# EDGAR Filing Document

**Accession Number:** 0001030979
**File Stem:** 0001413042-25-000744
**Filing Date:** 2025-9
**Character Count:** 116398
**Document Hash:** 49fb0e83668ec5f77f7ffba7c9c72836
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-25-000744.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001413042-25-000744

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERKSHIRE FUNDS
- **CENTRAL INDEX KEY:** 0001030979

**ORGANIZATION NAME:**
- **EIN:** 770449050
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08043
- **FILM NUMBER:** 251293085

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BERKSHIRE CAPITAL HOLDINGS INC
- **STREET 2:** 475 MILAN DR SUITE 103
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134-2453
- **BUSINESS PHONE:** 4085260707

**MAIL ADDRESS:**
- **STREET 1:** C/O BERKSHIRE CAPITAL HOLDINGS INC
- **STREET 2:** 475 MILAN DR SUITE 103
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134

## Series and Classes Contracts Data

### Berkshire Focus Fund (Series ID: S000004886)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000013240 | Berkshire Focus Fund | BFOCX           |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** |
| **INVESTMENT COMPANIES** |
| Investment Company Act file number 811-08043 |
| **<u>The Berkshire Funds</u>** |
| (Exact name of registrant as specified in charter) |
| 475 Milan Drive, Suite #103 |
| <u>San Jose, CA 95134-2453</u> |
| (Address of principal executive offices) (Zip code) |
| Malcolm R. Fobes III |
| The Berkshire Funds |
| 475 Milan Drive, Suite #103 |
| <u>San Jose, CA 95134-2453</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: 1-408-526-0707** |
| **Date of fiscal year end: December 31** |
| **Date of reporting period: June 30, 2025** |

---

**Item 1. Reports to Stockholders.**

**June 30, 2025**

**SEMI-ANNUAL REPORT**

---

| | |
|:---|:---|
| ![](fp0095237-1_01.jpg)&nbsp;&nbsp;&nbsp;&nbsp; | **BERKSHIRE FOCUS FUND**<br> (BFOCX) |

---

This semi-annual shareholder report contains important information about the Berkshire Focus Fund (BFOCX) for the period January 1, 2025 to June 30, 2025. You can find additional information about the fund at www.berkshirefunds.com. You can also request this information by contacting us at 1-877-526-0707.

**Fund Costs**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp; Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| Berkshire Focus Fund | &nbsp;&nbsp;&nbsp;$104.25 | 1.95% |

---

**Management's Discussion of Performance**

![](fp0095237-1_02.jpg)

For the six-month period ended June 30, 2025, the Berkshire Focus Fund significantly outperformed its primary benchmark index. The Fund generated a total return of 15.61% while the S&P 500<sup>®</sup> Index—which we consider to be the Fund's primary benchmark index—produced a total return of 6.20% over the same period. A $10,000 investment in our Fund over 10 years starting on June 30, 2015, grew to $40,399. This was a +14.98% average annual compounded return. A $10,000 investment in the S&P 500<sup>®</sup> over the same period grew to $35,936. This was a +13.65% average annual compounded return.

Investors entered 2024 with an apprehensive mind-set as President Trump's decision to impose widespread tariffs raised investor fears of retaliation and the risk of an all-out trade war. U.S. equity markets pulled back sharply in mid-February triggered by President Trump's "Liberation Day" announcement of tariffs on a much larger scale than was expected. Investors quickly turned apocalyptically bearish, igniting multiple broad market selloffs that lasted until early April. The sharp drop in U.S. equities inflicted heavy damage to high-growth and technology stocks which bore the brunt of the market declines disproportionately. Following the rollback of tariffs by the Trump administration, the market swiftly recovered and continued its positive momentum throughout May and June as trade negotiations progressed. Technology stocks, particularly those in the artificial intelligence (AI) sector, fueled the stock market's rally. This far outpaced the rest of the equity markets, where the rebound was less pronounced. Looking ahead, we see immense potential in AI, particularly within companies poised for significant gains from increased investments in semiconductors, data center expansion, and AI's rising energy demands.

Our investments in Cloudflare (NET), Credo Technology (CRDO), DoorDash (DASH), Palantir (PLTR), Meta Platforms (META), NVIDIA (NVDA), Robinhood (HOOD) and Taiwan Semiconductor (TSM) were contributors to the Fund's performance. However, some of our investments detracted from the Fund's performance — these included Amazon (AMZN), AppLovin (APP), DataDog (DDOG), Marvell Technology (MRVL), Reddit (RDDT), Roku (ROKU) and Tesla (TSLA). New additions to the portfolio in the first half were Advanced Micro Devices (AMD), Coinbase (COIN), Circle Internet (CRCL), CoreWeave (CRWV), MicroStrategy (MSTR) and Snowflake (SNOW).

**Growth of $10,000<sup>(1)</sup>**

![](fp0095237-1_03.jpg)

**Average Annual Total Returns <sup>(1)</sup>**

![](fp0095237-1_04.jpg)

**Fund Statistics**

Net Assets: $285.9 million

Portfolio Holdings: 22

Portfolio Turnover: 1179.4%

Total Advisory Fees Paid: $1,869,926

**Top 10 Holdings**

(as a percentage of total net assets)

---

| | |
|:---|:---|
| **Company** | **Weight** |
| NVIDIA Corp. | 17.33% |
| Cloudflare, Inc. (Class A) | 7.00% |
| Taiwan Semiconductor Mfg. Co. Ltd. – ADR | 6.97% |
| Palantir Technologies, Inc. (Class A) | 5.98% |
| Coinbase Global, Inc. (Class A) | 5.86% |
| Robinhood Markets, Inc. (Class A) | 5.00% |
| DoorDash, Inc. (Class A) | 4.98% |
| Meta Platforms, Inc. (Class A) | 4.97% |
| Affirm Holdings, Inc. (Class A) | 4.92% |
| AppLovin Corp. (Class A) | 4.02% |

---

**Sector Allocation**

(as a percentage of total net assets)

