# EDGAR Filing Document

**Accession Number:** 0001003839
**File Stem:** 0001162044-23-000291
**Filing Date:** 2023-3
**Character Count:** 112649
**Document Hash:** 1df5a1c04b2332a160abfa27e34ca3eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000291.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001162044-23-000291

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MATTHEW 25 FUND
- **CENTRAL INDEX KEY:** 0001003839
- **IRS NUMBER:** 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:** 23708137

**BUSINESS ADDRESS:**
- **STREET 1:** 715 TWINING ROAD
- **STREET 2:** SUITE 212
- **CITY:** DRESHER
- **STATE:** PA
- **ZIP:** 19025
- **BUSINESS PHONE:** 2158844458

**MAIL ADDRESS:**
- **STREET 1:** 715 TWINING ROAD
- **STREET 2:** SUITE 212
- **CITY:** DRESHER
- **STATE:** PA
- **ZIP:** 19025

**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           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>**FORM N-CSR<br>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

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

Matthew 25 Fund

(Exact name of registrant as specified in charter)

715 Twining Road

Suite 212

<u>Dresher, PA 19025</u>

(Address of principal executive offices) (Zip code)

Mark Mulholland

715 Twining Road

Suite 212

<u>Dresher, PA 19025</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, 2022</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.**

## Matthew 25 Fund

**ANNUAL REPORT**

December 31, 2022

Matthew 25 Fund

1-888-M25-FUND

Fund Symbol: MXXVX

Website: www.matthew25fund.com

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.

**MATTHEW 25 FUND**

MANAGER'S COMMENTARY

DECEMBER 31, 2022 (UNAUDITED)

Dear Matthew 25 Fund Shareholders,

Our Matthew 25 Fund declined **30.08% in 2022** which marked our 27<sup>th</sup> full year in business. During this period, a **$10,000** investment in our Fund at the start of 1996 grew to **$127,596** by 12/30/2022. This was a **9.89% average annual compounded return** after all expenses and fees. During this same 27 year period, the S&P 500 Index grew to **$103,262.** This index amount and return would have been lower after deducting any expenses and fees occurring within the selected index fund.

The following table shows our portfolio holdings for the full year, our additions and deletions during the year along with the price changes for each:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Beginning** | **Ending** | **%** |
| **Portfolio Throughout 2022**  | **Ticker** | **Price** | **Price** | **Change** |
| Brandywine Realty Trust | BDN | $13.42  | $6.15  | **-54.17%** |
| Amazon.com, Inc. | AMZN | $166.72  | $84.00  | **-49.62%** |
| Qualcomm, Inc. | QCOM | $182.87  | $109.94  | **-39.88%** |
| KKR & Co., Inc. Class A | KKR | $74.50  | $46.42  | **-37.69%** |
| Park Hotels & Resorts, Inc. | PK | $18.88  | $11.79  | **-37.55%** |
| Interface, Inc. | TILE | $15.95  | $10.16  | **-36.30%** |
| FedEx Corp. | FDX | $258.64  | $173.20  | **-33.03%** |
| Apple, Inc. | AAPL | $177.57  | $129.93  | **-26.83%** |
| Farmer Mac Class A | AGM.A.N | $120.00  | $91.49  | **-23.76%** |
| East West Bancorp, Inc. | EWBC | $78.68  | $65.90  | **-16.24%** |
| JP Morgan Chase & Co. | JPM | $158.35  | $134.10  | **-15.31%** |
| Goldman Sachs Group, Inc. | GS | $382.55  | $343.38  | **-10.24%** |
| Farmer Mac Class C | AGM | $123.93  | $112.71  | **-9.05%** |
| Polaris, Inc. | PII | $109.91  | $101.00  | **-8.11%** |
| MasterCard, Inc. Class A | MA | $359.32  | $347.73  | **-3.23%** |
| Berkshire Hathaway, Inc. Class A | BRK/A | $450662.00  | $468710.96  | **4.00%** |
| **Portfolio Additions** |  |  |  |  |
| Tesla, Inc. | TSLA | $215.68  | $123.18  | **-42.89%** |
| Penn National Gaming, Inc. | PENN | $34.82  | $29.70  | **-14.70%** |
| Under Armour Inc. Class A | UAA | $9.28  | $10.16  | **9.48%** |
| Under Armour Inc. | UA | $7.96  | $8.92  | **12.06%** |
| Five Below, Inc. | FIVE | $129.95  | $176.87  | **36.11%** |
| **Portfolio Deletion** |  |  |  |  |
| Meta Platforms, Inc. Class A | META | $336.35  | $123.74  | **-63.21%** |
| Madison Square Garden Ent. Class A | MSGE | $70.34  | $49.65  | **-29.41%** |
| Pfizer, Inc. | PFE | $59.05  | $50.90  | **-13.80%** |
| Vistra Energy Corp. | VST | $22.77  | $21.76  | **-4.44%** |
| Canadian Pacific Railway Ltd. | CP | $71.94  | $72.87  | **1.29%** |
| Heartland Express, Inc. | HTLD | $13.91  | $15.95  | **14.67%** |
| Corteva, Inc. | CTVA | $47.28  | $57.76  | **22.17%** |

