Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08191

Name of Fund:

Bullfinch Fund, Inc.

Fund Address:

3909 Rush Mendon Road

Mendon, New York 14506

Name and address of agent for service:

Christopher Carosa, President,

Bullfinch Fund, Inc., 3909 Rush Mendon Road,

Mendon, New York 14506

Mailing address: 3909 Rush Mendon Road

Mendon, New York 14506

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

Date of fiscal year end: 10/31/25

Date of reporting period: 11/01/24 - 10/31/25

Item 1. Reports to Stockholders.

Bullfinch Fund Unrestricted Series	Annual Shareholder Report
BUNRX	October 31, 2025

This annual shareholder reportcontains important information about the Bullfinch Fund Unrestricted Series - BUNRX for the period November 1, 2024, to October 31, 2025, as well as certain changes to the Fund.

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

What were the Fund costs for the six months?

(based on a hypothetical $10,000 investment)

Fund Name		Costs of a $10,000 investment				Costs paid as a percentage of a $10,000 investment*
Unrestricted Series		$	78.82				1.41	%

*

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

Management's Discussion of Fund Performance

Dear Shareholders,

Our Bullfinch Fund Unrestricted Series (BUNRX) had a positive return of 18.73% for the year ending April 30, 2025. While past performance does not guarantee future results, I am pleased to note that this Series outperformed its comparative index (the Value Line Geometric Index), which rose 2.31% during the same period.

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

Sold: Consolidated Water Co. Ltd, Corning, Medtronic PLC, Oracle, Viatris Inc., Xperi Inc.

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

I'm optimistic because value-based holding reaped the reward from the shift in investment philosophy. In addition, several stocks within the strategic AI realm boosted the performance of the Unrestricted Series To view the additional portfolio information, please visit our website to read our Annual Report dated October 31, 2025.

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

Sincerely,

Christopher Carosa

Performance graph

AVERAGE ANNUAL RETURNS

		One-Year				Five-Years				Ten-Years
Bullfinch Fund Unrestricted Series			18.73	%			12.40	%			8.76	%
Value Line Geometric Index			2.31	%			6.22	%			3.57

Hypothetical Cumulative Performance Comparison of $10,000 Investment For the Past 10 Years

Bullfinch Fund, Inc.	Value Line
Unrestricted Series (Solid)vs.	Geometric Index (Dashed)

Year ending 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 10/25

Key Fund Statistics
Net Assets:		$	14,440,873
Number of Portfolio Holdings:			35
Portfolio Turnover:			4.64	%

Asset Allocation
Aerospace		$	370,524				2.56	%
Building & Related			317,532				2.19
Commercial Services			555,893				3.84
Computers - Hardware			866,547				5.99
Computers - Networking			782,277				5.41
Computers - Software			1,233,544				8.52
Consumer Nondurables			64,291				0.44
Electrical Equipment			356,320				2.46
Electronics Components			414,248				2.86
Foods & Beverages			427,735				2.96
Industrial Services			231,610				1.60
Insurance			611,250				4.22
Leisure & Recreational			378,989				2.62
Machinery			662,025				4.57
Media			145,692				1.01
Medical Products & Supplies			947,269				6.55
Oil & Related			497,974				3.44
Real Estate & Related			234,572				1.62
Restaurants/Food Service			356,544				2.46
Retail- General			424,943				2.94
Retail - Specialty			342,277				2.36
Semiconductors			432,126				2.99
Steel			367,159				2.54
Telecommunications			147,038				1.02
Tobacco Products			377,566				2.61
Utilities - Natural Resources			363,907				2.51
Money Market Fund			1,648,034				11.39
Schwab Bank			914,561				6.32
Total Invested Assets		$	14,472,447				100.00	%

How has the Fund changed?

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

Changes in and Disagreements with Accountants

There have been no changes in or disagreements with accountants.

Notice Regarding Delivery of Shareholder Documents

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

Availability of Additional Information about the Fund

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

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

Bullfinch Fund Greater Western New York Series	Annual Shareholder Report
BWNYX	October 31, 2025

This annual shareholder report contains important information about the Bullfinch Fund Greater Western New York Series - BWNYX for the period November 1, 2024, to October 31, 2025, as well as certain changes to the Fund.

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

What were the Fund costs for the six months?

(based on a hypothetical $10,000 investment)

Fund Name		Costs of a $10,000 investment				Costs paid as a percentage of a $10,000 investment*
Greater Western New York Series		$	77.50				1.40	%

*

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

Management's Discussion of Fund Performance

Dear Shareholders,

Our Bullfinch Fund Greater Western New Series (BWNYX) had a positive return of 15.49% in the twelve months ending October 31, 2025. While past performance does not guarantee future results, I am pleased to note that this Series outperformed its comparative index (the Value Line Geometric Index), which rose 2.31% during the same period.

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

Sold: Astronics, Corning, and Servotronics

Bought: Columbus McKinnon, Constellation, Integer Holdings, Monro, Sinclair, and Xerox

The Series benefited from a shift towards small-cap value stocks as several positions more than doubled in the last year. As with the Unrestricted Series, my wife and I have been owners since inception and willfully continue to purchase shares in the Greater Western New York Series.

To view the additional portfolio information, please visit our website to read our Annual Report dated October 31, 2025.

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

Sincerely,

Christopher Carosa

Performance graph

AVERAGE ANNUAL RETURNS

		One-Year				Five-Years				Ten-Years
Bullfinch Fund Unrestricted Series			15.49	%			11.96	%			6.22	%
Value Line Geometric Index			2.31	%			6.22	%			3.57

Hypothetical Cumulative Performance Comparison of $10,000 Investment For the Past 10 Years

Bullfinch Fund, Inc.	Value Line
Unrestricted Series (Solid)vs.	Geometric Index (Dashed)

Year ending 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 10/25

Key Fund Statistics
Net Assets:		$	3,461,760
Number of Portfolio Holdings:			32
Portfolio Turnover:			16.10	%

Asset Allocation
Aerospace		$	391,730				11.29	%
Airlines			31,815				0.92
Automotive			102,550				2.96
Banking & Finance			283,705				8.18
Broadcasting			105,865				3.05
Commercial Services			114,105				3.29
Computers - Software			78,783				2.27
Consumer Nondurables			10,605				0.31
Electrical Equipment			206,948				5.97
Electronics Components			190,488				5.49
Environmental Services			180,708				5.21
Foods & Beverages			105,104				3.03
Instruments			40,140				1.16
Machinery			96,568				2.78
Medical Products & Supplies			220,921				6.37
Metal Fabrication & Hardware			87,206				2.51
Office Equipment			109,726				3.16
Real Estate & Related			107,500				3.10
Restaurants/Food Service			81,708				2.36
Retail - Specialty			46,890				1.35
Steel			124,780				3.60
Telecommunications			27,818				0.80
Utilities - Natural Resources			190,297				5.49
Money Market Fund			482,442				13.91
Schwab Bank			50,012				1.44
Total Invested Assets		$	3,468,414				100.00	%

How has the Fund changed?

