ADDITIONAL INFORMATION
This contains important information about the Matthew 25 Fund - MXXVX for the period January 1, 2026 to June 30, 2026.
You can find additional information, including the Shareholder's Letter, at www.matthew25fund.com or you can also request this information by contacting us at 1-888-M25-FUND.
expense Information
What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Matthew 25 Fund | $57 | 1.10% |
managment’s discussion of fund performance
Dear Owners,
Our Matthew 25 Fund (MXXVX) returned 8.97% in the first 6 months of 2026. This was less than the 10.21% return on the S&P 500 Index (SPX). I am optimistic about our current portfolio of growth and value investments that I believe will benefit from the many technological changes happening now and going forward. I discuss this more fully in our June 30, 2026 Shareholder letter available on our website at: https://www.matthew25fund.com/annual-reports/
I always emphasize long-term investing over trading and speculation, and I am optimistic that we can increase our Matthew 25 Fund’s long-term performance over the stock market’s averages:
| Period | MXXVX | SPX |
| 3 yrs. | 22.94% | 20.59% |
| 15 yrs. | 13.46% | 14.35% |
| 20 yrs. | 10.47% | 11.38% |
| 25 yrs. | 10.49% | 9.54% |
| 30 yrs. | 11.59% | 10.35% |
A $10,000 investment in MXXVX at its inception of 10/16/1995 has grown to $292,580.58. My wife and I have been owners since inception and continue to purchase shares. We currently own 13.53% of MXXVX.
During the first half of this year, I made the following changes to our portfolio:
Sold – FedEx, Interface and Nucor
Bought + Coherent and Palantir Technologies
These changes were made to improve the growth potential and/or the intrinsic value of our investments. To see the performance of our legacy holdings and additional portfolio information, please visit our website to read our Semi-annual Shareholder Letter for 6/30/26. As always, it is my honor to work for you and to invest side-by-side with you.
Good fortune,
Mark Mulholland
Performance graph
AVERAGE ANNUAL RETURNS
| 1 YEAR | 5 YEARS | 10 YEARS | |
| Matthew 25 Fund | 21.79% | 10.43% | 14.34% |
| S&P 500 Index | 22.32% | 13.40% | 15.50% |
Hypothetical Cumulative Performance Comparison of $10,000 Investment For the Past 10 Years
Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-M25-FUND.
Fund statistics
| NET ASSETS: | $347,264,233 |
| PORTFOLIO HOLDINGS: | 21 |
| PORTFOLIO TURNOVER: | 17.67% |
| ADVISORY FEES PAID BY FUND: | $1,635,420 |
Asset Allocation
| Semiconductors & Related Devices | 35.54% |
| Pharmaceutical Preparations | 8.46% |
| Retail-Catalog & Mail-Order Houses | 6.69% |
| Federal & Federally - Sponsored Credit Agencies | 5.74% |
| Electronic Computers | 4.46% |
| Security Brokers, Dealers & Exchanges | 4.37% |
| Services-Business Services | 4.33% |
| Optical Instruments & Lenses | 4.03% |
| Motor Vehicles & Passenger Car Bodies | 3.94% |
| National Commercial Bank | 3.93% |
| Services-Prepackaged Software | 3.61% |
| Hotels & Motels | 3.41% |
| Fire, Marine & Casualty Insurance | 3.02% |
| State Commercial Banks | 2.70% |
| Investment Advice | 2.64% |
| Finance Services | 1.50% |
| Chemicals & Allied Products | 1.12% |
| Money Market Fund | 0.60% |
| Business Services | 0.00% |
| Total % Of Net Assets | 100.09% |
top ten holdings
| 1. | NVIDIA Corp. | 21.92% |
| 2. | Taiwan Semiconductor Manufacturing Co. Ltd. | 13.61% |
| 3. | Eli Lilly & Co. | 8.46% |
| 4. | Amazon.com, Inc. | 6.69% |
| 5. | Apple, Inc. | 4.46% |
| 6. | Goldman Sachs Group, Inc. | 4.37% |
| 7. | Mercadolibre, Inc. | 4.33% |
| 8. | Federal Agricultural Mortgage Corp. Class A & C | 4.95% |
| 9. | Coherent Corp. | 4.03% |
| 10. | Tesla, Inc. | 3.94% |
| Total % Of Net Assets | 76.76% |
*Indicates a combined position.
How has the Fund changed
The Fund has not had any material changes during the six months ended June 30, 2026.