# EDGAR Filing Document

**Accession Number:** 0000071958
**File Stem:** 0001145549-25-052415
**Filing Date:** 2025-8
**Character Count:** 31067
**Document Hash:** 736ebcc06bec39c9389698017eba8415
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052415.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052415

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NICHOLAS FUND, INC.
- **CENTRAL INDEX KEY:** 0000071958

**ORGANIZATION NAME:**
- **EIN:** 391099162
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01728
- **FILM NUMBER:** 251240432

**BUSINESS ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-272-4650

**MAIL ADDRESS:**
- **STREET 1:** 411 E. WISCONSIN AVE.
- **STREET 2:** SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS STRONG FUND INC
- **DATE OF NAME CHANGE:** 19740627

## Series and Classes Contracts Data

### NICHOLAS FUND INC (Series ID: S000011768)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000032194 | NICHOLAS FUND INC | NICSX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| NICHOLAS FUND, INC. | NICHOLAS FUND, INC. | NICHOLAS FUND, INC. |
| SCHEDULE OF INVESTMENTS (UNAUDITED) | SCHEDULE OF INVESTMENTS (UNAUDITED) | SCHEDULE OF INVESTMENTS (UNAUDITED) |
| AS OF JUNE 30, 2025 | AS OF JUNE 30, 2025 | AS OF JUNE 30, 2025 |
| **SHARES OR** |  |  |
| **PRINCIPAL** |  |  |
| **AMOUNT** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VALUE** |
| **COMMON STOCKS -- 96.49%** | **COMMON STOCKS -- 96.49%** |  |
|  | **Communication Services - Media & Entertainment -- 9.10%** |  |
| 1083460 | Alphabet Inc. Class C | $192194969 |
| 99560 | Meta Platforms, Inc. | 73484240 |
| 46305 | Netflix, Inc.\* | 62008415 |
| 718899 | Trade Desk, Inc. Class A\* | 51753539 |
|  |  | 379441163 |
|  | **Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 10.10%** |  |
| 850401 | Amazon.com, Inc.\* | 186569475 |
| 218308 | Home Depot, Inc. | 80040445 |
| 813600 | O'Reilly Automotive, Inc.\* | 73329768 |
| 657130 | TJX Companies Inc | 81148984 |
|  |  | 421088672 |
|  | **Consumer Discretionary - Consumer Services -- 4.13%** |  |
| 1076335 | Chipotle Mexican Grill, Inc.\* | 60436210 |
| 178045 | McDonald's Corporation | 52019408 |
| 653460 | Starbucks Corporation | 59876540 |
|  |  | 172332158 |
|  | **Consumer Staples - Consumer Staples Distribution & Retail -- 2.09%** |  |
| 87870 | Costco Wholesale Corporation | 86986028 |
|  | **Consumer Staples - Food, Beverage & Tobacco -- 1.08%** |  |
| 634330 | The Coca-Cola Company | 44878847 |
|  | **Consumer Staples - Household & Personal Products -- 1.31%** |  |
| 2611142 | Kenvue Inc. | 54651202 |
|  | **Financials - Banks -- 1.45%** |  |
| 208430 | JPMorgan Chase & Co. | 60425941 |
|  | **Financials - Financial Services -- 9.15%** |  |
| 481404 | Fiserv, Inc.\* | 82998864 |
| 395000 | Intercontinental Exchange, Inc. | 72470650 |
| 123945 | Mastercard Incorporated Class A | 69649653 |
| 164740 | S&P Global, Inc. | 86865755 |
| 195120 | Visa Inc. Class A | 69277356 |
|  |  | 381262278 |
|  | **Financials - Insurance -- 1.54%** |  |
| 180507 | Aon Plc Class A | 64397677 |
|  | **Health Care - Health Care Equipment & Services -- 5.28%** |  |
| 605000 | Alcon AG | 53409400 |
| 624170 | Boston Scientific Corporation\* | 67042100 |
| 163895 | Stryker Corporation | 64841779 |