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

Changes in and Disagreements with Accountants

There have been no changes in or disagreements with accountants.

Notice Regarding Delivery of Shareholder Documents

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

Availability of Additional Information about the Fund

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

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

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period.

Item 3. Audit Committee Financial Expert.

The Board has determined that the Registrant has no financial experts serving on its Audit Committee. The Audit Committee consists of two independent directors - Bryan Hickman and Patrick Borrelli - both of whom have entrepreneurial and executive experience. Together, they satisfy certain or all of the attributes of an audit committee financial expert.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning.

(a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

		10/31/2025				10/31/2024
Audit Fees		$	27,000			$	17,000
Audit-Related Fees		$	0			$	0
Tax Fees		$	2,300			$	2,200
All Other Fees		$	0			$	0

(e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) All non-audit fees billed by the registrant's accountant for services rendered to the registrant are indicated above under Tax Fees. No other non-audit fees were billed to or paid by the registrant. Additionally, the registrant's investment adviser paid no fees for any services to the registrant's accountant (see (h)).

(h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

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

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

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

BULLFINCH FUND, INC.

3909 Rush Mendon Road

Mendon, New York 14506

(585) 624-3150

1-888-BULLFINCH

(1-888-285-5346)

Annual Report

October 31, 2025

Bullfinch Fund, Inc.

Table of Contents

Management's Discussion of Fund Performance (Unaudited)	3
Performance Summary (Unaudited)	4
Unrestricted Series (A Series within Bullfinch Fund, Inc.):
Report of Independent Registered Public Accounting Firm	5
Statement of Assets and Liabilities October 31, 2025	6
Schedule of Investments in Securities October 31, 2025	7-8
Statement of Operations for the Year ended October 31, 2025	10
Statements of Changes in Net Assets for the Years Ended October 31, 2025 and 2024	10
Financial Highlights (Per Share Data for a Share Outstanding) for the Years Ended October 31, 2025, 2024, 2023, 2022 and 2021	11
Financial Highlights (Ratios and Supplemental Data) for the Years Ended October 31, 2025, 2024, 2023, 2022 and 2021	11
Notes to Financial Statements October 31, 2025	12
Greater Western New York Series (A Series within Bullfinch Fund, Inc.):
Report of Independent Registered Public Accounting Firm	15
Statement of Assets and Liabilities October 31, 2025	16
Schedule of Investments in Securities October 31, 2025	17-18
Statement of Operations for the Year ended October 31, 2025	19
Statements of Changes in Net Assets for the Years ended October 31, 2025 and 2024	20
Financial Highlights (Per Share Data for a Share Outstanding) for the Years Ended October 31, 2025, 2024, 2023, 2022 and 2021	21
Financial Highlights (Ratios and Supplemental Data) for the Years Ended October 31, 2025, 2024, 2023, 2022 and 2021	21
Notes to Financial Statements October 31, 2025	22-24
Additional Information (Unaudited)	25-27

Management's Discussion of Fund Performance (Unaudited)

December 1, 2025

Dear Fellow Shareholders:

We are very proud to present the October 31, 2025 Annual Report of Bullfinch Fund, Inc. This report contains the audited financial statements for both the Unrestricted Series and the Greater Western New York Series.

What comes after the "Information Age"? Maybe the "AI Age." In the past year, artificial intelligence has taken root in every area of our lives. The hope that these roots will sprout into a fruit-bearing crop has filled many with optimism (and some with despair). The key word, though, is opportunity.

Any time change comes, it first brings chaos. People who can see beyond today, however, often position themselves to benefit tomorrow. Both Series seized the advantage this change offered. While still maintaining a conservative balance, their value-based holding reaped the reward from the shift in investment philosophy. In addition, several stocks within the strategic AI realm boosted the performance of the Unrestricted Series fund. Similarly, the Greater Western New York Series benefited from that as well as a major buyout.

In the Unrestricted Series, the top performing stocks included Western Digital Corp., Corning Inc., and Intel Corp. Among the laggards were Viatris Inc., Xperi Inc., and Kenvue Inc. Nearly two-thirds of the stocks in the portfolio exceeded double-digit gains.

During the fiscal year, in the Greater Western New York Series, Servotronics Inc., Corning Inc., and Community Financial System Inc. led the way. Xerox Holdings Corp., Astronics Corp., and Graham Corp. gave back the most during the fiscal year. More than a third of the stocks in the portfolio exceeded a 50% gain for the year.

Will the pendulum eventually swing the other way? Talk of an "AI bubble" percolates through the markets, as recent volatility shows. The double-edged sword of interest rate cuts dangles dangerously above investments of all shapes and sizes. On the one hand, the lower cost of capital can help spur the economy. On the other hand, the Fed wants to see real economic damage before it can be convinced to lower rates.

On the bright side, it appears that after years of turmoil, we may be headed into a period of geopolitical stability (if precarious). At least on the military side. The trade side might take a little longer, but it seems as if we're more likely to see more upside surprises on that front (not that there won't be a downside hiccup every once in a while).

The biggest threat to the markets next year remains domestic politics. The midterms loom as a potential litmus test for both the current administration and the so far successful socialist wing of the opposition. The question the markets must ponder: Do politicians say whatever they need to say to get elected and then govern in moderation, or do they intend to push an intense ideology that might upset the vast majority in the middle?

In either case, we've got both hands on the wheel and are prepared for anything.

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

Best Regards,

Christopher Carosa, CTFA

President

Bullfinch Fund, Inc.

BULLFINCH FUND, INC.

PERFORMANCE SUMMARY (UNAUDITED)

The graph below represents the changes in value for an initial $10,000 investment in the Bullfinch Fund (the "Fund") from 10/31/15 to 10/31/25. These changes are then compared to a $10,000 investment in the Value Line Geometric Index. The Value Line Geometric Index (VLG) is an unmanaged index of between 1,600 and 1,700 stocks. Value Line states "The VLG was intended to provide a rough approximation of how the median stock in the Value Line Universe performed. The VLG also has appeal to institutional investors as a proxy for the so-called 'multi-cap' market because it includes large-cap, mid cap, and small-cap stocks alike." The Fund feels it is an appropriate benchmark because the Fund's portfolios are multi-cap portfolios. Based on its close alignment with the Fund's actual investment universe, strategy, and weighting methodology-along with its independence, availability, and industry recognition-the Value Line Geometric Index satisfies the regulatory definition of an appropriate broad-based securities market index under Form N-1A for both the Unrestricted Series and the Greater Western New York Series.