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors | 30.24% |
| Business Software & Services | 20.02% |
| Cryptocurrency | 12.89% |
| Internet Social Media | 8.91% |
| Capital Markets | 5.00% |
| Transport Networks | 4.98% |
| IT Financial Services | 4.92% |
| Entertainment | 4.02% |
| Electrical Equipment | 4.00% |
| Communication & Networking Equipment | 2.92% |
| IT Services | 2.01% |
| Internet Services | 0.03% |
| Semiconductor Equipment | 0.01% |
| Cybersecurity Equipment & Services | 0.01% |

---

<sup>(1)</sup> ***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

**June 30, 2025**

**Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication 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 like to receive individual mailings, please call 1-877-526-0707 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

**Availability of Additional Information about the Fund**

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.berkshirefunds.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. Investments.** | **Item 6. Investments.** |  |
| **Berkshire Focus Fund** | **Berkshire Focus Fund** |  |
| PORTFOLIO OF INVESTMENTS | PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (Unaudited) | June 30, 2025 (Unaudited) |  |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS - 99.96%** | $285827333 |
|  | (Cost $238,619,780) |  |
|  | **AUTOMOBILE MANUFACTURERS - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Rivian Automotive, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3177 |
|  | **BUSINESS SOFTWARE & SERVICES - 20.02%** | &nbsp;&nbsp;&nbsp;&nbsp; 57231663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32810 | AppLovin Corporation (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 11486125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Atlassian Corporation (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Aurora Innovation, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 102230 | Cloudflare, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 20019701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Datadog, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Elastic N.V. (Netherlands) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | GitLab Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | monday.com Ltd. (Israel) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | MongoDB, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125480 | Palantir Technologies Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 17105434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Samsara Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38280 | Snowflake Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Toast, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | The Trade Desk, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 |
|  | **CAPITAL MARKETS - 5.00%** | &nbsp;&nbsp;&nbsp;&nbsp; 14291683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 152640 | Robinhood Markets, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 14291683 |
|  | **COMMUNICATION & NETWORKING EQUIPMENT - 2.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Astera Labs, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Ciena Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90240 | Credo Technology Group Holding Ltd (Cayman Islands) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8355322 |
|  | **COMPUTER HARDWARE - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Dell Technologies, Inc. - (Class C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Pure Storage, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | Sandisk Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Super Micro Computer, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Western Digital Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
|  | **CONSTRUCTION & ENGINEERING - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 |
|  | **CONSUMER ELECTRONICS - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052 |
|  | **CRYPTOCURRENCY - 12.89%** | &nbsp;&nbsp;&nbsp;&nbsp; 36863183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31550 | Circle Internet Group, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | CleanSpark, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47830 | Coinbase Global, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 16763937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341770 | Core Scientific, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21140 | MicroStrategy, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545422 |
|  | **CYBERSECURITY EQUIPMENT & SERVICES - 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | CrowdStrike Holdings, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | CyberArk Software Ltd. (Israel) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Okta, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3139 |
|  | **DRUG MANUFACTURERS - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Eli Lilly and Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Novo Nordisk A/S - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 |
|  | **ELECTRIC UTILITIES - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Constellation Energy Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Oklo, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | **ELECTRICAL EQUIPMENT - 4.00%** | &nbsp;&nbsp;&nbsp;&nbsp; 11421313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Eaton Corporation plc (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | GE Vernova Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88860 | Vertiv Holdings Co (Class A) | &nbsp;&nbsp;&nbsp;&nbsp; 11410513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1938 |
|  | **ENTERTAINMENT - 4.02%** | &nbsp;&nbsp;&nbsp;&nbsp; 11483642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Roblox Corporation (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130380 | Roku, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 11459098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Spotify Technology S.A. - (Luxembourg) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2428 |
|  | **HOTELS, RESTAURANTS & LEISURE - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | CAVA Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Dutch Bros Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 |
|  | **INTERNET SERVICES - 0.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Airbnb, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Alphabet, Inc. (Class A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Booking Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Carvana Co. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Global-E Online Ltd. (Israel) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | MercadoLibre, Inc. (Argentina) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Shopify Inc. (Class A) (Canada) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Zillow Group, Inc. (Class C) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 |
|  | **INTERNET SOCIAL MEDIA - 8.91%** | &nbsp;&nbsp;&nbsp;&nbsp; 25483062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19240 | Meta Platforms, Inc. (Class A) | &nbsp;&nbsp;&nbsp;&nbsp; 14200852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74930 | Reddit, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 11282210 |
|  | **IT FINANCIAL SERVICES - 4.92%** | &nbsp;&nbsp;&nbsp;&nbsp; 14077765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203600 | Affirm Holdings, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 14076904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Block Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | SoFi Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  | **IT SERVICES - 2.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35180 | CoreWeave, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736451 |
|  | **PERSONAL DEFENSE EQUIPMENT - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Axon Enterprise, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8279 |
|  | **SEMICONDUCTORS - 30.24%** | &nbsp;&nbsp;&nbsp;&nbsp; 86463205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8301150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Arm Holdings plc - ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31410 | Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Himax Technologies, Inc. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 313620 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 49548824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88050 | Taiwan Semiconductor Manufacturing Company Limited - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 19942444 |
|  | **SEMICONDUCTOR EQUIPMENT - 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | ASML Holding N.V. - ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | KLA Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Lam Research Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973 |
