# EDGAR Filing Document

**Accession Number:** 0001003839
**File Stem:** 0001162044-26-000251
**Filing Date:** 2026-3
**Character Count:** 96880
**Document Hash:** b9d844ebedcb6d196bd45d3d03c08559
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000251.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001162044-26-000251

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07471
- **FILM NUMBER:** 26725757

**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           |

?xml version='1.0' encoding='ASCII'? FORM N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 **FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07471</u>

<u>Matthew 25 Fund</u>

(Exact name of registrant as specified in charter)

122 E. Butler Avenue

Suite 300

<u>Ambler, PA 19002</u>

(Address of principal executive offices) (Zip code)

Mark Mulholland

122 E. Butler Avenue

Suite 300

<u>Ambler, PA 19002</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: (215) 884-4458

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

![](image_001.jpg)

ANNUAL SHAREHOLDER REPORT

**December 31, 2025** 

MATTHEW 25 FUND

**MXXVX**

***<u>ADDITIONAL INFORMATION</u>***

*This annual shareholder report contains important information about the Matthew 25 Fund - MXXVX for the period January 1, 2025 to December 31, 2025, as well as certain changes to the Fund.*

 

 

*You can find additional information, including the Shareholder's Letter, at www.matthew25fund.com or you can also request this information by contacting us at 1-888-M25-FUND.*

***<u>expense Information</u>***

 ****

***What were the Fund costs for the past year?***

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Matthew 25 Fund | &nbsp;&nbsp;$120 | &nbsp;&nbsp;1.10% |

---

***<u>managment's discussion of fund performance</u>***

Dear Owners,

Our Matthew 25 Fund's (MXXVX) return was **18.45%** in **2025**. This was greater than the 17.88% return on the S&P 500 Index. Our Fund is still close to fully invested at 99.3% of total assets. I always emphasize long-term investing over trading and market timing. Below are additional time periods' returns for your information:

 **<u>Period</u> <u>MXXVX</u> <u>S&P 500</u>**

**3 years 27.22% 22.96%**

**15 years 13.55% 14.05%**

**25 years 10.42% 8.82%**

**30 years 11.51% 10.34%**

A $10,000.00 investment in MXXVX at its start on 10/16/1995 has grown to **$268,487.48**. This is a period of just over 30 years. My wife and I have been owners since the beginning and we intend to buy more shares this current year. As of 2/13/26, we own 12.80% of MXXVX.

During this past year, I made the following changes to our portfolio:

**<u>Sold</u>** – Mastercard, Vornado, Flutter and MGM

**<u>Bought</u>** + Taiwan Semiconductor, Eli Lilly, Nucor, Fannie Mae, Solstice Adv. Materials, and Circle Internet Group

Explanations for these portfolio changes along with performances for these new holdings and our legacy investments are provided in my **Letter for Shareholders December 2025** which is on our website. The link is as follows:

https://www.matthew25fund.com/annual-reports/

You will need to scroll down and then click on the letter to open it. As always, it is my honor to work for you and to invest side-by-side with you.

Good fortune,

Mark Mulholland

***<u>Performance graph</u>***

 ****

***AVERAGE ANNUAL RETURNS***

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 YEAR** | &nbsp;&nbsp;**5 YEARS** | &nbsp;&nbsp;**10 YEARS** |
| &nbsp;&nbsp;Matthew 25 Fund | &nbsp;&nbsp;18.45% | &nbsp;&nbsp;11.97% | &nbsp;&nbsp;13.67% |
| &nbsp;&nbsp;S&P 500 Index | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.81% |

---

 **

***Hypothetical Cumulative Performance Comparison of $10,000 Investment For the Past 10 Years***

 **

![](image_001.gif)

***Past performance is not a good predictor of future performance.*** *The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-M25-FUND.*

***<u>Fund statistics</u>***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**NET ASSETS:** | &nbsp;&nbsp;$329310530 |
| &nbsp;&nbsp;**PORTFOLIO HOLDINGS:** | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;**PORTFOLIO TURNOVER**: | &nbsp;&nbsp;37.03% |
| &nbsp;&nbsp;**ADVISORY FEES PAID BY FUND**: | &nbsp;&nbsp;$3098922 |

---

***<u>Asset Allocation</u>***

 ****

---

| | |
|:---|:---|
| &nbsp;&nbsp;Semiconductors & Related Devices | &nbsp;&nbsp;33.21% |
| &nbsp;&nbsp;Retail-Catalog & Mail-Order Houses | &nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;Pharmaceutical Preparations | &nbsp;&nbsp;8.32% |
| &nbsp;&nbsp;Federal & Federally - Sponsored Credit Agencies | &nbsp;&nbsp;4.95% |
| &nbsp;&nbsp;Electronic Computers | &nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;Security Brokers, Dealers & Exchanges | &nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;Services-Business Services | &nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;Motor Vehicles & Passenger Car Bodies | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;National Commercial Bank | &nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;Investment Advice | &nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;Fire, Marine & Casualty Insurance | &nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;State Commercial Banks | &nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;Hotels & Motels | &nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;Finance Services | &nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;Air Courier Services | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;Carpets & Rugs | &nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;Chemicals & Allied Products | &nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) | &nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;Business Services | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % Of Net Assets | &nbsp;&nbsp;99.93% |

---

***T*** ***top ten holdings***

 ****

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Nvidia Corp. | &nbsp;&nbsp;24.07% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;8.32% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. \* | &nbsp;&nbsp;4.93% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Mercadolibre, Inc. (Uruguay) | &nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;4.55% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % Of Net Assets | &nbsp;&nbsp;78.25% |
| &nbsp;&nbsp; <br> \* Indicates a combined position. | &nbsp;&nbsp; <br> \* Indicates a combined position. | &nbsp;&nbsp; <br> \* Indicates a combined position. |

