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)
  Registrant's Telephone Number, Including Area Code:414-272-4650Date of Fiscal Year End:03/31/2016Date of Reporting Period:12/31/2015 Item 1. Schedule of Investments.


---



NICHOLAS FUND, INC.SCHEDULE OF INVESTMENTS (UNAUDITED)AS OF DECEMBER 31, 2015SHARES ORPRINCIPALAMOUNT

   

   

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

   

   

   --------------COMMON STOCKS -- 96.78%Consumer Discretionary - Automobiles &Components -- 2.55%2,250,000

   Johnson Controls, Inc.

   

   $88,852,500--------------Consumer Discretionary - Durables &Apparel -- 2.14%456,693

   Jarden Corporation *

   

   26,086,304562,014

   Polaris Industries Inc.

   

   48,305,103--------------74,391,407--------------Consumer Discretionary - Media -- 6.84%1,074,000

   CBS Corporation - Class B

   

   50,617,6201,830,000

   Gannett Co., Inc.

   

   29,810,7002,700,000

   TEGNA, Inc.

   

   68,904,0001,375,000

   Time Warner Inc.

   

   88,921,250--------------238,253,570--------------Consumer Discretionary - Retailing -- 7.80%250,000

   Dollar General Corporation

   

   17,967,5003,562,782

   LKQ Corporation *

   

   105,565,231402,476

   O'Reilly Automotive, Inc. *

   

   101,995,468458,741

   Penske Automotive Group, Inc.

   

   19,423,094959,786

   Sally Beauty Company, Inc. *

   

   26,768,431--------------271,719,724--------------Consumer Discretionary - Services -- 2.41%118,706

   DineEquity, Inc.

   

   10,050,8371,261,171

   Popeyes Louisiana Kitchen, Inc. *

   

   73,778,504--------------83,829,341--------------Consumer Staples - Food & StaplesRetailing -- 4.40%1,800,000

   Walgreens Boots Alliance, Inc.

   

   153,279,000--------------Consumer Staples - Food, Beverage &Tobacco -- 2.32%920,000

   Philip Morris International Inc.

   

   80,877,200--------------Energy -- 2.16%350,000

   Enterprise Products Partners L.P.

   

   8,953,000500,000

   Plains All American Pipeline, L.P.

   

   11,550,0005,793,000

   Plains GP Holdings, L.P.

   

   54,743,850--------------75,246,850--------------Financials - Diversified -- 3.46%754,505

   Affiliated Managers Group, Inc. *

   

   120,539,719--------------Financials - Insurance -- 5.98%910,000

   ACE Limited

   

   106,333,5001,105,000

   Aon plc

   

   101,892,050--------------208,225,550--------------Financials - Real Estate -- 2.39%2,405,000

   CBRE Group, Inc. *

   

   83,164,900--------------Health Care - Equipment & Services -- 2.27%1,136,254

   DaVita HealthCare Partners Inc. *

   

   79,208,266--------------
  Page 1


---



Health Care - Pharmaceuticals,Biotechnology & Life Sciences -- 21.36%1,350,000

   

   AbbVie Inc.

   

   79,974,000595,000

   

   Celgene Corporation *

   

   71,257,2001,670,000

   

   Gilead Sciences, Inc.

   

   168,987,300546,200

   

   Jazz Pharmaceuticals public limitedcompany *

   

   76,773,8722,650,000

   

   Pfizer Inc.

   

   85,542,000825,688

   

   Thermo Fisher Scientific Inc.

   

   117,123,8431,420,000

   

   Valeant PharmaceuticalsInternational, Inc. *

   

   144,343,000--------------744,001,215--------------Industrials - Capital Goods -- 7.01%350,000

   

   Precision Castparts Corp.

   

   81,203,500621,100

   

   Snap-on Incorporated

   

   106,475,173278,910

   

   W.W. Grainger, Inc.

   

   56,504,377--------------244,183,050--------------Industrials - Commercial & ProfessionalServices -- 5.73%2,345,900

   

   ADT Corporation (The)

   

   77,367,7821,933,000

   

   Copart, Inc. *

   

   73,473,3301,050,000

   

   Nielsen Holdings plc

   

   48,930,000--------------199,771,112--------------Industrials - Transportation -- 3.15%282,076

   

   AMERCO

   

   109,868,602--------------Information Technology - Software &Services -- 7.42%700,000

   

   International Business MachinesCorporation

   

   96,334,000700,000

   

   MasterCard Incorporated - Class A

   

   68,152,0001,200,000

   

   Microsoft Corporation

   

   66,576,000750,000

   

   Oracle Corporation

   

   27,397,500--------------258,459,500--------------Materials -- 4.48%796,600

   

   AptarGroup, Inc.

   

   57,872,9901,350,401

   

   Ball Corporation

   

   98,214,665--------------156,087,655--------------Telecommunication Services -- 2.91%2,950,000

   

   AT&T Inc.

   

   101,509,500--------------TOTAL COMMON STOCKS(cost $2,310,820,733)

   

   3,371,468,661--------------SHORT-TERM INVESTMENTS -- 1.45%Commercial Paper - 1.35%$

   5,000,000

   

   Kroger Co. (The) 01/04/16, 0.70%

   

   5,000,0005,000,000

   

   Corning Incorporated 01/05/16, 0.60%

   

   4,999,9174,000,000

   

   Thomson Reuters Corporation01/05/16, 0.70%

   

   3,999,92210,000,000

   

   PPG Industries, Inc. 01/06/16, 0.70%

   

   9,999,6113,475,000

   

   B.A.T. International Finance p.l.c.01/13/16, 0.55%

   

   3,474,5222,000,000

   

   B.A.T. International Finance p.l.c.01/13/16, 0.55%

   

   1,999,7257,000,000

   

   Kellogg Company 01/19/16, 0.60%

   

   6,998,2507,500,000

   

   B.A.T. International Finance p.l.c.01/21/16, 0.50%

   

   7,498,2293,000,000

   

   Bacardi Corporation 01/27/16, 0.83%

   

   2,998,409--------------46,968,585--------------Variable Rate Security - 0.10%3,598,161

   

   Fidelity Institutional Money MarketFund - Class I, 0.28%

   

   3,598,161
  Page 2


---



--------------TOTAL SHORT-TERM INVESTMENTS(cost $50,566,746)

   

   50,566,746--------------TOTAL INVESTMENTS(cost $2,361,387,479) - 98.23%

   

   3,422,035,407--------------OTHER ASSETS, NET OF LIABILITIES - 1.77%

   

   61,675,497--------------TOTAL NET ASSETS(basis of percentagesdisclosed above) - 100%

   

   $3,483,710,904----------------------------
  % Of net assets.* Non-income producing. As of December 31, 2015, investment cost for federal tax purposes was$2,361,387,479 and the tax basis components of unrealizedappreciation/depreciation were as follows: Unrealized appreciation

   

   $3,210,111,124Unrealized depreciation

   

   (2,149,463,196

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

   

   $ 1,060,647,928------------------------------
  For information on the Fund's policies regarding the valuation of investmentsand other significant accounting policies, please refer to the Fund's mostrecent 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)The inputs or methodology used for valuing securities are not necessarilyan indication of the risk associated with investing in those securities.The following is a summary of the inputs used as of December 31, 2015 invaluing the Fund’s investments carried at value: InvestmentsValuation Inputs

   

   in SecuritiesLevel 1 -Common Stocks(1)

   

   $3,371,468,661Variable Rate Security

   

   3,598,161Level 2 -Commercial Paper

   

   46,968,585Level 3 -None

   

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

   

   $3,422,035,407----------------------------
  (1) See Schedule above for further detail by industry Page 3


---



---



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:02/18/2016 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/ Albert O. NicholasName: Albert O. NicholasTitle: Principal Executive OfficerDate:02/18/2016By:/s/ Jeffrey T. MayName: Jeffrey T. MayTitle: Principal Financial OfficerDate:02/18/2016