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Matthew 25 Fund
2026-06-30
MATTHEW 25 FUND
MXXVX
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i><span style="text-decoration: underline">ADDITIONAL
INFORMATION</span></i></b></span></p>
<p style="font: 10pt Century Gothic,sans-serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20260101__20260630_zV3Nx3IRu8t6">semi-annual shareholder report</span> contains important
information about the <span id="xdx_909_eoef--ClassName_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_zWF086r9QIOe">Matthew 25 Fund</span> - MXXVX for the period January 1, 2026 to June 30, 2026.</i></p>
semi-annual shareholder report
Matthew 25 Fund
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>You can find additional information, including
the Shareholder's Letter, at <span id="xdx_90A_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_z1TLrNK859Rk">www.matthew25fund.com</span> or you can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_z7CMrYpFJjDa">1-888-M25-FUND</span>.</i></p>
www.matthew25fund.com
1-888-M25-FUND
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i><span style="text-decoration: underline">expense Information</span></i></b></span></p>
<p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>What were the Fund costs for the past six months?</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>(based on a hypothetical $10,000 investment)</i></p>
<p style="font: 10pt Century Gothic,sans-serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">Fund Name</td>
<td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 22%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><b>Costs
of a $10,000 investment</b></td>
<td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Costs
paid as a percentage of a $10,000 investment</b></td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Matthew 25 Fund</td>
<td id="xdx_987_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_zV3s4EiLQHW4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$57</td>
<td id="xdx_981_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_z1J8M4hvtItk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.10%</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
57
0.0110
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">managment’s
discussion of fund performance</span></b></span></p>
<p style="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">Dear Owners,</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"> </p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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/</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"> 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:</p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-decoration: underline; text-align: left; width: 28%">Period</td>
<td style="text-decoration: underline; text-align: center; width: 34%">MXXVX</td>
<td style="text-decoration: underline; text-align: center; width: 38%">SPX</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">3 yrs.</td>
<td style="text-align: center">22.94%</td>
<td style="text-align: center">20.59%</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">15 yrs.</td>
<td style="text-align: center">13.46%</td>
<td style="text-align: center">14.35%</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">20 yrs.</td>
<td style="text-align: center">10.47%</td>
<td style="text-align: center">11.38%</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">25 yrs.</td>
<td style="text-align: center">10.49%</td>
<td style="text-align: center">9.54%</td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">30 yrs.</td>
<td style="text-align: center">11.59%</td>
<td style="text-align: center">10.35%</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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.</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">During the first half of this
year, I made the following changes to our portfolio:</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="text-decoration: underline">Sold</span> – FedEx, Interface
and Nucor</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="text-decoration: underline">Bought</span> + Coherent and Palantir
Technologies</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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.</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Good fortune,</p>
<p style="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Mark Mulholland</p>
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i><span style="text-decoration: underline">Performance
graph</span></i></b></span></p>
<p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b> </b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>AVERAGE ANNUAL RETURNS</i></b></p>
<p style="font: 5pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<tr>
<td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 39%; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>1
YEAR</b></td>
<td style="border-top: Black 1pt solid; vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>5
YEARS</b></td>
<td style="border-top: Black 1pt solid; vertical-align: bottom; width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -5.55pt; padding-left: 5.4pt; text-align: center"><b>10
YEARS</b></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5pt">Matthew 25 Fund</td>
<td id="xdx_98C_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000016367Member_zEAd0IJXECv2" style="white-space: nowrap; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">21.79%</td>
<td id="xdx_988_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000016367Member_z2icfbLVzCa8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.43%</td>
<td id="xdx_98C_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000016367Member_zeer0lEEPFv2" style="border-right: Black 1pt solid; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">14.34%</td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: -4.05pt; padding-left: 5pt">S&P
500 Index</td>
<td id="xdx_983_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_znxqajZPIh0e" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">22.32%</td>
<td id="xdx_984_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zjqHbXbBSKCf" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.40%</td>
<td id="xdx_98F_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zvLpdEpnjpDl" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">15.50%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Hypothetical Cumulative Performance Comparison of $10,000 Investment
For the Past 10 Years</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><img alt="" src="image_001.gif" style="height: 276px; width: 446px"/></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_zywiQ40m5cE6">Past
performance is not a good predictor of future performance</span>. </i></b></span><i> 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.</i></p>
0.2179
0.1043
0.1434
0.2232
0.1340
0.1550
Past
performance is not a good predictor of future performance
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i><span style="text-decoration: underline">Fund statistics</span></i></b></span></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">NET ASSETS:</td>
<td id="xdx_98D_eus-gaap--AssetsNet_iI_c20260630__oef--ClassAxis__custom--C000016367Member_z5r17TYwU26b" style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">$347,264,233</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">PORTFOLIO HOLDINGS:</td>
<td id="xdx_984_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000016367Member_ztmpZbinNi4a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">21</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">PORTFOLIO TURNOVER:</td>
<td id="xdx_988_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_zkOy1kL00vh1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">17.67%</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">ADVISORY FEES PAID BY FUND:</td>
<td id="xdx_980_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000016367Member_zKfppMMQGr2l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">$1,635,420</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
