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 811-08191
Name of Fund: Bullfinch Fund, Inc.
Fund Address: 1370 Pittsford Mendon Road
Mendon, New York 14506
Name and address of agent for service: Christopher Carosa, President,
Bullfinch Fund, Inc., 1370 Pittsford Mendon Road,
Mendon, New York 14506
Mailing address: 1370 Pittsford Mendon Road
Mendon, New York 14506
Registrant's telephone number, including area code: (585) 624-3150
Date of fiscal year end: June 30
Date of reporting period: 07/01/06 - 12/31/06
Item 1 - Attach shareholder report
Bullfinch Fund, Inc.
1370 Pittsford Mendon Road
Mendon, New York 14506
(585) 624-3150
1-888-BULLFINCH
(1-888-285-5346)
Unrestricted Series
Greater Western New York Series
Semi-Annual Report
December 31, 2007
(Unaudited)
Management's Discussion of Fund Performance
February 26, 2008
Dear Fellow Shareholders:
We are very proud to present the December 2007 Semi-Annual Report of the
Bullfinch Fund, Inc. This report contains the unaudited financial statements
for both the Unrestricted Series and the Greater Western New York Series, which
are excited to note was featured in Barron's this past July.
It seems like every year since 9/11 economists have predicted the market would
return 5%. This year they came the closest - the S&P 500 returned 3.5%. More
significantly, 2007 probably disappointed most market-timers as, for the first
time in a long time the famous President Election cycle failed to live us to
its expected billing with the market barely squeaking out a small gain. Worse
still, according to Lipper, the average value manager actually lost money for
the full year.
The year started with latent volatility (the first quarter barely moved) and
ended with in-your-face volatility (the fourth quarter saw a significant drop
in the markets). The year began with the certainty of a near-term recession
and, when the expected recession failed to materialize, ended with the
certainty of a near-term recession. In between, we saw the near doubling of the
price of oil and the ominous sub-prime debacle. What does all this portend for
the coming year, when many expect the markets to suffer the slings and arrows
of outrageous political campaigning?
To understand 2008, we must understand why so many got 2007 so wrong. First,
regarding the expected recession, we ended 2006 with lower oil prices, strong
corporate earnings and plenty of ammunition (in the guise of the potential for
lower interest rates) in the Fed's back pocket. This represented a highly
unlikely scenario when it comes to producing a recession. In contrast, we ended
2007 with near-record oil prices, declining corporate earnings and a smaller
likelihood of continued lower rates. This certainly looks more like the stuff
of recessions (a recession is defined by two consecutive quarters of a
negative GDP). Certainly, declining corporate earnings might be a prelude to a
negative GDP.
Curiously, though, most of the market's 2007 decline was driven by the
financial sector. This is the legacy of the sub-prime debacle which, while
stewing for several years, finally surfaced with a vengeance last July. During
one particularly sanguine week in mid-summer, the financial media featured
headlines questioning the solvency of even money market funds. When the Feds
(finally) addressed this issue in the August/September, the markets breathed a
little easier. However, analysts' expectations that the Fed would aggressively
attack the sub-prime problem failed to materialize, sending the markets into a
tailspin in the fourth quarter.
Last calendar year was a particularly exciting year for us. We experienced an
unusual flurry of trading activity. The number of buy-outs in the first half
of 2007 allowed us to build up a temporary defensive position in cash. In
December of 2007 we started buying stocks we felt were best positioned to
weather a possible recession, including Genentech and Pzifer. We anticipate
more purchases should market volatility continue.
Best Regards,
Bullfinch Fund, Inc.
Christopher Carosa, CTFA
President
UNRESTRICTED SERIES
(A Series Within Bullfinch Fund, Inc.)
