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)411 East Wisconsin Avenue, Milwaukee, Wisconsin 53202(Address of Principal Executive Offices)

   (Zip Code)Jennifer R. Kloehn, Senior Vice President and Treasurer411 East Wisconsin AvenueMilwaukee, Wisconsin 53202(Name and Address of Agent for Service)
  Registrant's Telephone Number, Including Area Code:414-272-4650Date of Fiscal Year End:03/31/2019Date of Reporting Period:12/31/2018 Item 1. Schedule of Investments.


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NICHOLAS FUND, INC.SCHEDULE OF INVESTMENTS (UNAUDITED)AS OF DECEMBER 31, 2018SHARES ORPRINCIPALAMOUNT

   

   

   VALUE-

   ------------

   

   

   -------------COMMON STOCKS -- 95.22%Consumer Discretionary - Retailing -10.93%32,200

   Amazon.com, Inc.

   

   $48,363,434270,000

   Home Depot, Inc. (The)

   

   46,391,4001,667,782

   LKQ Corporation

   

   39,576,467162,476

   O'Reilly Automotive, Inc.

   

   55,945,361810,000

   TJX Companies, Inc. (The)

   

   36,239,400160,000

   Ulta Beauty, Inc.

   

   39,174,400-------------265,690,462-------------Consumer Discretionary - Services - 3.29%220,000

   McDonald's Corporation

   

   39,065,400635,000

   Starbucks Corporation

   

   40,894,000-------------79,959,400-------------Consumer Services - Media &Entertainment - 4.93%64,000

   Alphabet Inc. - Class C

   

   66,279,040650,000

   Comcast Corporation - Class A

   

   22,132,500240,000

   Facebook, Inc. - Class A

   

   31,461,600-------------119,873,140-------------Consumer Staples - Food & StaplesRetailing - 1.66%590,000

   Walgreens Boots Alliance, Inc.

   

   40,314,700-------------Consumer Staples - Food, Beverage &Tobacco - 3.68%700,000

   Mondelez International, Inc. - Class A

   

   28,021,000285,000

   PepsiCo, Inc.

   

   31,486,800450,000

   Philip Morris International Inc.

   

   30,042,000-------------89,549,800-------------Consumer Staples - Household & PersonalProducts - 1.43%225,000

   Clorox Company (The)

   

   34,681,500-------------Energy - Energy - 1.72%1,700,000

   Enterprise Products Partners L.P.

   

   41,803,000-------------Financials - Banks - 1.37%485,000

   East West Bancorp, Inc.

   

   21,112,050125,000

   JPMorgan Chase & Co.

   

   12,202,500-------------33,314,550-------------Financials - Diversified - 6.11%304,505

   Affiliated Managers Group, Inc.

   

   29,670,9671,580,000

   Charles Schwab Corporation (The)

   

   65,617,400355,000

   Intercontinental Exchange, Inc.

   

   26,742,150155,000

   S&P Global Inc.

   

   26,340,700-------------148,371,217-------------Financials - Insurance - 3.97%


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415,000

   Aon plc

   60,324,400280,000

   Chubb Limited

   36,170,400-------------96,494,800-------------Health Care - Equipment & Services - 5.72%130,000

   Becton, Dickinson and Company

   29,291,600925,000

   Boston Scientific Corporation

   32,689,500300,100

   Laboratory Corporation of America Holdings

   37,920,636430,000

   Medtronic Public Limited Company

   39,112,800-------------139,014,536-------------Health Care - Pharmaceuticals,Biotechnology & Life Sciences - 11.38%145,000

   Amgen Inc.

   28,227,15089,500

   Biogen Inc.

   26,932,340365,000

   Celgene Corporation

   23,392,850400,000

   Gilead Sciences, Inc.

   25,020,000260,000

   Johnson & Johnson

   33,553,000315,887

   Merck & Co., Inc.

   24,136,926700,000

   Pfizer Inc.

   30,555,000378,188

   Thermo Fisher Scientific Inc.

   84,634,693-------------276,451,959-------------Industrials - Capital Goods - 7.87%640,000

   Fastenal Company

   33,465,600650,000

   Fortive Corporation

   43,979,000215,000

   Honeywell International Inc.

   28,405,800170,000

   Rockwell Automation, Inc.

   25,581,600411,100

   Snap-on Incorporated

   59,728,719-------------191,160,719-------------Industrials - Commercial & ProfessionalServices - 5.25%382,500

   Cintas Corporation

   64,256,175966,000

   Copart, Inc.

