NICHOLAS FUND, INC.
SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF JULY 31, 2026
 
SHARES OR      
PRINCIPAL      
AMOUNT     VALUE
COMMON STOCKS -- 95.79%    
  Communication Services - Media & Entertainment -- 8.58%    
684,650   Alphabet Inc. Class C $ 244,180,422
125,275   Meta Platforms, Inc.   69,741,845
389,415   Netflix, Inc.*   27,924,950
      341,847,217
 
Consumer Discretionary - Consumer Discretionary Distribution & Retail -- 11.27%
869,171   Amazon.com, Inc.*   236,049,460
218,308   Home Depot, Inc.   72,469,524
732,445   O'Reilly Automotive, Inc.*   65,443,961
477,435   TJX Companies Inc   75,119,623
      449,082,568
 
  Consumer Discretionary - Consumer Services -- 2.71%    
178,045   McDonald's Corporation   48,186,099
566,690   Starbucks Corporation   59,644,122
      107,830,221
 
  Consumer Staples - Consumer Staples Distribution & Retail -- 2.01%    
84,150   Costco Wholesale Corporation   80,101,544
 
  Consumer Staples - Food, Beverage & Tobacco -- 1.50%    
683,565   The Coca-Cola Company   59,873,458
 
  Financials - Banks -- 1.84%    
208,430   JPMorgan Chase & Co.   73,323,590
 
  Financials - Financial Services -- 6.89%    
435,075   Intercontinental Exchange, Inc.   66,340,236
120,275   Mastercard Incorporated Class A   68,929,603
164,740   S&P Global, Inc.   67,861,348
195,120   Visa Inc. Class A   71,439,286
      274,570,473
 
  Financials - Insurance -- 1.63%    
180,507   Aon Plc Class A   65,081,799
 
  Health Care - Health Care Equipment & Services -- 4.10%    
685,410   Alcon AG   47,252,165
978,250   Boston Scientific Corporation*   45,713,623
215,960   Stryker Corporation   70,338,172
      163,303,960
 
  Health Care - Pharmaceuticals, Biotechnology & Life Sciences -- 5.83%    
358,546   AstraZeneca PLC   60,823,743
69,685   Eli Lilly & Company   80,056,915
159,228   Thermo Fisher Scientific Inc.   91,444,640
      232,325,298

 

 

    Industrials - Capital Goods -- 6.97%  
  165,370   Eaton Corporation plc 68,661,624
  1,320,580   Fastenal Company 63,004,872
  650,000   Fortive Corp. 38,486,500
  151,040   Illinois Tool Works Inc. 43,340,928
  438,230   Johnson Controls International plc 64,270,812
      277,764,736
 
    Industrials - Commercial & Professional Services -- 3.47%  
  304,015   Cintas Corporation 62,210,589
  164,740   Mobility Global, Inc.* 3,357,401
  434,670   Waste Connections, Inc. 72,755,065
      138,323,055
 
Information Technology - Semiconductors & Semiconductor Equipment -- 14.04%
  164,544   Advanced Micro Devices, Inc.* 78,347,626
  241,875   Broadcom Inc. 94,157,100
  244,885   KLA Corporation 44,769,876
  158,972   Lam Research Corporation 46,581,975
  1,152,620   NVIDIA Corporation 231,388,465
  232,956   Texas Instruments Incorporated 64,235,287
      559,480,329
 
    Information Technology - Software & Services -- 16.82%  
  193,628   Cadence Design Systems, Inc.* 65,837,393
  416,093   Microsoft Corporation 193,366,739
  254,130   Palo Alto Networks, Inc.* 84,327,958
  109,055   Roper Technologies, Inc. 42,746,288
  274,115   Salesforce, Inc. 50,442,642
  442,340   ServiceNow, Inc.* 49,201,478
  243,840   Snowflake Inc.* 71,513,395
  134,712   Synopsys, Inc.* 52,370,637
  216,220   Workday, Inc. Class A* 34,668,715
  171,235   Zscaler, Inc.* 25,890,732
      670,365,977
 
    Information Technology - Technology Hardware & Equipment -- 5.12%  
  659,910   Apple Inc. 203,852,798
 
    Materials - Materials -- 3.01%  
  202,240   Sherwin-Williams Company 68,933,504
  190,310   Vulcan Materials Company 51,111,557
      120,045,061
 
               TOTAL COMMON STOCKS  
                (cost $1,607,281,079) 3,817,172,084
 
SHORT-TERM INVESTMENTS -- 4.02%  
    Money Market Deposit Account -- 1.43%  
$57,117,938   U.S. Bank Money Market, 3.45% 57,117,938
 
    Money Market Fund -- 1.46%  
    First American Money Market Funds Government Obligations Fund - X Class,  
  58,000,000   7-day net yield, 3.58% 58,000,000
 
    U.S. Government Security -- 1.13%  
  45,000,000   U.S. Treasury Bill 08/11/2026, 2.926% 44,963,975

 

 

TOTAL SHORT-TERM INVESTMENTS  
(cost $160,073,262) 160,081,913
TOTAL INVESTMENTS  
(cost $1,767,354,342) - 99.81% 3,977,253,997
OTHER ASSETS, NET OF LIABILITIES - 0.19% 7,750,292
TOTAL NET ASSETS  
(basis of percentages disclosed above) - 100% $3,985,004,289
* 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 July 31, 2026, in valuing the Fund’s investments carried at value:

    Investments
Valuation Inputs   in Securities
Level 1    
Common Stocks(1) $ 3,817,172,084
Money Market Deposit Account   57,117,938
Money Market Fund   58,000,000
Level 2    
U.S Government Security   44,963,975
Level 3    
None   —
Total $ 3,977,253,997

 

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