Shareholders of the $27 million Matthew 25 Fund have voted down, by more than a five to one margin, a proxy proposal that would have required both inside and independent directors to invest at least $25,000 in the fund as a prerequisite to serving on the fund's board. (MFMN 10/2/00)

The proposal would have required the fund's directors to maintain the minimum investment for each of the 12 months preceding their election or re-election to the fund's board.

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