347264233
21
0.1767
1635420
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i><span style="text-decoration: underline">Asset Allocation</span></i></b></span></p>
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="white-space: nowrap; width: 85%; padding-right: 5.4pt; padding-left: 5.4pt">Semiconductors & Related Devices</td>
<td id="xdx_985_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--SemiconductorsAndRelatedDevicesMember_zMV7NhHYJmo1" style="white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35.54%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Pharmaceutical Preparations</td>
<td id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--PharmaceuticalPreparationsMember_zX7zZcOhBdo4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.46%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Retail-Catalog & Mail-Order Houses</td>
<td id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--RetailCatalogMailOrderHousesMember_zcGwzQirSc83" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.69%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Federal & Federally - Sponsored Credit Agencies</td>
<td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--FederalallySponsoredCreditAgenciesMember_zSU25iPczbol" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.74%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: -6.25pt; padding-left: 5.4pt">Electronic Computers</td>
<td id="xdx_982_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--ElectronicComputersMember_zAwZ6f6kIGAf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.46%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Security Brokers, Dealers & Exchanges</td>
<td id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--SecurityBrokersDealersExchangesMember_zLpGrW7jvZAc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.37%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Services-Business Services</td>
<td id="xdx_987_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--ServicesBusinessServicesMember_zoTjsL3x0b72" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.33%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Optical Instruments & Lenses</td>
<td id="xdx_98D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--OpticalInstrumentsLensesMember_zrYMyBv6Mnt2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.03%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Motor Vehicles & Passenger Car Bodies</td>
<td id="xdx_984_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--MotorVehiclesPassengerCarBodiesMember_z77vIP64Qh5i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.94%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">National Commercial Bank</td>
<td id="xdx_981_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--NationalCommercialBankMember_z2o3heHztJfg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.93%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Services-Prepackaged Software</td>
<td id="xdx_98E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--ServicesPrepackagedSoftwareMember_z5QUNOZharyb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.61%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Hotels & Motels</td>
<td id="xdx_982_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--HotelsAndMotelsMember_zBsrrrduuB65" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.41%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Fire, Marine & Casualty Insurance</td>
<td id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--FireMarineCasualtyInsuranceMember_z5QroYvbOAp4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.02%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">State Commercial Banks</td>
<td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--StateCommercialBanksMember_zn52n1SAyen6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.70%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Investment Advice</td>
<td id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__us-gaap--InvestmentAdviceMember_zMkiyIgqs88k" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.64%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Finance Services</td>
<td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--FinanceServicesMember_z97B77GRwI0l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.50%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Chemicals & Allied Products</td>
<td id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--ChemicalsAndAlliedProductsMember_zyAuMK55xhf3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.12%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td>
<td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zIFBLfyviXz6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.60%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Business Services</td>
<td id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--IndustrySectorAxis__custom--BusinessServicesMember_z0Zch2G30J1g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.00%</td></tr>
<tr style="vertical-align: top">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> Total
% Of Net Assets</td>
<td id="xdx_984_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member_zD96R6WnZjY7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100.09%</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
0.3554
0.0846
0.0669
0.0574
0.0446
0.0437
0.0433
0.0403
0.0394
0.0393
0.0361
0.0341
0.0302
0.0270
0.0264
0.0150
0.0112
0.0060
0.0000
1.0009
<p style="font: 12pt Century Gothic,sans-serif; margin: 0"><span style="font-size: 10pt; text-transform: uppercase; color: #548ab7"><b><i><span style="text-decoration: underline">top
ten holdings</span></i></b></span></p>
<p style="font: 12pt Century Gothic,sans-serif; margin: 0"><span style="font-size: 10pt; text-transform: uppercase; color: #548ab7"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td>
<td style="white-space: nowrap; vertical-align: top; width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">NVIDIA Corp.</td>
<td id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_zEt32mXmDLS7" style="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21.92%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">2.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Taiwan Semiconductor Manufacturing
Co. Ltd.</td>
<td id="xdx_98D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorCoMember_zkOJ8oWEsYTc" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.61%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">3.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Eli Lilly & Co.</td>
<td id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--EliLillyAndCoMember_zggQTL7XeH75" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.46%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">4.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Amazon.com, Inc.</td>
<td id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--AmazoncomIncMember_zYdFMXy3FOic" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.69%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">5.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td>
<td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--AppleIncMember_z0Vz6jMlqAmc" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.46%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">6.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Goldman Sachs Group, Inc.</td>
<td id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--GoldmanSachsGroupIncMember_zbuUrUbbKiGh" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.37%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">7.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Mercadolibre, Inc.</td>
<td id="xdx_98E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--MercadolibreIncMember_zbE9wUd4loGj" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.33%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">8.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Federal Agricultural Mortgage Corp.