---

Last year was a difficult year for the stock market and our Matthew 25 Fund. I am sorry that our value and growth investments did not hold up better. However, I used this decline as an opportunity to upgrade our portfolio and that is the reason for the increased turnover this past year. I do not try to time the market but will always use down markets to increase our return potential for the next upward momentum stock market or "Bull Market." I

Annual Report\| 1

**MATTHEW 25 FUND**

MANAGER'S COMMENTARY (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

believe our current portfolio has this high return potential through a nice mix of Value, Growth/Value and Growth Investments and will address this later in my letter.

In these next paragraphs I would like to relate to you of two conversations I had that caused me to stop and think. Sharing my self-analysis with you may give you a different perspective on investing, but if not, it will at least help you understand my biases as your portfolio manager. The first question came from one friend who has a sharp business mind, is an accomplished lawyer and a good investor. When the stock market was a few months into its decline, he asked how I was doing then followed up with "Do you ever calculate how much money you have lost this year?" **I do not!** Here is why. Calculating losses provides very little benefit and will likely accentuate negative thoughts and feelings. It is hard enough to stay mentally positive in a bear market. Prices are down. You are wondering when the decline will cease. This is the time when you need to look forward. Investing is like racecar driving; you want to be looking ahead through the windshield and not in the rearview mirror! Adding up losses is looking backwards. Time is better spent by researching your legacy holdings and reconfirming that the future return potential is still there, while also searching for new investments that may improve your potential returns. This is looking forward. Also, it is good to remember that you do not need to go up the same way you came down, unless you are confident that you already have the best investment(s) in order to do so! Bear markets are painful but are also the best time to shop for new investments that may be more gainful!

The second thought provoking conversation came around the end of the year while talking to another friend who I believe is a capable investor and I know to be a successful businessman. Towards the end of our conversation he stated to me "… oh, you are just always optimistic…" He did not say this in a condescending manner, but rather matter-of-factly and it made me ponder if I am always optimistic? **The answer is yes, at least on most days!** This is because I respect the stock market and know its risks, but I also know its rewards! I have experienced firsthand its declines but also its long-term successes both through professional investing since 1983 and personal investing for over 36 years. Of course I have my down days when I need to mentally pick myself up. What I do is to simply remind myself to use the market's decline to get our Matthew 25 Fund's portfolio right as I explained in the preceding paragraphs.

While discussing this exact topic with a third friend who is the portfolio manager for the Berkshire Focus Fund (BFOCX), I wondered out loud how we performed after the last major downturn in '08 to '09. So I did not cherry-pick but just went straight to our Fund's 5-year performance from the bottom of what is called "The Great Recession." A $10,000 investment in our Matthew 25 Fund on 3/9/2009 grew to $54,382 on 3/9/2014. This is over 5 times our money by the fifth anniversary of that low point. This was an average annual return of 40.31%. Remember, existing owners and new buyers get the same return from a market bottom! This is a real life example of how a major bear market can provide a great opportunity. Of course the Securities and Exchange Commission (SEC) emphasizes always that past performance is not an indication of future performance. Plus that was then, this is now, and every period is different. However, this is not theoretical but actual and is part of my experiential knowledge. This knowledge assists me in looking forward with hope and optimism during Bear Markets as my friend justly accused me of so doing.

Currently, as I write this letter in late January, the stock market is showing some good signs that it may be turning, but we are far from out of the woods yet! I will give you data that should give you hope for 2023 ultimately having a positive return. Since 1942 (80

Annual Report\| 2

**MATTHEW 25 FUND**

MANAGER'S COMMENTARY (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

years) the stock market has had a down year after a positive year 18 different times including 2022. The average decline for these years was **-10.8%.** In 15 of the previous 17 down years, the following year went up with an average positive return of **+19.58%**. Only 1973 and 2000 went past 1 year with total 2 and 3 down years respectively. **Thus, on average, we have an 88% probability of the stock market going up in 2023, and if so, then the return should be strong enough to make up for last year's decline plus some additional return!**

