# EDGAR Filing Document

**Accession Number:** 0001003839
**File Stem:** 0001162044-26-000494
**Filing Date:** 2026-6
**Character Count:** 20312
**Document Hash:** 3473d7bb8e871a9d8b641269c09415d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000494.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001162044-26-000494

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07471
- **FILM NUMBER:** 261047682

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (unaudited)** | **March 31, 2026 (unaudited)** | **March 31, 2026 (unaudited)** |
| **<u>Matthew 25 Fund</u>** | **<u>Matthew 25 Fund</u>** | **<u>Matthew 25 Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Value ($)(1)** |
| **Common Stocks - 99.71%** | **Common Stocks - 99.71%** | **Common Stocks - 99.71%** |
| **Aircraft Engines & Engine Parts - 2.40%** |  |  |
| Solstice Advanced Materials Inc. | 95000  | 7235200  |
| **Business Services - 0.00%** |  |  |
| The Depository Trust & Clearing Corp. <sup>(a) (b)</sup> (2) | 0  | 7910  |
| **Electronic Computers - 4.62%** |  |  |
| Apple, Inc.  | 55000  | 13958450  |
| **Federal & Federally - Sponsored Credit Agencies - 5.60%** |  |  |
| Federal Agricultural Mortgage Corp. | 15750  | 2336513  |
| Federal Agricultural Mortgage Corp. Class A  | 102250  | 12167750  |
| Federal National Mortgage Association Fannie Mae (2) | 329500  | 2392170  |
|  |  | 16896433  |
| **Finance Services - 1.97%** |  |  |
| Circle Internet Group, Inc. (2) | 62500  | 5963125  |
| **Fire, Marine & Casualty Insurance - 3.57%** |  |  |
| Berkshire Hathaway, Inc. Class A (2) | 15  | 10772100  |
| **Hotels & Motels - 3.08%** |  |  |
| Park Hotels & Resorts Inc. | 882500  | 9292725  |
| **Investment Advice - 3.06%** |  |  |
| KKR & Co., Inc. Class A  | 100000  | 9250000  |
| **Motor Vehicles & Passenger Car Bodies - 4.00%** |  |  |
| Tesla, Inc. (2) | 32500  | 12081875  |
| **National Commercial Bank - 4.48%** |  |  |
| JPMorgan Chase & Co. | 46000  | 13531360  |
| **Optical Instruments & Lenses - 2.21%** |  |  |
| Coherent Corp. (2) | 28000  | 6669880  |
| **Pharmaceutical Preparations - 8.38%** |  |  |
| Eli Lilly & Co. | 27500  | 25293675  |
| **Retail-Catalog & Mail-Order Houses - 6.78%** |  |  |
| Amazon.com, Inc. (2) | 98250  | 20462528  |
| **Security Brokers, Dealers & Exchanges - 4.76%** |  |  |
| Goldman Sachs Group, Inc.  | 17000  | 14381830  |
| **Semiconductors & Related Devices - 32.68%** |  |  |
| NVIDIA Corp. | 376000  | 65574400  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 98000  | 33119100  |
|  |  | 98693500  |
| **Services-Business Services, NEC - 4.90%** |  |  |
| Mercadolibre, Inc. (Uruguay) (2) | 8550  | 14783121  |
| **Services-Prepackaged Software - 4.14%** |  |  |
| Palantir Technologies, Inc. (2) | 85500  | 12506940  |
| **State Commercial Banks - 3.09%** |  |  |
| East West Bancorp, Inc.  | 87500  | 9341500  |
| Total Common Stock | (Cost $150,241,763) | 301122151  |
| **Money Market Fund - 0.59%** | **Money Market Fund - 0.59%** | **Money Market Fund - 0.59%** |
| Goldman Sachs Financial Square Government Fund - 3.551% (3) | 1769989  | 1769989  |
| Total Money Market Registered Investment Companies | (Cost $1,769,989) | 1769989  |
| **Total Investments - 100.30%** | (Cost $152,011,752) | 302892141  |
| Liabilities in Exccess of Other Assets - (0.30%) |  | (905272) |
| Total Net Assets - 100.00% |  | 301986869  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities |
| • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's assets carried at fair value: |
|  |  | Investments in  |
| Valuation Inputs |  | Securities |
| Level 1 - Quoted Prices |  | $290716480 |
| Level 2 - Other Significant Observable Inputs |  | 12167750 |
| Level 3 - Significant Unobservable Inputs |  | 7910 |
| Total |  | $302892141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (3) Variable rate security; the rate shown represents the yield at March 31, 2026. | (3) Variable rate security; the rate shown represents the yield at March 31, 2026. | (3) Variable rate security; the rate shown represents the yield at March 31, 2026. |
| (a) Level 3 Security. This security was valued using significant unobservable inputs. |  |  |
| (b) Actual shares owned 0.116 shares. |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Ambler

