# EDGAR Filing Document

**Accession Number:** 0001003839
**File Stem:** 0001162044-26-000257
**Filing Date:** 2026-3
**Character Count:** 21672
**Document Hash:** eb7a4e1f8e51813a41225b31de1f80cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000257.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001162044-26-000257

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07471
- **FILM NUMBER:** 26737768

**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           |

## Internal

```

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Shareholders and Board of Trustees
  of the Matthew 25 Fund

In  planning  and performing our audit of the financial statements of Matthew 25
Fund (the "Fund"),  as  of  and  for  the  year  ended  December  31,  2025,  in
accordance  with the standards of the Public Company Accounting Oversight  Board
(United  States)  (PCAOB),  we  considered  the  Fund's  internal  control  over
financial reporting, including controls over safeguarding securities, as a basis
for designing  our auditing procedures for the purpose of expressing our opinion
on the financial  statements  and to comply with the requirements of Form N-CEN,
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.

The  management  of  the  Fund  is  responsible for establishing and maintaining
effective  internal  control  over  financial  reporting.   In  fulfilling  this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of  controls.  A  company's internal control
over financial reporting is a process designed 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  (GAAP).   A  company's  internal  control over financial
reporting  includes  those  policies  and  procedures  that (1) pertain  to  the
maintenance of records that, in reasonable detail, accurately and fairly reflect
the  transactions  and  dispositions of the assets of the company;  (2)  provide
reasonable assurance that  transactions  are  recorded  as  necessary  to permit
preparation  of  financial statements in accordance with GAAP, and that receipts
and  expenditures of  the  company  are  being  made  only  in  accordance  with
authorizations  of  management  and  trustees  of  the  company; and (3) provide
reasonable  assurance regarding prevention or timely detection  of  unauthorized
acquisition, use or disposition of a company's assets that could have a material
effect on the financial statements.

Because of inherent  limitations,  internal control over financial reporting may
not prevent or detect misstatements.   Also,  projections  of  any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate  because of changes in conditions, or that the degree  of  compliance
with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design
or operation  of a control does not allow management or employees, in the normal
course  of  performing   their   assigned   functions,   to  prevent  or  detect
misstatements  on  a  timely  basis.   A material weakness is a  deficiency,  or
combination of deficiencies, in internal  control over financial reporting, such
that  there is a reasonable possibility that  a  material  misstatement  of  the
Fund's  annual or interim financial statements will not be prevented or detected
on a timely basis.

Our consideration  of  the  Fund's internal control over financial reporting was
for  the  limited  purpose described  in  the  first  paragraph  and  would  not
necessarily disclose all deficiencies in internal control that might be material
weaknesses under standards  established  by  the  PCAOB.   However,  we noted no
deficiencies  in  the  Fund's internal control over financial reporting and  its
operation, including controls  over safeguarding securities, that we consider to
be a material weakness as defined above as of December 31, 2025.

This report is intended solely for the information and use of management and the
Board  of Trustees of the Matthew  25  Fund  and  the  Securities  and  Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.

/S/ SANVILLE & COMPANY LLC
Huntingdon Valley, Pennsylvania
February 25, 2026

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001003839

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000005937

**Class ID Record:1**
- **Class ID:** C000016367

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** MATTHEW 25 FUND

- **Item B.1.b - Investment Company Act file number:** 811-07471

- **Item B.1.c - CIK:** 0001003839

- **Item B.1.d - LEI:** 549300EWCE5Z2PJUEI39

- **Item B.2.a - Street 1:** 122 E. Butler Avenue

- **Item B.2.a - Street 2:** Suite 300

- **Item B.2.b - City:** Ambler

- **Item B.2.c - State:** PA

- **Item B.2.e - Zip Code:** 19002

- **Item B.2.f - Telephone:** 215-884-4458

- **Item B.2.g - Public Website:** www.matthew25fund.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Matthew 25 Fund

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

- **Street 2:** Suite 300

- **c. City:** Ambler

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19002

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

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Fund's Custodian, Transfer Agent and Shareholder Servicing Agent.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Mutual Shareholder Services, LLC

- **b. Street 1:** 8000 Town Centre Drive, Suite 400

- **c. City:** Broadview Heights

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 44147

- **g. Telephone number:** 440-922-0066

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents required to be maintained by the Transfer Agent, Fund Accounting Agent and Shareholder Servicing Agent pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3.

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Huntington National Bank

- **b. Street 1:** 41 South High Street

- **c. City:** Columbus

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 43215

- **g. Telephone number:** 1-800-480-2001

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents relating to the activities of the Fund's Custodian.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Matthew 25 Management Corp.

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

- **Street 2:** Suite 300

- **c. City:** Ambler

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19002

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

- **h. Briefly describe the books and records kept at this location:** Maintains records relating to its function as the investment adviser to the Fund.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                 | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Philip J. Cinelli    | No                      | 811-07471                               |
| Samuel B. Clement    | No                      | 811-07471                               |
| Linda Guendelsberger | No                      | 811-07471                               |
| Scott A. Satell      | No                      | 811-07471                               |
| Steven D. Buck, Esq. | Yes                     | 811-07471                               |
| Mark Mulholland      | Yes                     | 811-07471                               |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Lesley A. Buck

- **b. CRD Number, if any:** 004937235

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

- **   Street Address 2:** Suite 300

- **d. City:** Ambler

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 19002

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Sanville & Co.

- **b. PCAOB Number:** 169

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Matthew 25 Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Matthew 25 Fund

- **b. Series identification number, if any:** S000005937

- **c. LEI:** 549300EWCE5Z2PJUEI39

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | N/A                     | C000016367                                | MXXVX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 17e-1 (17 CFR 270.17e-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Matthew 25 Management Corp.

- **ii. SEC file number:** 801-49550

- **iii. CRD number:** 000104566

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. SEC file number:** 084-05821

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** FIS MARKETMAP ANALYTIC PLATFORM

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Huntington National Bank

- **ii. LEI, if any:** 2WHM8VNJH63UN14OL754

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Matthew 25 Fund

- **ii. LEI, if any, or other identifying number:** 549300EWCE5Z2PJUEI39

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 008-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $28,022.07

**Aggregate Commission:** $28,022.07

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $309,896,295.93

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** MATTHEW 25 FUND

**Date:** 2026-03-10

**Signature:** /S/ Mark Mulholland

**Title:** President