Schedule of Investments | |||||||
September 30, 2022 (unaudited) | |||||||
Mathew 25 Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 99.46% | |||||||
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Air Courier Services - 7.29% |
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FedEx Corp. |
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| 120,000.00 |
| 17,816,400 |
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Business Services - 1.17% |
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MasterCard, Inc. Class A |
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| 10,000 |
| 2,843,400 | |
The Depository Trust & Clearing Corp. (2) (4) |
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| 0.1 |
| 4,087 | ||
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| 2,847,487 |
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Carpets & Rugs - 3.60% |
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Interface, Inc. |
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| 977,500 |
| 8,787,725 |
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Electronic Computers - 4.81% |
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Apple, Inc. |
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| 85,000 |
| 11,747,000 |
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Federal & Federally - Sponsored Credit Agencies - 7.17% |
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Federal Agricultural Mortgage Corp. Class A |
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| 79,250 |
| 7,588,188 | ||
Federal Agricultural Mortgage Corp. Class C |
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| 100,000 |
| 9,914,000 | ||
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| 17,502,188 |
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Fire, Marine & Casualty Insurance - 5.00% |
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Berkshire Hathaway, Inc. Class A (2) |
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| 30 |
| 12,194,100 | ||
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Hotels & Motels - 6.68% |
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Park Hotels & Resorts, Inc. |
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| 960,000 |
| 10,809,600 | ||
Penn National Gaming, Inc. (2) |
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| 200,000 |
| 5,502,000 | ||
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| 16,311,600 |
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Investment Advice - 4.23% |
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KKR & Co., Inc. Class A |
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| 240,000 |
| 10,320,000 | |
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Motor Vehicles & Passenger Car Bodies - 4.02% |
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Tesla, Inc. (2) |
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| 37,000 |
| 9,814,250 |
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National Commercial Bank - 4.49% |
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JP Morgan Chase & Co. |
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| 105,000 |
| 10,972,500 | |
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Radio & Tv Broadcasting & Communication Equipment - 6.13% |
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Qualcomm, Inc. |
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| 132,500 |
| 14,969,850 | |
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Real Estate Investment Trusts - 3.18% |
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Brandywine Realty Trust | 1,150,000 |
| 7,762,500 | ||||
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Retail-Catalog & Mail-Order Houses - 3.63% |
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Amazon.com, Inc. (2) |
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| 78,500 |
| 8,870,500 | |
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Retail-Variery Stores - 2.51% |
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Five Below, Inc. (2) |
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| 44,500 |
| 6,126,315 | |
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Security Brokers, Dealers & Exchanges - 17.53% |
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Goldman Sachs Group, Inc. |
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| 146,000 |
| 42,785,300 | ||
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Services-Amusement & Recreation Services - 3.21% |
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Madison Square Garden Entertainment Corp. Class A (2) |
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| 177,500 |
| 7,825,975 | ||
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Services-Computer Programming, Data Processing, Etc. - 3.89% |
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Meta Platforms, Inc. Class A (2) |
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| 70,000 |
| 9,497,600 | ||
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State Commercial Banks - 3.96% |
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East West Bancorp, Inc. |
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| 144,000 |
| 9,668,160 | |
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Transportation Equipment - 6.37% |
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Polaris, Inc. |
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| 162,500 |
| 15,543,125 |
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Trucking (No Local) - 0.59% |
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Heartland Express, Inc. |
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| 100,000 |
| 1,431,000 | |
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Total Common Stock |
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| (Cost $ 168,758,474) |
| 242,793,575 | |
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Money Market Fund - 0.70% | |||||||
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First American Government Obligation Fund Class Z, 2.7353% (3) | 1,713,079 |
| 1,713,079 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 1,713,079) |
| 1,713,079 | ||||
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Total Investments - 100.16% | (Cost $ 170,471,553) |
| 244,506,654 | ||||
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Liabilities in Excess of Other Assets - -.16% |
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| (393,918) | ||||
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Total Net Assets - 100.00% |
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| 244,112,736 | ||||
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(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | |||||||
These inputs are summarized in the three broad levels listed below. | |||||||
• 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 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | |||||||
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The following is a summary of the inputs used as of September 30, 2022 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
Valuation Inputs |
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| Securities | |
Level 1 - Quoted Prices |
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| $ | 236,914,379 | |
Level 2 - Other Significant Observable Inputs |
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| 7,588,188 | ||
Level 3 - Significant Unobservable Inputs |
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| 4,087 | ||
Total |
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| $ | 244,506,654 |
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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 | |||||||
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 | |||||||
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 | |||||||
market, such securities are reflected as Level 2. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) Variable rate security; the rate shown represents the yield at September 30, 2022. | |||||||
(4) Fair valued security deemed as Level 3 security. |
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NPORT-P Filing
Matthew 25 Fund (MXXVX) NPORT-PMatthew 25 Fund (Sep 2022 report)
Filed: 28 Nov 22, 3:42pm