FINANCIAL STATEMENTS AS OF
December 31, 2007
UNRESTRICTED SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2007 (UNAUDITED)
ASSETS
Investments in Securities, at Fair Value,
identified Cost of $3,070,974 $ 3,728,927
Cash 1,737,831
Accrued Interest and Dividends 5,538
Prepaid Expenses 4,746
Total Assets $ 5,477,042
===========
LIABILITIES
Accounts payable 10,608
Unsettled Trades 309,633
NET ASSETS
Net assets (equivalent to $ 13.96 based on
369,487.455 shares of stock outstanding) $ 5,156,801
===========
COMPOSITION OF NET ASSETS
Shares of Common Stock - Par Value $.01;
10,000,000 Shares Authorized,
369,487.455 Shares Outstanding $ 4,682,472
Accumulated Net Investment Loss (183,624)
Net Unrealized Appreciation on Investments 657,953
-----------
Net Assets at December 31, 2007 $ 5,156,801
===========
UNRESTRICTED SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
SCHEDULE OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2007 (UNAUDITED)
Historical
Common Stocks - 100% Shares Cost Value
Computers - Software - 16.5%
Microsoft Corp. 6,200 $ 151,626 $ 220,720
Oracle 11,000 119,262 248,380
Synopsis, Inc. 5,600 115,459 145,208
--------- ---------
386,347 614,308
Banking & Finance - 9.8%
FIserv, Inc. 3,000 75,229 166,470
Fifth Third Bancorp. 4,100 159,746 103,033
National City Corp. 5,700 151,096 93,822
--------- ---------
386,071 363,325
Electrical Equipment - 9.0%
Corning Inc. 7,300 71,366 175,127
General Electric Co. 4,300 125,562 159,401
--------- ---------
196,928 334,528
Medical Products and Supplies - 8.3%
Johnson & Johnson 2,400 136,714 160,080
Medtronic Inc. 3,000 147,940 150,810
--------- ---------
284,654 310,890
Oil & Related - 6.7%
Helmerich & Paine 6,200 153,229 248,434
Pharmaceuticals - 6.2%
Mylan Inc. 5,400 110,246 75,924
Pfizer Inc. 6,800 155,526 154,564
--------- ---------
265,772 230,488
Retail - Specialty - 5.0%
Fastenal Co. 4,600 160,394 185,932
Automotive - 4.9%
Gentex Corp. 10,300 147,681 183,031
Biotech - 4.1%
Genentech Inc. 2,300 154,107 154,261
Utilities - Natural Resources - 3.9%
Chesapeake Utilities Corp.
3,100 57,194 98,735
NiSource Inc. 2,500 46,325 47,225
--------- ---------
103,519 145,960
Retail - General - 3.9%
Fred's Inc. Class A 15,000 152,560 144,450
Historical
Shares Cost Value
Office Equipment - 3.5%
Xerox Corp. 8,000 118,582 129,520
Paper & Related Products - 3.1%
Avery Dennison Corp. 2,200 114,734 116,908
Foods & Beverages - 3.0%
Sensient Technologies 4,000 80,550 113,120
Semiconductors - 2.9%
Intel Corp. 4,100 80,666 109,306
Computers - Networking - 2.8%
Cisco Systems, Inc. 3,800 55,371 102,866
Insurance -2.4%
Gallagher Arthur J & Co. 3,700 99,355 89,503
Computers - Hardware - 2.1%
Dell Corp. 3,250 66,364 79,657
Commercial Services - 1.9%
Paychex, Inc. 2,000 64,090 72,440
Total Investments in Securities $ 3,070,974 $ 3,728,927
UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM JULY 1, 2007 TO DECEMBER 31, 2007 AND
FOR THE YEARS ENDED JUNE 30, 2007, 2006 AND 2005 (UNAUDITED)
12/2007 6/2007 6/2006 6/2005
INVESTMENT INCOME:
Dividends $ 64,292 $ 120,940 $ 87,909 $ 70,818
EXPENSES:
Management fees 27,283 52,868 46,736 41,125
Legal and Professional 6,303 11,468 12,113 10,562
Director's Fees 605 1,200 1,200 1,200
D&O/E&O 3,874 5,129 11,340 4,482
Fidelity Bond 1,058 1,058 936 936
Taxes 159 472 518 455
Telephone 73 208 234 289
Registration Fees 1,126 1,137 969 1,134
Custodian Fees 2,795 2,772 2,751 2,107
Dues and Subscriptions 1,674 2,075 1,926 1,698
---------- ---------- ---------- ----------
Total expense 44,950 78,387 78,723 63,988
---------- ---------- ---------- ----------
Net investment income (loss) 19,342 42,553 9,186 6,830
========== ========== ========== ==========
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss)
from securities transactions 144,385 271,683 236,874 147,001
Unrealized appreciation (depreciation)
during the period (355,119) 546,434 (197,111) (45,245)
----------- --------- ---------- ----------
Net gain (loss) on investments (210,734) 818,117 39,763 101,756
----------- --------- ---------- ----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $(191,392) 860,670 $ 48,949 $ 108,586
========== ========== ========== ==========
UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD JULY 1, 2007 TO DECEMBER 31, 2007 AND
FOR THE YEARS ENDED JUNE 30, 2007, 2006 AND 2005 (UNAUDITED)
12/2007 6/2007 6/2006 6/2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) $ 19,342 $ 42,553 $ 9,186 $ 6,830
Net realized gains (loss)
from securities transactions 144,385 271,683 236,874 147,001
Net change in unrealized
appreciation of investments (355,119) 546,434 (197,111) (45,245)
---------- ---------- ---------- ----------
Increase (decrease) in net
assets from operations (191,392) 860,670 48,949 108,586
========== ========== ========== ==========
CAPITAL SHARE TRANSACTIONS:
Sales 214,574 483,725 535,360 473,324
Redemptions (29,600) (678,722) (181,377) (419,589)
Total capital share
Transactions 184,974 (194,997) 353,983 53,735
Increase in net assets (6,418) 665,673 402,932 162,321
NET ASSETS:
Beginning of period $ 5,163,219 4,497,546 4,094,614 3,932,293
End of period $ 5,156,801 5,163,219 4,497,546 4,094,614
UNRESTRICTED SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007
1. The Organization
The Unrestricted Series (the "Series") is a series of the Bullfinch Fund,
Inc. (the "Fund"), which was organized as a Maryland corporation registered
under the Investment Company Act of 1940 as an open-end non-diversified
management investment Company.
