# EDGAR Filing Document

**Accession Number:** 0001003839
**File Stem:** 0001162044-25-001213
**Filing Date:** 2025-11
**Character Count:** 19916
**Document Hash:** 35564253ff213872b23a23179f70dc9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001213.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001162044-25-001213

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MATTHEW 25 FUND
- **CENTRAL INDEX KEY:** 0001003839

**ORGANIZATION NAME:**
- **EIN:** 232820705
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07471
- **FILM NUMBER:** 251533073

**BUSINESS ADDRESS:**
- **STREET 1:** 122 E. BUTLER AVENUE
- **STREET 2:** SUITE 300
- **CITY:** AMBLER
- **STATE:** PA
- **ZIP:** 19002
- **BUSINESS PHONE:** 2158844458

**MAIL ADDRESS:**
- **STREET 1:** 122 E. BUTLER AVENUE
- **STREET 2:** SUITE 300
- **CITY:** AMBLER
- **STATE:** PA
- **ZIP:** 19002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MATTHEW 25 FUND INC
- **DATE OF NAME CHANGE:** 19951122

## Series and Classes Contracts Data

### MATTHEW 25 FUND (Series ID: S000005937)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000016367 | MATTHEW 25 FUND | mxxvx           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** |
| **<u>Matthew 25 Fund</u>** | **<u>Matthew 25 Fund</u>** | **<u>Matthew 25 Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Value ($)(1)** |
| **Common Stocks - 99.08%** | **Common Stocks - 99.08%** | **Common Stocks - 99.08%** |
| **Air Courier Services - 1.58%** |  |  |
| FedEx Corp.  | 22000  | 5187820  |
| **Business Services - 0.00%** |  |  |
| The Depository Trust & Clearing Corp. <sup>(a) (b)</sup> (2) | 0  | 6754  |
| **Carpets & Rugs - 1.99%** |  |  |
| Interface, Inc. | 225000  | 6511500  |
| **Electronic Computers - 4.78%** |  |  |
| Apple, Inc.  | 61500  | 15659745  |
| **Federal & Federally - Sponsored Credit Agencies - 4.58%** |  |  |
| Federal Agricultural Mortgage Corp. | 17000  | 2855660  |
| Federal Agricultural Mortgage Corp. Class A | 97989  | 12150636  |
|  |  | 15006296  |
| **Investment Advice - 3.89%** |  |  |
| KKR & Co., Inc. Class A  | 98000  | 12735100  |
| **Fire, Marine & Casualty Insurance - 3.91%** |  |  |
| Berkshire Hathaway, Inc. Class A (2) | 17  | 12821400  |
| **Hotels & Motels - 1.61%** |  |  |
| Park Hotels & Resorts, Inc.  | 475000  | 5263000  |
| **Motor Vehicles & Passenger Car Bodies - 4.98%** |  |  |
| Tesla, Inc. (2) | 36700  | 16321224  |
| **National Commercial Bank - 4.81%** |  |  |
| JPMorgan Chase & Co. | 50000  | 15771500  |
| **Pharmaceutical Preparations - 3.61%** |  |  |
| Eli Lilly & Co. | 15500  | 11826500  |
| **Retail-Catalog & Mail-Order Houses - 9.63%** |  |  |
| Amazon.com, Inc. (2) | 143750  | 31563188  |
| **Security Brokers, Dealers & Exchanges - 4.86%** |  |  |
| Goldman Sachs Group, Inc.  | 20000  | 15927000  |
| **Semiconductors & Related Devices - 30.77%** |  |  |
| NVIDIA Corp. | 438000  | 81722040  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 68500  | 19131365  |
|  |  | 100853405  |
| **Services-Business Services, NEC - 9.27%** |  |  |
| Mercadolibre, Inc. (Uruguay) (2) | 13000  | 30380220  |
| **Services-Computer Programming, Data Processing, Etc. - 4.73%** |  |  |
| Flutter Entertainment plc (2) | 61000  | 15494000  |
| **Ship & Boat Building & Repairing - 0.59%** |  |  |
| Huntington Ingalls Industries, Inc. | 6750  | 1943393  |
| **State Commercial Banks - 3.49%** |  |  |
| East West Bancorp, Inc.  | 107500  | 11443375  |
| Total Common Stock | (Cost $138,166,187) | 324715419  |
| **Money Market Fund - 0.37%** | **Money Market Fund - 0.37%** | **Money Market Fund - 0.37%** |
| Goldman Sachs Financial Square Government Fund - 4.032% (3) | 1213350  | 1213350  |
| Total Money Market Registered Investment Companies | (Cost $1,213,350) | 1213350  |
| **Total Investments - 99.45%** | (Cost $139,379,537) | 325928769  |
| Other Assets Less Liabilities - 0.55% |  | 1809918  |
| Total Net Assets - 100.00% |  | 327738688  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities |
| • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, 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) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: |
|  |  | Investments in  |
| Valuation Inputs |  | Securities |
| Level 1 - Quoted Prices |  | $313771379 |
| Level 2 - Other Significant Observable Inputs |  | 12150636 |
| Level 3 - Significant Unobservable Inputs |  | 6754 |
| Total |  | $325928769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (3) Variable rate security; the rate shown represents the yield at September 30, 2025. | (3) Variable rate security; the rate shown represents the yield at September 30, 2025. | (3) Variable rate security; the rate shown represents the yield at September 30, 2025. |
| (a) Level 3 Security. This security was valued using significant unobservable inputs. |  |  |
| (b) Actual shares owned 0.114 shares. |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MATTHEW 25 FUND

