# EDGAR Filing Document

**Accession Number:** 0000796227
**File Stem:** 0001133228-25-012351
**Filing Date:** 2025-11
**Character Count:** 90642
**Document Hash:** 37d44c8db88b6c76d16355c9ed586c2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012351.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001133228-25-012351

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**EFFECTIVENESS DATE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Provident Mutual Funds, Inc.
- **CENTRAL INDEX KEY:** 0000796227

**ORGANIZATION NAME:**
- **EIN:** 391568580
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04722
- **FILM NUMBER:** 251491262

**BUSINESS ADDRESS:**
- **STREET 1:** N16 W23217 STONE RIDGE DRIVE
- **STREET 2:** SUITE 310
- **CITY:** WAUKESHA
- **STATE:** WI
- **ZIP:** 53188
- **BUSINESS PHONE:** 262 521 2337

**MAIL ADDRESS:**
- **STREET 1:** N16 W23217 STONE RIDGE DRIVE
- **STREET 2:** SUITE 310
- **CITY:** WAUKESHA
- **STATE:** WI
- **ZIP:** 53188

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Provident Trust Mutual Funds, Inc.
- **DATE OF NAME CHANGE:** 20120904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FMI MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 20011024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EASTCLIFF FUNDS INC
- **DATE OF NAME CHANGE:** 19951102

## Series and Classes Contracts Data

### Provident Trust Strategy Fund (Series ID: S000000834)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000002449 | Provident Trust Strategy Fund | PROVX           |

?xml version='1.0' encoding='ASCII'? 2025-07-31216540_ProvidentTrustStrategyFund_TF_TSRAnnual

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>811-04722</u>**

**<u>Provident Mutual Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>N16 W23217 Stone Ridge Drive,</u>**

**<u>Suite 310</u>**

**<u>Waukesha, WI 53188</u>**

(Address of principal executive offices) (Zip code)

**<u>J. Scott Harkness</u>**

**<u>Provident Trust Company</u>**

**<u>N16 W23217 Stone Ridge Drive,</u>**

**<u>Suite 310</u>**

**<u>Waukesha, WI 53188</u>**

(Name and address of agent for service)

**<u>1-855-739-9950</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![image](img173640_202410221648956.jpg) | **Provident Trust Strategy Fund**  |
| ![image](img173640_202410221648956.jpg) | Total Fund \| PROVX  |
| ![image](img173640_202410221648956.jpg) | Annual Shareholder Report \| September 30, 2025  |

---

This annual shareholder report contains important information about the Provident Trust Strategy Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://provfunds.com/. You can also request this information by contacting us at 1-855-739-9950.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Provident Trust Strategy Fund | $98 | 0.93% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Provident Trust Strategy Fund (PROVX) gained +11.02% vs. the S&P 500's +17.60% advance for the year ended September 30, 2025. Top performers for the year ended September 30, 2025 were Alphabet, Inc. (Class A&C), the Charles Schwab Corp. and Visa, Inc. while Fiserv, Inc., UnitedHealth Group, Inc., and Accenture PLC underperformed. During the fiscal year we added American Express Co. to the portfolio and increased our Home Depot, Inc., TJX Companies, Inc. and Fiserv, Inc. concentrations. We reduced our Accenture PLC, Costco Wholesale Corp., Fastenal, Inc., PNC Financial Services Group, the Charles Schwab Corp., T. Rowe Price Group, Inc., Visa, Inc, Alphabet, Inc. (Class A&C) and Tractor Supply Co. concentrations to accommodate net redemptions and we eliminated our Southwest Airlines Co., GSK PLC and UnitedHealth Group, Inc. positions due to deteriorating fundamentals. Our September 30, 2025 equity exposure was 82.5%.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5481img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **TF (without sales charge)**  | 11.02 | 11.40 | 12.75 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |

---

Visit https://provfunds.com/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Provident Trust Strategy Fund PAGE 1 TSR-AR-74405V107

------

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $204275347 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $1290691 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  First American Treasury Obligations Fund  | 17.5% |
|  Alphabet, Inc., Cl C  | 12.5% |
|  Alphabet, Inc., Cl A  | 12.4% |
|  Costco Wholesale Corp.  | 7.4% |
|  Visa Inc.  | 7.2% |
|  PNC Financial Services Group, Inc.  | 6.1% |
|  The Charles Schwab Corp.  | 6.0% |
|  Accenture PLC, Cl A  | 5.6% |
|  American Express Co.  | 4.9% |
|  The Home Depot, Inc.  | 4.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net** **assets)** |
|  Financial  | 27.7% |
|  Communications  | 24.9% |
|  Consumer, Cyclical  | 22.2% |
|  Technology  | 7.7% |
|  Cash & Other  | 17.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://provfunds.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Provident Trust Company documents not be householded, please contact Provident Trust Company at 1-855-739-9950, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Provident Trust Company or your financial intermediary.