|  | **SPORTS ENTERTAINMENT & GAMING - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | DraftKings Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Flutter Entertainment plc (Ireland) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2858 |
|  | **TRANSPORT NETWORKS - 4.98%** | &nbsp;&nbsp;&nbsp;&nbsp; 14246746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57790 | DoorDash, Inc. (Class A) \* | &nbsp;&nbsp;&nbsp;&nbsp; 14245813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 |
|  | **EXCHANGE TRADED FUNDS - 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10012 |
|  | (Cost $2,834) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Invesco QQQ ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | iShares® Bitcoin Trust \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | iShares® Expanded Tech-Software Sector ETF \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | VanEck Semiconductor ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2789 |
|  | **TOTAL INVESTMENT SECURITIES - 99.97%** | &nbsp;&nbsp;&nbsp;&nbsp;285837345 |
|  | (Cost $238,622,614) |  |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94195 |
|  | **NET ASSETS - 100.00%** | $285931540 |
|  | Equivalent to $34.96 Per Share |  |
|  | \* Non-income producing. |  |
|  | ADR - American Depositary Receipt. |  |
|  | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Berkshire Focus Fund** |  |
| STATEMENT OF ASSETS AND LIABILITIES |  |
| June 30, 2025 (Unaudited) |  |
| **ASSETS** |  |
| Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At cost | $&nbsp;&nbsp;&nbsp;&nbsp; 238622614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At value | $&nbsp;&nbsp;&nbsp;&nbsp; 285837345 |
| Receivable for dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40699 |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24202741 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260804 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310341589 |
| **LIABILITIES** |  |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23019383 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522726 |
| Payable to affiliate (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423998 |
| Payable for line of credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442538 |
| Payable for interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24410049 |
| **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp; 285931540 |
| Net assets consist of: |  |
| Paid in capital | $&nbsp;&nbsp;&nbsp;&nbsp; 452597258 |
| Total accumulated deficit | &nbsp;&nbsp;&nbsp;&nbsp; (166665718) |
| **NET ASSETS** | $&nbsp;&nbsp;&nbsp;&nbsp; 285931540 |
| Shares of beneficial interest issued and outstanding |  |
| (unlimited number of shares authorized, without par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8178406 |
| Net asset value and offering price per share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.96 |
| Minimum redemption price per share\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.26 |
| \*The Fund will impose a 2.00% redemption fee on shares redeemed within 90 calendar days of purchase. | \*The Fund will impose a 2.00% redemption fee on shares redeemed within 90 calendar days of purchase. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | |
|:---|:---|
| **Berkshire Focus Fund** |  |
| STATEMENT OF OPERATIONS |  |
| For the Six Month Period Ended June 30, 2025 (Unaudited) |  |
| **INVESTMENT INCOME** |  |
| Dividends (Net of foreign withholding taxes of $0) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141224 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141224 |
| **EXPENSES** |  |
| Investment Advisory fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869926 |
| Administration fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560423 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6648 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES** | 2436997 |
| **NET INVESTMENT LOSS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2295773) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| Net realized gain from security transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16338164 |
| Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22925786 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39263950 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36968177 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| **Berkshire Focus Fund** |  |  |
| STATEMENTS OF CHANGES IN NET ASSETS | STATEMENTS OF CHANGES IN NET ASSETS |  |
| For the Periods Ended June 30, 2025 (Unaudited) and December 31, 2024 | For the Periods Ended June 30, 2025 (Unaudited) and December 31, 2024 | For the Periods Ended June 30, 2025 (Unaudited) and December 31, 2024 |
|  | (Unaudited) |  |
|  | Six Months Ended | Year Ended |
|  | June 30, 2025 | December 31, 2024 |
| **FROM OPERATIONS:** |  |  |
| Net investment loss | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2295773) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4268201) |
| Net realized gain from security transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16338164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115464411 |
| Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22925786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392290 |
| Net increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36968177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111588500 |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21067139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31612237 |
| Proceeds from redemption fees (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85913 |
| Payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48624852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87139045) |
| Net decrease in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27401231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55440895) |
| **TOTAL INCREASE IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9566946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56147605 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276364594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220216989 |
| End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285931540 | $&nbsp;&nbsp;&nbsp;&nbsp; 276364594 |
| **CAPITAL SHARE ACTIVITY:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1690272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3691188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(960703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2449017) |
| Shares outstanding, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9139109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11588126 |
| Shares outstanding, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8178406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9139109 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Berkshire Focus Fund** |  |  |  |  |  |  |
| FINANCIAL HIGHLIGHTS |  |  |  |  |  |  |
| Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period | Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period | Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period |  |  |  |  |
|  | (Unaudited) |  |  |  |  |  |
|  | Six Months | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended | Ended |
|  | 6/30/2025 | 12/31/24 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 |
| NET ASSET VALUE, BEGINNING OF PERIOD | $&nbsp;&nbsp;&nbsp;&nbsp; 30.24 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.00 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.65 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.21 | $&nbsp;&nbsp;&nbsp;&nbsp; 43.76 | $&nbsp;&nbsp;&nbsp;&nbsp; 27.54 |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss <sup>(A)</sup> | (0.26) | (0.42) | (0.32) | (0.39) | (0.82) | (0.64) |
| Net realized and unrealized gains (losses) |  |  |  |  |  |  |
| on investments | 4.96 | 11.65 | 6.66 | (23.18) <sup>(B)</sup> | 0.29 | 26.04 |
| Total from investment operations | 4.70 | 11.23 | 6.34 | (23.57) | (0.53) | 25.40 |
| Proceeds from redemption fees | 0.02 | 0.01 | 0.01 | 0.01 | 0.05 | 0.10 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (7.07) | (9.28) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (7.07) | (9.28) |
| NET ASSET VALUE, END OF PERIOD | $&nbsp;&nbsp;&nbsp;&nbsp; 34.96 | $&nbsp;&nbsp;&nbsp;&nbsp; 30.24 | $&nbsp;&nbsp;&nbsp;&nbsp; 19.00 | $&nbsp;&nbsp;&nbsp;&nbsp; 12.65 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.21 | $&nbsp;&nbsp;&nbsp;&nbsp; 43.76 |
| TOTAL RETURN<sup>(C)</sup> | 15.61% <sup>(F)</sup> | 59.16% | 50.20% | (65.06%) | (1.38%) | 92.26% |
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |  |
| Net assets at end of period (thousands) | $285932 | $276365 | $220217 | $188158 | $747424 | $943532 |
| Ratio of expenses to average net assets<sup>(D)</sup> | 1.95% <sup>(G)</sup> | 1.96% | 1.97% | 1.94% | 1.90% | 1.92% |
| Ratio of net investment loss to average net assets | (1.84%) <sup>(G)</sup> | (1.76%) | (1.96%) | (1.93%) | (1.87%) | (1.70%) |
| Portfolio turnover rate<sup>(E)</sup> | 1179.4% <sup>(F)</sup> | 2481.8% | 1613.9% | 1534.6% | 1424.8% | 1599.1% |