The investment objective of the Series is to seek conservative long-term
growth in capital. The 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.
2. Summary of Significant Accounting Policies
Cash - Cash consists of amounts deposited in money market accounts and 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.
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.
Federal 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 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.
Distributions to Shareholders - Distributions to shareholders are
recorded on the ex-dividend date. The Series made a distribution of its
long term capital gains of $17,260 to its shareholders on December 28, 2004
in the form of stock dividends equal to 1,137.790 shares of stock. The
Series made a distribution of its long term capital gains of $234,457 and
ordinary income of $6,615 to its shareholders on June 29, 2005, in the form
of stock dividends equal to 17,183.492 shares of stock. The Series made a
distribution of its long term capital gains of $18,898 to its shareholders
on December 28, 2005 in the form of stock dividends equal to 1,338.392 shares
of stock. The Series made a distribution of its long term capital gains of
$242,509 and ordinary income of $9,254 to its shareholders on June 28, 2006,
in the form of stock dividends equal to 19,233.233 shares of stock. The
Series made a distribution of its long term capital gains of $125,765 and
ordinary income of $24,454 to its shareholders on December 27, 2006, in the
form of stock dividends equal to 10,586.286 shares of stock. The Series made
a distribution of its long term capital gains of $74,306, its short term
capital gains of $70,928 and its ordinary income of $17,901 to its
shareholders on June 27, 2007 in the form of stock dividends equal to
10,992.948 shares of stock. The Series made a distribution of its long term
capital gains of $86,821 and ordinary income of $22,790 to its shareholders
on December 27, 2007, in the form of stock dividends equal to 7,735.411
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 or losses for financial statement and income tax
purposes. Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis.
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 could differ from those estimates.
3. Investments
For the period July 1, 2007 to December 31, 2007, the Series purchased
$715,651 common stock. During the same period, the Series sold $716,754 of
common stock.
For the year ended June 30, 2007, the Series purchased $1,524,478 of
common stock. During the same period, the Series sold $1,660,698 of common
stock.
For the year ended June 30, 2006, the Series purchased $677,002 of
common stock. During the same period, the Series sold $1,369,364 of common
stock.
For the year ended June 30, 2005, the Series purchased $853,288 of
common stock. During the same period, the Series sold $709,374 of common
stock.
At December 31, 2007, the gross unrealized appreciation for all
securities totaled $825,185 and the gross unrealized depreciation for all
securities totaled $167,232, or a net unrealized appreciation of $657,953.
The aggregate cost of securities for federal income tax purposes at
December 31, 2007 was 3,070,974.
At June 30, 2007, the gross unrealized appreciation for all securities
totaled $1,025,092 and the gross unrealized depreciation for all securities
totaled $12,020, or a net unrealized appreciation of $1,013,072. The
aggregate cost of securities for federal income tax purposes at
June 30, 2007 was $2,927,692.
At June 30, 2006 the gross unrealized appreciation for all securities
totaled $603,934 and the gross unrealized depreciation for all securities
totaled $137,296, or a net unrealized appreciation of 466,638. The
aggregate cost of securities for federal income tax purposes at
June 30, 2006 was $2,792,229.
At June 30, 2005, the gross unrealized appreciation for all securities
totaled $828,871 and the gross unrealized depreciation for all securities
totaled $ 165,121, or a net unrealized appreciation of $663,750. The
aggregate cost of securities for federal income tax purposes at
June 30, 2005 was $3,247,717.
4. Investment Advisory Agreement
Carosa, Stanton & DePaolo Asset Management, LLC serves as investment
advisor to the Fund pursuant to an investment advisory agreement which was
approved by the Fund's board of directors. Carosa, Stanton & DePaolo Asset
Management, LLC is a Registered Investment Adviser under the Investment
Advisers Act of 1940. The Investment advisory agreement provides that Carosa,
Stanton & DePaolo 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 Series' portfolio which includes selecting the investments
and handling its business affairs.