---

***<u>HOW HAS THE FUND CHANGED</u>***

 ****

*The Fund has not had any material changes during the year ended December 31, 2025.*

 

 

***<u>Notice Regarding Delivery of Shareholder Documents</u>***

 ****

*In order to reduce expenses, we will deliver a single copy of prospectuses, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would prefer that your Matthew 25 Fund documents not be householded, please contact Matthew 25 Fund at 1-888-M25-FUND, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Matthew 25 Fund or your financial intermediary.*

 

 

***<u>Availability of Additional Information about the Fund</u>***

 ****

*For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://www.matthew25fund.com/ or contact us at 1-888-M25-FUND.*

 

*For a more thorough understanding of our investment process, including a fuller description of our investment criteria and how we apply these criteria to our particular companies, we encourage you to read our shareholder letters contained within previous Annual and Semi-Reports, as well as current shareholder letters, available at https://www.matthew25fund.com/*

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's entire Board of Trustees acts as the audit committee. The Board of Trustees has determined that the Registrant has at least two financial experts serving on its Board.

Mr. Mark Mulholland and Ms. Linda Guendelsberger are the Board's financial experts. Mr. Mulholland is an "interested" trustee, and Ms. Guendelsberger is an "independent" trustee.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The registrant has engaged its principal accountant to perform audit services. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning.

(a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024

Audit Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23,000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23,000

Audit-Related Fees &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 0

Tax Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6,000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6,000

All Other Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 0

(e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) All non-audit fees billed by the registrant's accountant for services rendered to the registrant are indicated above under Tax Fees. No other non-audit fees were billed to or paid by the registrant. Additionally, the registrant's investment adviser paid no fees for any services to the registrant's accountant (see (h)).

(h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.