Now to our portfolio, as I said above, we have an attractive mix of Value and Growth investments. The pure value investments were over 8% of our portfolio. These were in three holdings all real estate related with unique properties. The smaller portion is in two office Real Estate Investment Trusts (REITS) Brandywine (BDN) and Vornado (VNO). BDN dominates the Philadelphia, PA and Austin, TX markets. Philly is a value market and Austin is a growth market. VNO is a major property owner in New York City and New York is New York. I am not as confident currently about the office space market so we have a below average holding in these two. I feel stronger and thus have a full holding in Park Hotels (PK) because travel is getting closer to normal and PK's hotel properties are nearly entirely in major cities and prime resorts. All three holdings are deeply undervalued and are income investments. One way to value real estate is on historical costs. These holdings of exclusive properties sell much below the actual costs of their properties. Many of these buildings were built or purchased over the past 10+ years. The total property cost can be calculated by what I call Adjusted Book Value (ABV). This is current book value plus accumulated depreciation minus good will. This ABV is close to the net cost of all the properties excluding debt. Market price and ABV for each security are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Percent of** |  |  | **Current** | **Adjusted** | **Percent of** |
| **Portfolio** | **Description** | **Symbol** | **Price** | **Book Value** | **Net Cost** |
| 2.06% | Brandywine Realty Trust | BDN | $6.15 | $15.40 | **39.94%** |
| 4.83% | Park Hotels & Resorts, Inc. | PK | $11.79 | $31.06 | **37.96%** |
| 1.44% | Vornado Realty Trust | VNO | $20.81 | $45.27 | **45.97%** |

---

As I have stated, these investments own attractive real estate at a significant discount to cost. The replacement costs today would be substantially higher than historical costs due to inflation. I believe prices and/or dividends could grow over time for these investments.

The largest portion of our Matthew 25 Fund's portfolio, just under 92%, is in what I consider Growth or Growth/Value investments. The reason for this larger amount is because all these holdings would get an A rating from me in one or more of these three categories:

Business Quality

Quality of Management

Financial Condition

The final category that I look for is an A or B+ rating in price to value. The best measure for this is the PEG Ratio for any stock with growth potential. Our holdings' PEG Ratios are calculated in the following spreadsheet:

Annual Report\| 3

**MATTHEW 25 FUND**

MANAGER'S COMMENTARY (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Matthew 25 Fund** <br> **Growth and Growth/Value**  | **Ticker** | **12/30/2022**<br> **Price** | **Est. 2023**<br> **EPS** | **Forward**<br> **PE Ratio** | **Est. 5 Years**<br> **Growth Rate** | **PEG**<br> **Ratio** | **Portfolio%** |
| Apple (2) | AAPL | $129.93  | $6.17  | 21.06 | 12.50% | 1.68 | 4.63% |
| Farmer Mac "C" (1) | AGM | $112.71  | $12.00  | 9.39 | 11.00% | 0.85 | 4.52% |
| Farmer Mac "A" (1) | AGM.A | $91.49  | $12.00  | 7.62 | 11.00% | 0.69 | 3.08% |
| Amazon.com (1) | AMZN | $84.00  | $1.60  | 52.50 | 26.00% | 2.02 | 4.40% |
| Berkshire Hathaway "A" (1) | BRK/A | $468710.96  | $22950.00  | 20.42 | 23.30% | 0.88 | 4.91% |
| East West Bancorp (2) | EWBC | $65.90  | $9.06  | 7.27 | 10.00% | 0.73 | 4.28% |
| FedEx (2) | FDX | $173.20  | $13.60  | 12.74 | 12.00% | 1.06 | 8.71% |
| Five Below (2) | FIVE | $176.87  | $4.68  | 37.79 | 19.00% | 1.99 | 3.30% |
| Goldman Sachs (3) | GS | $343.38  | $38.50  | 8.92 | 5.00% | 1.78 | 17.41% |
| JP Morgan Chase (2) | JPM | $134.10  | $12.84  | 10.44 | 5.00% | 2.09 | 4.92% |
| KKR & Co. (3) | KKR | $46.42  | $4.20  | 11.05 | 9.50% | 1.16 | 4.67% |
| MasterCard (1) | MA | $347.73  | $12.19  | 28.53 | 20.34% | 1.40 | 1.46% |
| Penn National Gaming (3) | PENN | $29.70  | $2.20  | 13.50 | 20.00% | 0.68 | 2.67% |
| Polaris Industries (1) | PII | $101.00  | $9.97  | 10.13 | 15.00% | 0.68 | 6.63% |
| Qualcomm (2) | QCOM | $109.94  | $10.06  | 10.93 | 15.60% | 0.70 | 4.77% |
| Interface (1) | TILE | $9.87  | $1.45  | 6.81 | 33.10% | 0.21 | 4.03% |
| Tesla (3) | TSLA | $123.18  | $4.70  | 26.21 | 51.50% | 0.51 | 6.45% |
| Under Armour, Inc. (3) | UA | $8.92  | $0.65  | 13.72 | 20.00% | 0.69 | 0.40% |
| Under Armour, Inc. Class A (3) | UAA | $10.16  | $0.65  | 15.63 | 20.00% | 0.78 | 0.40% |
|  |  |  |  |  |  |  | 91.64% |
| (1) Consensus Data as per Yahoo Finance  | (1) Consensus Data as per Yahoo Finance  | (1) Consensus Data as per Yahoo Finance  |  |  |  |  |  |
| (2) Consensus Data as per Zacks  | (2) Consensus Data as per Zacks  |  |  |  |  |  |  |
| (3) Estimates as per Value Line |  |  |  |  |  |  |  |
| **Weighted Average (WAV)** |  |  |  |  |  |  |  |
| **WAV PEG Ratio = 0.97** |  |  |  |  |  |  |  |