The Fund's returns include the reinvestment of all dividends, but do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemptions of fund shares. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

Bullfinch Fund, Inc. Unrestricted Series (Solid)	vs.	Value Line Geometric Index (Dashed)		Bullfinch Fund, Inc. Greater WNY Series (Solid)	vs.	Value Line Geometric Index (Dashed)
Year ending 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 10/25				Year ending 10/15 10/16 10/17 10/18 10/19 10/20 10/21 10/22 10/23 10/24 10/25

Annualized Returns Ending 10/31/2025		Bullfinch Fund Inc. Unrestricted Series		Value Line Geometric Index		Annualized Returns Ending 10/31/2025		Bullfinch Fund Inc. Greater WNY Series		Value Line Geometric Index
One - Year		+ 18.73%		+ 2.31%		One - Year		+ 15.49%		+ 2.31%
Five - Year		+ 12.40%		+ 6.22%		Five - Year		+ 11.96%		+ 6.22%
Ten - Year		+ 8.76%		+ 3.57%		Ten - Year		+ 6.22%		+ 3.57%

UNRESTRICTED SERIES

(A Series Within Bullfinch Fund, Inc.)

DeJoy & Co. CPAs, LLP

280 East Broad Street, Suite 300

Rochester, NY 14604

Tel 585-546-1840

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Shareholders of

Bullfinch Fund, Inc. - Unrestricted Series:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments in securities, of Bullfinch Fund, Inc. - Unrestricted Series (one of the series constituting the Bullfinch Fund, Inc. [the "Fund"]) as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"), and the financial highlights for each of the five years in the period then ended.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Bullfinch Fund, Inc. - Unrestricted Series as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/DeJoy & Co. CPAs, LLP

We have served as the auditor of Bullfinch Fund, Inc. - Unrestricted Series since 2016.

Rochester, New York

December 22, 2025

UNRESTRICTED SERIES

(A SERIES WITHIN THE BULLFINCH FUND, INC.)

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2025

ASSETS
Investments in Securities, at Fair Value, Identified Cost of $5,430,808		$	11,909,852
Cash & Cash Equivalents			2,562,595
Accrued Interest and Dividends			15,092
Prepaid Expenses			242
Total Assets			14,487,781
LIABILITIES
Accrued Expenses			34,607
Due to Investment Adviser			12,301
Total Liabilities			46,908
NET ASSETS
Net Assets at October 31, 2025		$	14,440,873
COMPOSITION OF NET ASSETS
Net capital paid in on shares of capital stock		$	12,856,502
Total Distributable Earnings			1,584,371
Net Assets (Equivalent to $30.18 per share based on 478,413.932 shares issued and outstanding)		$	14,440,873

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

UNRESTRICTED SERIES

(A SERIES WITHIN BULLFINCH FUND, INC.)

SCHEDULE OF INVESTMENTS IN SECURITIES OCTOBER 31, 2025

		Shares				Historical Cost				Fair Value
Level 1 - Common Stocks - 82.29%
*ASTERISK DENOTES A NON INCOME PRODUCING SECURITY
Computers - Software - 8.52%
Adobe Inc.*			1,100			$	28,661			$	374,341
Microsoft Corp.			1,000				22,076				517,810
Oracle Corp.			1,300				13,265				341,393
							64,002				1,233,544
Medical Products and Supplies - 6.55%
Bristol-Myers Squibb Co.			7,100				359,371				327,097
Edwards Lifesciences Corp.*			3,300				52,806				272,085
Johnson & Johnson			1,843				104,985				348,087
							517,162				947,269
Computers - Hardware - 5.99%
SanDisk Corp.*			1,333				44,235				265,707
Western Digital Corp.			4,000				143,289				600,840
							187,524				866,547
Computers - Networking - 5.41%
Cisco Systems, Inc.			10,700				160,237				782,277
Machinery - 4.57%
Flowserve Corp.			9,700				352,263				662,025
Insurance - 4.22%
Arthur J. Gallagher & Co.			2,450				56,880				611,250
Commercial Services - 3.84%
Paychex, Inc.			4,750				130,496				555,893
Oil & Related - 3.44%
Core Laboratories Inc.			14,500				164,833				231,130
SLB N.V.			7,400				351,320				266,844
							516,153				497,974
Semiconductors - 2.99%
ACM Research, Inc.*			5,600				98,643				232,176
Intel Corp.*			5,000				85,565				199,950
							184,208				432,126
Foods & Beverages - 2.96%
Fresh Del Monte Produce Inc.			12,100				341,779				427,735
Retail - General - 2.94%
Amazon.com Inc.*			1,740				159,645				424,943
Electronics Components - 2.86%
Avnet, Inc.			8,550				340,527				414,248
Leisure & Recreational - 2.62%
YETI Holdings, Inc.*			11,150				338,655				378,989

		Shares				Historical Cost				Fair Value
Level 1 - Common Stocks - 82.29%
Tobacco Products - 2.61%
Universal Corp.			7,450			$	297,131			$	377,566
Aerospace - 2.56%
AAR Corporation*			4,400				83,191				370,524
Steel - 2.54%
Reliance Inc.			1,300				100,031				367,159
Utilities - Natural Resources - 2.51%
Consolidated Water Co. Ltd.			10,700				125,809				363,907
Restaurants/Food Service - 2.46%
Sysco Corp.			4,800				348,962				356,544
Electrical Equipment - 2.46%
Corning Inc.			4,000				44,069				356,320
Retail - Specialty - 2.36%
CVS Health Corp.			3,050				170,752				238,357
Zumiez Inc.*			4,800				105,530				103,920
							276,282				342,277
Building & Related - 2.19%
Meritage Homes Corp.			4,700				99,016				317,532
Real Estate & Related - 1.62%
Crown Castle Inc.			2,600				324,728				234,572
Industrial Services - 1.60%
Expeditors Int'l Washington			1,900				61,567				231,610
Telecommunications - 1.02%
Verizon Communications Inc .			3,700				180,520				147,038
Media - 1.01%
Adeia Inc.			8,550				108,242				145,692
Consumer Nondurables - 0.44%
Kenvue Inc.			4,474				31,729				64,291
Total Investments in Common Stocks							5,430,808				11,909,852
Level 1 - Cash & Equivalents -17 .71%
Schwab US Treasury Money Ultra - 11.39%							1,648,034				1,648,034
Interest Rate 3.85%
Schwab Bank - 6.32%							914,561				914,561
Bank Sweep Interest Rate .05%
Total Cash & Cash Equivalents							2,562,595				2,562,595
Total Invested Assets						$	7,993,403			$	14,472,447

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

UNRESTRICTED SERIES

(A SERIES WITHIN BULLFINCH FUND, INC.)