Provident Trust Strategy Fund PAGE 2 TSR-AR-74405V107

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Registrant's Board of Directors has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. John F Hensler is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "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. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $15000 | $15000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $4500 | $4500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two fiscal years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 9/30/2025 | FYE 9/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) **Provident Trust Strategy Fund (PROVX)** 

**A NO-LOAD MUTUAL FUND** 

Core Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Statement of Operations](#tsop) | [4](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [5](#tscna) |
| [Financial Highlights](#tfihi) | [6](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [7](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#treport) | [11](#treport) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#stat) | [12](#stat) |
| [Additional Information](#add) | [15](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares or**<br>**Principal**<br>**Amount**  |  | **Cost** | **Value**  |
|  | **COMMON STOCKS — 82.5%<sup>(a)</sup>**<br>|  |  |
|  | **Computer Services — 5.6%**<br>|  |  |
| 46482  | Accenture PLC, Cl A - Class A | $1351018 | $11462461  |
|  | **Data Processing-Management — 2.1%** <br>|  |  |
| 33962  | Fiserv, Inc.<sup>(b)</sup> | 5112519 | 4378721  |
|  | **Distribution/Wholesale — 4.1%** <br>|  |  |
| 169652  | Fastenal Co. | 872212 | 8319734  |
|  | **Finance-Credit Card — 12.1%** <br>|  |  |
| 30171 | American Express Co. | 8446223 | 10021599  |
| 43042  | Visa Inc. - Class A | 2069164 | 14693678  |
|  |  | 10515387 | 24715277  |
|  | **Finance-Investment Banking-Brokerages — 6.0%** <br>|  |  |
| 128623  | The Charles Schwab Corp. | 3783340 | 12279638  |
|  | **Investment Management-Advisor Services — 3.5%** <br>|  |  |
| 69304  | T. Rowe Price Group Inc. | 5455066 | 7113363  |
|  | **Retail-Building Products — 4.9%** <br>|  |  |
| 24635  | The Home Depot, Inc. | 3079030 | 9981855  |
|  | **Retail-Discount — 7.4%** <br>|  |  |
| 16411  | Costco Wholesale Corp. | 2497909 | 15190514  |
|  | **Retail-Gardening Products — 1.5%** <br>|  |  |
| 53698  | Tractor Supply Co. | 2335154 | 3053805  |
|  | **Retail-Major Department Stores — 4.3%** <br>|  |  |
| 61045  | The TJX Companies, Inc. | 5507392 | 8823444  |
|  | **Super-Regional Banks-US — 6.1%** <br>|  |  |
| 61775  | PNC Financial Services Group, Inc. | 3275662 | 12412451  |
|  | **Web Portals-Internet Service Providers — 24.9%** <br>|  |  |
| 104040  | Alphabet, Inc., Cl A - Class A | 1356152 | 25292124  |
| 104795  | Alphabet, Inc., Cl C - Class C | 1357901 | 25522822  |
|  |  | 2714053 | 50814946  |
|  | **TOTAL COMMON STOCKS** | 46498742 | 168546209  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares or**<br>**Principal**<br>**Amount**  |  | **Cost** | **Value**  |
|  | **SHORT-TERM INVESTMENTS — 17.5%<sup>(a)</sup>**<br>|  |  |
|  | **Money Market Funds — 17.5%**<br>|  |  |
| 35791197 | First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | $35791197 | $35791197  |
|  | **TOTAL SHORT-TERM INVESTMENTS** | 35791197 | 35791197  |
|  | **TOTAL INVESTMENTS — 100.0%** | $82289939 | 204337406  |
|  | Liabilities in Excess of Other Assets — (0.0)%<sup>(d)</sup> |  | (62059)  |
|  | **TOTAL NET ASSETS — 100.0%** |  | $204275347 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Percentages for the various classifications relate to total net assets. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Statement of Assets and Liabilities** 

**September 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $204337406  |
| Dividends and interest receivable | 124888  |
| Receivables from shareholders for purchases | 3345  |
| Prepaid expenses and other assets | 25886  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 204491525  |
| **LIABILITIES:**<br>|  |
| Payable to adviser for management fees | 108116  |
| Payable to transfer agent | 48959  |
| Payable for fund administration and accounting fees | 23531  |
| Payable to shareholders for redemptions | 12000  |
| Payable to custodian | 3574 |
| Payable to directors | 33 |
| Other liabilities | 19965  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 216178  |
| **NET ASSETS** | $204275347  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $51509685  |
| Total distributable earnings | $152765662  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $204275347  |
| **Calculation of Net Asset Value Per Share:**<br>|  |
| Net assets | $204275347  |
| Shares issued and outstanding, $0.01 par value, 300,000,000 shares authorized | 9844037  |
| Net asset value per share | $20.75  |
| **Cost:**<br>|  |
| Investments, at cost | $82289939 |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Statement of Operations** 