As compensation for its services to the Fund, the investment advisor
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 will be reduced by
any sub-transfer agent fees incurred by the Fund.
Carosa, Stanton & DePaolo Asset Management, LLC has agreed to forego
sufficient investment advisory 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 period from July 1, 2007 to December 31, 2007 and the fiscal
years ended June 30, 2007, 2006 and 2005, the fund paid investment advisory
fees of $27,283, $52,868, $46,736 and $41,125 respectively.
On December 31, 2007, the fund had $4,458 included in accounts payable,
as owed to Carosa, Stanton & DePaolo Asset Management, LLC.
5. Capital Share Transactions
The Fund has authorized 10,000,000 shares of common stock at $0.01
par value per share. Each share has equal dividend, distribution and
liquidation rights. Transactions in capital stock of the Series were as
follows:
Shares Amount
Balance at June 30, 2004 271,338.635 $ 3,332,819
Shares sold during 2005 32,575.497 473,324
Shares redeemed during 2005 (29,211.603) (419,589)
Reinvestment of Distributions,
December 28, 2004 1,137.790 17,260
Reinvestment of Distributions, June 29, 2005 17,183.492 241,072
Balance at June 30, 2005 293,023.811 $ 3,644,886
Shares sold during 2006 37,416.865 535,360
Shares redeemed during 2006 (12,537.319) (181,377)
Reinvestment of Distributions,
December 28, 2005 1,338.392 18,898
Reinvestment of Distributions, June 28, 2006 19,233.233 251,763
Balance at June 30, 2006 338,474.982 $4,269,530
Shares sold during 2007 34,186.763 483,725
Shares redeemed during 2007 (45,494.035) (678,722)
Reinvestment of Distributions,
December 27, 2006 10,586.286 150,219
Reinvestment of Distributions, June 28, 2007 10,992.948 163,135
Balance at June 30, 2007 348,746.944 $ 4,387,887
Shares sold during period 15,054.519 214,574
Shares redeemed during period (2,049.419) (29,600)
Reinvestment of Distributions,
December 27, 2007 7,735.411 109,611
Balance at December 31, 2007 369,487.455 $ 4,682,472
UNRESTRICTED SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)
FINANCIAL HIGHLIGHTS AND RELATED RATIOS/
SUPPLEMENTAL DATA FOR A SHARE OUTSTANDING
FOR THE PERIOD FROM JULY 1 TO DECEMBER 31, 2007 AND
FOR THE YEARS ENDED JUNE 30, 2007, 2006, 2005 (UNAUDITED)
12/2007 6/2007 6/2006 6/2005
NET ASSET VALUE,
beginning of period $14.81 $13.29 $13.97 $14.49
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) 0.05 0.12 0.03 0.02
Net gain (loss) on securities
both realized and unrealized (1.20) 0.49 (1.56) (1.47)
Total from investment operations (1.15) 0.61 (1.53) (1.45)
DISTRIBUTIONS
Dividends 0.30 0.91 0.85 0.93
NET ASSET VALUE, end of period $13.96 $14.81 $13.29 $13.97
NET ASSETS, end of period $5,156,801 $5,163,219 $4,497,546 $4,094,614
Actual** Actual Actual Actual
RATIO OF EXPENSES
TO AVERAGE NET ASSETS* 0.9%** 1.6 % 1.8 % 1.6 %
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS* 0.4%** 0.9% 0.2% 0.2%
PORTFOLIO TURNOVER RATE* 13.9%** 30.4% 15.3% 18.2%
TOTAL RETURN (3.7)% 18.6% 1.3% 2.8%
*Per share amounts calculated using the average shares method
** The ratios presented were calculated using operating data for the
six-month period from July 1, 2007 to December 31, 2007
GREATER WESTERN NEW YORK SERIES
(A Series Within Bullfinch Fund, Inc.)