---

As a comparison to the broader stock market, the S&P 500 Index closed at $3,839.50 at year-end. The estimated earnings on this index for 2023 is $226.49 for a PE Ratio of 16.95. The long-term average growth rate of earnings for this index is in the mid 6% range, but if I round up higher to 7% then the stock market's PEG Ratio is 2.42. Our Matthew 25 Fund's PEG Ratio is 0.97 and for comparing PEG Ratios lower is better. Our Fund's price to value is better than average with a PE Ratio of 15.42. At the same time, our consensus estimated average growth rate of earnings is 15.92% for the next five years. Thus, our holdings are priced lower with more than double the estimated growth rate!

Hope this letter is helpful to you. I look forward to a better year in 2023 and the following few years. My family and I have the bulk of our assets in your and our Matthew 25 Fund. As always, I would like to say "Thank you for choosing our Matthew 25 Fund as one of your investment choices." It is an honor to work for you and to invest side-by-side with you.

Good fortune,

![[matthew25annual002.gif]](matthew25annual002.gif)

Mark Mulholland

Except for any historical information, the matters discussed in this letter contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the Advisor expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and actual results may differ materially from those set forth in the forward-looking statements. The Advisor undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.

Annual Report\| 4

**MATTHEW 25 FUND**

PERFORMANCE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

 **Cumulative Performance Comparison of $10,000 Investment Since December 31, 1995**

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns |  |
| For the Periods Ended December 31, 2022 | For the Periods Ended December 31, 2022 |  |
|  | Matthew 25 Fund | S&P 500 Index |
| 1 Year | -30.08% | -18.11% |
| 3 Year | -1.18% | 7.66% |
| 5 Year | 2.01% | 9.41% |
| 10 Year | 8.44% | 12.56% |
| 12/31/1995 - 12/31/2022 | 9.89% | 9.02% |

---

![[matthew25annual004.gif]](matthew25annual004.gif)

The graph above represents the changes in value for an initial $10,000 investment in the Matthew 25 Fund from 12/31/1995 to 12/31/2022. These changes are then compared to a $10,000 investment in the Standard & Poor's 500 Index ("S&P 500"). The Fund's returns include the reinvestment of all dividends, but do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than the original cost.

The S&P 500 is a market value-weighted index, representing the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange. The S&P 500 is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes.

Annual Report\| 5

**MATTHEW 25 FUND**

TOP TEN HOLDINGS & ASSET ALLOCATION

DECEMBER 31, 2022 (UNAUDITED)

---

| | |
|:---|:---|
| Top Ten Holdings | (% of Net Assets) |
| Goldman Sachs Group, Inc. | 17.46% |
| FedEx Corp. | 8.73% |
| Polaris, Inc. | 6.64% |
| Tesla, Inc. | 6.47% |
| JP Morgan Chase & Co. | 4.93% |
| Berkshire Hathaway, Inc. Class A | 4.92% |
| Park Hotels & Resorts, Inc. | 4.84% |
| Qualcomm, Inc. | 4.78% |
| KKR & Co., Inc. Class A | 4.68% |
| Apple, Inc. | 4.64% |
|  | 68.09% |
| Asset Allocation | (% of Net Assets) |
| Security Brokers, Dealers & Exchanges | 17.46% |
| Air Courier Services | 8.73% |
| Federal & Federally - Sponsored Credit Agencies | 7.62% |
| Hotels & Motels | 7.52% |
| Transportation Equipment | 6.64% |
| Motor Vehicles & Passenger Car Bodies | 6.47% |
| National Commercial Bank | 4.93% |
| Fire, Marine & Casualty Insurance | 4.92% |
| Radio & Tv Broadcasting & Communication Equipment | 4.78% |
| Investment Advice | 4.68% |
| Electronic Computers | 4.64% |
| Retail-Catalog & Mail-Order Houses | 4.41% |
| State Commercial Banks | 4.29% |
| Carpets & Rugs | 4.04% |
| Real Estate Investment Trusts | 3.51% |
| Retail-Variety Stores | 3.31% |
| Business Services | 1.46% |
| Money Market Fund | 0.74% |
| Apparel and other Finished Products Made from Fabrics and Similar Materials | 0.08% |
|  | 100.23% |