---

------

---

| | | |
|:---|:---|:---|
| 111970 | UnitedHealth Group Incorporated | 34931281 |
|  |  | 220224560 |
|  | **Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 6.16%** |  |
| 1002813 | AstraZeneca PLC | 70076572 |
| 91560 | Eli Lilly & Company | 71373767 |
| 1255950 | Sanofi Sponsored ADR | 60674945 |
| 134363 | Thermo Fisher Scientific Inc. | 54478822 |
|  |  | 256604106 |
|  | **Industrials - Capital Goods -- 4.65%** |  |
| 918155 | Carrier Global Corporation | 67199764 |
| 1320580 | Fastenal Company | 55464360 |
| 650000 | Fortive Corp. | 33884500 |
| 151040 | Illinois Tool Works Inc. | 37344640 |
|  |  | 193893264 |
|  | **Industrials - Commercial & Professional Services -- 2.63%** |  |
| 269375 | Cintas Corporation | 60035606 |
| 266240 | Waste Connections, Inc. | 49712333 |
|  |  | 109747939 |
|  | **Information Technology - Semiconductors & Semiconductor Equipment -- 9.65%** |  |
| 506519 | Advanced Micro Devices, Inc.\* | 71875046 |
| 50895 | KLA Corporation | 45588687 |
| 440450 | Lam Research Corporation | 42873403 |
| 1152620 | NVIDIA Corporation | 182102434 |
| 288096 | Texas Instruments Incorporated | 59814492 |
|  |  | 402254062 |
|  | **Information Technology - Software & Services -- 22.18%** |  |
| 225368 | Accenture plc | 67360242 |
| 161434 | Adobe Incorporated\* | 62455586 |
| 226669 | Atlassian Corp Class A\* | 46034207 |
| 147038 | Cadence Design Systems, Inc.\* | 45309760 |
| 422303 | Microsoft Corporation | 210057735 |
| 222630 | Palo Alto Networks, Inc.\* | 45559003 |
| 80000 | Roper Technologies, Inc. | 45347200 |
| 270220 | Salesforce, Inc. | 73686292 |
| 73095 | ServiceNow, Inc.\* | 75147508 |
| 331870 | Snowflake Inc.\* | 74262550 |
| 105922 | Synopsys, Inc.\* | 54304091 |
| 280695 | Workday, Inc. Class A\* | 67366800 |
| 184180 | Zscaler, Inc.\* | 57821469 |
|  |  | 924712443 |
|  | **Information Technology - Technology Hardware & Equipment -- 3.13%** |  |
| 583760 | Apple Inc. | 119770039 |
| 216667 | Ralliant Corporation\* | 10506167 |
|  |  | 130276206 |
|  | **Materials - Materials -- 2.86%** |  |
| 202240 | Sherwin-Williams Company | 69441126 |
| 190310 | Vulcan Materials Company | 49636654 |
|  |  | 119077780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS |  |

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,885,956,643) | 4022254326 |
| **SHORT-TERM INVESTMENTS -- 3.56%** | **SHORT-TERM INVESTMENTS -- 3.56%** |  |
|  | **Money Market Deposit Account - 0.32%** |  |
| $13182291 | U.S. Bank Money Market, 4.20% | 13182291 |
|  | **Money Market Fund - 0.84%** |  |
| 35000000 | First American Money Market Funds Government Obligations Fund - X Class, |  |
|  | 7-day net yield, 4.265% | 35000000 |
|  | **U.S. Government Securities - 2.40%** |  |
| 50000000 | U.S. Treasury Bill 07/10/2025, 4.251% | 49947646 |
| 50322000 | U.S. Treasury Bill 08/07/2025, 4.335% | 50101828 |
|  |  | 100049474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $148,237,334) | 148231765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $2,034,193,977) - 100.05% | 4170486091 |
|  | LIABILITIES, NET OF OTHER ASSETS - (0.05)% | (2042364) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;TOTAL NET ASSETS |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(basis of percentages disclosed above) - 100% | $4168443727 |
| \* Non-income producing security. | \* Non-income producing security. |  |
|  | The accompanying notes to financial statements are an integral part of this schedule. |  |

---

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 Financial Statements.

Various inputs are used in determining the value of the Fund's investments relating to Accounting Standards Codification 820 -10.

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, 2025, in valuing the Fund's investments carried at value:

------

---

| | |
|:---|:---|
|  | Investments |
| Valuation Inputs | in Securities |
| Level 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks(1) | $4022254326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Deposit Account | 13182291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 35000000 |
| Level 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | 100049474 |
| Level 3 |  |
| Total | $4170486091 |

---

(1) See Schedule above for further detail by industry.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Nicholas Fund, Inc.

- **b. Investment Company Act file number:** 811-01728

- **c. CIK number of Registrant:** 0000071958

- **d. LEI of Registrant:** 549300Y74XY0WXZBQ563

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 411 E. Wisconsin Ave.

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4142724650

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nicholas Fund, Inc.

- **b. EDGAR series identifier (if any):** S000011768

- **c. LEI of Series:** 549300Y74XY0WXZBQ563

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4173696837.14

**Total Liabilities:** $3945475.88

**Net Assets:** $4169751361.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032194 | 0.10%                | 3.77%                | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $373887394.71            | $-16007223.28                              |
| Month 2  | $29436196.42             | $117033993.59                              |
| Month 3  | $75290504.45             | $50601740.93                               |