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 2007
(UNAUDITED)
GREATER WESTERN NEW YORK SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2007(UNAUDITED)
ASSETS
Investments in securities, at fair value,
identified cost $ 414,405 $ 616,740
Cash 133,657
Accrued interest and dividends 736
Prepaid expenses 1,308
Total assets $ 752,441
LIABILITIES
Accounts payable 2,016
NET ASSETS
Net assets (equivalent to $14.06 per share
based on 53,370.394 shares of stock outstanding) $ 750,425
COMPOSITION OF NET ASSETS
Shares of common Stock - Par Value $.01;
10,000,000 Shares Authorized,
53,370.394 Shares Outstanding $ 578,774
Accumulated net investment loss (30,684)
Net unrealized (depreciation) on investments 202,335
Net assets at December 31, 2007 $ 750,425
GREATER WESTERN NEW YORK SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
SCHEDULE OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2007 (UNAUDITED)
Common Stocks - 100% Historical
Shares Cost Value
Electrical Equipment - 14.4%
Corning, Inc. 1,000 $ 7,874 $ 23,990
General Electric Co. 550 15,917 20,388
Ultralife Batteries, Inc. 2,200 12,432 44,330
-------- --------- ----------
36,223 88,708
Banking & Finance - 9.2%
Community Bank System 1,200 23,452 23,844
M & T Bank Corp. 400 38,896 32,628
-------- --------- ----------
62,348 56,472
Real Estate & Related - 6.8%
Home Properties Inc. 400 16,297 17,940
Sovran Self Storage 600 23,459 24,060
-------- --------- ----------
39,756 42,000
Medical Products & Supplies - 6.0%
Greatbatch Technologies 850 18,984 16,992
Johnson & Johnson 300 17,108 20,010
-------- --------- ----------
36,092 37,002
Commercial Services - 5.7%
Harris Interactive, Inc. 4,400 16,371 18,744
Paychex, Inc. 450 11,885 16,299
-------- --------- ----------
28,256 35,043
Electronics Components - 5.4%
Astronics Corp. 700 4,286 29,750
IEC Electronics Corp. 2,000 1,530 3,680
-------- --------- ----------
5,816 33,430
Metal Fabrication & Hardware - 5.1%
Graham Corp. 600 2,279 31,440
Aerospace - 5.0%
Moog, Inc. Class A 337 2,926 15,438
Northrop Grumman 200 2,536 15,728
-------- --------- ----------
5,462 31,166
Retail - Specialty - 4.9%
Christopher & Banks Corp. 700 12,105 8,015
Fastenal Co. 550 19,186 22,231
-------- --------- ----------
31,291 30,246
Computers - Software - 4.8%
Oracle 1,300 16,642 29,354
Utilities - Natural Resources - 3.8%
National Fuel Gas Co. 500 11,250 23,340
Railroads -3.5%
Genesee & Wyoming Class A 900 2,522 21,753
Computers - Services - 3.1%
Computer Task Group Inc. 3,500 11,872 19,355
Foods & Beverages - 3.1%
Constellation Brands, Inc. 800 5,017 18,912
Historical
Shares Cost Value
Steel - 3.0%
Gibraltar Industries Inc. 1,200 16,957 18,504
Photographic Equipment and Suppliers - 2.8%
Eastman Kodak Co. 800 20,746 17,496
Apparel - 2.5%
Hartmarx Corp. 4,500 22,999 15,345
Automotive - 2.4%
Monro Muffler Brake Inc. 750 9,880 14,618
Office Equipment - 2.3%
Xerox Corp. 875 12,989 14,166
Computers - Hardware - 1.4%
Dell Corporation 350 10,734 8,579
Telecommunications - 1.2%
Citizens Communications 600 7,874 7,638
Computers - Distributors - 1.2%
Ingram Micro 400 4,230 7,216
Packaging & Containers - 0.9%
Mod Pac Corporation 715 3,461 5,355
Machinery - 0.5%
Columbus McKinnon Corp. 100 2,344 3,262
Airlines - 0.5%
Southwest Airlines Co. 250 3,447 3,050
Health Care Service Provider - 0.3%
VirtualScopics Inc. 2,000 2,981 1,840
Industrial Materials - 0.2%
Servotronics, Inc. 100 937 1,450
Total Investments in Securities $ 414,405 $ 616,740
GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM JULY 1, 2007 TO DECEMBER 31, 2007 AND
FOR THE YEARS ENDED JUNE 30, 2007, 2006 AND 2005 (UNAUDITED)
12/2007 6/2007 6/2006 6/2005
INVESTMENT INCOME:
Dividends $ 7,217 $ 9,665 $ 8,146 $ 5,710
EXPENSES:
Management Fees 4,689 8,117 7,292 6,265
Reimbursement of Management Fees - (1,000) (2,520) (1,302)
Legal and Professional 723 1,384 1,515 1,224
Director's Fees 605 1,200 1,200 1,200
Fidelity Bond 117 117 104 104
D&O/E&O 455 522 1,260 498
Taxes 0 454 450 433
Telephone 74 208 234 289
Registration Fees 151 418 418 200
Custodian Fees 324 224 186 99
Dues and Subscription 474 1,275 1,126 898
Total expense 7,612 12,919 11,265 9,908
Net investment income (loss) (395) (3,254) (3,119) (4,198)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) from
securities transactions 21,036 3,805 37,655 (155)
Unrealized appreciation (depreciation)
during the period (36,463) 80,397 23,218 32,113
Net gain (loss) on investments(15,427) 84,202 60,873 31,958
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $(15,822) $ 80,948 $ 57,754 $ 27,760
GREATER WESTERN NEW YORK SERIES (A SERIES WITHIN BULLFINCH FUND, INC.)