Class A & C</td>
<td id="xdx_987_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--FederalAgriculturalCorpAandCMember_z6wieKw5ahu2" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.95%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">9.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Coherent Corp.</td>
<td id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--CoherentCorpMember_zFhhU0RFsPIj" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.03%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">10.</td>
<td style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Tesla, Inc.</td>
<td id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000016367Member__oef--LargestHoldingAxis__custom--TeslaIncMember_zXoIYlSN5Yui" style="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.94%</td></tr>
<tr>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> Total
% Of Net Assets</td>
<td style="border-top: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">76.76%</td></tr>
</table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Indicates a combined position.</p>
0.2192
0.1361
0.0846
0.0669
0.0446
0.0437
0.0433
0.0495
0.0403
0.0394
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i><span style="text-decoration: underline">How has the
Fund changed</span></i></b></span></p>
<p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548ab7"><span style="text-transform: uppercase"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>The Fund has not had any material changes during the six months ended
June 30, 2026.</i></p>
https://www.matthew25fund.com/
1-888-M25-FUND
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">M25</td>
<td style="white-space: nowrap; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">S&P500</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2016</td>
<td id="xdx_98B_eoef--AccmVal_c20160601__20160630__oef--ClassAxis__custom--C000016367Member_zXybkppTo4vg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td>
<td id="xdx_986_eoef--AccmVal_c20160601__20160630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_z1kGnSaowox9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10000</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2017</td>
<td id="xdx_985_eoef--AccmVal_c20170601__20170630__oef--ClassAxis__custom--C000016367Member_zScAxBIneNN7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13037</td>
<td id="xdx_98D_eoef--AccmVal_c20170601__20170630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zaKIJS433m4a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11789</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2018</td>
<td id="xdx_988_eoef--AccmVal_c20180601__20180630__oef--ClassAxis__custom--C000016367Member_z4olGeqVE5Rl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14768</td>
<td id="xdx_982_eoef--AccmVal_c20180601__20180630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zkNse7GwzAKa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13484</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2019</td>
<td id="xdx_98F_eoef--AccmVal_c20190601__20190630__oef--ClassAxis__custom--C000016367Member_zQFHqNDy6Tyj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16118</td>
<td id="xdx_981_eoef--AccmVal_c20190601__20190630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zIDoLIR2F8G" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14890</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2020</td>
<td id="xdx_988_eoef--AccmVal_c20200601__20200630__oef--ClassAxis__custom--C000016367Member_zuPLzVfqZSch" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15225</td>
<td id="xdx_988_eoef--AccmVal_c20200601__20200630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zRd3AMRq6yIl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16008</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2021</td>
<td id="xdx_98F_eoef--AccmVal_c20210601__20210630__oef--ClassAxis__custom--C000016367Member_zsEfVyikAdtb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23253</td>
<td id="xdx_987_eoef--AccmVal_c20210601__20210630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zPjlOEuSx3Nj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22538</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2022</td>
<td id="xdx_98D_eoef--AccmVal_c20220601__20220630__oef--ClassAxis__custom--C000016367Member_zzQVZg2A4p51" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18414</td>
<td id="xdx_980_eoef--AccmVal_c20220601__20220630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zunqOhdGuGl9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20146</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2023</td>
<td id="xdx_98A_eoef--AccmVal_c20230601__20230630__oef--ClassAxis__custom--C000016367Member_z3A03jS3Doug" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20551</td>
<td id="xdx_98F_eoef--AccmVal_c20230601__20230630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zMdk8diIK276" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24093</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2024</td>
<td id="xdx_98A_eoef--AccmVal_c20240601__20240630__oef--ClassAxis__custom--C000016367Member_zt5in2FSCl58" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25267</td>
<td id="xdx_98B_eoef--AccmVal_c20240601__20240630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zRVEqPI2N4p3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30009</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2025</td>
<td id="xdx_987_eoef--AccmVal_c20250601__20250630__oef--ClassAxis__custom--C000016367Member_zFLRdiD6swJ4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31358</td>
<td id="xdx_98D_eoef--AccmVal_c20250601__20250630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zr3gwGBUatx6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34560</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6/30/2026</td>
<td id="xdx_98A_eoef--AccmVal_c20260601__20260630__oef--ClassAxis__custom--C000016367Member_zEEWMV5cAikk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38190</td>
<td id="xdx_98F_eoef--AccmVal_c20260601__20260630__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zawLgaSOXgr2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42275</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
10000
10000
13037
11789
14768
13484
16118
14890
15225
16008
23253
22538
18414
20146
20551
24093
25267
30009
31358
34560
38190
42275