Matthew 25 Fund

**ANNUAL FINANCIAL STATEMENTS**

DECEMBER 31, 2025

Matthew 25 Fund

1-888-M25-FUND

Fund Symbol: MXXVX

Website: www.matthew25fund.com

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** |
|  |  |  |  | &nbsp;&nbsp; **SCHEDULE OF**<br> **INVESTMENTS** |
|  |  | &nbsp;&nbsp;**DECEMBER 31, 2025** | &nbsp;&nbsp;**DECEMBER 31, 2025** | &nbsp;&nbsp;**DECEMBER 31, 2025** |
| &nbsp;&nbsp; **Shares/Principal Amount** | &nbsp;&nbsp; **Shares/Principal Amount** | &nbsp;&nbsp; **Cost** | &nbsp;&nbsp; **Value** | &nbsp;&nbsp;**% of Net Assets** |
| &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** |  |  |  |
| &nbsp;&nbsp; **Air Courier Services** | &nbsp;&nbsp; **Air Courier Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;$1718347 | &nbsp;&nbsp;$5777200 | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp; **Business Services** | &nbsp;&nbsp; **Business Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;The Depository Trust & Clearing Corp. (Acquisition Dates 08/24/12 - 03/03/2025) (\*) (\*\*\*) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7795 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp; **Carpets & Rugs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025600 | &nbsp;&nbsp;1.53% |
| &nbsp;&nbsp; **Chemicals & Allied Products** | &nbsp;&nbsp; **Chemicals & Allied Products** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;Solstice Advanced Materials, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906580 | &nbsp;&nbsp;1.49% |
| &nbsp;&nbsp; **Electronic Computers** | &nbsp;&nbsp; **Electronic Computers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57500 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15631950 | &nbsp;&nbsp;4.75% |
| &nbsp;&nbsp; **Federal & Federally - Sponsored Credit Agencies** | &nbsp;&nbsp; **Federal & Federally - Sponsored Credit Agencies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98477 | &nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class A \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13245157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;Federal National Mortgage Association Fannie Mae \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85840 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9596458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16315687 | &nbsp;&nbsp;4.95% |
| &nbsp;&nbsp; **Finance Services** | &nbsp;&nbsp; **Finance Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;Circle Internet Group, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5947500 | &nbsp;&nbsp;1.81% |
| &nbsp;&nbsp; **Fire, Marine & Casualty Insurance** | &nbsp;&nbsp; **Fire, Marine & Casualty Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;Berkshire Hathaway, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11322000 | &nbsp;&nbsp;3.44% |
| &nbsp;&nbsp; **Hotels & Motels** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8473922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001900 | &nbsp;&nbsp;2.43% |
| &nbsp;&nbsp; **Investment Advice** | &nbsp;&nbsp; **Investment Advice** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101500 | &nbsp;&nbsp;KKR & Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12939220 | &nbsp;&nbsp;3.93% |
| &nbsp;&nbsp; **Motor Vehicles & Passenger Car Bodies** | &nbsp;&nbsp; **Motor Vehicles & Passenger Car Bodies** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33500 | &nbsp;&nbsp;Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15065620 | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp; **National Commercial Bank** | &nbsp;&nbsp; **National Commercial Bank** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46500 | &nbsp;&nbsp;JP Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14983230 | &nbsp;&nbsp;4.55% |
| &nbsp;&nbsp; **Pharmaceutical Preparations** | &nbsp;&nbsp; **Pharmaceutical Preparations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25500 | &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19513117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27404340 | &nbsp;&nbsp;8.32% |
| &nbsp;&nbsp; **Retail-Catalog & Mail-Order Houses** | &nbsp;&nbsp; **Retail-Catalog & Mail-Order Houses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122500 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12820906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28275450 | &nbsp;&nbsp;8.59% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Brokers, Dealers & Exchanges** | &nbsp;&nbsp; **Security Brokers, Dealers & Exchanges** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15382500 | &nbsp;&nbsp;4.67% |
| &nbsp;&nbsp; **Semiconductors & Related Devices** | &nbsp;&nbsp; **Semiconductors & Related Devices** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24228203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79262500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000 | &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21249272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30085110 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45477475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109347610 | &nbsp;&nbsp;33.21% |
| &nbsp;&nbsp; **Services-Business Services** | &nbsp;&nbsp; **Services-Business Services** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp;Mercadolibre, Inc. (Uruguay) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12255986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15358733 | &nbsp;&nbsp;4.66% |
| &nbsp;&nbsp; **State Commercial Banks** | &nbsp;&nbsp; **State Commercial Banks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11239000 | &nbsp;&nbsp;3.41% |
| &nbsp;&nbsp; **Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)** | &nbsp;&nbsp; **Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077750 | &nbsp;&nbsp;1.24% |
|  | &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138348627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327009665 | &nbsp;&nbsp;99.30% |
| &nbsp;&nbsp; **MONEY MARKET FUND** | &nbsp;&nbsp; **MONEY MARKET FUND** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058433 | &nbsp;&nbsp;Goldman Sachs Financial Square Government Fund Class Institutional, 3.67% (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058433 | &nbsp;&nbsp;0.63% |
|  | &nbsp;&nbsp;Total Investments | &nbsp;&nbsp;$140407060 | &nbsp;&nbsp;$329068098 | &nbsp;&nbsp;99.93% |
|  | &nbsp;&nbsp;Other Assets Less Liabilities, Net |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242432 | &nbsp;&nbsp;0.07% |
|  | &nbsp;&nbsp;**Net Assets** |  | &nbsp;&nbsp;$329310530 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp; \* Non-Income producing securities during the period. | &nbsp;&nbsp; \* Non-Income producing securities during the period. |  |  |  |
| &nbsp;&nbsp; \*\* Level 2 Security | &nbsp;&nbsp; \*\* Level 2 Security |  |  |  |
| &nbsp;&nbsp; \*\*\* Level 3 Security. This security was valued using significant unobservable inputs. | &nbsp;&nbsp; \*\*\* Level 3 Security. This security was valued using significant unobservable inputs. |  |  |  |
| &nbsp;&nbsp; (a) Variable rate security; the rate shown represents the yield at December 31, 2025. | &nbsp;&nbsp; (a) Variable rate security; the rate shown represents the yield at December 31, 2025. |  |  |  |
| &nbsp;&nbsp; (b) Actual shares owned 0.114 shares. | &nbsp;&nbsp; (b) Actual shares owned 0.114 shares. |  |  |  |
| &nbsp;&nbsp; ADR - American Depositary Receipt. | &nbsp;&nbsp; ADR - American Depositary Receipt. |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** |
|  | &nbsp;&nbsp; **STATEMENT OF ASSETS**<br> **AND LIABILITIES** |
|  | &nbsp;&nbsp;**DECEMBER 31, 2025** |
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in securities at market value (cost $140,407,060) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 329068098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends & Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329915401 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604871 |
| &nbsp;&nbsp;**Net Assets** (Equivalent to $35.66 per share based on 9,235,029 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 329310530 |
| &nbsp;&nbsp;shares of capital stock outstanding, 100,000,000 shares |  |
| &nbsp;&nbsp;authorized, $0.01 par value) |  |
| &nbsp;&nbsp;Minimum redemption price per share $35.66 x 0.98 = $34.95 (Note 8) |  |
| &nbsp;&nbsp;**Composition of Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of common stock | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128784923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200433257 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 329310530 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** |
|  | &nbsp;&nbsp;**STATEMENT OF OPERATIONS** |
|  | &nbsp;&nbsp;**FOR THE YEAR ENDED DECEMBER 31, 2025** |
| &nbsp;&nbsp;**Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $37,545) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 2929564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2994017 |
| &nbsp;&nbsp;**Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3098922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian and bank fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Officer fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage & printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NSCC fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3386222 |
| &nbsp;&nbsp;**Net Investment Loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392205) |
| &nbsp;&nbsp;**Realized and Unrealized Gain from Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43735625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9521909 |
| &nbsp;&nbsp;Net realized and unrealized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53257534 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 52865329 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** |
|  | &nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS** | &nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2024 |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392205) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43735625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28787586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9521909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42415674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52865329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72042627 |
| &nbsp;&nbsp;**Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43571147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21820308) |
| &nbsp;&nbsp;**Capital Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21224016) |
| &nbsp;&nbsp;**Total Increase in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11994618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28998303 |
| &nbsp;&nbsp;**Net Assets at Beginning of Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317315912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288317609 |
| &nbsp;&nbsp;**Net Assets at End of Year** | &nbsp;&nbsp; $329310530 | &nbsp;&nbsp; $317315912 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** | &nbsp;&nbsp;**Matthew 25 Fund** |
| &nbsp;&nbsp;Selected data for a share outstanding |  |  |  |  |  |  |
| &nbsp;&nbsp;throughout each year: | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 |  |
| &nbsp;&nbsp;Net Asset Value - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.56 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.02 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.01 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 35.39 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.47 |  |
| &nbsp;&nbsp;Net Investment Income (Loss) (1) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.11 |  |
| &nbsp;&nbsp;Net Gains or (Losses) on Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(realized and unrealized) | &nbsp;&nbsp;6.42 | &nbsp;&nbsp;7.95 | &nbsp;&nbsp;8.32 | &nbsp;&nbsp;(10.78) | &nbsp;&nbsp;7.04 |  |
| &nbsp;&nbsp;Total from Investment Operations | &nbsp;&nbsp;6.37 | &nbsp;&nbsp;8.04 | &nbsp;&nbsp;8.38 | &nbsp;&nbsp;(10.58) | &nbsp;&nbsp;7.15 |  |
| &nbsp;&nbsp;Less Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp; From net investment income | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.11) |  |
| &nbsp;&nbsp; From realized gains | &nbsp;&nbsp;(5.17) | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(2.31) | &nbsp;&nbsp;(1.59) | &nbsp;&nbsp;(4.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;(5.27) | &nbsp;&nbsp;(2.50) | &nbsp;&nbsp;(2.37) | &nbsp;&nbsp;(1.80) | &nbsp;&nbsp;(4.23) |  |
| &nbsp;&nbsp; Paid in capital from redemption fees | &nbsp;&nbsp;0.00 &nbsp;&nbsp;\* | &nbsp;&nbsp;0.00 &nbsp;&nbsp;\* | &nbsp;&nbsp;0.00 &nbsp;&nbsp;\* | &nbsp;&nbsp;0.00 &nbsp;&nbsp;\* | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;Net Asset Value - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.66 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.56 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.02 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 23.01 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.39 |  |
| &nbsp;&nbsp;Total Return (2) | &nbsp;&nbsp;18.45% | &nbsp;&nbsp;27.38% | &nbsp;&nbsp;36.44% | &nbsp;&nbsp;(30.08)% | &nbsp;&nbsp;22.27% |  |
| &nbsp;&nbsp;Net Assets - End of Year (000's omitted) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;329311 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;317316 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;288318 | &nbsp;&nbsp; $238020 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;376399 |  |
| &nbsp;&nbsp;Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.07% |  |
| &nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.30% |  |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;37.03% | &nbsp;&nbsp;30.26% | &nbsp;&nbsp;23.38% | &nbsp;&nbsp;29.02% | &nbsp;&nbsp;25.43% |  |
| &nbsp;&nbsp;(1) Per share net investment income (loss) has been determined on the average number of shares outstanding during the year. | &nbsp;&nbsp;(1) Per share net investment income (loss) has been determined on the average number of shares outstanding during the year. | &nbsp;&nbsp;(1) Per share net investment income (loss) has been determined on the average number of shares outstanding during the year. | &nbsp;&nbsp;(1) Per share net investment income (loss) has been determined on the average number of shares outstanding during the year. | &nbsp;&nbsp;(1) Per share net investment income (loss) has been determined on the average number of shares outstanding during the year. |  |  |
| &nbsp;&nbsp;(2) Total return assumes reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;\* Amount is less than $0.005 per share. |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