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD FROM JULY 1, 2007 TO DECEMBER 31, 2007 AND
FOR THE YEARS ENDED JUNE 30, 2007, 2006, AND 2005 (UNAUDITED)
12/2007 6/2007 6/2006 6/2005
DECREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) $ ( 395) $ (3,254) $ (3,119) $(4,198)
Net realized (loss) from
securities transactions 21,036 3,805 37,655 (155)
Net change in unrealized appreciation
(depreciation) of investments(36,463) 80,397 23,218 32,113
Increase (decrease) in net
assets from operations (15,822) 80,948 57,754 27,760
CAPITAL SHARE TRANSACTIONS:
Sales 42,186 15,512 28,003 34,779
Redemptions (3,500) - (2,907) (4,870)
Total capital share transactions 38,686 15,512 25,096 29,909
Increase in net assets 22,864 96,460 82,850 57,669
NET ASSETS:
Beginning of period 727,561 631,101 548,251 490,582
End of period $750,425 727,561 631,101 548,251
GREATER WESTERN NEW YORK SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007
1. The Organization
The Greater Western New York Series (the "Series") is a series of 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 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 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.
2. Summary of Significant Accounting Policies
Cash - Cash consists of amounts deposited in money market accounts and
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.
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.
Federal 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.
Distributions to Shareholders - Distributions paid to shareholders are
recorded on the ex-dividend date. The Series made a distribution of its long
term capital gains of $42,105 to its shareholders on June 28, 2006, in the
form of stock dividends equal to 3,243.841 shares of stock. The Series made a
distribution of its long term capital gains of $3,850 to its shareholders on
December 27, 2006, in the form of stock dividends equal to 286.269 shares of
stock. The Series made a distribution of its long term capital gains of $24,796
to its shareholders on December 26, 2007, in the form of stock dividends equal
to 1,711.274 shares of stock. There were no distributions made during the
fiscal years ended June 30, 2005.
Other - The Series follows industry practice and records security
transactions on the trade date. The specific identification method is used
for determining gains or losses for financial statement and income tax
purposes. Dividend income is recorded on the ex-dividend date and interest
income is recorded on the accrual basis.
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 could differ from those estimates.
3. Investments
For the period from July 1 to December 31, 2007, the Series purchased
$116,874 of common stock. During the same period, the Series sold $122,654
of common stock.
For the year ended June 30, 2007, the Series purchased $54,739 of common
stock. During the same period, the Series sold $32,472 of common stock.
For the year ended June 30, 2006, the Series purchased $92,681 of common
stock. During the same period, the Series sold $94,535 of common stock.
For the year ended June 30, 2005, the Series purchased $54,053 of common
stock. During the same period, the Series sold $23,356 of common stock.
At December 31, 2007, the gross unrealized appreciation for all
securities totaled $ 229,519 and the gross unrealized depreciation for
all securities totaled $27,184, or a net unrealized appreciation of $202,335.
The aggregate cost of securities for federal income tax purposes at
December 31, 2007 was $414,405.
At June 30, 2007, the gross unrealized appreciation for all securities
totaled $255,545 and the gross unrealized depreciation for all securities
totaled $16,747, or a net unrealized appreciation of $238,798. The aggregate
cost of securities for federal income tax purposes at June 30, 2007 was
$399,149.
At June 30, 2006 the gross unrealized appreciation for all securities
totaled $185,791 and the gross unrealized depreciation for all securities
totaled $27,391, or a net unrealized appreciation of $158,400. The aggregate
cost of securities for federal income tax purposes at June 30, 2006 was
$373,078.
At June 30, 2005, the gross unrealized appreciation for all securities
totaled $176,655 and the gross unrealized depreciation for all securities
totaled $41,472, or a net unrealized appreciation of $135,183. The aggregate
cost of securities for federal income tax purposes at June 30, 2005 was
$337,278.
4. Investment Advisory Agreement
Carosa, Stanton & DePaolo Asset Management, LLC serves as investment advisor
to the Fund pursuant to an investment advisory agreement which was approved by
the Fund's board of directors. Carosa, Stanton & DePaolo Asset Management, LLC
is a Registered Investment Adviser under the Investment Advisers Act of 1940.
The Investment advisory agreement provides that Carosa, Stanton & DePaolo 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 advisor
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 will be reduced by
any sub-transfer agent fees incurred by the Fund.
Carosa, Stanton & DePaolo Asset Management, LLC has agreed to forego
sufficient investment advisory 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 period from July 1, 2007 to December 31, 2007 and during the
fiscal years ended June 30, 2007, 2006, and 2005 the fund paid investment
advisory fees of $4,689, $7,117, $4,772, and $4,963 respectively.