SCHEDULE OF INVESTMENTS IN SECURITIES OCTOBER 31, 2025

Table of Industries

Industry		Fair Value				Percent
Aerospace		$	370,524				2.56	%
Building & Related			317,532				2.19
Commercial Services			555,893				3.84
Computers - Hardware			866,547				5.99
Computers - Networking			782,277				5.41
Computers - Software			1,233,544				8.52
Consumer Nondurables			64,291				0.44
Electrical Equipment			356,320				2.46
Electronics Components			414,248				2.86
Foods & Beverages			427,735				2.96
Industrial Services			231,610				1.60
Insurance			611,250				4.22
Leisure & Recreational			378,989				2.62
Machinery			662,025				4.57
Media			145,692				1.01
Medical Products & Supplies			947,269				6.55
Oil & Related			497,974				3.44
Real Estate & Related			234,572				1.62
Restaurants/Food Service			356,544				2.46
Retail- General			424,943				2.94
Retail - Specialty			342,277				2.36
Semiconductors			432,126				2.99
Steel			367,159				2.54
Telecommunications			147,038				1.02
Tobacco Products			377,566				2.61
Utilities - Natural Resources			363,907				2.51
Total Equities			11,909,852				82.29
Cash & Cash Equivalents
Schwab US Treasury Money Ultra			1,648,034				11.39
Schwab Bank (Bank Sweep Interest Rate .05%)			914,561				6.32
Total Invested Assets		$	14,472,447				100.00	%

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

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

STATEMENT OF OPERATIONS FOR THE YEAR ENDED OCTOBER 31, 2025

INVESTMENT INCOME:
Dividend and Interest Income		$	272,650
EXPENSES:
Investment Adviser Fees			131,729
Legal and Professional			35,804
Insurance			8,679
Dues & Subscriptions			2,398
Registration Fees			1,525
Fidelity Bond			1,412
Director Fees			1,200
State Income Taxes			175
Telephone			160
Licenses & Permits			25
Total expenses			183,107
Net investment income			89,543
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from securities transactions			1,494,828
Net change in unrealized appreciation of investments			708,611
Net gain on investments			2,203,439
CHANGE IN NET ASSETS FROM OPERATIONS		$	2,292,982

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED OCTOBER 31, 2025 AND 2024

CHANGE IN NET ASSETS FROM OPERATIONS:		2025				2024
Net investment income		$	89,543			$	116,354
Net realized gain (loss) from securities transactions			1,494,828				(77	)
Net change in unrealized appreciation of investments			708,611				1,454,384
Change in net assets from operations			2,292,982				1,570,661
DISTRIBUTIONS TO SHAREHOLDERS:
Distribution of capital gains			0				(1,037,806	)
Distribution of ordinary income			(116,360	)			(105,286	)
Decrease in net assets from distributions to shareholders			(116,360	)			(1,143,092	)
CAPITAL SHARE TRANSACTIONS:
Shares Sold			109,246				209,160
Reinvestment of distributions to shareholders			116,360				1,143,092
Shares Redeemed			(317,488	)			(276,380	)
Increase (decrease) in net assets from capital share transactions			(91,882	)			1,075,872
TOTAL INCREASE IN NET ASSETS			2,084,740				1,503,441
NET ASSETS:
Beginning of year			12,356,133				10,852,692
End of year		$	14,440,873			$	12,356,133

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

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

FINANCIAL HIGHLIGHTS (PER SHARE DATA FOR A SHARE OUTSTANDING)

FOR THE YEARS ENDED OCTOBER 31, 2025, 2024, 2023, 2022 AND 2021

		2025				2024				2023				2022				2021
NET ASSET VALUE, beginning of year		$	25.66			$	24.76			$	23.47			$	25.85			$	19.88
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income (loss)			0.19				0.24				0.24				(0.01	)			(0.01	)
Net gain (loss) on investments
both realized and unrealized			4.57				3.27				2.33				(2.37	)			6.03
Total income (loss) from investment operations			4.76				3.51				2.57				(2.38	)			6.02
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distribution of net realized capital gains			0.00				(2.37	)			(1.25	)			0.00				(0.01	)
Distribution of ordinary income			(0.24	)			(0.24	)			(0.03	)			0.00				(0.04	)
Total distributions to shareholders			(0.24	)			(2.61	)			(1.28	)			0.00				(0.05	)
NET ASSET VALUE, end of year		$	30.18			$	25.66			$	24.76			$	23.47			$	25.85
NET ASSETS, end of year		$	14,440,873			$	12,356,133			$	10,852,692			$	11,341,882			$	12,426,192

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

FINANCIAL HIGHLIGHTS (RATIOS AND SUPPLEMENTAL DATA)

FOR THE YEARS ENDED OCTOBER 31, 2025, 2024, 2023, 2022 AND 2021

RATIO OF EXPENSES		2025				2024				2023				2022				2021
TO AVERAGE NET ASSETS*			1.41	%			1.40	%			1.40	%			1.36	%			1.37	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS*			0.69	%			0.98	%			0.94	%			(0.02	)%			(0.02	)%
PORTFOLIO TURNOVER RATE*			4.64	%			0.00	%			15.30	%			2.86	%			0.71	%
TOTAL RETURN			18.73	%			14.49	%			11.55	%			(9.24	)%			30.34	%

* Per share amounts calculated using the average shares method

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

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

NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 2025

NOTE A - SCOPE OF BUSINESS

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

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

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Fair Value Measurements - FASB ASC 820-10, Fair Value Measurement, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

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

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

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

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

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

Short-term and money market securities are valued at amortized cost, which approximates market value.

ASSETS AT FAIR VALUE AS OF: 10/31/25
		LEVEL 1
COMMON STOCKS		$	11,909,852
CASH & CASH EQUIVALENTS			2,562,595
TOTALS BY LEVEL		$	14,472,447

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

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

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

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

Distributions to Shareholders - The Series distributes to its shareholders any ordinary income and net realized capital gains at least once each year. The amount of such distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences may be primarily due to short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase, cost of investments sold, and net capital losses. Further, the fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Series for financial reporting purposes.

The tax basis of distributable earnings on an accumulated basis was $6,479,044 as of October 31, 2025. Distributions to shareholders of ordinary income from dividends are recorded on the ex-dividend date. The tax character of distributions paid to shareholders of the Series during the years ended October 31, 2025 and 2024 was as follows: The Series made a distribution of its ordinary income of $116,360 to its shareholders on December 27, 2024, in the form of stock dividends equal to 4,482.283 shares of stock The Series made a distribution of its ordinary income of $105,286 to its shareholders on December 26, 2023, in the form of stock dividends equal to 4,219.874 shares of stock. The Series made a distribution of its short term capital gains of $8,533 to its shareholders on December 26, 2023, in the form of stock dividends equal to 342.007 shares of stock. The Series made a distribution of its long term capital gains of $1,029,273 to its shareholders on December 26, 2023, in the form of stock dividends equal to 41,253.403 shares of stock.