**matthew 25 fund**

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**NOTE 1 - *Nature of Operations***

Matthew 25 Fund, Inc. was incorporated on August 28, 1995 in Pennsylvania and commenced operations on October 16, 1995. On November 2, 2012, a new Pennsylvania business trust was formed as Matthew 25 Fund. On January 1, 2013, Matthew 25 Fund was merged into the new business trust, and all of the attributes and ownership of the Pennsylvania Corporation (formerly Matthew 25 Fund, Inc.) are now part of the business trust known as Matthew 25 Fund (the "Fund"). The Fund is registered as an open-end, non-diversified management investment company under the Investment Company Act of 1940, and its shares are registered under the Securities Act of 1933. The Fund's objective is to seek long-term capital appreciation. Income is a secondary objective.

**NOTE 2 - *Summary of Significant Accounting Policies***

The following is a summary of the significant accounting policies followed by the Fund. The Fund follows the accounting and reporting guidance of FASB Accounting Standard Codification 946 applicable to investment companies.

<u>Security Valuation</u>

All investments in securities are recorded at their estimated fair value, as described in Note 3.

<u>Federal Income Taxes</u>

The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as a "regulated investment company" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken on the Fund's 2025 tax return. The Fund identifies their major tax jurisdiction as U.S. Federal, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or penalties.

<u>Distributions to Shareholders</u>

The Fund intends to distribute to its shareholders substantially all of its net investment income, if any, and net realized capital gains, if any, annually.

<u>Cash and Cash Equivalents</u>

The Fund considers all highly liquid debt instruments having original maturities of three months or less at the date of purchase to be cash equivalents. The Fund may, during the ordinary course of business, maintain account balances with banks in excess of federally insured limits. The Fund has not experienced losses on these accounts, and management believes that the Fund is not exposed to significant risks on such accounts.

<u>Security Transactions and Investment Income</u>

The Fund follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.

<u>Use of Estimates</u>

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

<u>Reclassifications</u>

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These differences are due to different treatments for items such as net short-term gains, deferrals of wash sales losses, real estate investment trusts and net investment losses. Permanent difference such as tax return of capital, capital gains retained and net investment losses, if any, would be reclassified against capital. The Fund has recorded a reclassification in the capital accounts. The Fund used a tax accounting practice to treat a portion of the price of capital shares redeemed during the year as distributions from realized capital gains. Accordingly, the Fund has reclassified $3,225,456 from accumulated net realized gain to paid-in-capital.

**NOTE 3 – *Securities Valuations***

 ****

***Processes and Structure***

The Fund's Board of Trustees has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Adviser the responsibility for determining fair value prices, subject to review by the Board of Trustees.

 ****

The Fund's Board of Trustees has adopted guidelines for Fair Value Pricing, and has delegated to the Advisor the responsibility for determining fair value prices, subject to review by the Board of Trustees. Generally, Fair Value Pricing is used only when market prices are unavailable. As an example, if trading is halted on one of the Fund's portfolio holdings while the market remains open for most other securities, the Advisor may use Fair Value Pricing to value the holding in order to calculate the day's NAV.

***Hierarchy of Fair Value Inputs***

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· *Level 1.* Unadjusted quoted
prices in active markets for identical assets or liabilities that the Fund has the ability to access.

· *Level 2.* Observable inputs
other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs
may include quoted prices for the identical instrument on an inactive market, prices for similar instruments in active markets, interest
rates, implied volatilities, credit spreads, yield curves, and market-collaborated inputs.

· *Level 3.* Unobservable
inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information
available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

***Fair Value Measurements***

A description of the valuation techniques applied to the company's major categories of assets and liabilities measured at fair value on a recurring basis follows.