   46,155,480185,000

   Equifax Inc.

   17,229,050-------------127,640,705-------------Information Technology - Hardware &Equipment - 5.07%465,000

   Apple Inc.

   73,349,1001,150,000

   Cisco Systems, Inc.

   49,829,500-------------123,178,600-------------Information Technology - Semiconductors &Semiconductor Equipment - 2.72%925,000

   Intel Corporation

   43,410,250340,000

   Skyworks Solutions, Inc.

   22,786,800-------------66,197,050-------------Information Technology - Software &Services - 13.39%125,000

   Black Knight, Inc.

   5,632,500210,000

   Gartner, Inc.

   26,846,400375,000

   Mastercard Incorporated - Class A

   70,743,750840,000

   Microsoft Corporation

   85,318,800187,500

   salesforce.com, inc.

   25,681,875125,000

   ServiceNow, Inc.

   22,256,250450,000

   Visa Inc. - Class A

   59,373,000185,000

   Workday, Inc.

   29,540,800-------------325,393,375-------------Materials - 2.85%330,000

   Albemarle Corporation

   25,433,100955,802

   Ball Corporation

   43,947,776


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--------------69,380,876--------------Real Estate - Real Estate - 1.88%1,140,000

   CBRE Group, Inc.

   45,645,600--------------TOTAL COMMON STOCKS

   2,314,115,989(cost $1,531,897,254)

   --------------SHORT-TERM INVESTMENTS - 4.96%U.S. Government Sercurities - 3.50%$20,000,000

   U.S. Treasury Bill 01/03/2019, 2.201%

   19,998,79420,000,000

   U.S. Treasury Bill 01/10/2019, 2.182%

   19,990,44115,000,000

   U.S. Treasury Bill 01/17/2019, 2.238%

   14,986,21415,000,000

   U.S. Treasury Bill 01/24/2019, 2.275%

   14,979,46015,000,000

   U.S. Treasury Bill 01/31/2019, 2.257%

   14,973,155--------------84,928,064--------------Money Market Fund - 1.46%35,601,822

   Morgan Stanley Liquidity Funds GovernmentPortfolio (Institutional Class), 7-daynet yield 2.32%

   35,601,822--------------TOTAL SHORT-TERM INVESTMENTS

   120,529,886(cost $120,529,886)

   --------------TOTAL INVESTMENTS(cost $1,652,427,140) - 100.18%

   2,434,645,875--------------LIABILITIES, NET OF OTHER ASSETS - (0.18)%

   (4,439,437

   )--------------TOTAL NET ASSETS(basis of percentages disclosedabove) - 100%

   $2,430,206,438----------------------------% of net assets.
  As of December 31, 2018, investment cost for federal tax purposes was$1,645,634,494 the tax basis components of unrealizedappreciation/depreciation were as follows: Unrealized appreciation

   

   

   $839,584,547Unrealized depreciation

   

   

   (50,573,166

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

   

   

   $789,011,381------------------------
  For information on the Fund's policies regarding the valuation ofinvestments and other significant accounting policies, please refer to theFund's most recent Semiannual or Annual Report to Shareholders.Various inputs are used in determining the value of the Fund's investmentsrelating to Finanacial Accounting Standard No. 157.The three-tier hierarchy of inputs is summarized in the three broad Levelslisted below.Level 1 - quoted prices in active markets for identical investmentsLevel 2 - other significant observable inputs (including quoted pricesfor similar investments, interest rates, prepayment speeds,credit risk, etc.)Level 3 - significant unobservable inputs (including the Fund’s ownassumptions in determining the fair value of investments)


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The inputs or methodology used for valuing securities are not necessarily anindication of the risk associated with investing in those securities.The following is a summary of the inputs used as of December 31, 2018 invaluing the Fund’s investments carried at value: InvestmentsValuation Inputs

   

   in Securities----------------

   

   -------------Level 1 -Common Stocks(1)

   

   $2,314,115,989Money Market Fund

   

   35,601,822Level 2 -U.S. Government Sercurities

   

   84,928,064Level 3 -None

   

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

   

   $2,434,645,875----------------------------(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:February 19, 2019 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:February 19, 2019By:/s/ Jennifer R. KloehnName: Jennifer R. KloehnTitle: Principal Financial OfficerDate:February 19, 2019