Semi Annual Report by Investment Company Form N CSRS

Nicholas Fund, Inc.

NICSX

Financial Highlights (NICSX)

For a share outstanding throughout each period

Six Months
Ended
09/30/2024

Years Ended March 31,

(unaudited)

2024

2023

2022

2021

2020

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME (LOSS) FROM INVESTMENT OPERATIONS

Net investment income ⁽¹⁾

Net gain (loss) on securities (realized and unrealized)

Total from investment operations

LESS DISTRIBUTIONS

From net investment income

From net capital gain

Total distributions

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN

SUPPLEMENTAL DATA

Net assets, end of period (millions)

Ratio of expenses to average net assets

Ratio of net investment income to average net assets

Portfolio turnover rate

Schedule of Investments

September 30, 2024 (unaudited)

Shares or
Principal
Amount

Value

COMMON STOCKS - 95.83%

Communication Services - Media & Entertainment - 5.88%

Alphabet Inc. Class C

Trade Desk, Inc. Class A*

Consumer Discretionary - Consumer Discretionary Distribution & Retail - 9.85%

Amazon.com, Inc.*

Home Depot, Inc.

O'Reilly Automotive, Inc.*

TJX Companies Inc

Consumer Discretionary - Consumer Services - 3.99%

Chipotle Mexican Grill, Inc.*

McDonald's Corporation

Starbucks Corporation

Consumer Staples - Consumer Staples Distribution & Retail - 2.18%

Costco Wholesale Corporation

Consumer Staples - Food, Beverage & Tobacco - 2.12%

Constellation Brands, Inc. Class A

Mondelez International, Inc. Class A

Consumer Staples - Household & Personal Products - 1.31%

Kenvue Inc.

Energy - Energy - 1.16%

Enterprise Products Partners L.P.

Financials - Banks - 1.12%

JPMorgan Chase & Co.

Financials - Financial Services - 9.24%

Fiserv, Inc.*

Intercontinental Exchange, Inc.

Mastercard Incorporated Class A

Schedule of Investments (continued)

September 30, 2024 (unaudited)

Shares or
Principal
Amount

Value

COMMON STOCKS - 95.83% (continued)

Financials - Financial Services - 9.24% (continued)

S&P Global, Inc.

Visa Inc. Class A

Financials - Insurance - 1.84%

Aon Plc Class A

Health Care - Health Care Equipment & Services - 6.95%

Alcon AG

Boston Scientific Corporation

Laboratory Corporation of America Holdings

Stryker Corporation

UnitedHealth Group Incorporated

Health Care - Pharmaceuticals, Biotechnology & Life Sciences - 7.61%

Astrazeneca PLC Sponsored ADR

Eli Lilly & Company

Merck & Co., Inc.

Sanofi Sponsored ADR

Thermo Fisher Scientific Inc.

Industrials - Capital Goods - 4.95%

Fastenal Company

Fortive Corp.

Honeywell International Inc.

Illinois Tool Works Inc.

Industrials - Commercial & Professional Services - 3.83%

Cintas Corporation

Copart, Inc.*

Waste Connections, Inc.

Schedule of Investments (continued)

September 30, 2024 (unaudited)

Shares or
Principal
Amount

Value

COMMON STOCKS - 95.83% (continued)

Information Technology - Semiconductors & Semiconductor Equipment - 8.00%

Advanced Micro Devices, Inc.*

KLA Corporation

Lam Research Corporation

NVIDIA Corporation

Skyworks Solutions, Inc.

Texas Instruments Incorporated

Information Technology - Software & Services - 19.68%

Accenture Plc Class A

Adobe Incorporated*

Atlassian Corp Class A*

Cadence Design Systems, Inc.*

Microsoft Corporation

MongoDB, Inc.*

Palo Alto Networks, Inc.*

Roper Technologies, Inc.

Salesforce, Inc.

ServiceNow, Inc.*

Snowflake Inc.*

Synopsys, Inc.*

Workday, Inc. Class A*

Information Technology - Technology Hardware & Equipment - 3.19%

Apple Inc.

Materials - Materials - 2.93%

Sherwin-Williams Company

Vulcan Materials Company

TOTAL COMMON STOCKS (cost $1,761,679,881)

Schedule of Investments (continued)

September 30, 2024 (unaudited)

Shares or
Principal
Amount

Value

SHORT-TERM INVESTMENTS - 4.25%

Money Market Deposit Account - 1.67%

U.S. Bank Money Market, 4.70%

Money Market Fund - 1.29%

Morgan Stanley Institutional Liquidity Funds Government Portfolio (Institutional Class), 7-day net yield, 4.85%

U.S. Government Security - 1.29%

U.S. Treasury Bill 10/01/2024,⁽¹⁾

TOTAL SHORT-TERM INVESTMENTS (cost $181,541,125)

TOTAL INVESTMENTS (cost $1,943,221,006) - 100.08%

LIABILITIES, NET OF OTHER ASSETS - (0.08)%

TOTAL NET ASSETS (basis of percentages disclosed above) - 100%

Statement of Assets and Liabilities

September 30, 2024 (unaudited)

ASSETS

Investments in securities at value (cost $1,943,221,006)

Receivables

Dividend and interest

Capital stock subscription

Total receivables

Other

Total assets

LIABILITIES

Payables

Investment securities purchased

Due to adviser

Management fee

Accounting and administration fee

Total due to adviser

Capital stock redemption

Other payable and accrued expense

Total liabilities

Total net assets

NET ASSETS CONSIST OF

Paid in capital

Accumulated distributable earnings

Total net assets

NET ASSET VALUE PER SHARE ($.50 par value, 200,000,000 shares authorized), offering price and redemption price (44,410,148 shares outstanding)