- **b. Investment Company Act file number:** 811-07471

- **c. CIK number of Registrant:** 0001003839

- **d. LEI of Registrant:** 549300EWCE5Z2PJUEI39

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

  - **Street Address 1:** 122 E. Butler Avenue

  - **City:** Ambler

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19002

  - **Telephone number:** 215-884-4458

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

- **a. Name of Series:** Matthew 25 Fund

- **b. EDGAR series identifier (if any):** S000005937

- **c. LEI of Series:** 549300EWCE5Z2PJUEI39

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $329662501.51

**Total Liabilities:** $1923813.96

**Net Assets:** $327738687.55

**Cash Not Reported:** $650.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016367 | 2.87%                | 1.99%                | 2.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8387200.36              | $802575.71                                 |
| Month 2  | $4304096.04              | $2071305.20                                |
| Month 3  | $2629413.13              | $4122486.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amazon.com, Inc.                            | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    143750 | NS      | $31563187.50  | 9.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                 | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     61500 | NS      | $15659745.00  | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                    | Berkshire Hathaway, Inc. Class A               | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        17 | NS      | $12821400.00  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                             | Eli Lilly & Co.                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     15500 | NS      | $11826500.00  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp, Inc.                     | East West Bancorp, Inc.                        | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107500 | NS      | $11443375.00  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                                 | FedEx Corp.                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     22000 | NS      | $5187820.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp.         | Federal Agricultural Mortgage Corp.            | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |     17000 | NS      | $2855660.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp.         | Federal Agricultural Mortgage Corp. Class A    | CUSIP: 313148108<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |     97989 | NS      | $12150636.00  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment plc                   | Flutter Entertainment plc                      | CUSIP: G3643J108<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |     61000 | NS      | $15494000.00  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Asset Management LP           | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1213350 | NS      | $1213349.98   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                   | Goldman Sachs Group, Inc.                      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     20000 | NS      | $15927000.00  | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries, Inc.         | Huntington Ingalls Industries, Inc.            | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      6750 | NS      | $1943392.50   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface, Inc.                             | Interface, Inc.                                | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    225000 | NS      | $6511500.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMorgan Chase & Co.                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     50000 | NS      | $15771500.00  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                             | KKR & Co. Inc.                                 | CUSIP: 48251W104<br>LEI: 549300JOHU21WRN2Z451 | Long             | EC               | CORP              | US        |     98000 | NS      | $12735100.00  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                          | MercadoLibre, Inc.                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     13000 | NS      | $30380220.00  | 9.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                | NVIDIA Corp.                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    438000 | NS      | $81722040.00  | 24.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts, Inc.                 | Park Hotels & Resorts, Inc.                    | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    475000 | NS      | $5263000.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd.    | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     68500 | NS      | $19131365.00  | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                 | Tesla, Inc.                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     36700 | NS      | $16321224.00  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| The Depository Trust & Clearing Corp.       | The Depository Trust & Clearing Corp.          | CUSIP: N/A<br>LEI: MLDY5N6PZ58ZE60QU102       | Long             | EC               | CORP              | US        |         0 | NS      | $6754.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Matthew 25 Fund

**Signature:** /s/ Mark Mulholland

**Name of Signer:** Mark Mulholland

**Title:** President, Chief Financial Officer