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

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

Subsequent Events - In accordance with GAAP, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through December 22, 2025, the date of issuance of these financial statements.

NOTE C - INVESTMENTS

For the year ended October 31, 2025, the Series purchased $602,131 of common stock. During the same period, the Series redeemed $1,907,347 of common stock.

At October 31, 2025, the tax basis components of unrealized appreciation were as follows: the gross unrealized appreciation for all securities totaled $6,727,298 and the gross unrealized depreciation for all securities totaled $248,254 or a net unrealized appreciation of $6,479,044. The aggregate cost of securities for federal income tax purposes at October 31, 2025 was $5,430,808.

NOTE D - RELATED PARTY TRANSACTIONS

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

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

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

During the year ended October 31, 2025, the Fund paid investment adviser fees of $131,729.

As of October 31, 2025, the Fund had $12,301 included in liabilities, as owed to Carosa Stanton Asset Management, LLC.

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

NOTE E - REMUNERATION OF DIRECTORS

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

NOTE F - COMMITMENTS AND CONTINGENCIES

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

NOTE G - RISKS AND UNCERTAINTIES

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

NOTE H- CAPITAL SHARE TRANSACTIONS

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

		Shares				Amount
Balance at October 31, 2023			438,269.736			$	5,969,064
Shares sold during 2024			8,547.392				209,160
Shares redeemed during 2024			(11,130.641	)			(276,380	)
Reinvestment of Distributions, December 26, 2023			45,815.284				1,143,092
Balance at October 31, 2024			481,501.771			$	7,044,936
Shares sold during 2025			4,202.257				109,246
Shares redeemed during 2025			(11,772.379	)			(317,488	)
Reinvestment of Distributions, December 27, 2024			4,482.283				116,360
Balance at October 31, 2025			478,413.932			$	6,953,054

GREATER WESTERN NEW YORK SERIES

(A Series Within Bullfinch Fund, Inc.)

DeJoy & Co. CPAs, LLP

280 East Broad Street, Suite 300

Rochester, NY 14604

Tel 585-546-1840

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Shareholders of

Bullfinch Fund, Inc. - Greater Western New York Series:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments in securities, of Bullfinch Fund, Inc. - Greater Western New York Series (one of the series constituting the Bullfinch Fund, Inc. [the "Fund"]) as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"), and the financial highlights for each of the five years in the period then ended.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Bullfinch Fund, Inc. - Greater Western New York Series as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ DeJoy & Co. CPAs, LLP

We have served as the auditor of Bullfinch Fund, Inc. - Greater Western New York Series since 2016.

Rochester, New York

December 22, 2025.

GREATER WESTERN NEW YORK SERIES

(A SERIES WITHIN BULLFINCH FUND, INC.)

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2025

ASSETS
Investments in Securities, at Fair Value, Identified Cost of $1,415,733		$	2,935,960
Cash and Cash Equivalents			532,454
Accrued Interest and Dividends			2,003
Prepaid Expenses			185
Total Assets			3,470,602
LIABILITIES
Accrued Expenses			5,637
Due to Investment Adviser			3,205
Total Liabilities			8,842
NET ASSETS
Net Assets at October 31, 2025		$	3,461,760
COMPOSITION OF NET ASSETS
Net capital paid in on shares of capital stock		$	2,964,506
Total Distributable Earnings			497,254
Net Assets (Equivalent to $31.67 per share based on 109,296.833 shares issued and outstanding)		$	3,461,760

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

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

SCHEDULE OF INVESTMENTS IN SECURITIES OCTOBER 31, 2025

						Historical				Fair
		Shares				Cost				Value
Level 1 Common Stocks - 84.65%
*ASTERISK DENOTES A NON INCOME PRODUCING SECURITY
Aerospace - 11.29%
L3Harris Technologies Inc.			500			$	24,989			$	144,550
Moog, Inc. Class A			637				15,976				130,490
Northrop Grumman Corp.			200				2,294				116,690
							43,259				391,730
Banking & Finance - 8.18%
Citigroup Inc.			1,600				73,288				161,968
Community Financial System Inc.			1,200				23,452				66,576
M&T Bank Corp.			300				29,839				55,161
							126,579				283,705
Medical Products & Supplies - 6.37%
Bristol-Myers Squibb Co.			1,150				29,276				52,980
Integer Holdings Corp*			1,700				72,248				109,769
Johnson & Johnson			308				17,415				58,172
							118,939				220,921
Electrical Equipment - 5.97%
Corning, Inc.			950				14,795				84,626
Ultralife Corp.*			17,400				65,037				122,322
							79,832				206,948
Electronics Components - 5.49%
Astronics Corp.*			2,100				14,964				103,278
Avnet, Inc.			1,800				71,690				87,210
							86,654				190,488
Utilities - Natural Resources - 5.49%
FirstEnergy Corp.			2,000				70,142				91,660
National Fuel Gas Co			1,250				50,833				98,637
							120,975				190,297
Environmental Services - 5.21%
Enviri Corp.*			14,800				72,649				180,708
Steel - 3.60%
Gilbraltar Industries Inc.*			2,000				25,111				124,780
Commercial Services - 3.29%
Paychex, Inc.			975				25,852				114,105
Office Equipment - 3.16%
Xerox Holdings Corp			33,050				116,725				109,726
Real Estate & Related - 3.10%
Extra Space Storage Inc .			805				20,859				107,500

						Historical				Fair
		Shares				Cost				Value
Level 1 Common Stocks - 84.65%
Broadcasting - 3.05%
Sinclair Inc. Class A			7,750			$	104,586			$	105,865
Foods & Beverages - 3.03%
Constellation Brands, Inc.			800			$	54,364			$	105,104
Automotive - 2.96%
Monro Inc.			7,000				117,517				102,550
Machinery - 2.78%
Columbus McKinnon Corp.			5,950				105,614				96,568
Metal Fabrication & Hardware - 2.51%
Graham Corp.*			1,400				15,140				87,206
Restaurants/Food Service - 2.36%
Sysco Corp.			1,100				79,970				81,708
Computers - Software - 2.27%
Oracle Corp.			300				3,905				78,783
Retail - Specialty - 1.35%
CVS Health Corp.			600				33,591				46,890
Instruments - 1.16%
Taylor Devices Inc.*			877				4,394				40,140
Airlines - 0.92%
Southwest Airlines Co.			1,050				19,813				31,815
Telecommunications - 0.80%
Verizon Communications Inc.			700				34,210				27,818
Consumer Nondurables - 0.31%
Kenvue Inc.			738				5,195				10,605
Total Investments in Securities							1,415,733				2,935,960
Level 1 - Cash & Equivalents - 15.35%
Schwab US Treasury Money Investor - 13.91%							482,442				482,442
Interest Rate 3.70%
Schwab Bank - 1.44%							50,012				50,012
Bank Sweep Interest Rate .05%
Total Cash & Equivalents							532,454				532,454
Total Invested Assets						$	1,948,187			$	3,468,414

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

GREATER WESTERN NEW YORK SERIES

(A SERIES WITHIN BULLFINCH FUND, INC.)