**For the Year Ended September 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $3832701  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3832701  |
| **EXPENSES:**<br>|  |
| Management fees | 1290691  |
| Transfer agent fees | 166458  |
| Fund administration and accounting fees | 160434  |
| Professional fees | 66805  |
| Registration fees | 40178  |
| Custodian fees | 20787  |
| Directors' fees | 19267  |
| Reports to shareholders | 9614  |
| Miscellaneous expenses | 103401  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1877635  |
| **Net investment income** | 1955066  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| NET REALIZED GAIN (LOSS) ON INVESTMENTS | 31606305  |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS. | (12098112)  |
| **Net realized and unrealized gain (loss)** | 19508193  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $21463259 |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025**  | **2024**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1955066 | $2288276  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31606305 | 14296466  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12098112) | 29835003  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 21463259 | 46419745  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders | (13506458) | (8581711)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (13506458) | (8581711)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6204848 | 6225479  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 12831692 | 8236124  |
| &nbsp;&nbsp;&nbsp; Redemptions | (27159833) | (28292123)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (8123293) | (13830520)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (166492) | 24007514  |
| **NET ASSETS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 204441839 | 180434325  |
| &nbsp;&nbsp;&nbsp; End of the year | $204275347 | $204441839  |
| **SHARES TRANSACTIONS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 314072 | 342380  |
| &nbsp;&nbsp;&nbsp; Reinvestments | 648065 | 479434  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1356458) | (1567317)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (394321) | (745503) |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $19.97 | $16.43 | $17.97 | $22.06 | $17.66  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.19 | 0.22 | 0.19 | 0.05 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.94 | 4.13 | 1.25 | (4.06) | 5.99  |
| **Total from investment operations** | 2.13 | 4.35 | 1.44 | (4.01) | 6.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.14) | (0.25) | (0.09) | (0.02) | (0.05)  |
| Distributions from net realized gains | (1.21) | (0.56) | (2.89) | (0.06) | (1.59)  |
| **Total from distributions** | (1.35) | (0.81) | (2.98) | (0.08) | (1.64)  |
| **Net asset value, end of year** | $20.75 | $19.97 | $16.43 | $17.97 | $22.06  |
| TOTAL RETURN | 11.02% | 27.25% | 9.01% | -18.25% | 36.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $204275 | $204442 | $180434 | $192727 | $263713  |
| Ratio of gross expenses to average net assets | 0.93% | 0.95% | 0.95% | 0.92% | 0.92%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net <br>assets | 0.97% | 1.18% | 1.13% | 0.18% | 0.24%  |
| Portfolio turnover rate | 9% | 0% | 12% | 3% | 0% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PROVIDENT TRUST STRATEGY FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025** 

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies of Provident Mutual Funds, Inc. (the "Company"), which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The Company consists of one non-diversified fund – Provident Trust Strategy Fund (the "Fund"). The Company was incorporated under the laws of Wisconsin on May 23, 1986.

The investment objective of the Fund is long-term growth of capital.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each equity security is valued at the last
 sale price reported by the principal security exchange on which the issue is traded. Securities that are traded on the Nasdaq Markets
 are valued at the Nasdaq Official Closing Price, or if no sale is reported, the latest bid price. Securities which are traded over-the-counter,
 bonds and short-term U.S. Treasury Bills are valued using an evaluated bid from a pricing service. Money market funds are valued at net
 asset value per share. Securities for which market quotations are not readily available will have a fair value determined by the Valuation
 Designee (as defined in Rule 2a-5) in accordance with the Valuation and Pricing Procedures adopted by the Board of Directors. The
 fair value of a security may differ from the Fund's last quoted price and the Fund may not be able to sell a security at the estimated
 fair value. Market quotations may not be available, for example, if trading in particular securities has halted during the day and not
 resumed prior to the close of trading on the New York Stock Exchange. As of September 30, 2025, there were no securities that were internally
 fair valued.

In determining fair value, the Fund uses various valuation approaches. Generally accepted accounting principles in the United States of America ("GAAP") establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets that the Fund has the ability to access.

Level 2 – Valuations based on quoted prices for similar assets or in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The following table summarizes the Fund's investments as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $168546209 | $— | $— | $168546209  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 35791197 |  |  | 35791197  |
| **Total Investments**  | $204337406 | $— | $— | $204337406 |

---

\* See the Schedule of Investments for investments detailed by industry classification.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PROVIDENT TRUST STRATEGY FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may purchase securities on a when-issued
 or delayed delivery basis. Although the payment and interest terms of these securities are established at the time the purchaser enters
 into the agreement, these securities may be delivered and paid for at a future date, generally within 45 days. The Fund records purchases
 of when-issued securities and reflects the value of such securities in determining net asset value in the same manner as other portfolio
 securities. For the year ended September 30, 2025, there were no such securities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Net realized gains and losses on sales of securities
 are computed on the identified cost basis. For financial reporting purposes, investment transactions are recorded on the trade date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Dividend income is recorded on the ex-dividend
 date. Interest income is recorded on the accrual basis. The Fund records the amortization and accretion of premiums and discounts, respectively,
 on securities purchased using the effective interest method in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The preparation of financial statements in
 conformity with 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 income and expenses
 during the reporting period. Actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision has been made for federal income
 taxes since the Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all
 net investment company taxable income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M
 of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund has reviewed all open tax years and
 major jurisdictions, which include federal and the state of Wisconsin, and concluded that there are no significant uncertain tax positions
 that would require recognition in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized
 tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the year ended September 30, 2025,
 the Fund did not incur any interest or penalties. Open tax years are those that are open for exam by taxing authorities and, as of September
 30, 2025, open federal tax years include tax years ended September 30, 2022 through 2025. The Fund has no examinations in progress and
 is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly
 change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;(h) GAAP requires that certain components of net
 assets relating to permanent differences be reclassified for financial statement and federal income tax purposes. These differences are
 caused primarily by the utilization of earnings and profits distributed to shareholders on redemption of shares as part of the dividends
 paid deduction. These reclassifications have no effect on net assets, results of operations or net asset value per share. For the year
 ended September 30, 2025, the reclassifications were as follows:

---

| | |
|:---|:---|
| **Distributable** <br>**Earnings** | **Capital Stock**  |
| $(2769844) | $2769844 |

---

(2) INVESTMENT ADVISER AND MANAGEMENT AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The Company, on behalf of the Fund, entered into an investment advisory agreement (the "Advisory Agreement") with Provident Trust Company ("PTC"), with whom certain officers and a director of the Fund are affiliated, to serve as the investment adviser. Under the terms of the Advisory Agreement, the Fund pays 0.75% on the first $30,000,000 of average daily net assets, 0.65% on average daily net assets in excess of $30,000,000 and less than $100,000,000, and 0.60% on average daily net assets over $100,000,000. The Fund is responsible for paying a share of the compensation, benefits and expenses of its Chief Compliance Officer. For administrative convenience, PTC initially makes these payments, which are included in miscellaneous expenses on the Statement of Operations, and is later reimbursed by the Fund.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PROVIDENT TRUST STRATEGY FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

Pursuant to an expense cap/reimbursement agreement between PTC and the Company, PTC has agreed to waive a portion of its management fee and/or assume expenses for the Fund to the extent necessary to ensure that the Fund's total operating expenses, excluding taxes, interest, brokerage commissions and other costs relating to portfolio securities transactions (including the costs, fees and expenses associated with the Fund's investments in other investment companies) and other extraordinary expenses, do not exceed 1.00% of the Fund's average daily net assets on an annual basis. The expense cap/reimbursement agreement will continue in effect until January 31, 2026, with successive renewal terms of one year unless terminated by PTC or the Company prior to any such renewal. PTC is entitled to recoup such amounts from the Fund for a period of up to three years from the date PTC reduced its compensation and/or assumed expenses for the Fund. During the year ended September 30, 2025, no such expenses were waived and PTC has recouped all eligible amounts.

The Fund adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund may charge a distribution and service fee not to exceed 0.25% (on an annualized basis) of the Fund's average daily net assets. Amounts payable under the Plan are paid monthly for any activities or expenses primarily intended to result in the sale of shares of the Fund. For the year ended September 30, 2025, no such expenses were charged to shareholders.

Under the Company's organizational documents, each director, officer, employee or other agent of the Company is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Company. Additionally, in the normal course of business, the Company, on behalf of the Fund, enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

As of September 30, 2025, PTC beneficially owned 20.64% of the outstanding shares of the Fund on behalf of its investment advisory clients. In addition, as of September 30, 2025, PTC's employees, as participants in the Provident Trust Company Retirement Plan (the "Retirement Plan"), beneficially owned 23.98% of the outstanding shares of the Fund. As a result, as of September 30, 2025, in its capacity as sponsor of the Retirement Plan and investment manager of advisory accounts, PTC beneficially owned, in the aggregate, 44.62% of the outstanding shares of the Fund.

(3) DISTRIBUTIONS TO SHAREHOLDERS

Net investment income and net realized gains, if any, are distributed to shareholders at least annually. Distributions to shareholders are recorded on the ex-dividend date. On December 20, 2024, the Board of Directors declared a distribution of $0.14022044 per share from net investment income and $1.21462 from long-term capital gains, payable December 20, 2024, to shareholders of record on December 19, 2024.

(4) INVESTMENT TRANSACTIONS

For the year period ending September 30, 2025, purchases and proceeds of sales of investment securities (excluding all short-term securities) were $14,561,705 and $50,059,181, respectively.

(5) INCOME TAX INFORMATION

The following information for the Fund is presented on an income tax basis as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net** <br>**Unrealized** <br>**Appreciation** <br>**on Investments** | **Distributable** <br>**Ordinary** <br>**Income** | **Distributable** <br>**Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributable** <br>**Earnings**  |
| $82289939 | $122906800 | $(859333) | $122047467 | $1881796 | $28836399 | $152765662 |

---

As of September 30, 2025, there were no differences between the cost of investments for financial statement and federal income tax purposes.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PROVIDENT TRUST STRATEGY FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

The tax components of dividends paid during the years ended September 30, 2025 and 2024 are:

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2024**  | **September 30, 2024**  |
| **Ordinary** <br>**Income** <br>**Distributions** | **Long-Term** <br>**Capital Gains** <br>**Distributions** | **Ordinary** <br>**Income** <br>**Distributions** | **Long-Term** <br>**Capital Gains** <br>**Distributions**  |
| $1397863 | $12108595 | $2637657 | $5944054 |

---

(6) SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there were no additional subsequent events that would need to be disclosed in the Fund's financial statement disclosures.