---

*\* Indicates a combined position.*

*Industries are categorized using Standard Industrial Classification (SIC).*

Annual Report\| 6

**MATTHEW 25 FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/Principal Amount**  | **Shares/Principal Amount**  | **Cost**  | &nbsp;&nbsp;&nbsp;&nbsp;**Value**  | **% of Net Assets** |
| **COMMON STOCKS**  | **COMMON STOCKS**  |  |  |  |
| **Air Courier Services**  | **Air Courier Services**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000  | FedEx Corp. | $10618949 | $20784000 | 8.73% |
| **Apparel and other Finished Products Made from Fabrics and** <br> **Similar Materials**  | **Apparel and other Finished Products Made from Fabrics and** <br> **Similar Materials**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | Under Armour, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | Under Armour, Inc. Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89200 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190800 | 0.08% |
| **Business Services**  | **Business Services**  |  |  |  |
| &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;-  | The Depository Trust & Clearing Corp. (Acquisition Dates 08/24/12 - 03/14/22) (\*) (\*\*\*) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | MasterCard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477300 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481387 | 1.46% |
| **Carpets & Rugs**  | **Carpets & Rugs**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000  | Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9128526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9623250 | 4.04% |
| **Electronic Computers**  | **Electronic Computers**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000  | Apple, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11044050 | 4.64% |
| **Federal & Federally - Sponsored Credit Agencies**  | **Federal & Federally - Sponsored Credit Agencies**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95750  | Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10791982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80254  | Federal Agricultural Mortgage Corp. Class A \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342438 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9778010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18134420 | 7.62% |
| **Fire, Marine & Casualty Insurance**  | **Fire, Marine & Casualty Insurance**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25  | Berkshire Hathaway, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11717774 | 4.92% |
| **Hotels & Motels**  | **Hotels & Motels**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977500  | Park Hotels & Resorts, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15966126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11524725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214500  | Penn National Gaming, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7469335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6370650 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23435461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17895375 | 7.52% |
| **Investment Advice**  | **Investment Advice**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000  | KKR & Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11140800 | 4.68% |
| **Motor Vehicles & Passenger Car Bodies**  | **Motor Vehicles & Passenger Car Bodies**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000  | Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26960596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397500 | 6.47% |
| **National Commercial Bank**  | **National Commercial Bank**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87500  | JP Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11733750 | 4.93% |
| **Radio & Tv Broadcasting & Communication Equipment**  | **Radio & Tv Broadcasting & Communication Equipment**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103500  | Qualcomm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13205785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11378790 | 4.78% |
| **Real Estate Investment Trusts**  | **Real Estate Investment Trusts**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000  | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433650 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11453155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8353650 | 3.51% |
| **Retail-Catalog & Mail-Order Houses**  | **Retail-Catalog & Mail-Order Houses**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000  | Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12942138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500000 | 4.41% |

---

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

Annual Report\| 7

**MATTHEW 25 FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/Principal Amount**  | **Shares/Principal Amount**  | **Cost**  | &nbsp;&nbsp;&nbsp;&nbsp;**Value**  | **% of Net Assets** |
| **Retail-Variety Stores**  | **Retail-Variety Stores**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500  | Five Below, Inc. \* | $5782558 | $7870715 | 3.31% |
| **Security Brokers, Dealers & Exchanges**  | **Security Brokers, Dealers & Exchanges**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000  | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41548980 | 17.46% |
| **State Commercial Banks**  | **State Commercial Banks**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000  | East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10214500 | 4.29% |
| **Transportation Equipment**  | **Transportation Equipment**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156500  | Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15806500 | 6.64% |
|  | **Total Common Stocks**  | &nbsp;&nbsp;&nbsp;&nbsp;157988115 | &nbsp;&nbsp;&nbsp;&nbsp;236816241 | 99.49% |
| **MONEY MARKET FUND**  | **MONEY MARKET FUND**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1766509  | First American Government Obligation Fund Class Z, 4.06% (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766509 | 0.74% |
|  | Total Investments | $159754624 | $238582750 | 100.23% |
|  | Other Assets Less Liabilities, Net |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563097) | (0.23)% |
|  | **Net Assets**  |  | $238019653 | 100.00% |

---

 

\* Non-Income producing securities during the period.