| <sup>(A)</sup> Net investment loss was calculated using the average shares outstanding method. | <sup>(A)</sup> Net investment loss was calculated using the average shares outstanding method. | <sup>(A)</sup> Net investment loss was calculated using the average shares outstanding method. |  |  |  |  |
| <sup>(B)</sup> Net realized and unrealized gain (loss) on investments per share is a balancing amount necessary to reconcile the change in net asset value per | <sup>(B)</sup> Net realized and unrealized gain (loss) on investments per share is a balancing amount necessary to reconcile the change in net asset value per | <sup>(B)</sup> Net realized and unrealized gain (loss) on investments per share is a balancing amount necessary to reconcile the change in net asset value per | <sup>(B)</sup> Net realized and unrealized gain (loss) on investments per share is a balancing amount necessary to reconcile the change in net asset value per | <sup>(B)</sup> Net realized and unrealized gain (loss) on investments per share is a balancing amount necessary to reconcile the change in net asset value per | <sup>(B)</sup> Net realized and unrealized gain (loss) on investments per share is a balancing amount necessary to reconcile the change in net asset value per |  |
| share for the period, and may not reconcile with the net realized and unrealized gain (loss) on investments in the Statement of Operations. | share for the period, and may not reconcile with the net realized and unrealized gain (loss) on investments in the Statement of Operations. | share for the period, and may not reconcile with the net realized and unrealized gain (loss) on investments in the Statement of Operations. | share for the period, and may not reconcile with the net realized and unrealized gain (loss) on investments in the Statement of Operations. | share for the period, and may not reconcile with the net realized and unrealized gain (loss) on investments in the Statement of Operations. | share for the period, and may not reconcile with the net realized and unrealized gain (loss) on investments in the Statement of Operations. |  |
| <sup>(C)</sup> Total return represents the rate that the investor would have earned or (lost) on an investment in the Fund assuming reinvestment of dividends. | <sup>(C)</sup> Total return represents the rate that the investor would have earned or (lost) on an investment in the Fund assuming reinvestment of dividends. | <sup>(C)</sup> Total return represents the rate that the investor would have earned or (lost) on an investment in the Fund assuming reinvestment of dividends. | <sup>(C)</sup> Total return represents the rate that the investor would have earned or (lost) on an investment in the Fund assuming reinvestment of dividends. | <sup>(C)</sup> Total return represents the rate that the investor would have earned or (lost) on an investment in the Fund assuming reinvestment of dividends. | <sup>(C)</sup> Total return represents the rate that the investor would have earned or (lost) on an investment in the Fund assuming reinvestment of dividends. |  |
| <sup>(D)</sup> The ratio of expenses to average net assets includes interest expense. The ratios excluding interest expense would be 1.95%, 1.95%, 1.96%, | <sup>(D)</sup> The ratio of expenses to average net assets includes interest expense. The ratios excluding interest expense would be 1.95%, 1.95%, 1.96%, | <sup>(D)</sup> The ratio of expenses to average net assets includes interest expense. The ratios excluding interest expense would be 1.95%, 1.95%, 1.96%, | <sup>(D)</sup> The ratio of expenses to average net assets includes interest expense. The ratios excluding interest expense would be 1.95%, 1.95%, 1.96%, | <sup>(D)</sup> The ratio of expenses to average net assets includes interest expense. The ratios excluding interest expense would be 1.95%, 1.95%, 1.96%, | <sup>(D)</sup> The ratio of expenses to average net assets includes interest expense. The ratios excluding interest expense would be 1.95%, 1.95%, 1.96%, |  |
| 1.93%, 1.89% and 1.91%, respectively. |  |  |  |  |  |  |
| <sup>(E)</sup> Portfolio turnover is greater than most funds due to the investment style of the Fund. | <sup>(E)</sup> Portfolio turnover is greater than most funds due to the investment style of the Fund. | <sup>(E)</sup> Portfolio turnover is greater than most funds due to the investment style of the Fund. |  |  |  |  |
| <sup>(F)</sup> Not annualized for periods of less than one full year. |  |  |  |  |  |  |
| <sup>(G)</sup> Annualized for periods of less than one full year. |  |  |  |  |  |  |
| <br>The accompanying notes are an integral part of these financial statements. | <br>The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** | **NOTES TO FINANCIAL STATEMENTS** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| 1. Organization |  |  |
| The Berkshire Focus Fund (the "Fund") is a non-diversified series of The Berkshire Funds (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Delaware business trust on November 25, 1996. The Fund commenced operations on July 1, 1997. The Fund's investment objective is to seek long-term growth of capital primarily through investments in equity securities. | The Berkshire Focus Fund (the "Fund") is a non-diversified series of The Berkshire Funds (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Delaware business trust on November 25, 1996. The Fund commenced operations on July 1, 1997. The Fund's investment objective is to seek long-term growth of capital primarily through investments in equity securities. | The Berkshire Focus Fund (the "Fund") is a non-diversified series of The Berkshire Funds (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Delaware business trust on November 25, 1996. The Fund commenced operations on July 1, 1997. The Fund's investment objective is to seek long-term growth of capital primarily through investments in equity securities. |
| 2. Significant Accounting Policies |  |  |
| The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. | The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for its day-to-day management. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated based on performance measurements. Due to the significance of oversight and their role, the Chief Investment Officer at the Adviser is deemed to be the Chief Operating Decision Maker. |
| The following is a summary of the Trust's significant accounting policies: | The following is a summary of the Trust's significant accounting policies: |  |
| *Cash* — The Fund maintains cash at its custodian which, at times, may exceed United States federally insured limits. | *Cash* — The Fund maintains cash at its custodian which, at times, may exceed United States federally insured limits. | *Cash* — The Fund maintains cash at its custodian which, at times, may exceed United States federally insured limits. |
| *Securities valuation* — The Fund's portfolio securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at its last sales price, the security is categorized as a Level 1 security (described below), and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a Level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued in good faith by the Valuation Committee, in accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures and are categorized as level 2 or level 3, when appropriate. The Trust's Valuation Committee shall consist of the Trust's independent trustees, and the Fund portfolio manager as a non-voting member. | *Securities valuation* — The Fund's portfolio securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at its last sales price, the security is categorized as a Level 1 security (described below), and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a Level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued in good faith by the Valuation Committee, in accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures and are categorized as level 2 or level 3, when appropriate. The Trust's Valuation Committee shall consist of the Trust's independent trustees, and the Fund portfolio manager as a non-voting member. | *Securities valuation* — The Fund's portfolio securities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at its last sales price, the security is categorized as a Level 1 security (described below), and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a Level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued in good faith by the Valuation Committee, in accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures and are categorized as level 2 or level 3, when appropriate. The Trust's Valuation Committee shall consist of the Trust's independent trustees, and the Fund portfolio manager as a non-voting member. |
