# EDGAR Filing Document

**Accession Number:** 0000071958
**File Stem:** 0001193125-25-307650
**Filing Date:** 2025-12
**Character Count:** 22649
**Document Hash:** ca96cef4c08641fae5015a2902f58cb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307650.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307650

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**PERIOD START**: 20251031

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 391099162
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031
- **LEGAL ENTITY IDENTIFIER:** 549300Y74XY0WXZBQ563

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01728
- **FILM NUMBER:** 251548559

**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           |

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $4183952114.46

**Total Liabilities:** $3813072.55

**Net Assets:** $4180139041.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032194 | 0.80%                | -0.39%               | 1.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12641075.50             | $18753561.78                               |
| Month 2  | $-356383794.77           | $-16912094.27                              |
| Month 3  | $616650.31               | $74226077.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aon PLC                            | Aon PLC SHS CL A                        | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |    180507 | NS      | $61495124.76  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                    | AstraZeneca PLC SPONSORED ADR           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |   1002813 | NS      | $82631791.20  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC              | Eaton Corporation PLC SHS               | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     44210 | NS      | $16868767.60  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC | Johnson Controls International PLC SHS  | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |    296245 | NS      | $33887465.55  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                          | Sanofi SA SPONSORED ADR                 | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |   1347460 | NS      | $68154526.80  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA                       | US BANK MMDA - USBGFS 9                 | CUSIP: 8AMMF0JA0<br>LEI: N/A                  | Long             | STIV             |  | US        |  36152067 | NS      | $36152067.04  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc.             | Waste Connections Inc. COM              | CUSIP: 94106B101<br>LEI: 549300ZX1Z8QGWASPX54 | Long             | EC               | CORP              | CA        |    350600 | NS      | $58788608.00  | 1.41%             |  |  |  | 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        |  50000000 | NS      | $50000000.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills       | B 0 12/26/25                            | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  50000000 | PA      | $49712723.50  | 1.19%             | 2025-12-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fortive Corporation                | Fortive Corporation COM                 | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    650000 | NS      | $32721000.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                    | Home Depot Inc. COM                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    218308 | NS      | $82867533.72  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc      | Intercontinental Exchange Inc COM       | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    395000 | NS      | $57784550.00  | 1.38%             |  |  |  | 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      | $36841676.80  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.               | JPMorgan Chase & Co. COM                | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    208430 | NS      | $64846741.60  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                          | KLA Corp. COM NEW                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     50895 | NS      | $61518822.30  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                 | Coca-Cola Co (The) COM                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    981320 | NS      | $67612948.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                    | Eli Lilly & Co. COM                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     98060 | NS      | $84612051.60  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation           | Lam Research Corporation COM NEW        | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    355897 | NS      | $56039541.62  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated            | MasterCard Incorporated CL A            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    120275 | NS      | $66390597.25  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms Inc CL A                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     99560 | NS      | $64549726.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                   | McDonald's Corp. COM                    | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    178045 | NS      | $53133969.35  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                    | Microsoft Corp. COM                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    406358 | NS      | $210416235.98 | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                      | Netflix, Inc. COM                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     50015 | NS      | $55959782.90  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                     | Servicenow Inc COM                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     67015 | NS      | $61605549.20  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                       | NVIDIA Corp. COM                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1152620 | NS      | $233394023.80 | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.           | O'Reilly Automotive Inc. COM            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    732445 | NS      | $69172105.80  | 1.65%             |  |  |  | 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      | $49032031.20  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc             | Roper Technologies Inc COM              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     80000 | NS      | $35692000.00  | 0.85%             |  |  |  | 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      | $80262975.40  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                | Stryker Corporation COM                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    163895 | NS      | $58385954.80  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation              | Atlassian Corporation CL A              | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |    280974 | NS      | $47602615.08  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.             | The TJX Companies Inc. COM              | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    657130 | NS      | $92090198.20  | 2.20%             |  |  |  | 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        |    706479 | NS      | $35521764.12  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc       | Thermo Fisher Scientific Inc COM        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    159228 | NS      | $90344374.92  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                           | Visa Inc COM CL A                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    195120 | NS      | $66485188.80  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.             | Texas Instruments Inc. COM              | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    288096 | NS      | $46515980.16  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company           | Vulcan Materials Company COM            | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    190310 | NS      | $55094745.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                        | Workday Inc CL A                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    280695 | NS      | $67344344.40  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                        | Zscaler Inc COM                         | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |    184180 | NS      | $60989365.20  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                           | Alcon AG ORD SHS                        | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    685410 | NS      | $50644944.90  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                         | Apple Inc. COM                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    583760 | NS      | $157831191.20 | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                          | Adobe Inc COM                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    173779 | NS      | $59138731.49  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.        | Advanced Micro Devices Inc. COM         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    388939 | NS      | $99615056.68  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation      | Boston Scientific Corporation COM       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    624170 | NS      | $62866402.40  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                   | Amazon.com, Inc. COM                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    869171 | NS      | $212268941.62 | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.       | Cadence Design Systems, Inc. COM        | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    135503 | NS      | $45893511.07  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation         | Carrier Global Corporation COM          | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    918155 | NS      | $54621040.95  | 1.31%             |  |  |  | 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      | $34109056.15  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation       | Costco Wholesale Corporation COM        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     87870 | NS      | $80089111.50  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                    | Salesforce Inc. COM                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    270220 | NS      | $70367990.20  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                 | Cintas Corporation COM                  | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259210 | NS      | $47505416.70  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                        | Fiserv Inc. COM                         | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    526574 | NS      | $35117220.06  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                       | Fastenal Co. COM                        | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   1320580 | NS      | $54341867.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                      | Alphabet Inc. CAP STK CL C              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    901395 | NS      | $254031138.90 | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                    | Starbucks Corp. COM                     | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    653460 | NS      | $52845310.20  | 1.26%             |  |  |  | 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      | $69760665.60  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                       | Synopsys Inc COM                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    126097 | NS      | $57225340.54  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                      | Snowflake Inc COM SHS                   | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    295850 | NS      | $81323248.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-04

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

**Signature:** Jennifer Kloehn

**Name of Signer:** Jennifer Kloehn

**Title:** Treasurer