(7) NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Directors of

Provident Mutual Funds, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Provident Mutual Funds, Inc. comprising Provident Trust Strategy Fund (the "Fund") as of September 30, 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, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in 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.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements 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 are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2012.

![](efp18549_cohenco.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 7, 2025

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Statement Regarding Basis for Approval of Investment Advisory** 

**Contract (Unaudited)** 

The Board of Directors (the "Board" or the "Directors") of the Company met on June 10, 2025 (the "Meeting") to consider the renewal of the Investment Advisory Agreement dated August 31, 2012 (the "Investment Advisory Agreement") between the Company, on behalf of the Fund, and Provident Trust Company (the "Adviser" or "PTC") in accordance with Section 15(c) of the 1940 Act. In addition, the Directors who are not interested persons of the Fund as defined in the 1940 Act (the "Independent Directors") met in executive session with the Company's counsel to review and discuss the 15(c) materials.

The Board of Directors (the "Board" or the "Directors") of the Company met on June 10, 2025 (the "Meeting") to consider the renewal of the Investment Advisory Agreement dated August 31, 2012 (the "Investment Advisory Agreement") between the Company, on behalf of the Fund, and Provident Trust Company (the "Adviser" or "PTC") in accordance with Section 15(c) of the 1940 Act. In addition, the Directors who are not interested persons of the Fund as defined in the 1940 Act (the "Independent Directors") met in executive session with the Company's counsel to review and discuss the 15(c) materials. The Board, including the Independent Directors, reviewed and discussed various information that had been provided in advance of the Meeting and at the Meeting, including a memorandum from counsel that summarized the legal standards applicable to the Directors' consideration of the Investment Advisory Agreement; counsel's request for information from PTC pursuant to Section 15(c) of the 1940 Act (the "15(c) Request"); PTC's response to the 15(c) Request; PTC's organizational chart; detailed comparative information relating to the Fund's management fee and other expenses of the Fund; information regarding management fees paid by the Fund to PTC and other payments; information on PTC's profitability; PTC's audited financial statements for the last two years; information about brokerage commissions; detailed comparative information relating to the Fund's performance; information about sales and redemptions of the Fund; information about amounts paid to financial intermediaries; information about PTC's compliance program; PTC's Form ADV; and PTC's insurance coverage. The Directors reviewed the terms of the Investment Advisory Agreement, noting that Schedule A to the Investment Advisory Agreement outlined the management fee for the Fund and called for PTC to receive a fee that is calculated daily and paid monthly at an annual rate of 0.75% of the average daily net assets of the Fund on assets of $0–$30,000,000; 0.65% on assets of $30,000,001–$100,000,000; and 0.60% on assets over $100,000,000. The Directors noted that the current management fee is 0.64%.

In addition to the materials in the Board book and presentations at the Meeting, the Board also took into account information reviewed quarterly throughout the year that was relevant to its consideration of the Investment Advisory Agreement, including Fund performance, the management fee and other expense information and discussions with the Fund's portfolio managers.

In determining whether to renew the Investment Advisory Agreement, the Board reviewed and analyzed various factors that it determined were relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor as determinative.

Nature, Extent and Quality of Services Provided to the Fund. The Directors considered the nature, extent and quality of services provided by the Adviser to the Fund. The Directors noted the Adviser's continuing commitment to the Fund, the continuity of the portfolio management team for the Fund and the Adviser's disciplined research and investment decision making process. The Directors considered the Adviser's specific responsibilities in all aspects of day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of J. Scott Harkness and Michael Schelble, the Fund's portfolio managers, and other key personnel at the Adviser involved in the day-to-day activities of the Fund, including its chief compliance officer. The Directors noted any services that extended beyond portfolio management, such as making some of the Adviser's key personnel available to serve as officers of the Fund, selecting broker-dealers for execution of portfolio transactions, ensuring adherence to the Fund's investment policies and restrictions, administering the Fund's compliance program and liquidity risk management program, proxy voting, providing risk management services and overseeing the Fund's other service providers. The Directors considered information regarding purchases and redemptions of the Fund's shares as well as the Adviser's brokerage and soft dollar practices. The Directors concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Investment Advisory Agreement and that the nature, overall quality and extent of the management services provided to the Fund and to be provided to the Fund, as well as the Adviser's compliance program, were satisfactory and reliable.

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**[**TABLE OF CONTENTS**](#TOC)**

**Provident Trust Strategy Fund** 

**Statement Regarding Basis for Approval of Investment Advisory** 

**Contract (Unaudited)(Continued)** 

Investment Performance of the Fund and the Adviser. The Board reviewed the performance of the Fund for the year-to-date, one-year, three-year, five-year, ten-year, and since-inception periods as of March 31, 2025. In assessing the quality of the management services delivered by the Adviser, the Directors also compared the short-term and long-term performance of the Fund on both an absolute and relative basis and in comparison, to a benchmark index (the S&P 500 Index) and a Morningstar Peer Group. The Morningstar Peer Group (the "Morningstar Peer Group") of 18 funds was compiled by U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, LLC ("USBGFS") using data from Morningstar, Inc. based on a range of criteria, including Morningstar classification (U.S. large blend funds), load structure (no-load funds without 12b-1 fees), active management (no index funds), and asset size ($100–$300 million). The Directors also reviewed information on the historical performance of other separately managed accounts of the Adviser that are similar to the Fund in terms of investment strategy (the "PTC composite").

The Directors noted that the Fund underperformed its benchmark, the S&P 500 Index, for the one-year, three-year, five-year, ten-year, and since-inception periods while outperforming for the year-to-date period ended March 31, 2025. The Board considered the Adviser's quarterly commentary and discussion of the reasons for the underperformance, including that the Fund's concentrated portfolio makes the Fund more susceptible to adverse changes in the value of a single security, that the Fund's active share (the percentage of holdings that differ from the S&P 500 Index) is approximately 90.6%, and the Fund's flexible asset allocation means that the Fund held just 82.7% of assets in equities and 17.3% of assets in short-term investments as of March 31, 2025, as well as management's view that performance must be considered over complete market cycles. The Board noted that, over the ten-year period ended March 31, 2025, the Fund's performance was in line with the S&P 500 Index and trailed the Index by approximately 1.10%.

The Directors also noted that the Fund underperformed the peer group's median and average for the year- to-date, three-year and five-year periods, while outperforming the peer group's median and average for the one-year and ten-year periods ended March 31, 2025. The Fund's performance ranked in the 53rd, 18th, 94th, 88th and 33rd percentile of the Morningstar Peer Group, respectively, over those periods. The Board also noted that the Fund achieved positive absolute returns across all periods except for the year-to-date period.

The Directors noted that although the Fund's performance was generally consistent with the performance of the PTC composite, the Fund outperformed the PTC composite for the one-year, three- year, and ten-year periods ended March 31, 2025, and underperformed for the year-to-date and five- year periods ended March 31, 2025. The Board considered that there may be differences in performance between the Fund and the PTC composite which the Adviser has indicated may be attributable to the PTC composite having fewer regulatory requirements to comply with than the Fund, such as diversification. The Board also considered that Fund commenced operations in 1986 and the composite commenced operations in 1999 so there is no comparison for the Fund's since-inception period.

The Board also reviewed the Fund's performance in light of the Fund's stated investment strategy of attempting to exceed the performance of the S&P 500 Index over full investment cycles, which the Adviser defines as "typically lasting 5-7 years and including both a 30% advance and a 20% decline," and reviewed the Fund's performance relative to the S&P 500 Index over recent cycles. Although the Adviser characterizes investment cycles as typically lasting 5-7 years, they can be shorter or longer in instances in which the time period does not also include substantial advances or declines.

After considering all of the information, the Directors concluded that the performance obtained by the Adviser for the Fund was satisfactory under current market conditions. Although past performance is not a guarantee or indication of future results, the Directors determined that the Fund and its shareholders were likely to benefit from the Adviser's management.

Costs of Services Provided and Profits Realized by the Adviser. The Directors considered the costs of services provided by the Adviser, including the management fee, expenses of the Fund and total expense ratio. The Directors noted that the Adviser has agreed to waive a portion of its management fee and/or assume expenses for the Fund to the extent necessary to ensure that the Fund's total operating expenses, excluding taxes, interest, brokerage commissions and other costs relating to portfolio securities transactions (including the costs, fees and expenses associated with the Fund's investments in other investment companies, i.e., "acquired fund fees and expenses") and other extraordinary expenses, do not exceed 1.00% of the Fund's average daily net assets on an annual basis. The expense cap/reimbursement agreement between the Adviser and the Company will continue in effect until January 31, 2026,

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**Provident Trust Strategy Fund** 

**Statement Regarding Basis for Approval of Investment Advisory** 

**Contract (Unaudited)(Continued)** 

with successive renewal terms of one year unless terminated by the Adviser or the Company prior to any such renewal. The Adviser is entitled to recoup such amounts from the Fund for a period of up to three years from the date the Adviser reduced its compensation and/or assumed expenses for the Fund.

The Directors reviewed the related statistical information, including the comparative management fee and expenses of the Fund relative to the Morningstar Peer Group. The Directors noted that the Fund's current management fee of 0.64% is lower than the Morningstar Peer Group median of 0.70% and average of 0.68%. The Directors observed that the Fund's total annual fund operating expense ratio of 0.93% was slightly above the Morningstar Peer Group median of 0.92% and above the average of 0.82% and places it in the third quartile of the Morningstar Peer Group. The Directors then compared the fees paid by the Fund to the fees paid by separately managed accounts of the Adviser and noted that total fees paid by the separately managed account clients are generally lower than the total fees paid by the Fund, and considered the additional work of the Adviser related to the Fund, including monitoring of compliance with investment restrictions and additional reporting requirements. However, the Board noted that the Fund is currently benefiting from the breakpoint schedule in the Fund's management fee.

The Directors considered the overall profitability of the Adviser and reviewed the Adviser's financial condition and determined it to be sound. The Directors also examined the level of profits realized by the Adviser from the fees payable under the Investment Advisory Agreement, as well as the Fund's brokerage commissions and use of soft dollars by the Adviser. The Directors noted that the Adviser pays Fund distribution expenses from its reasonable profits.

The Directors concluded that the Fund's expenses and the management fee paid to the Adviser were fair and reasonable in light of the comparative performance, expense, and management fee information. The Directors noted that the Adviser's profit from sponsoring the Fund was not excessive and the Adviser maintained adequate profit levels to support its services to the Fund from the revenues of its overall investment advisory activities.

Extent of Economies of Scale. The Directors noted that the Fund's management fee structure contains breakpoint reductions as the Fund's assets grow in size. The Directors compared the Fund's expenses relative to the Morningstar Peer Group and discussed realized and potential economies of scale. With respect to the Adviser's fee structure, the Directors concluded that the current fee structure was reasonable and reflected a sharing of economies of scale between the Adviser and the Fund.

Benefits Derived from the Relationship with the Fund. The Directors considered the direct and indirect benefits that could be realized by the Adviser from its association with the Fund. The Directors considered the benefits to the Adviser from soft dollar arrangements whereby the Adviser receives third-party investment research services from broker-dealers that execute the Fund's purchases and sales of securities. The Directors considered that the research services are used to service all of the Adviser's accounts. While difficult to measure, the Directors concluded that the benefits the Adviser receives are fairly modest, given the Fund's relatively low portfolio turnover rate. The Directors noted the Adviser's representation that the Fund allows the Adviser to offer a daily valued product and a flexible investment, as well as serve clients that do not meet its eligibility criteria for separate accounts. Finally, the Directors noted that the Adviser derives reputational benefits from its association with the Fund. The Directors concluded that the other benefits realized by the Adviser from its relationship with the Fund were reasonable.

Annual Approval of the Investment Advisory Agreement with Provident Trust Company

Based on the Directors' deliberations and their evaluation of the information described above, the Directors, including the Independent Directors, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Adviser's fees are reasonable in light of the services that the Adviser provides to the Fund; and (c) agreed to renew the Investment Advisory Agreement for another year, expiring August 31, 2026.

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**Provident Trust Strategy Fund** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

For a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, please call 1-855-739-9950 and request a Statement of Additional Information. One will be mailed to you free of charge. The Statement of Additional Information is also available on the Fund's website at http://www.provfunds.com or the website of the Securities and Exchange Commission (the "Commission") at http://www.sec.gov. Information on how the Fund voted proxies relating to portfolio securities is available without charge by calling 1-855-739-9950, or on the Fund's website at http://www.provfunds.com, or the website of the Commission no later than August 31 for the prior 12 months ending June 30.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the Commission's website at http://www.sec.gov. Schedules of portfolio holdings are also available at http://www.provfunds.com.

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the year ended September 30, 2025, certain dividends paid by the Fund may be reported as qualified dividend income (QDI) and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended September 30, 2025 was 100%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) was 0.00% for the Fund.

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

See the Statement of Operations in this report.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

See Board Consideration of Investment Advisory Agreement in this report.

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**PROVIDENT TRUST STRATEGY FUND** 

**N16 W23217 Stone Ridge Drive, Suite 310** 

**Waukesha, Wisconsin 53188**

**BOARD OF DIRECTORS** 

**ADAM S. RIX** 

**JOHN F. HENSLER** 

**THOMAS N. TUTTLE, JR.** 

**WILLARD T. WALKER, JR.** 

**INVESTMENT ADVISER** 

**PROVIDENT TRUST COMPANY** 

**N16 W23217 Stone Ridge Drive, Suite 310** 

**Waukesha, Wisconsin 53188** 

**ADMINISTRATOR, ACCOUNTANT, TRANSFER AGENT** 

**AND DIVIDEND DISBURSING AGENT** 

**U.S. BANCORP FUND SERVICES, LLC** 

**615 East Michigan Street** 

**Milwaukee, Wisconsin 53202** 

**855-739-9950 or 414-765-4124** 

**CUSTODIAN** 

**U.S. BANK, N.A.** 

**1555 North RiverCenter Drive, Suite 302** 

**Milwaukee, Wisconsin 53212** 

**DISTRIBUTOR** 

**QUASAR DISTRIBUTORS, LLC** 

**3 Canal Plaza, Suite 100** 

**Portland, Maine 04101** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**COHEN & COMPANY, LTD.** 

**342 North Water Street, Suite 830** 

**Milwaukee, Wisconsin 53202** 

**LEGAL COUNSEL** 

**GODFREY & KAHN, S.C.** 

**833 East Michigan Street, Suite 1800** 

**Milwaukee, Wisconsin 53202** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Statement of Operations under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Board Consideration of Investment Advisory Agreement under Item 7(a) of this form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer, J. Scott Harkness and Principal Financial Officer, Michael A. Schelble, have reviewed
 the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b)
 under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and
 reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](ptsfa-efp18549_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ptsfa-efp18549_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ptsfa-efp18549_ex99906cert.htm)

**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.

(Registrant) Provident Mutual Funds, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ J. Scott Harkness |
|  | J. Scott Harkness, Principal Executive Officer |

---

Date <u>11/17/2025</u>

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 (Signature and Title)\* | /s/ J. Scott Harkness |
|  | J. Scott Harkness, Principal Executive Officer |

---

Date <u>11/17/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael A. Schelble |
|  | Michael A. Schelble, Principal Financial Officer |

---

Date <u>11/17/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

PROVIDENT MUTUAL FUNDS, INC.