| In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures which were established in accordance with Rule 2a-5 of the 1940 Act, it is incumbent upon the Valuation Committee to consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these or other methods. | In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures which were established in accordance with Rule 2a-5 of the 1940 Act, it is incumbent upon the Valuation Committee to consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these or other methods. | In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures which were established in accordance with Rule 2a-5 of the 1940 Act, it is incumbent upon the Valuation Committee to consider all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these or other methods. |
| The Trust has adopted accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized in the three broad levels listed below: | The Trust has adopted accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized in the three broad levels listed below: | The Trust has adopted accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as "inputs") used in pricing the asset or liability. These standards state that "observable inputs" reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and "unobservable inputs" reflect an entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized in the three broad levels listed below: |
| Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access. | Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access. | Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access. |
| Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | 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 Valuation Committee's own assumptions in determining the fair value of investments). | Level 3 – Significant unobservable inputs (including the Fund's Valuation Committee's own assumptions in determining the fair value of investments). | Level 3 – Significant unobservable inputs (including the Fund's Valuation Committee's own assumptions in determining the fair value of investments). |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025: | The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025: | The following is a summary of the inputs used to value the Fund's investments as of June 30, 2025: |
|  | Level 1 | Total |
| *Common Stock* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | $&nbsp;&nbsp;&nbsp;&nbsp;86463205 | $&nbsp;&nbsp;&nbsp;&nbsp;86463205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Software & Services | &nbsp;&nbsp;&nbsp;&nbsp; 57231663 | &nbsp;&nbsp;&nbsp;&nbsp; 57231663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cryptocurrency | &nbsp;&nbsp;&nbsp;&nbsp; 36863183 | &nbsp;&nbsp;&nbsp;&nbsp; 36863183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Social Media | &nbsp;&nbsp;&nbsp;&nbsp; 25483062 | &nbsp;&nbsp;&nbsp;&nbsp; 25483062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; 14291683 | &nbsp;&nbsp;&nbsp;&nbsp; 14291683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transport Networks | &nbsp;&nbsp;&nbsp;&nbsp; 14246746 | &nbsp;&nbsp;&nbsp;&nbsp; 14246746 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 14077765 | &nbsp;&nbsp;&nbsp;&nbsp; 14077765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; 11483642 | &nbsp;&nbsp;&nbsp;&nbsp; 11483642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 11421313 | &nbsp;&nbsp;&nbsp;&nbsp; 11421313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication & Networking Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cybersecurity Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Drug Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Defense Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Hardware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sports Entertainment & Gaming | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 285827333 | &nbsp;&nbsp;&nbsp;&nbsp; 285827333 |
| *Exchange Traded Funds* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10012 |
| Total Investment Securities | $285837345 | $285837345 |
| The Fund did not hold any Level 3 securities during the six month period ended June 30, 2025. | The Fund did not hold any Level 3 securities during the six month period ended June 30, 2025. | The Fund did not hold any Level 3 securities during the six month period ended June 30, 2025. |
| The Fund did not hold any derivative instruments during the reporting period. | The Fund did not hold any derivative instruments during the reporting period. | The Fund did not hold any derivative instruments during the reporting period. |
| *Investment income* — Dividend income is recorded on the ex-dividend date. Interest income, if any, is accrued as earned using the effective interest method.  | *Investment income* — Dividend income is recorded on the ex-dividend date. Interest income, if any, is accrued as earned using the effective interest method.  | *Investment income* — Dividend income is recorded on the ex-dividend date. Interest income, if any, is accrued as earned using the effective interest method.  |
| *Distributions to shareholders* — Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. Distributions to shareholders are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Dividends from net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. | *Distributions to shareholders* — Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. Distributions to shareholders are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Dividends from net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. | *Distributions to shareholders* — Distributions to shareholders arising from net investment income and net realized capital gains, if any, are distributed at least once each year. Distributions to shareholders are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Dividends from net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. |
| *Security transactions* — Security transactions are accounted for on the trade date for financial reporting purposes. Securities sold are determined on a specific identification basis. | *Security transactions* — Security transactions are accounted for on the trade date for financial reporting purposes. Securities sold are determined on a specific identification basis. | *Security transactions* — Security transactions are accounted for on the trade date for financial reporting purposes. Securities sold are determined on a specific identification basis. |
| *Estimates* — The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | *Estimates* — The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | *Estimates* — The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *Federal income tax* — The Fund complies and intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code (the "Code") necessary to qualify as a regulated investment company. As provided therein, in any fiscal year in which the Fund so qualifies and distributes at least 90% of its taxable net income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes has been made. | *Federal income tax* — The Fund complies and intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code (the "Code") necessary to qualify as a regulated investment company. As provided therein, in any fiscal year in which the Fund so qualifies and distributes at least 90% of its taxable net income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes has been made. | *Federal income tax* — The Fund complies and intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code (the "Code") necessary to qualify as a regulated investment company. As provided therein, in any fiscal year in which the Fund so qualifies and distributes at least 90% of its taxable net income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes has been made. |
| As of and during the six month period ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as other expense on the statement of operations. During the year, the Fund did not incur any tax-related interest or penalties. | As of and during the six month period ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as other expense on the statement of operations. During the year, the Fund did not incur any tax-related interest or penalties. | As of and during the six month period ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as other expense on the statement of operations. During the year, the Fund did not incur any tax-related interest or penalties. |
| In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income and 98.2% of its net realized capital gains plus undistributed amounts from prior years. | In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income and 98.2% of its net realized capital gains plus undistributed amounts from prior years. | In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income and 98.2% of its net realized capital gains plus undistributed amounts from prior years. |
| *Other* — The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. Effective September 30, 2019, the Fund elected a tax year-end of September 30. For the tax year ended September 30, 2024 and the fiscal year December 31, 2024, the following permanent adjustment was recorded. | *Other* — The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. Effective September 30, 2019, the Fund elected a tax year-end of September 30. For the tax year ended September 30, 2024 and the fiscal year December 31, 2024, the following permanent adjustment was recorded. | *Other* — The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund. Effective September 30, 2019, the Fund elected a tax year-end of September 30. For the tax year ended September 30, 2024 and the fiscal year December 31, 2024, the following permanent adjustment was recorded. |