### Schedule of Portfolio Investments

| Name                           | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The TJX Companies Inc.         | The TJX Companies Inc. COM              | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    657130 | NS      | $81148983.70  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc COM        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    134363 | NS      | $54478821.98  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| The Trade Desk Inc             | The Trade Desk Inc COM CL A             | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    718899 | NS      | $51753539.01  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.        | UnitedHealth Group Inc. COM             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    111970 | NS      | $34931280.90  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc COM          | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1076335 | NS      | $60436210.25  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                | Salesforce Inc. COM                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    270220 | NS      | $73686291.80  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation             | Cintas Corporation COM                  | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    269375 | NS      | $60035606.25  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                   | Fastenal Co. COM                        | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   1320580 | NS      | $55464360.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.       | O'Reilly Automotive Inc. COM            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    813600 | NS      | $73329768.00  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc COM              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |    222630 | NS      | $45559003.20  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp.                 | Ralliant Corp. COM                      | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    216667 | NS      | $10506166.67  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc COM              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     80000 | NS      | $45347200.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated | Texas Instruments Incorporated COM      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    288096 | NS      | $59814491.52  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc COM CL A                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    200995 | NS      | $71363274.75  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc CL A                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    280695 | NS      | $67366800.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company       | Vulcan Materials Company COM            | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    190310 | NS      | $49636654.20  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler Inc COM                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |    184180 | NS      | $57821469.20  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC SHS CLASS A               | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |    211348 | NS      | $63169803.72  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                       | Alcon AG ORD SHS                        | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    605000 | NS      | $53409400.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC SHS CL A                        | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |    180507 | NS      | $64397677.32  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA SPONSORED ADR                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |   1255950 | NS      | $60674944.50  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC SPONSORED ADR           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |   1002813 | NS      | $70076572.44  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                   | US BANK MMDA                            | CUSIP: 8AMMF0JA0<br>LEI: N/A                  | Long             | STIV             |  | US        |  14712510 | NS      | $14712510.09  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc.         | Waste Connections Inc. COM              | CUSIP: 94106B101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    266240 | NS      | $49712332.80  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.      | First American Funds Inc. GOVT OBLIGS X | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  35000000 | NS      | $35000000.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills   | B 0 08/07/25                            | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50322000 | PA      | $50101828.67  | 1.20%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills   | B 0 07/10/25                            | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49947646.00  | 1.20%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                     | Apple Inc. COM                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    583760 | NS      | $119770039.20 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc COM                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    161434 | NS      | $62455585.92  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.    | Advanced Micro Devices Inc. COM         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    535939 | NS      | $76049744.10  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.               | Amazon.com, Inc. COM                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    850401 | NS      | $186569475.39 | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation  | Boston Scientific Corporation COM       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    624170 | NS      | $67042099.70  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation     | Carrier Global Corporation COM          | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    918155 | NS      | $67199764.45  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.   | Cadence Design Systems, Inc. COM        | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    147038 | NS      | $45309759.70  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation   | Costco Wholesale Corporation COM        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     87870 | NS      | $86986027.80  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                    | Fiserv Inc. COM                         | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    481404 | NS      | $82998863.64  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation            | Fortive Corporation COM                 | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    650000 | NS      | $33884500.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                  | Alphabet Inc. CAP STK CL C              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1083460 | NS      | $192194969.40 | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                | Home Depot Inc. COM                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    218308 | NS      | $80040445.12  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc COM       | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    395000 | NS      | $72470650.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.       | Illinois Tool Works Inc. COM            | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |    151040 | NS      | $37344640.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                      | KLA Corp. COM NEW                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     50895 | NS      | $45588687.30  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.           | JPMorgan Chase & Co. COM                | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    208430 | NS      | $60425941.30  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)             | Coca-Cola Co (The) COM                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    634330 | NS      | $44878847.50  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                    | Kenvue Inc. COM                         | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   2611142 | NS      | $54651202.06  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                | Eli Lilly & Co. COM                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     91560 | NS      | $71373766.80  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation       | Lam Research Corporation COM NEW        | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    440450 | NS      | $42873403.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.               | McDonald's Corp. COM                    | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    178045 | NS      | $52019407.65  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated        | MasterCard Incorporated CL A            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    127660 | NS      | $71737260.40  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                | Microsoft Corp. COM                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    422303 | NS      | $210057735.23 | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc CL A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     99560 | NS      | $73484240.40  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                  | Netflix, Inc. COM                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     46305 | NS      | $62008414.65  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                 | Servicenow Inc COM                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     73095 | NS      | $75147507.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                   | NVIDIA Corp. COM                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1152620 | NS      | $182102433.80 | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                | Starbucks Corp. COM                     | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    653460 | NS      | $59876539.80  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company   | The Sherwin-Williams Company COM        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    202240 | NS      | $69441126.40  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc COM                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    105922 | NS      | $54304090.96  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc CL A                      | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    331870 | NS      | $74262549.90  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc COM                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    164740 | NS      | $86865754.60  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation            | Stryker Corporation COM                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    163895 | NS      | $64841778.85  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation          | Atlassian Corporation CL A              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |    206134 | NS      | $41863754.06  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

**Name of Applicant:** Nicholas Fund, Inc.

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer