# EDGAR Filing Document

**Accession Number:** 0001038199
**File Stem:** 0001641172-25-017034
**Filing Date:** 2025-6
**Character Count:** 79650
**Document Hash:** 7e4a6ae8c0f5965c91eb3bdb1d2c9f7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-017034.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001641172-25-017034

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**EFFECTIVENESS DATE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BULLFINCH FUND INC
- **CENTRAL INDEX KEY:** 0001038199

**ORGANIZATION NAME:**
- **EIN:** 161516377
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08191
- **FILM NUMBER:** 251088683

**BUSINESS ADDRESS:**
- **STREET 1:** 3909 RUSH MENDON ROAD
- **CITY:** MENDON
- **STATE:** NY
- **ZIP:** 14506
- **BUSINESS PHONE:** 5856243150

**MAIL ADDRESS:**
- **STREET 1:** 3909 RUSH MENDON ROAD
- **CITY:** MENDON
- **STATE:** NY
- **ZIP:** 14506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BULLDOG FUND INC
- **DATE OF NAME CHANGE:** 19970423

## Series and Classes Contracts Data

### Unrestricted Series (Series ID: S000012121)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000033060 | Unrestricted Series | BUNRX           |
| C000110249 | C000033060          |  |

### Greater Western New York Series (Series ID: S000012122)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000033061 | Greater Western New York Series | BWNYX           |
| C000110250 | C000033061                      |  |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM N-CSRS**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08191

---

| | |
|:---|:---|
| Name of Fund: | Bullfinch Fund, Inc. |
| Fund Address: | 3909 Rush Mendon Road |
|  | Mendon, New York 14506 |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | Christopher Carosa, President, |
|  | Bullfinch Fund, Inc., 3909 Rush Mendon Road, |
|  | Mendon, New York 14506 |
|  | Mailing address: 3909 Rush Mendon Road |
|  | Mendon, New York 14506 |

---

Registrant's telephone number, including area code: (585) 624-3650

Date of fiscal year end: 10/31/25

Date of reporting period: 11/01/24 - 4/30/25

**Item 1. Reports to Stockholders.**

---

| | |
|:---|:---|
| Bullfinch Fund Unrestricted Series | Semi-Annual Shareholder Report |
| ***BUNRX*** | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about the Bullfinch Fund Unrestricted Series - BUNRX for the period November 1, 2024, to April 30, 2025, as well as certain changes to the Fund.

You can obtain additional information, including the April 2025 Semi-Annual Report, by contacting us at 1-888-285-5346 or visiting our website at https://www.bullfinchfund.com/.

**<u>What were the Fund costs for the six months?</u>**

(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\* |
| Unrestricted Series | $69.62 | 1.42% |

---

\* Expenses are equal to each Series' annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

**<u>Management's Discussion of Fund Performance</u>**

Dear Shareholders,

Our Bullfinch Fund Unrestricted Series (BUNRX) had a negative return of 3.89% in the first 6 months ending April 30, 2025. While past performance does not guarantee future results, I am pleased to note that this Series outperformed its comparative index (the Value Line Geometric Index), which declined 9.40% during the same period. I'm optimistic about our current portfolio as the first few months of 2025 have seen investors favor value stocks.

Rest assured, my wife and I have been owners since inception and willfully continue to purchase shares. Together, we currently own 4.95% of BUNRX.

During the last six months, I made the following changes to our portfolio:

Sold: Medtronic PLC, Viatris Inc., Xperi Inc.

Bought: ACM Research Inc., Core Laboratories Inc., and YETI Holdings Inc.

These changes capitalized on market overreaction to the fears associated with the new tariff policy. Our fundamental analysis indicates that these trades have enhanced our upside potential and mitigated our downside risk in the overall portfolio. To view the additional portfolio information, please visit our website to read our Semi-Annual Report dated April 30, 2025.

It remains my honor to work for you and to invest alongside you.

Sincerely,

Christopher Carosa

---

| | |
|:---|:---|
| **Key Fund Statistics** | |
| Net Assets: | $11001881 |
| Number of Portfolio Holdings: | 36 |
| Portfolio Turnover: | 0.71% |

---

---

| | | |
|:---|:---|:---|
| **Asset Allocation** | | |
| Aerospace | $235224 | 1.99% |
| Building & Related 320,258 | 2.71 |  |
| Commercial Services | 698820 | 5.92 |
| Computers – Hardware | 218243 | 1.85 |
| Computers – Networking | 617711 | 5.23 |
| Computers – Software | 1581698 | 13.39 |
| Consumer Nondurables | 105586 | 0.89 |
| Electrical Equipment | 323974 | 2.74 |
| Electronics Components | 401765 | 3.40 |
| Foods & Beverages | 411521 | 3.48 |
| Industrial Services | 208829 | 1.77 |
| Insurance | 785690 | 6.65 |
| Leisure & Recreational | 318333 | 2.70 |
| Machinery | 438731 | 3.72 |
| Media | 105250 | 0.89 |
| Medical Products & Supplies | 893616 | 7.57 |
| Oil & Related | 410915 | 3.48 |
| Real Estate & Related | 274976 | 2.33 |
| Restaurants/Food Service | 342720 | 2.90 |
| Retail- General | 320891 | 2.72 |
| Retail – Specialty | 259625 | 2.20 |
| Semiconductors | 209532 | 1.77 |
| Steel | 374699 | 3.17 |
| Telecommunications | 163022 | 1.38 |
| Tobacco Products | 434112 | 3.68 |
| Utilities – Natural Resources | 546140 | 4.62 |
| Money Market Fund | 627579 | 5.31 |
| Cash | 181704 | 1.54 |
| Total Asset | $11811164 | 100.00% |

---

**<u>How has the Fund changed?</u>**

There have been no changes or planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.bullfinchfund.com or upon request by calling (888) 285-5346.

**<u>Changes in and Disagreements with Accountants</u>**

There have been no changes in or disagreements with accountants.

**<u>Notice Regarding Delivery of Shareholder Documents</u>**

In order to reduce expenses, we will deliver a single copy of prospectuses, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would prefer that your Bullfinch Fund documents not be householded, please contact Bullfinch Fund at 1-888-285-5346. Your instructions will typically be effective within 30 days of receipt by Bullfinch Fund.

**<u>Availability of Additional Information about the Fund</u>**

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.bullfinchfund.com/ or contact us at 1-888-285-5346.

For a more thorough understanding of our investment process, including a fuller description of our investment criteria and how we apply these criteria to our particular companies, we encourage you to read our shareholder letters contained within previous Annual and Semi-Reports, available at https://www.bullfinchfund.com/

---

| | |
|:---|:---|
| Bullfinch Fund Greater Western New York Series | Semi-Annual Shareholder Report |
| ***BWNYX*** | **April 30, 2025** |

---

This semi-annual shareholder report contains important information about the Bullfinch Fund Western New York Series - BWNYX for the period November 1, 2024, to April 30, 2025, as well as certain changes to the Fund.

You can obtain additional information, including the April 2025 Semi-Annual Report, by contacting us at 1-888-285-5346 or visiting our website at https://www.bullfinchfund.com/.