SCHEDULE OF INVESTMENTS IN SECURITIES OCTOBER 31, 2025

Table of Industries

Industry		Fair Value				Percent
Aerospace		$	391,730				11.29	%
Airlines			31,815				0.92
Automotive			102,550				2.96
Banking & Finance			283,705				8.18
Broadcasting			105,865				3.05
Commercial Services			114,105				3.29
Computers - Software			78,783				2.27
Consumer Nondurables			10,605				0.31
Electrical Equipment			206,948				5.97
Electronics Components			190,488				5.49
Environmental Services			180,708				5.21
Foods & Beverages			105,104				3.03
Instruments			40,140				1.16
Machinery			96,568				2.78
Medical Products & Supplies			220,921				6.37
Metal Fabrication & Hardware			87,206				2.51
Office Equipment			109,726				3.16
Real Estate & Related			107,500				3.10
Restaurants/Food Service			81,708				2.36
Retail - Specialty			46,890				1.35
Steel			124,780				3.60
Telecommunications			27,818				0.80
Utilities - Natural Resources			190,297				5.49
Total Equities			2,935,960				84.65	%
Cash & Cash Equivalents
Schwab US Treasury Money Investor			482,442				13.91
Schwab Bank
(Bank Sweep Interest Rate .05%)			50,012				1.44
Total Invested Assets		$	3,468,414				100.00	%

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

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

STATEMENT OF OPERATIONS FOR THE YEAR ENDED OCTOBER 31, 2025

INVESTMENT INCOME:
Dividend and Interest Income		$	64,307
EXPENSES:
Investment Adviser Fees			33,513
Legal and Professional			4,329
Dues and Subscriptions			1,598
Registration Fees			1,525
Director Fees			1,200
Insurance			964
State Taxes			175
Telephone			160
Fidelity Bond			157
Licenses & Permits			25
Total expenses			43,646
Net investment income			20,661
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain from securities transactions			476,593
Net change in unrealized depreciation of investments			(31,436	)
Net gain on investments			445,157
CHANGE IN NET ASSETS FROM OPERATIONS		$	465,818

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED OCTOBER 31, 2025 AND 2024

		2025				2024
CHANGE IN NET ASSETS FROM OPERATIONS:
Net investment gain		$	20,661			$	16,523
Net realized gain (loss) from securities transactions			476,593				(42,839	)
Net change in unrealized appreciation (depreciation) of investments			(31,436	)			618,095
Change in net assets from operations			465,818				591,779
DISTRIBUTIONS TO SHAREHOLDERS:			-				-
Distribution of net realized capital gains
Distribution of ordinary income			(16,523	)			(17,382	)
Decrease in net assets from distributions to shareholders			(16,523	)			(17,382	)
CAPITAL SHARE TRANSACTIONS:
Shares Sold			62,690				37,242
Reinvestment of distributions to shareholders			16,523				17,382
Shares Redeemed			(23,384	)			(19,889	)
Increase in net assets from capital share transactions			55,829				34,735
TOTAL INCREASE IN NET ASSETS			505,124				609,132
NET ASSETS:
Beginning of year			2,956,636				2,347,504
End of year		$	3,461,760			$	2,956,636

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

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

FINANCIAL HIGHLIGHTS (PER SHARE DATA FOR A SHARE OUTSTANDING)

FOR THE YEARS ENDED OCTOBER 31, 2025, 2024, 2023, 2022 AND 2021

		2025				2024				2023				2022				2021
NET ASSET VALUE, beginning of year		$	27.58			$	22.18			$	23.78			$	25.09			$	20.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income (loss)			0.19				0.15				0.16				0.00				(0.05	)
Net gain (loss) on investments both realized and unrealized			4.05				5.41				(1.34	)			(0.67	)			6.28
Total income (loss) from investment operations			4.24				5.56				(1.18	)			(0.67	)			6.23
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distribution of net realized capital gains			0.00				0.00				(0.40	)			(0.64	)			(1.29	)
Distribution of ordinary income			(0.15	)			(0.16	)			(0.02	)			0.00				(0.01	)
Total distributions to shareholders			(0.15	)			(0.16	)			(0.42	)			(0.64	)			(1.30	)
NET ASSET VALUE, end of year		$	31.67			$	27.58			$	22.18			$	23.78			$	25.09
NET ASSETS, end of year		$	3,461,760			$	2,956,636			$	2,347,504			$	2,423,219			$	2,457,931

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

FINANCIAL HIGHLIGHTS (RATIOS AND SUPPLEMENTAL DATA)

FOR THE YEARS ENDED OCTOBER 31, 2025, 2024, 2023, 2022 AND 2021

		2025				2024				2023				2022				2021
RATIO OF EXPENSES TO AVERAGE NET ASSETS*			1.40	%			1.43	%			1.44	%			1.44	%			1.52	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS*			0.66	%			0.59	%			0.71	%			(0.01	)%			(0.22	)%
PORTFOLIO TURNOVER RATE*			16.10	%			0.00	%			0.94	%			10.00	%			0.00	%
TOTAL RETURN			15.49	%			25.16	%			(4.97	)%			(2.81	)%			31.73	%

* Per share amounts calculated using the average shares method

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

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

NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 2025

NOTE A - SCOPE OF BUSINESS

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

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

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

ASSETS AT FAIR VALUE AS OF: 10/31/25
		LEVEL 1
COMMON STOCKS		$	2,935,960
CASH & CASH EQUIVALENTS			532,454
TOTALS BY LEVEL		$	3,468,414

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

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

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

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

Distributions to Shareholders - The Series distributes to its shareholders any ordinary income and net realized capital gains at least once each year. The amount of such distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences may be primarily due to short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase, cost of investments sold, and net capital losses. Further, the fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Series for financial reporting purposes.

The tax basis of distributable earnings on an accumulated basis was $1,520,227 as of October 31, 2025.Distributions to shareholders of ordinary income from dividends are recorded on the ex-dividend date. The tax character of distributions paid to shareholders of the Series during the years ended October 31, 2025 and 2024 was as follows: The Series made a distribution of its ordinary income of $16,523 to its shareholders on December 27, 2024 in the form of stock dividends equal to 613.561 shares of stock. The Series made a distribution of its ordinary income of $17,382 to its shareholders on December 26, 2023 in the form of stock dividends equal to 695.553 shares of stock.