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Effective September 4, 2012

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

The principal officers of Provident Mutual Funds, Inc. (the "Company") have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Board of Directors of the Company has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder.

This Code of Ethics applies to the principal executive officer(s), principal financial officer, controller and other senior financial officers of the Company, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Company's Chief Compliance Officer (the "Ethics Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. The Ethics Compliance Officer may delegate day-to-day responsibilities to a compliance administrator associated with the Company's investment adviser, subject to oversight by the Ethics Compliance Officer.

This Code of Ethics is in addition to, not in replacement of, the Company's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Code of Ethics Requirements** 

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other
public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Ethics Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Company or their affiliated persons for reports of potential
violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Conflicts of Interest** 

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Company as a whole or with his or her service to the Company. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Company and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Company and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Company or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Company. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Company and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Company.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Company whereby the Covered Person would benefit personally to the detriment of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than
for the benefit of the Company.

There are some conflict of interest situations that should be discussed with the Ethics Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other
than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio
transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation
or equity ownership.

If the Ethics Compliance Officer is also a Covered Person, he or she should discuss such conflicts of interest with the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Accurate, Complete, Timely and Understandable Information** 

The Covered Persons are responsible for ensuring that the Company's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Company information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Company must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Company's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose.

Each Covered Person shall also comply with the Company's disclosure controls and procedures and the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers** 

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Ethics Compliance Officer or the Audit Committee, as appropriate. The Ethics Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Company shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Company to (a) post a notice and description of the waiver on the Company's website within five business days following the waiver, including the name of the person to whom the Company granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in its next report on Form N-CSR. If the waiver will be disclosed via the Company's website, the Company must have first disclosed in its most recent Form N-CSR that it intends to disclose these events on its website and its website address.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the Company to (a) post a notice and description of the amendment on the Company's website within 5 business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in its next report on Form N-CSR. If the amendment will be disclosed via the Company's website, the rules applicable to website postings of waivers, discussed in Section V above, apply.

Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Violations** 

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Disclosure** 

The Audit Committee shall direct the Company to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Company's annual report on Form N-CSR; (2) posting the text of the Code on the Company's website, provided that the Company has first disclosed its Internet address and intent to provide disclosure in this manner in its most recent report on Form N-CSR and provided further that the text of the Code remains on the website for as long as the Company remains subject to the SEC's rules promulgated under Section 406 of the Sarbanes-Oxley Act of 2002; or (3) providing an undertaking in its most recent report on Form N-CSR to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Acknowledgement** 

Each Covered Person shall, in the form attached hereto as <u>Appendix A</u>, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as <u>Appendix B</u>, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Company, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Internal Use** 

The Code is intended solely for internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

<u>Appendix A</u>

**ACKNOWLEDGMENT OF RECEIPT OF**

**SARBANES-OXLEY CODE OF ETHICS**

I acknowledge that I have received, read and understand the Company's Code of Ethics as currently in effect and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with the Code of Ethics, I will report all violations of the Code of Ethics to the Ethics Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I do not currently know of any violations of the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will comply with the Code of Ethics in all other respects.

---

| |
|:---|
| /s/ J. Scott Harkness |
| Signature |
| J. Scott Harkness |
| Print Name |
| Principal Executive Officer |
| Title |

---

<u>Dated: 11/17/2025</u>

**ANNUAL CERTIFICATION OF COMPLIANCE WITH**

**SARBANES-OXLEY CODE OF ETHICS**

I certify that during the past year:

1. I have reported
all violations of the Code of Ethics of which I was aware;

2. I have complied
with the Code of Ethics in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have read and understand the Code of Ethics and recognize that I am subject thereto.

---

| |
|:---|
| /s/ Michael A. Schelble |
| Signature |
| Michael A. Schelble |
| Print Name |
| Principal Financial Officer |
| Title |

---

<u>Dated: 11/17/2025</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, J. Scott Harkness, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Provident Mutual Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | 11/17/2025 | /s/ J. Scott Harkness |
|  |  | J. Scott Harkness |
|  |  | Principal Executive Officer |
|  |  | Provident Mutual Funds, Inc. |

---

**<u>CERTIFICATIONS</u>**

I, Michael A. Schelble, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Provident Mutual Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | 11/17/2025 | /s/ Michael A. Schelble |
|  |  | Michael A. Schelble |
|  |  | Principal Financial Officer |
|  |  | Provident Mutual Funds, Inc. |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Provident Mutual Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Provident Mutual Funds, Inc. for the year ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Provident Mutual Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| /s/ J. Scott Harkness | /s/ Michael A. Schelble |
| J. Scott Harkness | Michael A. Schelble |
| Principal Executive Officer | Principal Financial Officer |
| Provident Mutual Funds, Inc. | Provident Mutual Funds, Inc. |

---

Dated: <u>11/17/2025</u> Dated: <u>11/17/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Provident Mutual Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.