**<u>What were the Fund costs for the six months?</u>**

(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\* |
| Greater Western New York Series | $74.57 | 1.54% |

---

\* Expenses are equal to each Series' annualized expense ratio (for the six-month period), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

**<u>Management's Discussion of Fund Performance</u>**

Dear Shareholders,

Our Bullfinch Fund Greater Western New Series (BWNYX) had a negative return of 6.32% in the first 6 months ending April 30, 2025. While past performance does not guarantee future results, I am pleased to note that this Series outperformed its comparative index (the Value Line Geometric Index), which declined 9.40% during the same period.

As always, this Series experiences more volatility than our Unrestricted Series. Still, our current portfolio continues to excite me for this reason. As with the Unrestricted Series, my wife and I have been owners since inception and willfully continue to purchase shares. Together, we currently own 19.60% of BWNYX.

Given the nature of the Series, which by prospectus is required to invest at least 80% of the assets in firms with a significant economic interest in the 17 westernmost counties in the State of New York, we can't expect to see much turnover in the portfolio.

To view the additional portfolio information, please visit our website to read our Semi-Annual Report dated April 30, 2025.

It remains my honor to work for you and to invest alongside you.

Sincerely,

Christopher Carosa

---

| | |
|:---|:---|
| **Key Fund Statistics** | |
| Net Assets: | $2316828 |
| Number of Portfolio Holdings: | 34 |
| Portfolio Turnover: | 0.00% |

---

---

| | | |
|:---|:---|:---|
| **Asset Allocation** | | |
| Aerospace | $313848 | 11.17% |
| Airlines | 29358 | 1.04 |
| Automotive | 21607 | 0.77 |
| Banking & Finance | 225844 | 8.04 |
| Commercial Services | 143442 | 5.11 |
| Computers – Software | 126648 | 4.51 |
| Consumer Nondurables | 17417 | 0.62 |
| Electrical Equipment | 175588 | 6.25 |
| Electronics Components | 243412 | 8.66 |
| Environmental Services | 101676 | 3.62 |
| Foods & Beverages | 75016 | 2.67 |
| Industrial Materials | 1066 | 0.04 |
| Instruments | 27976 | 1.00 |
| Machinery | 1485 | 0.05 |
| Medical Products & Supplies | 213237 | 7.59 |
| Metal Fabrication & Hardware | 42672 | 1.52 |
| Office Equipment | 1544 | 0.05 |
| Real Estate & Related | 117949 | 4.20 |
| Restaurants/Food Service | 78540 | 2.79 |
| Retail – Specialty | 40026 | 1.42 |
| Steel | 105900 | 3.77 |
| Telecommunications | 30842 | 1.10 |
| Utilities – Natural Resources | 181735 | 6.47 |
| Money Market Fund | 324202 | 11.54 |
| Schwab Bank | 168462 | 6.00 |
| Total Assets | $2809492 | 100.00% |

---

**<u>How has the Fund changed?</u>**

There have been no changes or planned changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.bullfinchfund.com or upon request by calling (888) 285-5346.

**<u>Changes in and Disagreements with Accountants</u>**

There have been no changes in or disagreements with accountants.

**<u>Notice Regarding Delivery of Shareholder Documents</u>**

In order to reduce expenses, we will deliver a single copy of prospectuses, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would prefer that your Bullfinch Fund documents not be householded, please contact Bullfinch Fund at 1-888-285-5346. Your instructions will typically be effective within 30 days of receipt by Bullfinch Fund.

**<u>Availability of Additional Information about the Fund</u>**

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://www.bullfinchfund.com/ or contact us at 1-888-285-5346.

For a more thorough understanding of our investment process, including a fuller description of our investment criteria and how we apply these criteria to our particular companies, we encourage you to read our shareholder letters contained within previous Annual and Semi-Reports, available at https://www.bullfinchfund.com/

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Schedule of Investments. Schedule included in Item 7.

Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.

**BULLFINCH FUND, INC.**

**3909 Rush Mendon Road**

**Mendon, New York 14506**

**(585) 624-3150**

**1-888-BULLFINCH**

**(1-888-285-5346)**

**Semi-Annual Report**

**April 30, 2025**

**(Unaudited)**

Bullfinch Fund, Inc.

**Table of Contents**

------

---

| | |
|:---|:---|
| [Management's Discussion of Fund Performance (Unaudited)](#me_001) | 3 |
| [Performance Summary (Unaudited)](#me_002) | 4 |
| Unrestricted Series (A Series within Bullfinch Fund, Inc.): |  |
| [Statement of Assets and Liabilities April 30, 2025 (Unaudited)](#me_003) | 6 |
| [Schedule of Investments in Securities April 30, 2025 (Unaudited)](#me_004) | 7-8 |
| [Statement of Operations for the Six Months ended April 30, 2025 (Unaudited)](#me_005) | 10 |
| [Statements of Changes in Net Assets for the Six Months Ended April 30, 2025 (Unaudited) and Year Ended October 31, 2024](#me_006) | 11 |
| [Financial Highlights (Per Share Data for a Share Outstanding) for the Six Months Ended April 30, 2025 (Unaudited) and the Years Ended October 31, 2024, 2023, 2022, 2021 and 2020](#me_007) | 12 |
| [Financial Highlights (Ratios and Supplemental Data) for the Six Months Ended April 30, 2025 (Unaudited) and the Years Ended October 31, 2024, 2023, 2022, 2021 and 2020](#me_008) | 13 |
| [Notes to Financial Statements April 30, 2025 (Unaudited)](#me_009) | 14-15 |
| Greater Western New York Series (A Series within Bullfinch Fund, Inc.): |  |
| [Statement of Assets and Liabilities April 30, 2025 (Unaudited)](#me_010) | 17 |
| [Schedule of Investments in Securities April 30, 2025 (Unaudited)](#me_011) | 18-19 |
| [Statement of Operations for the Six Months ended April 30, 2025 (Unaudited)](#me_012) | 21 |
| [Statements of Changes in Net Assets for the Six Months Ended April 30, 2025 (Unaudited) and Year Ended October 31, 2024](#me_013) | 22 |
| [Financial Highlights (Per Share Data for a Share Outstanding) for the Six Months Ended April 30, 2025 (Unaudited) and the Years Ended October 31, 2024, 2023, 2022, 2021 and 2020](#me_014) | 23 |
| [Financial Highlights (Ratios and Supplemental Data) for the Six Months Ended April 30, 2025 (Unaudited) and the Years Ended October 31, 2024, 2023, 2022, 2021 and 2020](#me_015) | 24 |
| [Notes to Financial Statements April 30, 2025 (Unaudited)](#me_016) | 25-26 |

---

**Management's Discussion of Fund Performance (Unaudited)**

**June 25, 2025**

Dear Fellow Shareholders:

We are very proud to present the April 30, 2025 Semi-Annual Report of Bullfinch Fund, Inc. This report contains the unaudited financial statements for both the Unrestricted Series and the Greater Western New York Series.

The markets have been whipsawed by alarmist headlines that seem reasonable from a superficial standpoint but then appear to be nothing more than "the sky is falling" political rhetoric. As value investors, we actually like it when stock prices suffer from knee-jerk emotional behavior. Why? Because as long as the accounting fundamentals remain solid, those lower prices represent potential buying opportunities.

This is precisely what happened in the early part of 2025. An overreaction to the current administration's tariff policy sent the market reeling. With new economic data proving the impact of the temporary tariffs was minimal, it's reasonable to conclude that economists and market analysts misinterpreted the intent of the policy. Rather than using tariffs as a form of economic strategy, they've been used as just another asset in broader geopolitical negotiations.

In the Unrestricted Series, the top-performing stocks included Arthur J. Gallagher & Co., CVS Health Corp., and Paychex, Inc. Among the laggards were Zumiez, Xperi Inc., and Meritage Homes Corporation. As you might expect in a falling market, more than half of the stocks experienced negative returns for the last six months.

For the past six months in the Greater Western New York Series, Astronics, Inc., National Fuel Gas Co., and CVS Health Corp. led the way. Columbus McKinnon Corp., Ultralife Corp., and Monro Inc. gave back the most during this period. As with the Unrestricted Series, more than half of the stocks experienced negative returns for the last six months.

Going forward, there's no reason to expect those alarmist headlines to fade away anytime soon. On the other hand, don't be surprised if the markets increasingly view them as just another "boy who cried wolf" scenario. This will be especially true as long as the economic data remains positive.

The Fed stands out as a wild card in this. With inflation petering out, one would expect rates to fall. As long as they stay artificially high, the cost of capital will stay high. That could become a burden on the economy.

It's useful to remember that we are long-term investors. That means the short-term volatility means nothing. What matters is the financial numbers of each individual company. These drive the target buy and sell prices. The only thing a fluctuating market does, therefore, is present buying and selling opportunities.

We wish to thank our shareholders for expressing their confidence in us and wish you continued good fortune.

Best Regards,

Christopher Carosa, CTFA

President

Bullfinch Fund, Inc.

**BULLFINCH FUND, INC.**

**PERFORMANCE SUMMARY (UNAUDITED)**

The graph below represents the changes in value for an initial $10,000 investment in the Bullfinch Fund (the "Fund") from 10/31/14 to 4/30/25. These changes are then compared to a $10,000 investment in the Value Line Geometric Index. The Value Line Geometric Index (VLG) is an unmanaged index of between 1,600 and 1,700 stocks. Value Line states "The VLG was intended to provide a rough approximation of how the median stock in the Value Line Universe performed. The VLG also has appeal to institutional investors as a proxy for the so-called 'multi-cap' market because it includes large-cap, mid cap, and small-cap stocks alike." The Fund feels it is an appropriate benchmark because the Fund's portfolios are multi-cap portfolios. The Fund's returns include the reinvestment of all dividends, but do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptions of fund shares. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

---

| | | | |
|:---|:---|:---|:---|
| **Bullfinch Fund, Inc.** | **Value Line** | **Bullfinch Fund, Inc.** | **Value Line** |
| **<u>Unrestricted Series (Solid)</u> vs. <u>Geometric Index (Dashed)</u>** | **<u>Unrestricted Series (Solid)</u> vs. <u>Geometric Index (Dashed)</u>** | **<u>Greater WNY Series (Solid)</u> vs. <u>Geometric Index (Dashed)</u>** | **<u>Greater WNY Series (Solid)</u> vs. <u>Geometric Index (Dashed)</u>** |
| ![](formncsr_001.jpg) | ![](formncsr_001.jpg) | ![](formncsr_002.jpg) | ![](formncsr_002.jpg) |
| **Year ending 10/14 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 4/25** | **Year ending 10/14 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 4/25** | **Year ending 10/14 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 4/25** | **Year ending 10/14 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 4/25** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Annualized<br> Returns Ending**<br>**4/30/2025** | **Bullfinch Fund Inc.<br> Unrestricted**<br>**Series** | **Value Line**<br>**Geometric Index** | **<br> Annualized<br> Returns Ending**<br>**4/30/2025** | **Bullfinch Fund Inc.<br> Greater WNY**<br>**Series** | **Value Line<br>Geometric**<br>**Index** |
| One – Year | +4.10% | -4.64% | One – Year | +0.38% | -4.64% |
| Five – Year | +8.82% | +5.83% | Five – Year | +7.39% | +5.83% |
| Ten – Year | +6.30% | +0.76% | Ten – Year | +3.99% | +0.76% |

---

**UNRESTRICTED SERIES**

**(A Series Within Bullfinch Fund, Inc.)**

**FINANCIAL STATEMENTS AS OF**

**April 30, 2025**

**(UNAUDITED)**

**UNRESTRICTED SERIES**

**(A SERIES WITHIN THE BULLFINCH FUND, INC.)**

**STATEMENT OF ASSETS AND LIABILITIES**

**APRIL 30, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments in Securities, at Fair Value, Identified Cost of $5,647,079 | $11001881 |
| Cash & Cash Equivalents | 809283 |
| Accrued Interest and Dividends | 14972 |
| Prepaid Expenses | 4617 |
| Total Assets | 11830753 |
| **LIABILITIES** |  |
| Accrued Expenses | 19902 |
| Due to Investment Adviser | 9730 |
| Total Liabilities | 29632 |
| **NET ASSETS** |  |
| Net Assets at April 30, 2025 | $11801121 |
| **COMPOSITION OF NET ASSETS** |  |
| Net capital paid in on shares of capital stock | $11754167 |
| Total Distributable Earnings | 46954 |
| Net Assets (Equivalent to $24.43 per share based on 483,040.512 shares issued and outstanding) | $11801121 |

---

The accompanying notes are an integral part of these financial statements.

**UNRESTRICTED SERIES**

**(A SERIES WITHIN BULLFINCH FUND, INC.)**

**SCHEDULE OF INVESTMENTS IN SECURITIES APRIL 30, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Historical Cost** | **Fair Value** |
| **Level 1 - Common Stocks – 93.15%** |  |  |  |
| \*ASTERISK DENOTES A NON INCOME PRODUCING SECURITY |  |  |  |
| Computers - Software – 13.39% |  |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Inc.\* | 1100 | $28660 | $412478 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. 1,000 | 22076 | 395260 |  |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5500 | 56122 | 773960 |
|  | 106858 | 1581698 |  |
| Medical Products and Supplies - 7.57% |  |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. 7,100 359,371 356,420 |  |  |  |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* 3,300 52,806 249,117 |  |  |  |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1843 | 104985 | 288079 |
|  |  | 517162 | 893616 |
| Insurance – 6.65% |  |  |  |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 2450 | 56880 | 785690 |
| Commercial Services - 5.92% |  |  |  |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 4750 | 130496 | 698820 |
| Computers - Networking - 5.23% |  |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 10700 | 160237 | 617711 |
| Utilities – Natural Resources – 4.62% |  |  |  |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | 23500 | 276520 | 546140 |
| Machinery – 3.72% |  |  |  |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 9700 | 352263 | 438731 |
| Tobacco Products – 3.68% |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 7450 | 297131 | 434112 |
| Foods & Beverages – 3.48% |  |  |  |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | 12100 | 341779 | 411521 |
| Oil & Related – 3.48% |  |  |  |
| &nbsp;&nbsp;&nbsp;Core Laboratories Inc. | 14500 | 164833 | 164865 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 7400 | 351320 | 246050 |
|  |  | 516153 | 410915 |
| Electronics Components - 3.40% |  |  |  |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 8550 | 340527 | 401765 |
| Steel – 3.17% |  |  |  |
| &nbsp;&nbsp;&nbsp;Reliance Inc. | 1300 | 100031 | 374699 |
| Restaurants/Food Service – 2.90% |  |  |  |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 4800 | 348962 | 342720 |
| Electrical Equipment - 2.74% |  |  |  |
| &nbsp;&nbsp;&nbsp;Corning Inc. | 7300 | 66773 | 323974 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Shares** | **Historical**<br>**Cost** | **Fair**<br>**Value** |
| **Level 1 - Common Stocks – 93.15%** |  |  |  |
| Retail - General – 2.72% |  |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc.\* | 1740 | $159645 | $320891 |
| Building & Related – 2.71% |  |  |  |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 4700 | 99016 | 320258 |
| Leisure & Recreational - 2.70% |  |  |  |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.\* | 11150 | 338655 | 318333 |
| Real Estate & Related – 2.33% |  |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 2600 | 324728 | 274976 |
| Retail – Specialty – 2.20% |  |  |  |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3050 | 170752 | 203465 |
| &nbsp;&nbsp;&nbsp;Zumiez Inc.\* | 4800 | 105530 | 56160 |
|  |  | 276282 | 259625 |
| Aerospace – 1.99% |  |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corporation\* | 4400 | 83191 | 235224 |
| Computers - Hardware –1.85% |  |  |  |
| &nbsp;&nbsp;&nbsp;SanDisk Corp\* | 1333 | 44235 | 42803 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 4000 | 143289 | 175440 |
|  |  | 187524 | 218243 |
| Semiconductors - 1.77% |  |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc\* | 5600 | 98643 | 109032 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 5000 | 85565 | 100500 |
|  |  | 184208 | 209532 |
| Industrial Services – 1.77% |  |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors Int'l Washington | 1900 | 61567 | 208829 |
| Telecommunications – 1.38% |  |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 3700 | 180520 | 163022 |
| Consumer Nondurables - 0.89% |  |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue Inc. | 4474 | 31729 | 105586 |
| Media - 0.89% |  |  |  |
| &nbsp;&nbsp;&nbsp;Adeia Inc. | 8550 | 108242 | 105250 |
| Total Investments in Common Stocks |  | 5647079 | 11001881 |
| **Level 1 – Cash & Equivalents –6.85%** |  |  |  |
| Schwab US Treasury Money Ultra – 5.31% |  | 627579 | 627579 |
| Interest Rate 4.11% |  |  |  |
| Schwab Bank - 1.54% |  | 181704 | 181704 |
| Bank Sweep Interest Rate .05% |  |  |  |
| Total Cash & Cash Equivalents |  | 809283 | 809283 |
| &nbsp;&nbsp;&nbsp;Total Invested Assets |  | $6456362 | $11811164 |

---

The accompanying notes are an integral part of these financial statements.

**UNRESTRICTED SERIES**

**(A SERIES WITHIN BULLFINCH FUND, INC.)**

**SCHEDULE OF INVESTMENTS IN SECURITIES APRIL 30, 2025 (UNAUDITED)**

**Table of Industries**

---

| | | |
|:---|:---|:---|
| **Industry** | **Fair Value** | **Percent** |
| Aerospace | $235224 | 1.99% |
| Building & Related | 320258 | 2.71 |
| Commercial Services | 698820 | 5.92 |
| Computers – Hardware | 218243 | 1.85 |
| Computers – Networking | 617711 | 5.23 |
| Computers – Software | 1581698 | 13.39 |
| Consumer Nondurables | 105586 | 0.89 |
| Electrical Equipment | 323974 | 2.74 |
| Electronics Components | 401765 | 3.40 |
| Foods & Beverages | 411521 | 3.48 |
| Industrial Services | 208829 | 1.77 |
| Insurance | 785690 | 6.65 |
| Leisure & Recreational | 318333 | 2.70 |
| Machinery | 438731 | 3.72 |
| Media | 105250 | 0.89 |
| Medical Products & Supplies | 893616 | 7.57 |
| Oil & Related | 410915 | 3.48 |
| Real Estate & Related | 274976 | 2.33 |
| Restaurants/Food Service | 342720 | 2.90 |
| Retail- General | 320891 | 2.72 |
| Retail – Specialty | 259625 | 2.20 |
| Semiconductors | 209532 | 1.77 |
| Steel | 374699 | 3.17 |
| Telecommunications | 163022 | 1.38 |
| Tobacco Products | 434112 | 3.68 |
| Utilities – Natural Resources | 546140 | 4.62 |
| Total Equities | 11001881 | 93.15 |
| Cash & Cash Equivalents |  |  |
| Schwab US Treasury Money Ultra | 627579 | 5.31 |
| (Interest Rate 4.11%) |  |  |
| Schwab Bank | 181704 | 1.54 |
| (Bank Sweep Interest Rate .05%) |  |  |
| Total Invested Assets | $11811164 | 100.00% |

---

The accompanying notes are an integral part of these financial statements.

**UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Income | $134746 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment Adviser Fees | 62945 |
| &nbsp;&nbsp;&nbsp;Legal and Professional | 15465 |
| &nbsp;&nbsp;&nbsp;Insurance | 4304 |
| &nbsp;&nbsp;&nbsp;Dues & Subscriptions | 2074 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 1525 |
| &nbsp;&nbsp;&nbsp;Director Fees | 1200 |
| &nbsp;&nbsp;&nbsp;State Income Taxes | 175 |
| &nbsp;&nbsp;&nbsp;Telephone | 80 |
| &nbsp;&nbsp;&nbsp;Licenses & Permits | 24 |
| Total expenses | 87792 |
| Net investment income | 46954 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from securities transactions | (108029) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (415631) |
| Net loss on investments | (523660) |
| **CHANGE IN NET ASSETS FROM OPERATIONS** | $(476706) |

---

**UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30,**<br>**2025\*** | **Year Ended**<br>**October 31,**<br>**2024** |
| **CHANGE IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $46954 | $116354 |
| &nbsp;&nbsp;&nbsp;Net realized loss from securities transactions | (108029) | (77) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized(depreciation) appreciation of investments | (415631) | 1454384 |
| Change in net assets from operations | (476706) | 1570661 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Distribution of capital gains | 0 | (1037806) |
| &nbsp;&nbsp;&nbsp;Distribution of ordinary income | (116360) | (105286) |
| Decrease in net assets from distributions to shareholders | (116360) | (1143092) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 99746 | 209160 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions to shareholders | 116360 | 1143092 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (178052) | (276380) |
| Increase in net assets from capital share transactions | 38054 | 1075872 |
| **TOTAL (DECREASE) INCREASE IN NET ASSETS** | (555012) | 1503441 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 12356133 | 10852692 |
| &nbsp;&nbsp;&nbsp;End of period | $11801121 | $12356133 |

---

**\*Unaudited**

The accompanying notes are an integral part of these financial statements.

**UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**FINANCIAL HIGHLIGHTS**

**(PER SHARE DATA FOR A SHARE OUTSTANDING)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30,**<br>**2025\*** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2023** | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** |
| **NET ASSET VALUE, beginning of period** | $25.66 | $24.76 | $23.47 | $25.85 | $19.88 | $21.20 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.10 | 0.24 | 0.24 | (0.01) | (0.01) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments both realized and unrealized | (1.09) | 3.27 | 2.33 | (2.37) | 6.03 | (1.24) |
| Total income (loss) from investment operations | (0.99) | 3.51 | 2.57 | (2.38) | 6.02 | (1.20) |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution of ordinary income | (0.24) | (0.24) | (0.03) 0 | .00 | (0.04) | (0.12) |
| &nbsp;&nbsp;&nbsp;Distribution of net realized capital gains | 0.00 | (2.37) | (1.25) | 0.00 | (0.01) | 0.00 |
| Total Distributions to Shareholders | (0.24) | (2.61) | (1.28) | 0.00 | (0.05) | (0.12) |
| **NET ASSET VALUE, end of period** | $24.43 | $25.66 | $24.76 | $23.47 | $25.85 | $19.88 |
| **NET ASSETS\*\*, end of period** | $11801121 | $12356133 | $10852692 | $11341882 | $12426192 | $10000845 |

---

**\*Unaudited**

**\*\*Rounded**

**UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**FINANCIAL HIGHLIGHTS**

**(RATIOS AND SUPPLEMENTAL DATA)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30,**<br>**2025\*** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2023** | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** |
| **RATIO OF EXPENSES TO AVERAGE** |  |  |  |  |  |  |
| **NET ASSETS\*\*** | 0.71 | 1.40% | 1.40% | 1.36% | 1.37% | 1.43% |
| **RATIO OF NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**TO AVERAGE NET ASSETS\*\*** | 0.38 | 0.98% | 0.94% | (0.02)% | (0.02)% | 0.22% |
| **PORTFOLIO TURNOVER RATE\*\*** | 0.71 | 0.00% | 15.30% | 2.86% | 0.71% | 5.94% |
| **TOTAL RETURN** | (3.89) | 14.49% | 11.55% | (9.24)% | 30.34% | (5.71)% |

---

**\*Unaudited**

**\*\*Per share amounts calculated using the average shares method**

**\*\*\*The ratios presented were calculated using operating data for the six-month period from November 1, 2024 to April 30, 2025**.

The accompanying notes are an integral part of these financial highlights.

**UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 2025 (UNAUDITED)**

 

**NOTE A - SCOPE OF BUSINESS**

The Unrestricted Series (the "Series") is a series within the Bullfinch Fund, Inc. (the "Fund"), which was organized as a Maryland corporation registered under the Investment Company Act of 1940 as an open-ended non-diversified management investment company. The Fund offers two series of common stock. In addition to the Unrestricted Series, the Fund also offers the Greater Western New York Series.

The investment objective of the Series is to seek conservative long-term growth in capital. The investment adviser seeks to achieve this objective by using an asset mix consisting primarily of exchange listed securities and over-the-counter common stocks as well as U.S. Government securities maturing within five years.

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Series in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States ("GAAP"). The Series follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ('ASC") 946, *Financial Services – Investment Companies*.

Fair Value Measurements – FASB ASC 820-10, *Fair Value Measurement*, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The following is a description of the valuation methodologies used for assets measured at fair value:

Cash & Cash Equivalents- Cash consists of amounts deposited in a bank sweep account that is federally insured and a money market fund that is not federally insured. The Series has not experienced any losses on such amounts and believes it is not exposed to any significant credit risk on cash.

Security Valuation - The Series records its investments at fair value and is in compliance with FASB ASC 820-10-50, *Fair Value Measurement*. Securities traded on national securities exchanges or the NASDAQ National Market System are valued daily at the closing prices of the securities on those exchanges and securities traded on over-the-counter markets are valued daily at the closing bid prices. Short-term and money market securities are valued at amortized cost, which approximates market value.

---

| | |
|:---|:---|
| ASSETS AT FAIR VALUE AS OF: 4/30/25 |  |
|  | LEVEL 1 |
| COMMON STOCKS | $11001881 |
| CASH & CASH EQUIVALENTS | 809283 |
| TOTALS BY LEVEL | $11881164 |

---

In cases where market prices are unreliable or not readily available, for example, when trading on securities are halted as permitted by the U.S. Securities and Exchange Commission or when there is no trading volume on an Over-the-Counter security held by the Fund, the Fund relies on fair value pricing provided by the investment adviser. In performing its fair value pricing, the investment adviser acts under the ultimate supervision of, and follows, the policies of the Board of Directors. The Board of Directors retains the right to determine its own fair value price should it have reason to believe the price provided by the investment adviser does not reflect fair value. Valuing securities at fair value involves greater reliance on judgment than securities that have readily available market quotations. There can be no assurance the Fund could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Fund determines their net asset value per share.

Series Allocations – Most expenses of the fund are either separately billed to each series or allocated under the Board of Directors approved allocation of expenses.

Income Taxes - It is the policy of the Fund to comply with the requirements of Subchapter M of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. In addition, the Fund intends to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. Therefore, no provision for federal income taxes or excise taxes has been made.

Management has reviewed all open tax years and major tax jurisdictions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed or expected to be taken on a tax return. The Series' tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitation which is generally three years after the filing of the tax return.

Distributions to Shareholders – The Series distributes to its shareholders any ordinary income and net realized capital gains at least once each year. The amount of such distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Distributions to shareholders of ordinary income from dividends are recorded on the ex-dividend date. The tax character of distributions paid to shareholders of the Series during the 6 months ended April 30, 2025 and during the year ended October 31, 2024 was as follows:

The Series made a distribution of its ordinary income of $116,360 to its shareholders on December 27, 2024, in the form of stock dividends equal to 4,482.283 shares of stock.. The Series made a distribution of its ordinary income of $105,286 to its shareholders on December 26, 2023, in the form of stock dividends equal to 4,219.874 shares of stock. The Series made a distribution of its short term capital gains of $8,533 to its shareholders on December 26, 2023, in the form of stock dividends equal to 342.007 shares of stock. The Series made a distribution of its long term capital gains of $1,029,273 to its shareholders on December 26, 2023, in the form of stock dividends equal to 41,253.403 shares of stock.

Other - The Series follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains and losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Series may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results can differ from those estimates.

Subsequent Events **-** In accordance with GAAP, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements.

**NOTE C – INVESTMENTS**

For the six months ended April 30, 2025, the Series purchased $602,131 of common stock. During the same period, the Series redeemed $88,219 of common stock.

At April 30, 2025, the tax basis components of unrealized appreciation were as follows: the gross unrealized appreciation for all securities totaled $5,635,086 and the gross unrealized depreciation for all securities totaled $280,284 or a net unrealized appreciation of $5,354,802. The aggregate cost of securities for federal income tax purposes at April 30, 2025 was $5,647,079.

**NOTE D – RELATED PARTY TRANSACTIONS**

Carosa Stanton Asset Management, LLC serves as investment adviser to the Fund pursuant to an investment adviser agreement which was approved by the Fund's Board of Directors. Carosa Stanton Asset Management, LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940. The investment adviser agreement provides that Carosa Stanton Asset Management, LLC, subject to the supervision and approval of the Fund's Board of Directors, is responsible for the day-to-day management of the Fund's portfolio, which includes selecting investments and handling its business affairs.

As compensation for its services to the Fund, the investment adviser receives monthly compensation at an annual rate of 1.25% on the first $1 million of daily average net assets and 1% on that portion of the daily average net assets in excess of $1 million. These fees are reduced by any sub-transfer agent fees incurred by the Fund.

Carosa Stanton Asset Management, LLC has agreed as part of its contract to forego sufficient investment adviser fees to limit total expenses of the Fund to 2% of the first $10 million in average assets and 1.5% of the next $20 million in average assets.

During the six months ended April 30, 2025, the Fund paid investment adviser fees of $62,945.

As of April 30, 2025, the Fund had $9,730 included in liabilities, as owed to Carosa Stanton Asset Management, LLC.

Certain officers of the Fund are also officers of Carosa Stanton Asset Management, LLC.

**NOTE E – REMUNERATION OF DIRECTORS**

The Directors are paid a fee of $50 per quarter. They may be reimbursed for travel expenses.

**NOTE F – COMMITMENTS AND CONTINGENCIES**

The Series indemnifies the Fund's officers and the Board of Directors for certain liabilities that might arise from their performance of their duties to the Series. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on its experience, the Fund expects the risk of loss to be remote.

**NOTE G - RISKS AND UNCERTAINTIES**

In the normal course of business, the Series invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the valuation of Series of the Fund.

**NOTE H- CAPITAL SHARE TRANSACTIONS**

The Fund has authorized 10,000,000 shares of common stock at $0.01 par value per share. These shares are issued under either of the two series of the Fund. Each share has equal dividend, distribution and liquidation rights. Transactions in capital stock of the Series were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| Balance at October 31, 2023 | 438269.736 | $5969064 |
| Shares sold during 2024 | 8547.392 | 209160 |
| Shares redeemed during 2024 | (11130.641) | (276380) |
| Reinvestment of Distributions, December 26, 2023 | 45815.284 | 1143092 |
| Balance at October 31, 2024 | 481501.771 | $7044936 |
| Shares sold during period | 3851.475 | 99746 |
| Shares redeemed during period | (6795.017) | (178052) |
| Reinvestment of Distributions, December 27, 2024 | 4482.283 | 116360 |
| Balance at April 30, 2025 | 483040.512 | $7082990 |

---

**GREATER WESTERN NEW YORK SERIES**

**(A Series Within Bullfinch Fund, Inc.)**

**FINANCIAL STATEMENTS AS OF**

**April 30, 2025**

**(UNAUDITED**

**GREATER WESTERN NEW YORK SERIES**

**(A SERIES WITHIN BULLFINCH FUND, INC.)**

**STATEMENT OF ASSETS AND LIABILITIES**

**APRIL 30, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments in Securities, at Fair Value, Identified Cost of $961,831 | $2316828 |
| Cash and Cash Equivalents | 492664 |
| Accrued Interest and Dividends | 1994 |
| Prepaid Expenses | 671 |
| Total Assets | 2812157 |
| **LIABILITIES** |  |
| Accrued Expenses | 4003 |
| Due to Investment Adviser | 2462 |
| Total Liabilities | 6465 |
| **NET ASSETS** |  |
| Net Assets at April 30, 2025 | $2805692 |
| **COMPOSITION OF NET ASSETS** |  |
| Net capital paid in on shares of capital stock | $2796776 |
| Total Distributable Earnings | 8916 |
| Net Assets (Equivalent to $25.69 per share based on 109,219.744 shares issued and outstanding) | $2805692 |

---

The accompanying notes are an integral part of these financial statements.

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**SCHEDULE OF INVESTMENTS IN SECURITIES APRIL 30, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Shares** | **Historical**<br>**Cost** | **Fair**<br>**Value** |
| **Level 1 Common Stocks – 82.46%** |  |  |  |
| \*ASTERISK DENOTES A NON INCOME PRODUCING SECURITY |  |  |  |
| Aerospace - 11.17% |  |  |  |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 500 | $24989 | $110010 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. Class A | 637 | 15976 | 106538 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 200 | 2294 | 97300 |
|  |  | 43259 | 313848 |
| Electronics Components – 8.66% |  |  |  |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 7000 | 40691 | 158830 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 1800 | 71690 | 84582 |
|  |  | 112381 | 243412 |
| Banking & Finance – 8.04% |  |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup Inc. | 1600 | 73288 | 109408 |
| &nbsp;&nbsp;&nbsp;Community Financial System Inc. | 1200 | 23452 | 65508 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 300 | 29839 | 50928 |
|  | 126579 | 225844 |  |
| Medical Products & Supplies – 7.59% |  |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1150 | 29276 | 57730 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp\* | 850 | 17417 | 107364 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 308 | 17415 | 48143 |
|  |  | 64108 | 213237 |
| Utilities - Natural Resources - 6.47% |  |  |  |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2000 | 70142 | 85760 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1250 | 50833 | 95975 |
|  |  | 120975 | 181735 |
| Electrical Equipment - 6.25% |  |  |  |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2200 | 26502 | 97636 |
| &nbsp;&nbsp;&nbsp;Ultralife Corp.\* | 17400 | 65037 | 77952 |
|  |  | 91539 | 175588 |
| Commercial Services – 5.11% |  |  |  |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 975 | 25852 | 143442 |
| Computers - Software – 4.51% |  |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 900 | 12070 | 126648 |
| Real Estate & Related - 4.20% |  |  |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage Inc . | 805 | 20859 | 117949 |
| Steel – 3.77% |  |  |  |
| &nbsp;&nbsp;&nbsp;Gilbraltar Industries Inc.\* | 2000 | 25111 | 105900 |
| Environmental Services – 3.62% |  |  |  |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 14800 | 72649 | 101676 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Shares** | **Historical**<br>**Cost** | **Fair**<br>**Value** |
| **Level 1 Common Stocks – 82.46%** |  |  |  |
| Restaurants/Food Service - 2.79% |  |  |  |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1100 | $79970 | $78540 |
| Foods & Beverages – 2.67% |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. | 400 | 2509 | 75016 |
| Metal Fabrication & Hardware – 1.52% |  |  |  |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 1400 | 15140 | 42672 |
| Retail - Specialty – 1.42% |  |  |  |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 600 | 33591 | 40026 |
| Telecommunications - 1.10% |  |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 700 | 34210 | 30842 |
| Airlines - 1.04% |  |  |  |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 1050 | 19813 | 29358 |
| Instruments – 1.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;Taylor Devices Inc.\* | 877 | 4394 | 27976 |
| Automotive – 0.77% |  |  |  |
| &nbsp;&nbsp;&nbsp;Monro Inc. | 1550 | 35604 | 21607 |
| Consumer Nondurables - 0.62% |  |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue Inc. | 738 | 5195 | 17417 |
| Office Equipment – 0.05% |  |  |  |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp | 350 | 12742 | 1544 |
| Machinery – 0.05% |  |  |  |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 100 | 2344 | 1485 |
| Industrial Materials - 0.04% |  |  |  |
| &nbsp;&nbsp;&nbsp;Servotronics, Inc. \* | 100 | 937 | 1066 |
| Total Investments in Securities |  | 961831 | 2316828 |
| **Level 1 – Cash & Equivalents – 17.54%** |  |  |  |
| Schwab US Treasury Money Investor – 11.54% |  | 324202 | 324202 |
| Interest Rate 3.96% |  |  |  |
| Schwab Bank - 6.00% |  | 168462 | 168462 |
| Bank Sweep Interest Rate .05% |  |  |  |
| Total Cash & Equivalents |  | 492664 | 492664 |
| Total Invested Assets |  | $1454495 | $2809492 |

---

The accompanying notes are an integral part of these financial statements.