*Equity securities (common stocks).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy**.** Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Exchange or NASDAQ securities that have not recently traded are valued at the last bid price in the securities primary market. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2, or Level 3 as applicable.

*Short-term investment.* Investments in other open-end investment companies, including money market funds, are valued at the investment company's net asset value per share. These securities will be categorized Level 1 of the fair value hierarchy.

The following table summarizes the inputs used to value the Fund's assets and liabilities measured at fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***<u>Categories</u>*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$313756713 | &nbsp;&nbsp;$13245157 | &nbsp;&nbsp;$7795 | &nbsp;&nbsp;$327009665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;2058433 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2058433 |
|  | &nbsp;&nbsp;$315815146 | &nbsp;&nbsp;$13245157 | &nbsp;&nbsp;$7795 | &nbsp;&nbsp;$329068098 |

---

 

*\* Industry classifications for these categories are detailed in the Schedule of Investments.*

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Level 3** |
| &nbsp;&nbsp;Balance as of 12/31/2024 | &nbsp;&nbsp;$6582 |
| &nbsp;&nbsp;Accrued Accretion/(Amortization) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | &nbsp;&nbsp;1041 |
| &nbsp;&nbsp;Realized Gain/(Loss) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Purchases/Sales | &nbsp;&nbsp;172 |
| &nbsp;&nbsp;Transfers In/(Out) of Level 3 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Balance as of 12/31/2025 | &nbsp;&nbsp;$7795 |

---

The Level 3 valuation technique and significant unobservable inputs used for the Fund's investment is the valuation of the security based on the latest available market value provided by the Company.

**NOTE 4 - *Investment Advisory Agreement and Other Related Party Transactions***

The Fund has an investment advisory agreement with The Matthew 25 Management Corporation, ("The Advisor") whereby The Advisor receives a fee of 1% per year on the net assets of the Fund. All fees are computed on the daily closing net asset value of the Fund and are payable monthly. The Advisor has agreed to decrease the investment advisory fee or, if necessary, to reimburse the Fund if and to the extent that the Fund's aggregate annual operating expenses exceed 2.0% of the first $10,000,000 and 1.5% of the next $20,000,000.

The management fee for the year ended December 31, 2025, as computed pursuant to the investment advisory agreement, totaled $3,098,922. The management fee is the only revenue for the Advisor and the Advisor's expenses are paid out of this revenue.

Mr. Mark Mulholland is the sole director of The Advisor and is also the President of the Fund.

The Fund's Chief Compliance Officer is the sister of an interested Trustee of the Fund.

**NOTE 5 – *Segment Reporting***

The Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, Mark Mulholland is deemed to be the Chief Operating Decision Maker.

**NOTE 6 - *Investments***

For the year ended December 31, 2025, purchases and sales of investment securities other than short-term investments aggregated $115,212,354 and $156,934,260, respectively.

**NOTE 7 - *Capital Share Transactions***

As of December 31, 2025, there were 100,000,000 shares of $0.01 per value capital stock authorized. Transactions in capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;181352 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;6475993 | &nbsp;&nbsp;156745 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4971903 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;1049048 | &nbsp;&nbsp;37346122 | &nbsp;&nbsp;524573 | &nbsp;&nbsp;18847905 |
| &nbsp;&nbsp;Redemption fees | &nbsp;&nbsp;- | &nbsp;&nbsp;7278 | &nbsp;&nbsp;- | &nbsp;&nbsp;847 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;(1176740) | &nbsp;&nbsp;(41128957) | &nbsp;&nbsp;(1436424) | &nbsp;&nbsp;(45044671) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp;53660 | &nbsp;&nbsp;$2700436 | &nbsp;&nbsp;(755106) | &nbsp;&nbsp;$(21224016) |

---

**NOTE 8 - *Redemption Fee***

To discourage short-term trades by investors, and to compensate the Fund for costs that may be incurred by such trades, the Fund will impose a redemption fee of 2% of the total redemption amount (calculated at market value) if shares are held for 365 days or less. The redemption fee does not apply to shares purchased through reinvested distributions. For the year ended December 31, 2025, the Fund received $7,278 in redemption fees that were reclassified to paid-in capital.

**NOTE 9 – *Tax Matters***

As of December 31, 2025, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

Federal tax cost of investments + <u>$140,408,235</u>

Gross tax unrealized appreciation on investments $189,558,870

Gross tax unrealized depreciation on investments <u>(899,007)</u>

Net tax unrealized appreciation <u>$188,659,863</u>

The Fund's distributable earnings on a tax basis is determined only at the end of each fiscal year. As of December 31, 2025, the Fund's most recent fiscal year end, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income $1,427,782

Undistributed capital gain 10,345,612

Unrealized appreciation <u>188,659,863</u>

Total distributable earnings <u>$200,433,257</u>

+ The difference between the book cost and tax cost of investments represents disallowed wash sales for tax purposes.

Ordinary income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from the character of net investment income or net realized gains presented in the financial statements in accordance with U.S. GAAP.

The tax character of distributions paid during the fiscal years ended December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2024 |
| &nbsp;&nbsp;Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp; 850842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 |
| &nbsp;&nbsp;Long-term capital gain | 42720305 | 21809793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $43571147 | $21820308 |

---

**NOTE 10 – *Commitments & Contingencies***

In the normal course of business, the Fund enters into contracts that contain general indemnifications to other parties. The Fund's maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of loss to be remote.

**NOTE 11 – *Market and Geopolitical Risk***

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, trade barriers, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**NOTE 12 – *New Accounting Pronouncement***

On December 14, 2023, the FASB issued ASU 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to Accounting Standards Codification (ASC) 740, Income Taxes. The Fund has adopted ASU 2023-09 as of December 31, 2025, with no material impact on the Fund's financial statements.