\*\* Level 2 Security

\*\*\* Level 3 Security

(a) Variable rate security; the rate shown represents the yield at December 31, 2022.

(b) Actual shares owned 0.110 shares.

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

Annual Report\| 8

**MATTHEW 25 FUND**

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2022

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in securities at market value (cost $159,754,624) | $238582750  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;258201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;259675  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16717  |
| &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 Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239140845  |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;434144  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30124  |
| &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 Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121192  |
| **Net Assets** (Equivalent to $23.01 per share based on 10,342,117 | $238019653  |
| shares of capital stock outstanding, 100,000,000 shares  |  |
| authorized, $0.01 par value) |  |
| Minimum redemption price per share $23.01 x 0.98 = $22.55 (Note 7) |  |
| **Composition of Net Assets**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock | $103421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150777548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87138684  |
| **Net Assets** | $238019653  |

---

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

Annual Report\| 9

**MATTHEW 25 FUND**

STATEMENT OF OPERATIONS

For the Year Ended DECEMBER 31, 2022

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $5311828  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19168  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330996  |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991698  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67317  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian and bank fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48290  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance Officer fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22602  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18283  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postage & printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16524  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office expenses  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSCC fees | &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;6263  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293782  |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037214  |
| **Realized and Unrealized Gain (Loss) from Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11960526  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(123336438) |
| Net realized and unrealized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;(111375912) |
| Net decrease in net assets resulting from operations | $(109338698) |

---

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

Annual Report\| 10

**MATTHEW 25 FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>12/31/2022 | Year Ended<br>12/31/2021 |
| **Increase (Decrease) in Net Assets From Operations**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $2037214  | $1094515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11960526  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47591362  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) on investments | (123336438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22775045  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in assets resulting from operations | (109338698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71460922  |
| **Distributions to Shareholders**  | &nbsp;&nbsp;&nbsp;&nbsp;(17661091) | &nbsp;&nbsp;&nbsp;&nbsp;(40747141) |
| **Capital Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(11379176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747587  |
| **Total Increase (Decrease) in Net Assets** | (138378965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40461368  |
| **Net Assets at Beginning of Year** | &nbsp;&nbsp;&nbsp;&nbsp;376398618  | &nbsp;&nbsp;&nbsp;&nbsp;335937250  |
| **Net Assets at End of Year** | $238019653  | $376398618  |

---

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

Annual Report\| 11

**MATTHEW 25 FUND**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each year:

![[matthew25annual006.gif]](matthew25annual006.gif)

(1) Per share net investment income (loss) has been determined on the average number of shares outstanding during the year.

(2) Total return assumes reinvestment of dividends.

\* Amount is less than $0.005 per share.

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

Annual Report\| 12

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2022

**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 (2019-2022). 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, 2022, 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.

Annual Report\| 13

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

<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 $1,662,970 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.

Annual Report\| 14

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

***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

Annual Report\| 15

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Instruments – Assets**  | **Financial Instruments – Assets**  | **Financial Instruments – Assets**  | **Financial Instruments – Assets**  |
| ***<u>Categories</u>*** | ***<u>Level 1</u>*** | ***<u>Level 2</u>*** | ***<u>Level 3</u>*** | ***<u>Fair Value</u>*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks \* | $229469716 | $7342438 | $4087 | $236816241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1766509 | - | - | 1766509 |
|  | $231236225 | $7342438 | $4087 | $238582750 |

---

*\* 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:

---

| | |
|:---|:---|
|  | **Level 3** |
| Balance as of 12/31/2021 | $4077 |
| Accrued Accretion/(Amortization) | - |
| Change in Unrealized Appreciation/(Depreciation) | - |
| Realized Gain/(Loss) | - |
| Purchases/Sales | 10 |
| Transfers In/(Out) of Level 3 | - |
| Balance as of 12/31/2022 | $4087 |

---

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, 2022, as computed pursuant to the investment advisory agreement, totaled $2,991,698. The management fee is the only revenue for the Advisor and the Advisor's expenses are paid out of this revenue.

Annual Report\| 16

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

Mr. Mark Mulholland is the sole director of The Advisor and is also the President of the Fund. In addition, Mr. Mulholland is a registered representative at Boenning & Scattergood Inc ("Boenning"). At Boenning, Mr. Mulholland is the broker of record for 88 non-discretionary brokerage accounts with approximately $94 million in assets. During the previous 5 years ended December 31, 2022, the Fund placed 1 portfolio trade through Boenning, for which Mr. Mulholland received $0 in commission. Mr. Mulholland does receive commissions when placing trades through Boenning for his Boenning clients. Additionally, some of Mr. Mulholland's Boenning clients may buy the same securities that are in the Fund's portfolio, sometimes on the same day as the Fund.