On December 31, 2007 the fund had $806 included in accounts payable, as
owed to Carosa, Stanton & DePaolo Asset Management, LLC.
5. Capital Share Transactions
The Fund has authorized 10,000,000 shares of common stock at $0.01 par
value per share. Each share has equal dividend, distribution and liquidation
rights. Transactions in capital stock of the Series were as follows:
Shares Amount
Balance at June 30, 2004 40,155.482 $ 398,820
Shares sold during 2005 2,801.149 34,779
Shares redeemed during 2005 (382.933) (4,870)
Balance at June 30, 2005 42,573.698 $ 428,729
Shares sold during 2006 1,951.828 28,003
Shares redeemed during 2006 (204.415) (2,907)
Reinvestment of Distributions, June 28, 2006 3,243.841 42,105
Balance at June 30, 2006 47,564.952 $ 495,930
Shares sold during 2007 1,143.476 15,512
Shares redeemed during 2007 - -
Reinvestment of Distributions,
December 27, 2006 286.269 3,850
Balance at June 30, 2007 48,994.697 $ 515,292
Shares sold during period 2,899.007 42,186
Shares redeemed during period (234.584) (3,500)
Reinvestment of Distributions,
December 26, 2007 1,711.274 24,796
Balance at December 31, 2007 53,370.394 $ 578,774
GREATER WESTERN NEW YORK SERIES
(A SERIES WITHIN BULLFINCH FUND, INC.)
FINANCIAL HIGHLIGHTS AND RELATED RATIOS/
SUPPLEMENTAL DATA FOR A SHARE OUTSTANDING
FOR THE PERIOD FROM JULY 1 TO DECEMBER 31, 2007 AND
FOR THE YEARS ENDED JUNE 30, 2007, 2006 AND 2005 (UNAUDITED)
12/2007 6/2007 6/2006 6/2005
NET ASSET VALUE,
beginning of period $ 14.85 $ 13.27 $ 12.88 $ 12.22
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income (loss) (0.01) (0.07) (0.07) (0.10)
Net gain (loss) on securities
both realized and unrealized (1.26) 1.57 (0.49) 0.76
Total from investment operations (1.27) 1.50 (0.56) 0.66
DISTRIBUTIONS
Dividends 0.48 0.08 0.95 -
NET ASSET VALUE, end of period $ 14.06 $ 14.85 $ 13.27 $ 12.88
NET ASSETS, end of period $750,425 $727,561 $631,101 $548,251
Actual** Actual Actual Actual
RATIO OF EXPENSES TO
AVERAGE NET ASSETS* 1.0%** 2.0% 1.9% 2.0%
RATIO OF EXPENSES TO
AVERAGE NET ASSETS 1.0%** 2.1% 2.4% 2.2%
BEFORE REIMBURSEMENT*
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS* (0.1)%** (0.5)% (0.5)% (0.8)%
PORTFOLIO TURNOVER RATE* 15.6%** 5.0% 15.8% 4.6%
TOTAL RETURN (2.2)% 12.5% 10.6% 5.4%
*Per share amounts calculated using the average shares method
** The ratios presented were calculated using operating data for the
six-month period from July 1, 2007 to December 31, 2007.
The accompanying notes are an integral part of these statements
- - 3 -
The accompanying notes are an integral part of these statements
- - 20 -
ADDITIONAL INFORMATION
EXPENSE TABLE BEGINNING ENDING
ACCOUNT VALUE ACCOUNT VALUE ANNUALIZED EXPENSES
PAID
7/1/07 12/31/07 EXPENSE RATIO DURING
PERIOD+
- -----------------------------------------------------------------------------
ACTUAL
Unrestricted Series $1,000.00 $962.80 0.9% $ 9.11
Greater Western New York Series 1,000.00 978.20 1.0% $10.13
HYPOTHETICAL++
Unrestricted Series 1,000.00 1,015.93 0.9% $ 9.07
Greater Western New York Series 1,000.00 1,014.93 1.0% $10.07
+ Expenses are equal to each Series' semi-annualized expense ratio
multiplied by the average account value over the period.
++ 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 (July 1, 2007 to December 31, 2007).