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments will become effective on April 9, 2024. The compliance date is June 11, 2026 for Funds with more than $1 billion in assets and December 11, 2026 for Funds with less than $1 billion in assets. The Fund is in compliance with this new rule.

**NOTE 13 – *Subsequent Events***

Management has evaluated subsequent events through the date the financial statements were issued and has determined no such events requiring disclosure.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and

Board of Trustees of

Matthew 25 Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of the Matthew 25 Fund (the "Fund"), including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Matthew 25 Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of December 31, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](image_002.jpg)

We have served as the Fund's auditor since 2000

Huntingdon Valley, Pennsylvania

February 25, 2026

**matthew 25 fund**

ADDITIONAL INFORMATION

DECEMBER 31, 2025 (UNAUDITED)

**PROXY VOTING GUIDELINES**

Matthew 25 Management Corp., the Fund's Advisor, is responsible for exercising the voting rights associated with the securities held by the Fund. A description of the policies and procedures used by the Advisor in fulfilling this responsibility and a record of the Fund's proxy votes for the most recent twelve month period ended June 30, are available without charge, upon request, by calling toll free 1-888-M25-FUND. The Proxy Voting Record is also available on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**QUARTERLY FILING OF PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov. The Fund's Forms N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT**

In preparation for the Advisory Agreement Renewal, on September 15, 2025, the Board of Trustees requested documents from the Investment Advisor in order to evaluate the terms of the Advisory Agreement. At an in-person meeting held on October 21, 2025, the Board of Trustees, including a majority of Trustees that are not "interested" persons of the Fund (as the term is defined in the 1940 Act), approved the continuation of the Advisory Agreement based upon its review of the qualitative and quantitative information provided by the Investment Advisor. In fulfilling their responsibilities to the Fund and its Shareholders, the conclusions reached by the Trustees were based on their business judgment after a comprehensive evaluation of the information provided and were not the result of any one factor. The Trustees considered, among other things, the following information regarding the Investment Advisor.

**NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE INVESTMENT ADVISOR**

The Trustees reviewed the nature, quality and scope of current and anticipated services provided by the Investment Advisor under the Advisory Agreement. The Trustees analyzed the Investment Advisor's experience and the capabilities of the Investment Advisor's portfolio manager. The Trustees reviewed and discussed the Investment Advisor's Form ADV. They discussed the Investment Advisor's internal compliance policies, as well as Fund expense ratios and portfolio turnover. They noted that the Investment Advisor receives no soft dollars. Based on this review, the Trustees concluded that the range and quality of services to be provided by the Investment Advisor to the Fund were appropriate and continued to support its original selection of the Investment Advisor.

**INVESTMENT PERFORMANCE**

The Trustees considered the Advisor's investment performance during his full tenure managing this Fund. The Trustees considered year-to-date performance along with annual performance for 1, 5, and 10 year(s) as well as performance for 15 years, 25 years and since the Fund's inception. Greatest emphasis is always placed on the long-term investment performance. As of 6/30/2025 the current advisor had underperformed the S&P 500 Index in the 5,10 and 15 year periods, and outperformed the index in the 1, 25 year(s) period and in the period since inception. The Trustees try to compare this Fund's performance to similar funds such as funds classified as Multi-Cap Core whenever this information is attainable without charge to the Fund. Based on this review, the Trustees concluded that the current and historical performance of the Fund, as managed by the Investment Advisor, was satisfactory.

**COST OF SERVICES TO THE FUND AND PROFITABILITY OF ADVISOR**

The Trustees discussed at length the advisory fee of 1.00% along with the Fund's other expenses of approximately 0.10% for a total expense rate of 1.10%. This expense ratio was compared to Morningstar's Large Blend Category (its current classification for MXXVX). This peer group average expense ratio was 0.88%, placing the Fund above that average. Based on this review, the Trustees concluded that the expense level of the Fund, as managed by the Investment Advisor, was satisfactory.

The Trustees considered the level of profits that could be expected to accrue to the Investment Advisor from the fee payable under the Advisory Agreement. The Trustees considered the increasing use by investors of the brokerage industry's No Transaction Fee (NTF) programs and its potential increasing percentage of the Fund's assets. See below in Economies of Scale for the reduction in the Advisor's fees regarding these assets.

In addition, the Trustees reviewed the current financial condition of the Investment Advisor and a summary of total expense ratios and management fees. Based on this review, the Trustees concluded that the Fund's advisory fee is competitive with those of comparable funds and that the Investment Advisor's profit margin was reasonable.

**ECONOMIES OF SCALE**

The Trustees received and considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Trustees noted that the total operating expenses of the Fund regarding economies of scale may be realized as the Fund grows. A review of the Fund's historical expense ratios indicates that as the assets increase, expense ratios decrease. The Trustees also considered that future inflows may increasingly come through the brokerage industry No Transaction Fee (NTF) programs. The Advisor pays the costs to the brokers for the NTF programs. The two major brokers, Charles Schwab and Fidelity, charge 0.40% on these assets. Therefore, the Advisor earns net 0.60% on such NTF investments in the Fund. Other brokers charge similar fees for their NTF programs. In addition, Charles Schwab has a minimum monthly NTF fee of $2,000 that the Advisor pays whenever assets with Schwab are below $6,000,000.

**CONCLUSIONS**

The Trustees who are non-interested persons met separately to further discuss the performance of the Fund and the Advisor's compensation. The Trustees determined that the information provided was sufficient to evaluate the Advisory Agreement. On the basis of its review and the foregoing information, with no single factor being determinative, the Board of Trustees concluded that the Advisory Agreement, including the advisory fee rates payable thereunder, continued to be fair and reasonable in light of all relevant circumstances. They further concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Agreement.

This report is provided for the general information of Matthew 25 Fund shareholders. It is not authorized for distribution unless preceded or accompanied by an effective prospectus, which contains more complete information about the Fund. Please read it carefully before you invest.

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

Not applicable.

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

Not applicable.

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

The information is included as part of the material filed under Item 7 of this Form.

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

The information is included as part of the material filed under Item 7 of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to open-end investment companies.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 16. CONTROLS AND PROCEDURES.

a) The registrant's president and chief financial officer has concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the registrant's second fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a)(1) EX-99.CODE ETH. Filed herewith.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) &nbsp;&nbsp;&nbsp;&nbsp; EX-99.906CERT. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Matthew 25 Fund

By <u>/s/ Mark Mulholland</u>

&nbsp;&nbsp;&nbsp;&nbsp; Mark Mulholland

&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer and Principal Financial Officer

Date 3/2/2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Mark Mulholland</u>

&nbsp;&nbsp;&nbsp;&nbsp; Mark Mulholland

&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer and Principal Financial Officer

Date 3/2/2026

## Ex-99.Cert

I, Mark Mulholland., certify that:

1. I have reviewed this report on Form N-CSR of Matthew 25 Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>March 2, 2026</u>

<u>/s/ Mark Mulholland</u>

Mark Mulholland

Principal Executive Officer and Principal Financial Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Mark Mulholland., Principal Executive Officer and Principal Financial Officer of Matthew 25 Fund (the "Registrant"), does certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer and Principal Financial Officer

Matthew 25 Fund

<u>/s/Mark Mulholland</u>

Mark Mulholland.

Date: <u>March 2, 2026</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Matthew 25 Fund and will be retained by Matthew 25 Fund and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**MATTHEW 25 FUND**

CODE OF ETHICS

April 18, 2002

Amended July 17, 2003

Amended October 19, 2006

Amended November 5, 2013

Amended July 27, 2021

Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") addresses conflicts of interest that arise from personal trading activities of investment company personnel. In particular, Rule 17j-1 prohibits fraudulent, deceptive or manipulative acts by such personnel in connection with their personal transactions in securities. The rule also requires an investment company to adopt a code of ethics containing provisions reasonably necessary to prevent fraudulent, deceptive or manipulative acts.

Section 406 of the Sarbanes-Oxley Act of 2002 concerns the disclosure of a company's Code of Ethics. This Code of Ethics is meant to promote:

o

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

o

full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

o

compliance with applicable laws and governmental rules and regulations;

o

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

o

accountability for adherence to the Code.

This Code of Ethics has been adopted by the Board of Trustees of the Matthew 25 Fund (the "Fund"). It is based on the principle that the Trustees and Officers of the Fund owe a fiduciary duty to the Fund's shareholders to conduct their affairs, including their personal transactions, in such a manner as to avoid 1) serving their own interests ahead of the shareholders, 2) taking advantage of their position, and 3) any actual or potential conflicts of interest.

I. Definitions. As used in this Code of Ethics, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Adviser" shall mean Matthew 25 Management Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Beneficial Ownership" shall be interpreted in the same manner

as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities that a person has or acquires. It includes ownership by a member of a person's immediate family (such as spouse, minor children and adults living in such person's home) and trusts of which such person or an immediate family member of such person is a trustee or in which any such person has a beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Security" shall have the same meaning set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include shares of registered open-end investment companies, direct obligations of the United States Government, banker's acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Transaction" shall mean any purchase, sale or any type of acquisition or disposition of securities.

II. Restrictions on Trading. Trustees and Officers are restricted from willfully purchasing, for beneficial ownership, securities that are held within the Fund's portfolio. Trustees and Officers are permitted to own the same securities that are within the Fund's portfolio only if such shares were purchased ***before*** the Fund added the position to its portfolio. Trustees and Officers are prohibited from adding to such holdings as long as the position remains in the Fund's portfolio.

III. Prohibition on Certain Actions. Trustees and officers of the Fund, in connection with the purchase or sale of securities, shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ any device, scheme or artifice to defraud the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of a material fact to the Fund, or to omit to state a material fact in an effort to mislead the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engage in any manipulative practice with respect to the Fund

IV. Code of Ethics of Adviser. All trustees and officers of the Fund who are also directors, officers or employees of the Adviser are subject to the Code of Ethics of the Adviser, which is incorporated by reference herein.

V. Reporting to Board of Trustees. If issues or concerns arise with regards to this Code of Ethics, the President of the Fund shall provide the Board of Trustees with a report that describes such issues.

VI. Sanctions. If any trustees or officer violates any provisions set forth in this Code of Ethics, the trustees shall impose sanctions as deemed appropriate including, but not limited to, a letter of censure, termination of position, or fines.

## Ex-99.Code

**MATTHEW 25 MANAGEMENT CORP**

CODE OF ETHICS

April 18, 2002

Approved by Matthew 25 Fund Board August 12, 2004

Amended and Approved October 19, 2006

Amended and Approved November 5, 2013

Amended July 27, 2021

The nature of our business places all directors, officers, and employees (collectively called "employees") of Matthew 25 Management Corp. (the "Adviser") in a fiduciary position. We must accept certain limitations as to our freedom of action with regard to personal financial matters. Our financial interest must at all times be subordinated to those of the Adviser's clients.

It is impossible to anticipate every circumstance that could, in fact or in theory, cause a conflict of interest between employees of the Adviser and the clients of the Adviser (including, but not limited to, the Matthew 25 Fund). Many of these are covered in this Code of Ethics. If there is any doubt in an employee's mind as to whether or not a possible conflict of interest is involved, he or she should consult Mark Mulholland, the Portfolio Manager and President of the Adviser.

In addition, the use of inside information to trade in securities or to benefit in any way is strictly forbidden. Section VI highlights our policy on insider trading and the procedures in place to prevent it.

