  | 4,212,000     
|653,400                                  |  | Stepan Company                                           |  | 28,854,144    
|                                         |  |                                                          |  | --------------
|                                         |  |                                                          |  | 88,324,144    
|                                         |  |                                                          |  | --------------
|                                         |  | Utilities - 1.77%                                        |  |               
|850,000                                  |  | Allegheny Energy, Inc.                                   |  | 21,802,500    
|                                         |  |                                                          |  | --------------
|                                        
|                                         |  | TOTAL COMMON STOCKS (Cost: $1,024,495,015)               |  | 1,151,618,953 
|                                         |  |                                                          |  | --------------
|                                        
|                                        
|SHORT-TERM INVESTMENTS - 5.76%           |  |                                                         
|                                         |  | Commercial Paper - 5.62%                                 |  |               
|$3,135,000                               |  | Kellogg Company 07/01/09, 0.38%                          |  | 3,135,000     
|2,065,000                                |  | Stanley Works (The) 07/01/09, 0.30%                      |  | 2,065,000     
|2,165,000                                |  | Stanley Works (The) 07/02/09, 0.32%                      |  | 2,164,981     
|2,010,000                                |  | PepsiAmericas, Inc. 07/06/09, 0.28%                      |  | 2,009,922     
|1,281,000                                |  | PepsiAmericas, Inc. 07/06/09, 0.28%                      |  | 1,280,950     
|3,500,000                                |  | Clorox Company (The) 07/07/09, 0.50%                     |  | 3,499,708     
|3,000,000                                |  | Vulcan Materials Company 07/07/09, 0.55%                 |  | 2,999,725     
|3,000,000                                |  | Kellogg Company 07/08/09, 0.40%                          |  | 2,999,767     
|975,000                                  |  | XTO Energy Inc. 07/08/09, 0.55%                          |  | 974,896       
|5,000,000                                |  | Clorox Company (The) 07/09/09, 0.55%                     |  | 4,999,389     
|3,000,000                                |  | Clorox Company (The) 07/13/09, 0.50%                     |  | 2,999,500     
|5,000,000                                |  | PepsiAmericas, Inc. 07/13/09, 0.30%                      |  | 4,999,500     
|3,565,000                                |  | Clorox Company (The) 07/14/09, 0.40%                     |  | 3,564,485     
|2,610,000                                |  | General Mills, Inc. 07/14/09, 0.40%                      |  | 2,609,623     
|4,000,000                                |  | ITT Corporation 07/15/09, 1.20%                          |  | 3,998,133     
|3,321,000                                |  | PPG Industries, Inc. 07/15/09, 0.40%                     |  | 3,320,483     
|4,000,000                                |  | Wisconsin Energy Corporation 07/17/09, 0.45%             |  | 3,999,200     
|865,000                                  |  | Wisconsin Energy Corporation 07/17/09, 0.45%             |  | 864,827       
|942,000                                  |  | General Mills, Inc. 07/20/09, 0.40%                      |  | 941,801       
|3,500,000                                |  | XTO Energy Inc. 07/20/09, 0.55%                          |  | 3,498,984     
|4,000,000                                |  | Clorox Company (The) 07/22/09, 0.45%                     |  | 3,998,950     
|1,710,000                                |  | Clorox Company (The) 07/22/09, 0.45%                     |  | 1,709,551     
|2,445,000                                |  | Wisconsin Energy Corporation 07/24/09, 0.40%             |  | 2,444,375     
|2,540,000                                |  | Wisconsin Energy Corporation 07/24/09, 0.45%             |  | 2,539,270     
|1,520,000                                |  | Wisconsin Energy Corporation 07/31/09, 0.40%             |  | 1,519,493     
|                                         |  |                                                          |  | --------------
|                                         |  |                                                          |  | 69,137,513    
|                                         |  |                                                          |  | --------------
|                                         |  | Variable Rate Security - 0.15%                           |  |               
|1,828,526                                |  | American Family Financial Services, Inc. 07/01/09, 0.10% |  | 1,828,526     
|                                         |  |                                                          |  | --------------
|                                        
|                                         |  | TOTAL SHORT-TERM INVESTMENTS (Cost: $70,966,039)         |  | 70,966,039    
|                                         |  |                                                          |  | --------------
|                                        
|                                        
|TOTAL SECURITY HOLDINGS - 99.29%         |  | 1,222,584,992                                           
|                                         |  |                                                          |  | --------------
|                                        
|OTHER ASSETS, NET OF LIABILITIES - 0.71% |  | 8,681,567                                               
|                                         |  |                                                          |  | --------------
|TOTAL NET ASSETS                         |  | $1,231,266,559                                          
|                                         |  |                                                          |  | --------------
|                                         |  |                                                          |  | --------------
|                                        
|                                        
|% OF NET ASSETS                          |  |                                                         

Page 2

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* NON-INCOME PRODUCING

As of June 30, 2009, investment cost for federal tax purposes was $1,094,709,080 and the tax basis components of unrealized appreciation/depreciation were as follows:

|Unrealized appreciation     |  | $ 288,576,934
|--------------------------- |  | -------------
|Unrealized depreciation     |  | (160,701,022)
|                            |  | -------------
|Net unrealized appreciation |  | $ 127,875,912
|                            |  | -------------
|                            |  | -------------

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, 2009 in valuing the Funds investments carried at value:

|Valuation Inputs                              |  | Investments in Securities
|--------------------------------------------- |  | -------------------------
|Level 1 - Quoted Prices                       |  | $1,151,618,953           
|Level 2 - Other Significant Observable Inputs |  | 70,996,039               
|Level 3 - Significant Unobservable Inputs     |  | --                       
|                                              |  | --------------           
|Total                                         |  | $1,222,584,992           
|                                              |  | --------------           
|                                              |  | --------------           

Page 3

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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:08/05/2009
|--------------------------------------------------------------------------------------------------

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:08/05/2009By:/s/ Jeffrey T. MayName: Jeffrey T. MayTitle: Principal Financial OfficerDate:08/05/2009
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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