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**SCHEDULE OF INVESTMENTS IN SECURITIES APRIL 30, 2025 (UNAUDITED)**

**Table of Industries**

---

| | | |
|:---|:---|:---|
| **Industry** | **Fair Value** | **Percent** |
| Aerospace | $313848 | 11.17% |
| Airlines | 29358 | 1.04 |
| Automotive | 21607 | 0.77 |
| Banking & Finance | 225844 | 8.04 |
| Commercial Services | 143442 | 5.11 |
| Computers – Software | 126648 | 4.51 |
| Consumer Nondurables | 17417 | 0.62 |
| Electrical Equipment | 175588 | 6.25 |
| Electronics Components | 243412 | 8.66 |
| Environmental Services | 101676 | 3.62 |
| Foods & Beverages | 75016 | 2.67 |
| Industrial Materials | 1066 | 0.04 |
| Instruments | 27976 | 1.00 |
| Machinery | 1485 | 0.05 |
| Medical Products & Supplies | 213237 | 7.59 |
| Metal Fabrication & Hardware | 42672 | 1.52 |
| Office Equipment | 1544 | 0.05 |
| Real Estate & Related | 117949 | 4.20 |
| Restaurants/Food Service | 78540 | 2.79 |
| Retail – Specialty | 40026 | 1.42 |
| Steel | 105900 | 3.77 |
| Telecommunications | 30842 | 1.10 |
| Utilities – Natural Resources | 181735 | 6.47 |
| Total Equities | 2316828 | 82.46% |
| Cash & Cash Equivalents |  |  |
| Schwab US Treasury Money Investor | 324202 | 11.54 |
| (Interest Rate 3.96%) |  |  |
| Schwab Bank | 168462 | 6.00 |
| (Bank Sweep Interest Rate .05%) |  |  |
| Total Invested Assets | $2809492 | 100.00% |

---

The accompanying notes are an integral part of these financial statements.

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**STATEMENT OF OPERATIONS FOR THE YEAR ENDED APRIL 30, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and Interest Income | $31248 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Fees | 15733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and Professional | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Fees | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dues and Subscriptions | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Fees | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Taxes | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licenses & Permits | 24 |
| &nbsp;&nbsp;&nbsp;Total expenses | 22454 |
| Net investment income | 8794 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;Realized gain from securities transactions | 122 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (196667) |
| Net loss on investments | (196545) |
| **CHANGE IN NET ASSETS FROM OPERATIONS** | $(187751) |

---

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30,**<br>**2025\*** | **Year Ended**<br>**October 31,**<br>**2024** |
| **CHANGE IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $8794 | $16523 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from securities transactions | 122 | (42839) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized(depreciation) appreciation of investments | (196667) | 618095 |
| Change in net assets from operations | (187751) | 591779 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Distribution of capital gains | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Distribution of ordinary income | (16523) | (17382) |
| Decrease in net assets from distributions to shareholders | (16523) | (17382) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 60191 | 37242 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions to shareholders | 16523 | 17382 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (23384) | (19889) |
| Increase in net assets from capital share transactions | 53330 | 34735 |
| **TOTAL (DECREASE) INCREASE IN NET ASSETS** | (150944) | 609132 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2956636 | 2347504 |
| &nbsp;&nbsp;&nbsp;End of period | $2805692 | $2956636 |

---

**\*Unaudited**

The accompanying notes are an integral part of these financial statements.

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**FINANCIAL HIGHLIGHTS (PER SHARE DATA FOR A SHARE OUTSTANDING)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30,**<br>**2025\*** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2023** | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** |
| **NET ASSET VALUE, beginning of period** | $27.58 | $22.18 | $23.78 | $25.09 | $20.16 | $23.28 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.08 | 0.15 | 0.16 | 0.00 | (0.05) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments both realized and unrealized | (1.82) | 5.41 | (1.34) | (0.67) | 6.28 | (3.10) |
| Total income (loss) from investment operations | (1.74) | 5.56 | (1.18) | (0.67) | 6.23 | (3.09) |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution of ordinary income | (0.15) | (0.16) | (0.02) | 0.00 | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;Distribution of net realized capital gains | 0.00 | 0.00 | (0.40) | (0.64) | (1.29) | 0.00 |
| Total Distributions to Shareholders | (0.15) | (0.16) | (0.42) | (0.64) | (1.30) | (0.03) |
| **NET ASSET VALUE, end of period** | $25.69 | $27.58 | $22.18 | $23.78 | $25.09 | $20.16 |
| **NET ASSETS\*\*, end of period** | $2805692 | $2956636 | $2347504 | $2423219 | $2457931 | $1844090 |

---

**\*Unaudited**

**\*\*Rounded**

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**FINANCIAL HIGHLIGHTS**

**(RATIOS AND SUPPLEMENTAL DATA)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30,**<br>**2025\*** | **Year Ended**<br>**October 31,**<br>**2024** | **Year Ended**<br>**October 31,**<br>**2023** | **Year Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**October 31,**<br>**2021** | **Year Ended**<br>**October 31,**<br>**2020** |
| **RATIO OF EXPENSES TO AVERAGE** |  |  |  |  |  |  |
| **NET ASSETS\*\*** | 0.77 | 1.43% | 1.44% | 1.44% | 1.52% | 1.54% |
| **RATIO OF NET INVESTMENT INCOME (LOSS)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**TO AVERAGE NET ASSETS\*\*** | 0.30 | 0.59% | 0.71% | (0.01)% | (0.22)% | 0.03% |
| **PORTFOLIO TURNOVER RATE\*\*** | 0.00 | 0.00% | 0.94% | 10.00% | 0.00% | 5.61% |
| **TOTAL RETURN** | **(6.32** | 25.16% | (4.97)% | (2.81)% | 31.73% | (13.30)% |

---

**\*Unaudited**

**\*\*Per share amounts calculated using the average shares method**

**\*\*\*The ratios presented were calculated using operating data for the six-month period from November 1, 2024 to April 30, 2025**.

The accompanying notes are an integral part of these financial highlights.

**GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)**

**NOTES TO FINANCIAL STATEMENTS APRIL 30, 2025 (UNAUDITED)**

**NOTE A - SCOPE OF BUSINESS**

The Greater Western New York Series (the "Series") is a series within the Bullfinch Fund, Inc. (the "Fund"), which was organized as a Maryland corporation registered under the Investment Company Act of 1940 as an open-ended non-diversified management investment company. The Fund offers two series of common stock. In addition to the Greater Western New York Series, the Fund also offers the Unrestricted Series.

The investment objective of the Series is to seek capital appreciation through the investment in common stock of companies with an important economic presence in the Greater Western New York Region. The investment adviser seeks to achieve this objective by using an asset mix consisting primarily of exchange listed securities and over-the-counter common stocks as well as U.S. Government securities maturing within five years.

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Series in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States ("GAAP"). The Series follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") 946, *Financial Services – Investment Companies*.

Fair Value Measurements – FASB ASC 820-10, *Fair Value Measurement*, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The following is a description of the valuation methodologies used for assets measured at fair value:

Cash & Cash Equivalents- Cash consists of amounts deposited in a bank sweep account that is federally insured and a money market fund that is not federally insured. The Series has not experienced any losses on such amounts and believes it is not exposed to any significant credit risk on cash.

Security Valuation - The Series records its investments at fair value and is in compliance with FASB ASC 820-10-50, *Fair Value Measurement*. Securities traded on national securities exchanges or the NASDAQ National Market System are valued daily at the closing prices of the securities on those exchanges and securities traded on over-the-counter markets are valued daily at the closing bid prices. Short-term and money market securities are valued at amortized cost, which approximates market value.