| The adjustment was primarily related to the reclassification of net operating loss: | The adjustment was primarily related to the reclassification of net operating loss: | The adjustment was primarily related to the reclassification of net operating loss: |
| Paid-In Capital | ($4239793) |  |
| Total Distributable Earnings | $4239793 |  |
| 3. Investment Transactions | 3. Investment Transactions | 3. Investment Transactions |
| Purchases and sales of investment securities (excluding short-term instruments) for the six month period ended June 30, 2025, were $3,020,592,718 and $3,050,760,261 respectively. There were no purchases or sales of U.S. Government securities for the Fund. | Purchases and sales of investment securities (excluding short-term instruments) for the six month period ended June 30, 2025, were $3,020,592,718 and $3,050,760,261 respectively. There were no purchases or sales of U.S. Government securities for the Fund. | Purchases and sales of investment securities (excluding short-term instruments) for the six month period ended June 30, 2025, were $3,020,592,718 and $3,050,760,261 respectively. There were no purchases or sales of U.S. Government securities for the Fund. |
| 4. Tax Information |  |  |
| For Federal income tax purposes, as of December 31, 2024, the cost of investments, and gross appreciation/depreciation was as follows: | For Federal income tax purposes, as of December 31, 2024, the cost of investments, and gross appreciation/depreciation was as follows: | For Federal income tax purposes, as of December 31, 2024, the cost of investments, and gross appreciation/depreciation was as follows: |
| Federal Income Tax Cost | $270351627 |  |
| Gross Unrealized Appreciation | 28723084 |  |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (22333629) |  |
| Net Unrealized Appreciation | $6389455 |  |
| The cost basis of investments for tax and financial reporting purposes differed primarily due to wash sales. | The cost basis of investments for tax and financial reporting purposes differed primarily due to wash sales. | The cost basis of investments for tax and financial reporting purposes differed primarily due to wash sales. |
| There were no distributions paid during the six month period ended June 30, 2025 or the fiscal year ended December 31, 2024. | There were no distributions paid during the six month period ended June 30, 2025 or the fiscal year ended December 31, 2024. | There were no distributions paid during the six month period ended June 30, 2025 or the fiscal year ended December 31, 2024. |
| As of the tax year ended September 30, 2024, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: | As of the tax year ended September 30, 2024, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: | As of the tax year ended September 30, 2024, the components of distributable earnings (accumulated deficit) on a tax basis were as follows: |
| Accumulated Capital and Other Losses | ($256852623) |  |
| Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6342591 |  |
| Total Accumulated Deficit | ($250510032) |  |
| As of tax year ended September 30, 2024, accumulated capital and other losses included the following: | As of tax year ended September 30, 2024, accumulated capital and other losses included the following: | As of tax year ended September 30, 2024, accumulated capital and other losses included the following: |
| Deferred Interest Expense | ($90507) |  |
| Deferred Late Year Ordinary Losses | ($3000029) |  |
| Short-Term Capital Loss Carryforward | ($252010641) |  |
| Long-Term Capital Loss Carryforward | ($1751446) |  |
| Under current tax law, late year ordinary losses incurred after December 31 of a fund's tax year end may be deferred and treated as occurring on the first business day of the following year for tax purposes. The capital loss carryforward has no expiration. During the tax year ended September 30, 2024, the Fund utilized $56,062,019 of short-term capital loss carryforwards.  | Under current tax law, late year ordinary losses incurred after December 31 of a fund's tax year end may be deferred and treated as occurring on the first business day of the following year for tax purposes. The capital loss carryforward has no expiration. During the tax year ended September 30, 2024, the Fund utilized $56,062,019 of short-term capital loss carryforwards.  | Under current tax law, late year ordinary losses incurred after December 31 of a fund's tax year end may be deferred and treated as occurring on the first business day of the following year for tax purposes. The capital loss carryforward has no expiration. During the tax year ended September 30, 2024, the Fund utilized $56,062,019 of short-term capital loss carryforwards.  |
| 5. Related Party Transactions, Investment Advisory and Administrative Fees | 5. Related Party Transactions, Investment Advisory and Administrative Fees |  |
| Certain Officers and Trustees of the Trust are also Officers and Directors of Berkshire Capital Holdings, Inc. ("Berkshire Capital"). The non-interested Trustees of the Fund were paid $45,000 in Trustee fees and expenses directly by Berkshire Capital during the six month period ended June 30, 2025. | Certain Officers and Trustees of the Trust are also Officers and Directors of Berkshire Capital Holdings, Inc. ("Berkshire Capital"). The non-interested Trustees of the Fund were paid $45,000 in Trustee fees and expenses directly by Berkshire Capital during the six month period ended June 30, 2025. | Certain Officers and Trustees of the Trust are also Officers and Directors of Berkshire Capital Holdings, Inc. ("Berkshire Capital"). The non-interested Trustees of the Fund were paid $45,000 in Trustee fees and expenses directly by Berkshire Capital during the six month period ended June 30, 2025. |
| The Chief Compliance Officer ("CCO") of the Fund was paid $12,000, in CCO fees for the six month period ended June 30, 2025, by the Adviser. | The Chief Compliance Officer ("CCO") of the Fund was paid $12,000, in CCO fees for the six month period ended June 30, 2025, by the Adviser. | The Chief Compliance Officer ("CCO") of the Fund was paid $12,000, in CCO fees for the six month period ended June 30, 2025, by the Adviser. |
| The Fund has an Investment Advisory Agreement (the "Advisory Agreement") and a separate Administration Agreement with Berkshire Capital. Under the Advisory Agreement, Berkshire Capital will determine what securities will be purchased, retained or sold by the Fund on the basis of a continuous review of the portfolio. For the services it provides under the Advisory Agreement, Berkshire Capital receives a fee accrued each calendar day (including weekends and holidays) at a rate of 1.50% per annum of the daily net assets of the Fund. | The Fund has an Investment Advisory Agreement (the "Advisory Agreement") and a separate Administration Agreement with Berkshire Capital. Under the Advisory Agreement, Berkshire Capital will determine what securities will be purchased, retained or sold by the Fund on the basis of a continuous review of the portfolio. For the services it provides under the Advisory Agreement, Berkshire Capital receives a fee accrued each calendar day (including weekends and holidays) at a rate of 1.50% per annum of the daily net assets of the Fund. | The Fund has an Investment Advisory Agreement (the "Advisory Agreement") and a separate Administration Agreement with Berkshire Capital. Under the Advisory Agreement, Berkshire Capital will determine what securities will be purchased, retained or sold by the Fund on the basis of a continuous review of the portfolio. For the services it provides under the Advisory Agreement, Berkshire Capital receives a fee accrued each calendar day (including weekends and holidays) at a rate of 1.50% per annum of the daily net assets of the Fund. |