Boenning is not otherwise associated with Matthew 25 Fund or The Advisor and is not responsible for any of the investment advice rendered to the Fund by The Advisor or Mr. Mulholland. Effective January 13, 2023, Mr. Mulholland is no longer a registered representative with Boenning.

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

**NOTE 5 - *Investments***

For the year ended December 31, 2022, purchases and sales of investment securities other than short-term investments aggregated $86,753,901 and $113,542,785, respectively.

**NOTE 6 - *Capital Share Transactions***

As of December 31, 2022, there were 100,000,000 shares of $0.01 per value capital stock authorized. The total par value and paid-in capital totaled $150,880,969. Transactions in capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
|  | Shares | Amount | Shares | Amount |
| Shares sold | 207506 | $6129453 | 262454 | $9668357 |
| Shares reinvested | 688033 | 16450879 | 1095636 | 38139108 |
| Redemption fees | - | 16465 | - | 37917 |
| Shares redeemed | (1187802) | (33975973) | (1070690) | (38097795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) | (292263) | $(11379176) | 287400  | $9747587 |

---

**NOTE 7 - *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, 2022, the Fund received $16,465 in redemption fees that were reclassified to paid-in capital.

Annual Report\| 17

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**NOTE 8 – *Tax Matters***

As of December 31, 2022, the tax basis unrealized appreciation (depreciation) and cost of investment securities, including short-term investments, were as follows:

Federal tax cost of investments +

<u>$159,765,144</u>

Gross tax unrealized appreciation on investments

$104,302,302

Gross tax unrealized depreciation on investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(25,484,696)</u>

Net tax unrealized appreciation

<u>$78,817,606</u>

The Fund's distributable earnings on a tax basis is determined only at the end of each fiscal year. As of December 31, 2022, the Fund's most recent fiscal year end, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income

&nbsp;&nbsp;&nbsp;&nbsp;$12,383

Undistributed capital gain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,308,695

Unrealized appreciation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>78,817,606</u>

Total distributable earnings

&nbsp;&nbsp;&nbsp;&nbsp;<u>$87,138,684</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, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | 12/31/2022 | 12/31/2021 |
| Ordinary income | $2966675 | $2547663 |
| Long-term capital gain | 14694416 | 38199478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | $17661091 | $40747141 |

---

**NOTE 9 - *Control and Ownership***

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under section 2 (a) (9) of the Investment Company Act of 1940, as amended. As of December 31, 2022, National Financial Services Corp., for the benefit of its customers, owned approximately 28% of the Fund.

**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.

Annual Report\| 18

**MATTHEW 25 FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**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, 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. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. 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 – *Subsequent Events***

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

Annual Report\| 19

**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, 2022, 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, 2022, 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, 2022, by correspondence with the custodian and brokers. 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.

![[matthew25annual008.gif]](matthew25annual008.gif)

We have served as the Fund's auditor since 2000

Abington, Pennsylvania

February 23, 2023

Annual Report\| 20

**MATTHEW 25 FUND**

EXPENSE EXAMPLE

DECEMBER 31, 2022 (UNAUDITED)

<u>Expense Example</u>

As a shareholder of the Fund, you incur two types of costs: (1) direct costs, such as IRA fees, and transaction costs which consist of redemption fees; and (2) indirect costs, including management fees and other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of July 1, 2022 to December 31, 2022.

<u>Actual Expenses</u>

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. IRAs with less than $10,000 may be charged $8 annually for IRA Custodian Fees at the discretion of the Fund's Management or Trustees. This $8 fee is not reflected in the table below. 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. The 2% redemption fee is not reflected in the table below.

<u>Hypothetical Example for Comparison Purposes</u>

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expenses ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as IRA fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if IRA fees were included your costs would be higher.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 through December 31, 2022</u> |
| Actual | $1000.00  | $924.39  | $5.38  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1019.61  | $5.65  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.11%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.11%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.11%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.11%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

<u> </u><u> </u>

Annual Report\| 21

**MATTHEW 25 FUND**

ADDITIONAL INFORMATION

DECEMBER 31, 2022 (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.

**LIQUIDITY RISK MANAGEMENT PROGRAM**

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act. The program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration, among other factors, the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended December 31, 2022, the Board of Trustees reviewed the Fund's investments and determined that the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Trustees concluded that (i) the Fund's liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund's liquidity risk management program has been effectively implemented.

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT**

In preparation for the Advisory Agreement Renewal, on September 12, 2022, 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 18, 2022, 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. 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.