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19002

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $303623653.07

**Total Liabilities:** $1636784.18

**Net Assets:** $301986868.89

**Cash Not Reported:** $41041.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016367 | 1.15%                | -3.49%               | -4.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5201070.37              | $-1167313.41                               |
| Month 2  | $5238331.26              | $-16470240.64                              |
| Month 3  | $6425391.38              | $-20142054.16                              |

### Schedule of Portfolio Investments

| Name                                        | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amazon.com, Inc.                            | Amazon.com, Inc.                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     98250 | NS      | $20462527.50  | 6.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                 | Apple, Inc.                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     55000 | NS      | $13958450.00  | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                    | Berkshire Hathaway Inc. Class A                | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        15 | NS      | $10772100.00  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group, Inc.                 | Circle Internet Group, Inc.                    | CUSIP: 172573107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62500 | NS      | $5963125.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                              | Coherent Corp.                                 | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     28000 | NS      | $6669880.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                             | Eli Lilly & Co.                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     27500 | NS      | $25293675.00  | 8.38%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp, Inc.                     | East West Bancorp, Inc.                        | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87500 | NS      | $9341500.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp.         | Federal Agricultural Mortgage Corp.            | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |     15750 | NS      | $2336512.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp.         | Federal Agricultural Mortgage Corp. Class A    | CUSIP: 313148108<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |    102250 | NS      | $12167750.00  | 4.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association       | Federal National Mortgage Association          | CUSIP: 313586109<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EC               | CORP              | US        |    329500 | NS      | $2392170.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Asset Management LP           | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1769989 | NS      | $1769989.11   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                   | Goldman Sachs Group, Inc.                      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     17000 | NS      | $14381830.00  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMorgan Chase & Co.                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     46000 | NS      | $13531360.00  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                             | KKR & Co. Inc.                                 | CUSIP: 48251W104<br>LEI: 549300JOHU21WRN2Z451 | Long             | EC               | CORP              | US        |    100000 | NS      | $9250000.00   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre, Inc.                          | Mercadolibre, Inc.                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      8550 | NS      | $14783121.00  | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                | NVIDIA Corp.                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    376000 | NS      | $65574400.00  | 21.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.                 | Palantir Technologies, Inc.                    | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     85500 | NS      | $12506940.00  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts, Inc.                 | Park Hotels & Resorts, Inc.                    | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    882500 | NS      | $9292725.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials, Inc.           | Solstice Advanced Materials, Inc.              | CUSIP: 83443Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95000 | NS      | $7235200.00   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd.    | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     98000 | NS      | $33119100.00  | 10.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                 | Tesla, Inc.                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     32500 | NS      | $12081875.00  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Depository Trust & Clearing Corp.       | The Depository Trust & Clearing Corp.          | CUSIP: N/A<br>LEI: MLDY5N6PZ58ZE60QU102       | Long             | EC               | CORP              | US        |         0 | NS      | $7910.39      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Matthew 25 Fund

**Signature:** /s/ Mark Mulholland

**Name of Signer:** Mark Mulholland

**Title:** President, Chief Financial Officer