| Under the Administration Agreement, Berkshire Capital renders all administrative and supervisory services of the Fund, as well as facilities furnished and expenses assumed except for interest and taxes. For these services, Berkshire Capital receives a fee at the annual rate of 0.50% of the Fund's average daily net assets up to $50 million, 0.45% of average net assets from $50 million to $200 million, 0.40% of average net assets from $200 million to $500 million, 0.35% of average net assets from $500 million to $1 billion and 0.30% of average net assets in excess of $1 billion. Such fee is computed as a percentage of the Fund's daily net assets and is accrued each calendar day (including weekends and holidays). For the six month period ended June 30, 2025, Berkshire Capital was paid an investment advisory fee of $1,869,926 and an administration fee of $560,423 from the Fund. The amount due to Berkshire Capital for these fees at June 30, 2025, totaled $423,998. | Under the Administration Agreement, Berkshire Capital renders all administrative and supervisory services of the Fund, as well as facilities furnished and expenses assumed except for interest and taxes. For these services, Berkshire Capital receives a fee at the annual rate of 0.50% of the Fund's average daily net assets up to $50 million, 0.45% of average net assets from $50 million to $200 million, 0.40% of average net assets from $200 million to $500 million, 0.35% of average net assets from $500 million to $1 billion and 0.30% of average net assets in excess of $1 billion. Such fee is computed as a percentage of the Fund's daily net assets and is accrued each calendar day (including weekends and holidays). For the six month period ended June 30, 2025, Berkshire Capital was paid an investment advisory fee of $1,869,926 and an administration fee of $560,423 from the Fund. The amount due to Berkshire Capital for these fees at June 30, 2025, totaled $423,998. | Under the Administration Agreement, Berkshire Capital renders all administrative and supervisory services of the Fund, as well as facilities furnished and expenses assumed except for interest and taxes. For these services, Berkshire Capital receives a fee at the annual rate of 0.50% of the Fund's average daily net assets up to $50 million, 0.45% of average net assets from $50 million to $200 million, 0.40% of average net assets from $200 million to $500 million, 0.35% of average net assets from $500 million to $1 billion and 0.30% of average net assets in excess of $1 billion. Such fee is computed as a percentage of the Fund's daily net assets and is accrued each calendar day (including weekends and holidays). For the six month period ended June 30, 2025, Berkshire Capital was paid an investment advisory fee of $1,869,926 and an administration fee of $560,423 from the Fund. The amount due to Berkshire Capital for these fees at June 30, 2025, totaled $423,998. |
| 6. Redemption Fee |  |  |
| The Fund may impose a redemption fee of 2.00% on shares held for 90 days or less. For the six month period ended June 30, 2025, proceeds from redemption fees were $156,482. | The Fund may impose a redemption fee of 2.00% on shares held for 90 days or less. For the six month period ended June 30, 2025, proceeds from redemption fees were $156,482. | The Fund may impose a redemption fee of 2.00% on shares held for 90 days or less. For the six month period ended June 30, 2025, proceeds from redemption fees were $156,482. |
| 7. Beneficial Ownership |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. At June 30, 2025, National Financial Services Corp. beneficially owned, in aggregate, 52.59% of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. At June 30, 2025, National Financial Services Corp. beneficially owned, in aggregate, 52.59% of the Fund. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. At June 30, 2025, National Financial Services Corp. beneficially owned, in aggregate, 52.59% of the Fund. |
| 8. Market Developments, Events, and Risks |  |  |
| Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. | Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. | Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. |
| 9. Revolving Credit Agreement |  |  |
| The Trust entered into a Revolving Credit Agreement (the "Loan Agreement") between the Trust and its custodian, The Huntington National Bank, N.A. The Fund may not borrow money or purchase securities on margin except for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests that might otherwise require the untimely disposition of securities. The maximum amount that the Fund is permitted to borrow is the lesser of: (i) $3,000,000 or (ii) 10% of the Fund's daily market value and is secured by the securities in the Fund. The maximum interest rate of such loans is set at a rate per annum equal to the Term Secured Overnight Financing Rate subject to a 0.25% floor, plus 1.85% per annum, subject to an Annual Fee and an Unused Fee. The Annual Fee for the Loan Agreement is equal to 1/8 of one percent (1.00%) of the Loan Amount of $3,000,000 and the Unused Fee is equal to 1/8 of one percent (1.00%) of the excess of the Loan Amount over the outstanding principal balance of the loan. During the six month period ended June 30, 2025, the Fund had an average loan balance of $156,926 and paid an average interest rate of 6.17%. Additionally, the maximum borrowing during the period was $2,965,517, which occurred on June 5, 2025. As of June 30, 2025, there was an outstanding loan balance of $442,538 and the interest rate was 6.16% . No compensating balances are required. The loan matures on August 12, 2025, per agreement. | The Trust entered into a Revolving Credit Agreement (the "Loan Agreement") between the Trust and its custodian, The Huntington National Bank, N.A. The Fund may not borrow money or purchase securities on margin except for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests that might otherwise require the untimely disposition of securities. The maximum amount that the Fund is permitted to borrow is the lesser of: (i) $3,000,000 or (ii) 10% of the Fund's daily market value and is secured by the securities in the Fund. The maximum interest rate of such loans is set at a rate per annum equal to the Term Secured Overnight Financing Rate subject to a 0.25% floor, plus 1.85% per annum, subject to an Annual Fee and an Unused Fee. The Annual Fee for the Loan Agreement is equal to 1/8 of one percent (1.00%) of the Loan Amount of $3,000,000 and the Unused Fee is equal to 1/8 of one percent (1.00%) of the excess of the Loan Amount over the outstanding principal balance of the loan. During the six month period ended June 30, 2025, the Fund had an average loan balance of $156,926 and paid an average interest rate of 6.17%. Additionally, the maximum borrowing during the period was $2,965,517, which occurred on June 5, 2025. As of June 30, 2025, there was an outstanding loan balance of $442,538 and the interest rate was 6.16% . No compensating balances are required. The loan matures on August 12, 2025, per agreement. | The Trust entered into a Revolving Credit Agreement (the "Loan Agreement") between the Trust and its custodian, The Huntington National Bank, N.A. The Fund may not borrow money or purchase securities on margin except for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests that might otherwise require the untimely disposition of securities. The maximum amount that the Fund is permitted to borrow is the lesser of: (i) $3,000,000 or (ii) 10% of the Fund's daily market value and is secured by the securities in the Fund. The maximum interest rate of such loans is set at a rate per annum equal to the Term Secured Overnight Financing Rate subject to a 0.25% floor, plus 1.85% per annum, subject to an Annual Fee and an Unused Fee. The Annual Fee for the Loan Agreement is equal to 1/8 of one percent (1.00%) of the Loan Amount of $3,000,000 and the Unused Fee is equal to 1/8 of one percent (1.00%) of the excess of the Loan Amount over the outstanding principal balance of the loan. During the six month period ended June 30, 2025, the Fund had an average loan balance of $156,926 and paid an average interest rate of 6.17%. Additionally, the maximum borrowing during the period was $2,965,517, which occurred on June 5, 2025. As of June 30, 2025, there was an outstanding loan balance of $442,538 and the interest rate was 6.16% . No compensating balances are required. The loan matures on August 12, 2025, per agreement. |
| 10. Concentration of Sector Risk |  |  |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of June 30, 2025, the Fund had 30.24% of the value of its net assets invested in stocks within the Semiconductor sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of June 30, 2025, the Fund had 30.24% of the value of its net assets invested in stocks within the Semiconductor sector. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of June 30, 2025, the Fund had 30.24% of the value of its net assets invested in stocks within the Semiconductor sector. |
| 11. Subsequent Events |  |  |
| In preparing these financial statements, management has performed an evaluation of subsequent events after June 30, 2025, through the date these financial statements were issued and determined that there were no significant subsequent events that would require adjustment to or additional disclosure in the financial statements. | In preparing these financial statements, management has performed an evaluation of subsequent events after June 30, 2025, through the date these financial statements were issued and determined that there were no significant subsequent events that would require adjustment to or additional disclosure in the financial statements. | In preparing these financial statements, management has performed an evaluation of subsequent events after June 30, 2025, through the date these financial statements were issued and determined that there were no significant subsequent events that would require adjustment to or additional disclosure in the financial statements. |