---

| | |
|:---|:---|
| ASSETS AT FAIR VALUE AS OF: 4/30/25 |  |
|  | LEVEL 1 |
| COMMON STOCKS | $2316828 |
| CASH & CASH EQUIVALENTS | 492664 |
| TOTALS BY LEVEL | $2809492 |

---

In cases where market prices are unreliable or not readily available, for example, when trading on securities are halted as permitted by the U.S Securities and Exchange Commission or when there is no trading volume on an Over-the-Counter security held by the Fund, the Fund relies on fair value pricing provided by the investment adviser. In performing its fair value pricing, the investment adviser acts under the ultimate supervision of, and follows, the policies of the Board of Directors. The Board of Directors retains the right to determine its own fair value price should it have reason to believe the price provided by the investment adviser does not reflect fair value. Valuing securities at fair value involves greater reliance on judgment than securities that have readily available market quotations. There can be no assurance the Fund could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Fund determines their net asset value per share.

Series Allocations - Most expenses of the fund are either separately billed to each series or allocated under the Board of Directors approved allocation of expenses.

Income Taxes - It is the policy of the Fund to comply with the requirements of Subchapter M of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. In addition, the Fund intends to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code. Therefore, no provision for federal income taxes or excise taxes has been made.

Management has reviewed all open tax years and major tax jurisdictions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed or expected to be taken on a tax return. The Series' tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitation which is generally three years after the filing of the tax return.

Distributions to Shareholders - The Series distributes to its shareholders any ordinary income and net realized capital gains at least once each year. The amount of such distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Distributions to shareholders of ordinary income from dividends are recorded on the ex-dividend date. The tax character of distributions paid to shareholders of the Series during the 6 months ended April 30, 2025 and during the year ended October 31, 2024 was as follows:

The Series made a distribution of its ordinary income of $16,523 to its shareholders on December 27, 2024 in the form of stock dividends equal to 613.561 shares of stock. The Series made a distribution of its ordinary income of $17,382 to its shareholders on December 26, 2023 in the form of stock dividends equal to 695.553 shares of stock.

Other - The Series follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains and losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Series may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results can differ from those estimates.

Subsequent Events **-** In accordance with GAAP, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements.

**NOTE C – INVESTMENTS**

For the six months ended April 30, 2025, the Series purchased $0 of common stock. During the same period, the Series redeemed $0 of common stock.

At April 30, 2025, the tax basis components of unrealized appreciation were as follows: the gross unrealized appreciation for all securities totaled $1,396,148 and the gross unrealized depreciation for all securities totaled $41,151, or a net unrealized appreciation of $1,354,997. The aggregate cost of securities for federal income tax purposes at April 30, 2025 was $961,831.

**NOTE D – RELATED PARTY TRANSACTIONS**

Carosa Stanton Asset Management, LLC serves as investment adviser to the Fund pursuant to an investment adviser agreement which was approved by the Fund's board of directors. Carosa Stanton Asset Management, LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940. The Investment adviser agreement provides that Carosa Stanton Asset Management, LLC, subject to the supervision and approval of the Fund's board of directors, is responsible for the day-to-day management of the Fund's portfolio, which includes selecting investments and handling its business affairs.

As compensation for its services to the Fund, the investment adviser receives monthly compensation at an annual rate of 1.25% on the first $1 million of daily average net assets and 1% on that portion of the daily average net assets in excess of $1 million. These fees are reduced by any sub-transfer agent fees incurred by the Fund. Carosa Stanton Asset Management, LLC has agreed as part of its contract to forego sufficient investment adviser fees to limit total expenses of the Fund to 2% of the first $10 million in average assets and 1.5% of the next $20 million in average assets.

During the six months ended April 30, 2025, the Fund paid investment adviser fees of $15,733.

As of April 30, 2025, the Fund had $2,462 included in liabilities, as owed to Carosa Stanton Asset Management, LLC.

As of April 30, 2025, three of the Series' shareholders of record owned 50% of the outstanding shares. The Series may be adversely affected when a shareholder purchases or redeems large amounts of shares, which may impact the Series in the same manner as a high volume of redemption requests. Significant shareholder purchases and redemptions may adversely impact the Series portfolio management and may cause the Series to make investment decisions at inopportune times or prices or miss attractive investment opportunities. Such transactions may also increase the Series' transaction costs, accelerate the realization of taxable income if sales of securities result in gains, or otherwise cause the Series to perform differently than intended.

Certain officers of the Fund are also officers of Carosa Stanton Asset Management.

**NOTE E – REMUNERATION OF DIRECTORS**

The Directors are paid a fee of $50 per quarter. They may be reimbursed for travel expenses.

**NOTE F – COMMITMENTS AND CONTINGENCIES**

The Series indemnifies the Fund's officers and the Board of Directors for certain liabilities that might arise from their performance of their duties to the Series. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on its experience, the Fund expects the risk of loss to be remote.

**NOTE G - RISKS AND UNCERTAINTIES**

In the normal course of business, the Series invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the valuation of Series of the Fund.

**NOTE H - CAPITAL SHARE TRANSACTIONS**

The Fund has authorized 10,000,000 shares of common stock at $0.01 par value per share. These shares are issued under either of the two series of the Fund. Each share has equal dividend, distribution and liquidation rights. Transactions in capital stock of the Series were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| Balance at October 31, 2023 | 105845.449 | $1591292 |
| Shares sold during 2024 | 1437.512 | 37242 |
| Shares redeemed during 2024 | (779.505) | (19889) |
| Reinvestment of Distributions, December 26, 2023 | 695.553 | 17382 |
| Balance at October 31, 2024 | 107199.009 | $1626027 |
| Shares sold during period | 2227.329 | 60191 |
| Shares redeemed during period | (820.155) | (23384) |
| Reinvestment of Distributions, December 27, 2024 | 613.561 | 16523 |
| Balance at April 30, 2025 | 109219.744 | $1679357 |

---

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. The information is included as part of the material filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. The information is included as part of the material filed under Item 7 of this Form.

Item 12. Disclosure of Closed End fund Proxy Voting Policies/Procedures. Not applicable.

Item 13. Portfolio Managers of Closed-End Funds. Not applicable.

Item 14. Purchases of Equity Securities by Closed End Funds. Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders. Not applicable.

Item 16. Controls and Procedures.

(a) Disclosure Controls & Procedures. The registrant's president and chief financial officer has concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) Internal Controls. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(b) under the 1940 Act that occurred during the registrant's first fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1)[EX-99.CERT. Filed herewith.](ex99-cert.htm)

(a)(2) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) [EX-99.906CERT. Filed herewith.](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Bullfinch Fund

---

| | |
|:---|:---|
| By: | */s/ Christopher Carosa* |
|  | Christopher Carosa |
|  | President (Principal Executive Officer and Principal Financial Officer) |

---

Date: June 30, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | */s/ Christopher Carosa* |
|  | Christopher Carosa |
|  | President (Principal Executive Officer and Principal Financial Officer) |

---

Date: June 30, 2025

## Ex-99

[**EX-99.CERT**]

Exhibit (a)(2)

SECTION 302 CERTIFICATIONS

I, Christopher Carosa, certify that:

1. I have reviewed this report on Form N-CSR of BULLFINCH FUND, INC.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | */S/ Christopher Carosa* |
|  | Christopher Carosa |
|  | President (Principal Executive Officer and Principal Financial Officer) |
| Date: | June 30, 2025 |

---

## Exhibit 99.906

[**EX. 99.906CERT**]

Exhibit (b)

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, to the best of his knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | */S/ Christopher Carosa* |
|  | Christopher Carosa |
|  | President (Principal Executive Officer and Principal Financial Officer) |
| Date: | June 30, 2025 |

---

[A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.]