Employees are reminded that compliance with the letter and intent of this Code of Ethics is essential to their employment by the Adviser.

I. Definitions. As used in this Code of Ethics, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Beneficial Ownership" shall be interpreted in the same manner

as it would be in determining whether an employee is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities that an employee has or acquires. It includes ownership by a member of an employee's immediate family (such as spouse, minor children and adults living in such person's home) and trusts of which such employee or an immediate family member of such employee is a trustee or in which any such employee has a beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Security" shall be any security other than securities issued by the United States Government, banker's acceptances, and commercial paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Transaction" shall be any purchase, sale or any type of acquisition or disposition of securities.

II. Restrictions on Trading. Employees are encouraged to choose investments in keeping with a long-term investment horizon in their personal accounts. The Adviser does not wish to have employees distracted by trading activities and believes that such activities invariably would detract from an employee's value to the firm and its clients.

Similarly, employees are encouraged to manage their personal investments in such a manner that the performance of one particular investment does not distract the employee from his or her work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employees are restricted from willfully purchasing securities that are held within the portfolio. Employees are permitted to own the same securities that are within the Fund's portfolio only if such shares were purchased ***before*** the Fund added the position to its portfolio. Employees are prohibited from adding to such holdings as long as the position remains in the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Employees shall immediately report to Mark Mulholland any existing financial interest in any brokerage firm or related organization, and any personal employment or family member's employment by any brokerage firm related organization.

III. Restriction on Acceptance of Gifts, Etc. No employee shall accept any gift of material value, or any entertainment exceeding what is customary, from any client of the Adviser or from the client's estate or any broker/dealer, bank, corporation, or supplier of goods or services to the Adviser or its client. Any employee who receives an offer of either a gift or bequest of material value from any of the foregoing sources shall promptly report it to Mark Mulholland.

IV. Restrictions on Serving as Fiduciary. Employees shall not accept appointments as trustee, executor, administrator, guardian, conservator, adviser, partner, director, or other fiduciary without prior approval of Mark Mulholland.

V. Prohibition on Certain Actions. Employees, in connection with the purchase or sale of securities, shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ any device, scheme or artifice to defraud the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of a material fact to the client, or to omit to state a material fact in an effort to mislead the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engage in any manipulative practice with respect to the client

VI. Restriction on Use of Inside Information. The Adviser strictly forbids any of its employees from trading on or relaying inside information for personal benefit or on behalf of others. This policy applies to every employee and applies to activities both within and outside of the realm of his or her employment.

Insider trading is a breach of Federal Securities law and is subject to both civil and criminal penalties. In addition, the Insider Trading and Securities Fraud Enforcement Act of 1988 (ITSFEA), subsequently increases the civil and criminal penalties for trading on material, non-public information and broadens the scope of responsibility for preventing insider trading. The ITSFEA requires the Adviser establish and enforce a written policy on insider trading. The law also creates the concept of a "controlling person" which means that unless the Adviser establishes and enforces a policy to prohibit insider trading, the Adviser and its controlling persons may be held responsible and liable for any insider trading violations of its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Insider Trading. Federal Securities laws do not define the concept of an insider or insider trading; the burden of proof is upon the individual and the firm to show that it did not break Federal Securities laws. Any dispute will be judged in court looking back with perfect hindsight. Insider trading is generally defined as the use of inside information to trade in securities or the communication of this information to others. The law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any trading by an insider in possession of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any trading by a non-insider having inside information either disclosed by an insider in violation of his or her fiduciary duty to keep it confidential or misappropriated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The communicating of material, non-public information to others, also known as "tipping."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Concept of the Insider. The concept of the insider is very broad. An insider includes employees, officers and directors of a company. Also included are persons associated with the company through a special, confidential relationship in the conducting of the company's affairs and who receive information solely for the company's purposes. These "insiders" can include but are not limited to, attorneys, consultants, accountants and financial printers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) What is Inside Information? Inside information is broadly defined to include two concepts: materiality and non-public. Material information is information that a reasonable investor would consider important in making an investment decision or is reasonably certain to have a substantial impact on the price of a company's securities. Such information is considered to be non-public until it has been disseminated to investors generally. The stock exchanges require that companies disclose information to the national news and business newswire services (i.e., Dow Jones News Service and Reuters), the national services (i.e., Associated Press), and The New York Times and The Wall Street Journal. In addition, information appearing in local newspapers, brokerage reports, and SEC documents are generally considered to be public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Procedure Upon Receipt of Inside Information. The Adviser requires employees to report any information that he or she believes to be insider information to Mark Mulholland. The information should be reported even if the employee is unsure as to whether or not it represents inside information.

Whenever an employee receives material, non-public information, he or she shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Trade in the securities to which the information relates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tip the information to others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Recommend purchases or sales on the basis of that information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Disclose the information to anyone other than the Adviser's President

VII. Sanctions. If any employee violates any provisions set forth in this Code, the President of the Adviser shall impose such sanctions as he deems appropriate; including, but not limited to, a letter of censure or termination of employment, censure fines, freezing of one's personal account or securities in that account for a specified time frame.

VIII. Reporting to Board of Trustees. If issues or concerns arise with regards to this Code of Ethics, Mark Mulholland shall provide the Board of Trustees of the Matthew 25 Fund with a report that describes such issues.

IX. Compliance Education Program. As part of the Adviser's ongoing compliance education program, we have implemented the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Review for New Employees. New employees will be given a copy of the Adviser's Code of Ethics and will be required to read and sign it. Mark Mulholland will be available to review the statement with the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Revisions. Any revisions of this statement will be distributed to all employees.

I acknowledge that I have read, and fully understand the Code of Ethics of Matthew 25 Management Corp.

Date:

___________________________

Signature:

___________________________

Title:

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