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| |
|:---|
| **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment<br> Companies.** |
| None. |
| **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<br> Investment Companies.** |
| Included under Item 7. |
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| Not applicable. |
| **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 13. Portfolio Managers of Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
| Not applicable. |
| **Item 15. Submission of Matters to a Vote of Security Holders.** |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
| **Item 16. Controls and Procedures.** |
| (a) The Registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) 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 Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)). |
| (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |

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| |
|:---|
| **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment<br> Companies.** |
| Not applicable. |
| **Item 18. Recovery of Erroneously Awarded Compensation.** |
| Not applicable. |
| **Item 19. Exhibits.** |
| (a)(1) Code of Ethics. Not applicable. |
| (a)(2) Not applicable. |
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex99cert.htm) |
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex906cert.htm) |

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| |
|:---|
| **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. |
| <u>The Berkshire Funds</u> |
| By: <u>/s/ Malcolm R. Fobes III</u> |
| Malcolm R. Fobes III |
| President and Treasurer (Principal Executive Officer and Principal Financial Officer) |
| Date: <u>9/4/2025</u> |
| 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: <u>/s/ Malcolm R. Fobes III</u> |
| Malcolm R. Fobes III |
| President and Treasurer (Principal Executive Officer and Principal Financial Officer) |
| Date: <u>9/4/2025</u> |

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## Ex-99.Cert

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Malcolm R. Fobes III, certify that: | I, Malcolm R. Fobes III, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of The Berkshire Funds; | I have reviewed this report on Form N-CSR of The Berkshire Funds; |
| 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; | 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; | 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. | The registrant's other certifying officer(s) and I are 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: | The registrant's other certifying officer(s) and I are 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: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (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; | 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; |
| (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 | 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 |
| (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and 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): | The registrant's other certifying officer(s) and 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): |
| (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 | 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 |
| (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. | 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. |
|  | Date: <u>9/4/2025</u> | <u>/s/ Malcolm R. Fobes III</u> |
|  |  | Malcolm R. Fobes III |
|  |  | President and Treasurer (Principal Executive |
|  |  | Officer and Principal Financial Officer) |

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## Exhibit 99.906

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| | |
|:---|:---|
|  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of The Berkshire Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of The Berkshire Funds for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of The Berkshire Funds for the stated period. | Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of The Berkshire Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of The Berkshire Funds for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of The Berkshire Funds for the stated period. |
| <u>The Berkshire Funds</u> |  |
| By: <u>/s/ Malcolm R. Fobes III</u> |  |
| Malcolm R. Fobes III |  |
| President and Treasurer (Principal Executive Officer and Principal Financial Officer) | President and Treasurer (Principal Executive Officer and Principal Financial Officer) |
| Date: <u>9/4/2025</u> |  |
| This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by The Berkshire Funds for purposes of Section 18 of the Securities Exchange Act of 1934. | This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by The Berkshire Funds for purposes of Section 18 of the Securities Exchange Act of 1934. |

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