Annual Report\| 22

**MATTHEW 25 FUND**

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

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, 3, 5, and 10 year(s) as well as performance since 1/1/96. Greatest emphasis is always placed on the long-term investment performances. As of 6/30/2022 the current advisor had underperformed the S&P 500 Index in 1, 3, 5, and 10 year(s), and outperformed the index in the period since 1/1/1996. The Trustees try to compare this Fund's performance to similar funds such as funds classified by Lipper 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 0.09% for a total expense rate of 1.09%. This expense ratio was compared to Morningstar's Large Blend Category (its current classification for MXXVX). This peer group average expense ratio was 0.90%, 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. The Trustees also discussed the existence of other compensation arrangements with the Investment Advisor. Based on this review, the Trustees concluded that the Fund's advisory fee is

Annual Report\| 23

**MATTHEW 25 FUND**

ADDITIONAL INFORMATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

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 $1,000 that the Advisor pays whenever assets with Schwab are below $3,000,000.

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.

Annual Report\| 24

**MATTHEW 25 FUND**

BOARD OF TRUSTEES

DECEMBER 31, 2022 (UNAUDITED)

The business and affairs of the Fund are managed under the direction of the Fund's Trustees. Information pertaining to the Trustees of the Fund are set forth below. The Fund's Statement of Additional Information includes additional information about the Fund's Trustees, and is available without charge, by calling 1-888-M25-FUND. Each Trustee may be contacted by writing to the Trustee c/o Matthew 25 Fund, 715 Twining Road, Suite 212, Dresher, PA 19025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name and Age | <br>Position with Fund | Length of Time Served<br> with the Trust | Principal <br> Occupation During Last Five Years | Other<br> Directorships |  |
| Name and Age | <br>Position with Fund | Length of Time Served<br> with the Trust | Principal <br> Occupation During Last Five Years | Other<br> Directorships | INDEPENDENT TRUSTEES |
| Philip J. Cinelli, D.O.<br> Age 62 | Trustee | Trustee since 1996 | Physician in Family Practice |  |  |
| Samuel B. Clement<br> Age 64 | Trustee | Trustee since 1996 | Stockbroker with<br> Securities of America |  |  |
| Linda Guendelsberger<br> Age 63 | Trustee<br> Secretary of Fund | Trustee since 1996 | Partner LG Legacy Group, LLC |  |  |
| Scott Satell<br> Age 60 | Trustee | Trustee since 1996 | President of SAS 66 Enterprises, LLC Since 6/2018. Manufacturer's <br> Representative<br> with BPI Ltd Until 6/2018. |  |  |
| INTERESTED TRUSTEES |  |  |  |  |  |
| Steven D. Buck, Esq.<br> Age 62<br>| Trustee | Trustee since 1996 | Attorney and <br> Shareholder with<br> Stevens & Lee |  |  |
| Mark Mulholland<br> Age 63 | Trustee<br> President of Fund | Trustee since 1996 | President of Matthew 25 Fund President of Matthew 25 Management Corp. and registered representative with<br> Boenning & Scattergood Inc. |  |  |

---

Mr. Buck and Mr. Mulholland are Trustees of the Fund and are considered "interested persons" as defined by the Investment Company Act of 1940. Mr. Mulholland is an interested person insofar as he is President and owner of the Fund's Investment Adviser. Mr. Buck is an interested person as long as he or his law firm provides legal advice to the Fund for compensation. Additionally, Mr. Buck's sister Lesley Buck is the Chief Compliance Officer of Matthew 25 Fund.

Annual Report\| 25

This Page Was Left Blank Intentionally

Annual Report\| 26

**Matthew 25 Fund**

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. The registrant amended its code of ethics during the covered period to clarify rules on owning securities that are in the portfolioThe registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith.

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;&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;<u>12/31/2022</u> <u>12/31/2021</u>

Audit Fees $21,000 $19,500

Audit-Related Fees $0 $0

Tax Fees $6,000 $5,500

All Other Fees $0 $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) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental 7 basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities.

A registrant must disclose: (1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; (2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; (3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; (4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and (5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

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 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to open-end investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to open-end investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. 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) 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;&nbsp;&nbsp;&nbsp;&nbsp;Mark Mulholland

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Financial Officer

Date 3/5/2023

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Financial Officer

Date 3/5/2023

## 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 5, 2023</u>

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

Mark Mulholland

President and Chief Financial Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Mark Mulholland., President and Chief 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, 2022 (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.

President and Chief Financial Officer

Matthew 25 Fund

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

Mark Mulholland.

Date: <u>March 5, 2023</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:

___________________________

<br>