Statement of Operations

For the six months ended September 30, 2024 (unaudited)

INCOME

Dividend (net of foreign taxes of $390,055)

Interest

Total income

EXPENSES

Management fee

Transfer agent fees

Administration services

Accounting and pricing services

Custodian fees

Insurance

Registration fees

Postage and mailing

Directors' fees

Audit and tax fees

Printing

Legal fees

Other operating expenses

Total expenses

Net investment income

NET REALIZED GAIN ON INVESTMENTS

CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION ON INVESTMENTS

Net realized and unrealized gain (loss) on investments

Net increase (decrease) in net assets resulting from operations

Statements of Changes in Net Assets

For the six months ended September 30, 2024 (unaudited) and the year ended March 31, 2024

Six Months
Ended
9/30/2024
(unaudited)

Year Ended
3/31/2024

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

Net investment income

Net realized gain on investments

Change in net unrealized appreciation/depreciation on investments

Net increase in net assets resulting from operations

DISTRIBUTIONS TO SHAREHOLDERS

From Investment operations

CAPITAL SHARE TRANSACTIONS

Proceeds from shares issued (229,494 and 865,589 shares, respectively)

Reinvestment of distributions (1,746,930 and 2,845,727 shares, respectively)

Cost of shares redeemed (1,428,693 and 2,825,818 shares, respectively)

Change in net assets derived from capital share transactions

Total increase in net assets

NET ASSETS

Beginning of period

End of period

Notes to Financial Statements

September 30, 2024 (unaudited)

(1)

Summary of Significant Accounting Policies -

(a)

Equity securities traded on a stock exchange will ordinarily be valued on the basis of the last sale price on the date of valuation on the securities principal exchange, or if in the absence of any sale on that day, the closing bid price. For securities principally traded on the NASDAQ market, the Fund uses the NASDAQ Official Closing Price. Investments in shares of open-end mutual funds, including money market funds, are valued at their daily closing net asset value. Debt securities, excluding short-term investments, are valued at their current evaluated bid price as determined by an independent pricing service, which generates evaluations on the basis of dealer quotes for normal institutional-sized trading units, issuer analysis, bond market activity and various other factors. Short-term investments are valued using evaluated bid prices. Securities for which market quotations may not be readily available are valued at their fair value as determined in good faith by procedures adopted by the Board of Directors. The Board of Directors has delegated fair value responsibilities to Nicholas Company, Inc., the Fund's adviser. The Fund did not maintain any positions in derivative instruments or engage in hedging activities during the period. Investment transactions for financial statement purposes are recorded on trade date.

Notes to Financial Statements (continued)

September 30, 2024 (unaudited)

Level 1 -

quoted prices in active markets for identical investments

Level 2 -

other significant observable inputs (including quoted prices for similar investments, interest rates, benchmark yields, bids, offers, transactions, spreads and other relationships observed in the markets among market securities, underlying equity of the issuer, proprietary pricing models, credit risk, etc.)

Level 3 -

significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Valuation Inputs

Investments
in Securities

Level 1 -

Common Stocks⁽¹⁾

Money Market Deposit Account

Money Market Fund

Level 2 -

U.S. Government Security

Level 3 -

None

Total

⁽¹⁾

See Schedule of Investments for further detail by industry.

(b)

Net realized gain (loss) on portfolio securities was computed on the basis of specific identification.

(c)

Dividend income is recorded on the ex-dividend date, and interest income is recognized on an accrual basis. Non-cash dividends, if any, are recorded at value

Notes to Financial Statements (continued)

September 30, 2024 (unaudited)

(d)

Provision has not been made for federal income taxes or excise taxes since the Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all net investment income and net realized capital gains on sales of investments to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

(e)

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. Distributions from net investment income are generally declared and paid at least semiannually. Distributions of net realized capital gain, if any, are declared and paid at least annually.

09/30/2024

03/31/2024

Distributions paid from:

Ordinary income

Long-term capital gain

Total distributions paid

Investment cost for federal tax purposes

Unrealized appreciation

Unrealized depreciation

Net unrealized appreciation

Notes to Financial Statements (continued)

September 30, 2024 (unaudited)

(f)

The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") ASC 946, "Financial Services - Investment Companies." U.S. GAAP guidance requires management to make estimates and assumptions that effect the amounts reported in the financial statements and accompanying notes. Actual results could differ from estimates.

(g)

In the normal course of business the Fund enters into contracts that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.

(h)

In connection with the preparation of the Fund's financial statements, management evaluated subsequent events after the date of the Statement of Assets and Liabilities of September 30, 2024. There have been no material subsequent events since September 30, 2024 that would require adjustment to or additional disclosure in these financial statements.

(2)

Related Parties -

(a)

Investment Adviser and Management Agreement -

(b)

Legal Counsel -

Notes to Financial Statements (continued)

September 30, 2024 (unaudited)

(3)

Investment Transactions -

Approval of Investment Advisory Contract

(unaudited)

Information on Proxy Voting

(unaudited)

Nicholas Funds Services Offered

(unaudited)

●

IRAs

●

Traditional

●

SEP

●

Roth

●

SIMPLE

●

Coverdell Education Savings Accounts

●

Automatic Investment Plan

●

Direct Deposit of Dividend and Capital Gain Distributions

●

Systematic Withdrawal Plan

●

Monthly Automatic Exchange between Funds

●

Telephone Purchase and Redemption

●

Telephone Exchange

●

24-hour Automated Account Information (800-544-6547)

●

24-hour Internet Account Access (www.nicholasfunds.com)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.