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

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

Subsequent Events - In accordance with GAAP, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through December 22, 2025, the date of issuance of these financial statements.

NOTE C - INVESTMENTS

For the year ended October 31, 2025, the Series purchased $500,439 of common stock. During the same period, the Series redeemed $523,007 of common stock.

At October 31, 2025, the tax basis components of unrealized appreciation were as follows: the gross unrealized appreciation for all securities totaled $1,567,818 and the gross unrealized depreciation for all securities totaled $47,591, or a net unrealized appreciation of $1,520,227. The aggregate cost of securities for federal income tax purposes at October 31, 2025 was $1,415,733.

NOTE D - RELATED PARTY TRANSACTIONS

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

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

During the year ended October 31, 2025, the Fund paid investment adviser fees of $33,513.

As of October 31, 2025, the Fund had $3,205 included in liabilities, as owed to Carosa Stanton Asset Management, LLC.

As of October 31, 2025, three of the Series' shareholders of record owned 49% of the outstanding shares. The Series may be adversely affected when a shareholder purchases or redeems large amounts of shares, which may impact the Series in the same manner as a high volume of redemption requests. Significant shareholder purchases and redemptions may adversely impact the Series portfolio management and may cause the Series to make investment decisions at inopportune times or prices or miss attractive investment opportunities. Such transactions may also increase the Series' transaction costs, accelerate the realization of taxable income if sales of securities result in gains, or otherwise cause the Series to perform differently than intended.

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

NOTE E - REMUNERATION OF DIRECTORS

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

NOTE F - COMMITMENTS AND CONTINGENCIES

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

NOTE G - RISKS AND UNCERTAINTIES

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

NOTE H - CAPITAL SHARE TRANSACTIONS

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

		Shares				Amount
Balance at October 31, 2023			105,845.449			$	1,591,292
Shares sold during 2024			1,437.512				37,242
Shares redeemed during 2024			(779.505	)			(19,889	)
Reinvestment of Distributions, December 26, 2023			695.553				17,382
Balance at October 31, 2024			107,199.009			$	1,626,027
Shares sold during 2025			2,304.418				62,690
Shares redeemed during 2025			(820.155	)			(23,384	)
Reinvestment of Distributions, December 27, 2024			613.561				16,523
Balance at October 31, 2025			109,296.833			$	1,681,856

ADDITIONAL INFORMATION (UNAUDITED)

EXPENSE TABLE		Beginning Account Value				Ending Account Value				Annualized				Expenses Paid
ACTUAL		5/1/25				10/31/25				Expense Ratio				During Period+
Unrestricted Series		$	1,000.00			$	1,235.40				1.41	%		$	7.82
Greater Western New York Series			1,000.00				1,232.80				1.40	%		$	7.75
HYPOTHETICAL++
Unrestricted Series			1,000.00				1,025.00				1.41	%		$	7.08
Greater Western New York Series			1,000.00				1,025.00				1.40	%		$	7.03

+ Expenses are equal to each Series' annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365.

++ Assumes annual return of 5% before expenses.

All mutual funds have operating expenses. As a shareholder of the Fund, you incur operating expenses including investment advisory fees, regulatory fees and other Fund expenses. Such expenses, which are deducted from the Fund's gross income, directly reduce the investment return of the Fund. The Fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The Expense Table is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2025 to October 31, 2025).

The Expense Table illustrates your Fund's costs in two ways.

●

ACTUAL EXPENSES. This section helps you to estimate the actual expenses after fee waivers that would have been paid over the period. The "Ending Account Value" shown is derived from the Fund's actual return, and "Expenses Paid During Period" shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund.

●

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. This section is intended to help you compare your Fund's costs with those of other mutual funds. It is based on your Fund's actual expense ratio and assumes that your Fund had an annual return of 5% before expenses during the period shown. In this case - because the return used is not your Fund's actual return - the results may not be used to estimate your actual ending account value or expenses you paid during this period. The example is useful in making comparisons between your Fund and other funds because the Securities and Exchange Commission (the "SEC") requires all mutual funds to calculate expenses based on an annual 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

BOARD OF DIRECTORS INFORMATION

The business and affairs of the Fund are managed under the direction of the Fund's Board of Directors. Information pertaining to the Directors of the Fund are set forth below. The Fund's SAI includes additional information about the Fund's Directors, and is available without charge, by calling (585) 624-3150 or 1-888-BULLFINCH. Each director may be contacted by writing to the director c/o Bullfinch Fund, Inc. 3909 Rush Mendon Road, Mendon, New York 14506.

The directors and officers of the Fund are:

NAME, AGE ADDRESS		POSITON(S) HELD WITH FUND		TERM OF OFFICE AND LENGTH OF TIME SERVED IN FUND		PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS		NUMBER OF PORTFOLIOS IN COMPLEX OVERSEEN BY DIRECTOR		OTHER DIR- RECTORSHIPS HELD BY DIRECTOR
INTERESTED PERSONS
Christopher Carosa, 65		President;		Term of Office: N/A		President, Founder		2		N/A
2 Lantern Lane Honeoye Falls, New York 14472		Director; Chairman of Board; Chief Compliance Officer		Length of Time Served: Since 1997		Carosa Stanton Asset Management, LLC President, Director and Chairman of the Board, Bullfinch Fund, Inc.
Catarina L Carosa, 30		Vice President		Term of Office: N/A		Vice President &		2		N/A
2 Lantern Lane Honeoye Falls NY 14472				Length of Time		Research Associate Carosa Stanton Asset Management
				Served: Since 2019		Vice President, Bullfinch Fund Inc. Graduate Student, Duke University Senior Research Assistant, Butler Hospital
Betsy Kay Carosa, 65		Corporate		Term of Office: N/A		Office Manager		2		N/A
2 Lantern Lane Honeoye Falls, NY 14472		Secretary		Length of Time		Carosa Stanton Asset Management, LLC
				Served: Since 1997		Corporate Secretary, Bullfinch Fund, Inc.
Peter S. Carosa, 28		Director		Term of Office: N/A		Project Engineer		2		N/A
3340 Rush Mendon Rd.				Length of Time		Colliers Engineering & Design
Honeoye Falls NY 14472				Served: Since 2019
INDEPENDENT DIRECTORS
Patrick Borrelli, 57		Director; Audit		Term of Office: N/A		Sr. Equipment Engineer		2		N/A
8 Dixon Woods		Committee		Length of Time		Mosaic Micro Systems
Honeoye Falls NY 14472				Served: Since 2020		Manager Test & Integration L3Harris
Bryan D. Hickman, 80		Director; Audit		Term of Office: N/A		Co Founder, Vice Chairman		2		N/A
6233 Bopple Hill Road		Committee		Length of Time		EDceptional
Naples, NY 14512				Served: Since 2008
Lois Irwin, 73		Director		Term of Office: N/A		President		2		N/A
33 Oak Meadow Trail				Length of Time		EZaccessMD
Pittsford, NY 14534				Served: Since 2006
William E.J. Martin, 65		Director		Term of Office: N/A		Managing Member,		2		N/A
4410 Woodlawn Ave. N				Length of Time		Chipman & Martin, LLC
Seattle, WA 98103				Served: Since 1997
William Merman, 42		Director		Term of Office: N/A		Sales Manager		2		N/A
247 Enchanted Forest North				Length of Time		KYKLO
Lancaster, NY 14086				Served: Since 2019
Michael W. Reynolds, 65		Director		Term of Office: N/A		Marketing Consultant		2		N/A
PO Box 944				Length of Time		Mike Reynolds Marketing Resources
Getzville, NY 14068				Served: Since 2000

PROXY VOTING GUIDELINES

Carosa Stanton Asset Management, LLC, the Fund's Investment Adviser, is responsible for exercising the voting rights associated with the securities held by the Fund. A description of the policies and procedures used by the Adviser in fulfilling this responsibility and the voting record during the most recent 12 month period ending June 30th is available without charge, upon request, by calling (585) 624-3150 or 1-888-BULLFINCH. The Fund's Forms N-PX is available on the SEC's website at http://www.sec.gov. The Fund's Forms N-PX may also be reviewed and copied at the SEC's Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

QUARTERLY FILING OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at http://www.sec.gov. The Fund's Forms N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

LIQUIDITY RISK MANAGEMENT

The Fund has adopted a Liquidity Risk Management Program (the "Program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The program seeks to assess, manage and review the Fund's Liquidity Risk. "Liquidity Risk" is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interest in the Fund. The Board has approved the designation of Carosa Stanton Asset Management, LLC (the "Adviser"), the investment adviser to the Fund, as the program administrator for the Program. The Adviser has reviewed the adequacy and effectiveness of the Program's implementation with respect to the Fund. The information and factors included, among other things: (i) the liquidity risk framework used to assess, manage and periodically review the Fund's liquidity, and the results of this assessment; (ii) the inputs used to classify the liquidity of the Fund's portfolio investments and the Adviser's assessment that the Fund's strategy is appropriate for an open-end mutual fund; (iii) that the Fund held primarily highly liquid assets (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that neither Fund required the establishment of a highly liquid investment minimum and the methodology for that determination; (v) confirmation that none of the Series' of the Fund had breached the 15% maximum illiquid security threshold (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investments significantly changing the market value of the investment) and the procedures for monitoring compliance with the limit; and (vi)information regarding shareholder concentration in each Fund. The Report also noted that no changes were made to the Program. Based on the review, the Report concluded that the Program was being effectively implemented and that the Program was designed to assess and manage the Fund's liquidity risk. RISK ASSESSMENT: As there have been no changes in this area, the risk remains the same - very low.

DISCLOSURE REGARDING THE BOARD OF DIRECTOR'S APPROVAL OF THE INVESTMENT ADVISORY CONTRACT

The Independent Board of the Board met separately to discuss the Adviser and reported the conclusions to the Board. In determining whether to renew the Management and Investment Advisory Agreements between the Fund and Carosa Stanton Asset Management, LLC, (the Adviser), the Board requested, and the Adviser provided information relevant to the Board's consideration. Among the factors the Board considered were:

NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY THE INVESTMENT ADVISER

The Board reviewed the nature, quality and scope of current and anticipated services provided by the Investment Adviser under the Advisory Agreement. The Board also analyzed the Investment Adviser's experience and the capabilities of the Investment Adviser's portfolio manager. For example, the Board reviewed and discussed the Investment Advisor's Form ADV and internal compliance policies, as well as the experience of the Investment Adviser as investment adviser or sub-adviser to other investment portfolios. In addition to the above considerations, the Board reviewed and considered a description of the Investment Adviser's portfolio and brokerage transactions. Based on this review, the Board concluded that the range and quality of services to be provided by the Investment Adviser to the Fund were appropriate and continued to support its original selection of the Investment Adviser.

INVESTMENT PERFORMANCE

The Board considered the Adviser's investment performance during its tenure managing this Fund. The Trustees considered year-to-date performance along with annual performances for 1, 5, and 10 year(s) as well as performance since inception. Greatest emphasis is placed on the long-term investment performances. As of 12/31/24 the Investment Adviser has outperformed the benchmarks in all periods. The Board tried to compare this Fund's performance to similar funds such as funds classified by Lipper as Multi-Cap Value whenever this information was attainable without charge to the Fund. Based on this review, the Board concluded that the current and historical performance of the Fund, as managed by the Investment Adviser, was satisfactory.

COST OF SERVICES TO THE FUND AND PROFITABILITY OF ADVISER

The Board discussed the advisory fee along with the Fund's other expenses as they relate to the Fund's total expense rate. This expense ratio was compared to The Balance which reported average expense ratios for Large Cap (1.00%), Mid-Cap (1.10%), and Small-Cap (1.20%). The Board noted the Fund was smaller than the average fund. Based on this review, the Board concluded that the expense level of the Fund, as managed by the Investment Advisor, was satisfactory.

The Board considered the level of profits that could be expected to accrue to the Investment Adviser from the fee payable under the Advisory Agreement. Based on this review, the Board concluded that the Fund's advisery fee is competitive with those of comparable funds and that the Investment Adviser's profit margin was reasonable.

ECONOMIES OF SCALE

The Board received and considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board noted that the total operating expenses of the Fund regarding economies of scale may be realized as the Fund grows.

CONCLUSIONS

Based upon their review and consideration of these factors and other matters deemed relevant, the Board concluded that the terms of the Investment Management Agreements are fair and reasonable and the Board voted to renew the Agreements.

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

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

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

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

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

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

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

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

Item 16. Controls and Procedures.

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

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

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

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1)		Code of Ethics - (incorporated by reference to Bullfinch Fund, Inc.; 333-26321; 811-08191; Form N-1A filed on October 30, 2002 with Accession Number 0001038199-02-000005).
(a)(2)		Not applicable.
(a)(3)		Certifications pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 are attached hereto.
(a)(4)		Not applicable.
(a)(5)		Not applicable.
(b)		Certifications pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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

Bullfinch Fund
By:	/s/ Christopher Carosa
	Christopher Carosa
	President (Principal Executive Officer and Principal Financial Officer)
Date:	December 23, 2025

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

By:	/s/ Christopher Carosa
	Christopher Carosa
	President (Principal Executive Officer and Principal Financial Officer)
Date:	December 23, 2025