The Expense Table illustrates your Fund's costs in two ways.
o ACTUAL EXPENSES. This section helps you to estimate the actual expenses
after fee waivers that you 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.
o 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. 1370 Pittsford Mendon Road, Mendon,
New York 14506
INDEPENDENT DIRECTORS
The directors and officers of the Fund are:
NAME, AGE POSITON(S) TERM OF OFFICE PRINCIPLE NUMBER OF OTHER
ADDRESS HELD WITH AND LENGTH OF OCCUPATION(S) PORTFOLIOS DIRECTORSHIPS
FUND TIME SERVED DURING PAST IN FUND HELD BY
5 YEARS COMPLEX DIRECTOR
OVERSEEN BY
DIRECTOR
- -----------------------------------------------------------------------------------------------------
INTERESTED PERSONS*
Christopher Carosa, 47 President; Term of Office: President, Founder 2 N/A
2 Lantern Lane Director; N/A Carosa, Stanton &
Honeoye Falls, Chairman of Length of Time DePaolo Asset
New York 14472 Board; Chief Served: Management, LLC;
Compliance Since 1997 President, Director
Officer and Chairman of the
Board, Bullfinch Fund, Inc.
Gordon Stanton, 49 Vice-President; Term of Office: Vice-President, Founder 2 N/A
17 East 96 St. Director; N/A Carosa, Stanton &
Apt 7C Length of Time DePaolo Asset
New York, Served: Management, LLC;
NY 10128 Since 1997 Vice-President,
and Director,
Bullfinch Fund, Inc.;
Associate, Brown Harris
Stevens Residential
Terrance B. Mulhern, 45 Vice-President Term of Office: Executive Vice-President 2 N/A
169 Church Street N/A Carosa, Stanton &
Victor, Length of Time DePaolo Asset
NY 14564 Served: Management, LLC;
Since 2003 Vice-President,
Bullfinch Fund, Inc.;
Senior Vice-President,
Clover Capital;
Bradford L. McAdam, 51 Vice-President Term of Office: Vice-President 2 N/A
7109 Chili-Riga Ctr Rd N/A Carosa, Stanton &
Churchville, Length of Time DePaolo Asset
NY 14428 Served: Management, LLC;
Since 1998 Vice-President,
Bullfinch Fund, Inc.
Thomas S. Carroll, 48 Vice-President Term of Office: Vice-President 2 N/A
47 Chippenham Drive N/A Carosa, Stanton &
Penfield, Length of Time DePaolo Asset
NY 14526 Served: Management, LLC;
Since 2005 Vice-President,
Bullfinch Fund, Inc.
Manager, Studio Sales
Pottery Supply
Betsy Kay Carosa, 47 Corporate Term of Office: Office Manager 2 N/A
2 Lantern Lane Secretary N/A Carosa, Stanton &
Honeoye Falls, Length of Time DePaolo Asset
NY 14472 Served: Management, LLC;
Since 1997 Corporate Secretary,
Bullfinch Fund, Inc.
</Table>
INDEPENDENT DIRECTORS
<Table>
Thomas M. Doeblin, 48 Director; Term of Office: Teacher 2 N/A
73 San Gabriel Drive Audit N/A Pittsford Mendon HS
Rochester, Committee Length of Time
NY 14610 Served:
Since 2006
John P. Lamberton, 47 Director Term of Office: Founder, General Partner 2 N/A
143-49 38th Ave, 3rd Floor N/A Cape Bojador Capital
Flushing, Length of Time Management; Managing
NY 11354 Served: Director, HSBC
Since 2003 Securities
William E.J. Martin, 47 Director Term of Office: Director of Sales 2 N/A
4410 Woodlawn Ave. N N/A Aecon Buildings, Inc.;
Seattle, Length of Time Project Manager,
WA 98103 Served: American Home Builders;
Since 1997 Senior Project Manager,
Mego Construction
Lois Niland, 55 Director Term of Office: Marketing Consultant; 2 N/A
33 Oak Meadow Trail N/A VP Sales & Marketing,
Pittford, Length of Time Complemar Partners;
NY 14534 Served: President,
Since 2006 Icon Design;
General Manager,
Xerox
Michael J. Morris, 47 Director Term of Office: Actuary 2 N/A
72 Lovely Street Audit N/A United Healthcare
Unionville, Committee Length of Time
CT 06085 Served:
Since 1997
Michael W. Reynolds, 47 Director Term of Office: Vice-President 2 N/A
105 Dorchester Road Audit N/A Quinlan & Company
Buffalo, Committee Length of Time
NY 14213 Served:
Since 2000
</Table>
PROXY VOTING GUIDELINES
Carosa, Stanton & DePaolo 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 is available without charge,
upon request, by calling (555) 624-3150 or 1-888-BULLFINCH.
QUARTERLY FILING OF PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission (SEC) for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at
http://www.sec.gov. The Fund's Forms N-Q 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.
DISCLOSURE REGARDING THE BOARD OF DIRECTORS' APPROVAL
OF THE INVESTMENT ADVISORY CONTRACT
At the Board's Annual Meeting, the independent directors 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 & DePaolo Asset Management, LLC, (the
Adviser), the Board of Directors requested, and the Adviser provided
information relevant to the Board's consideration. Among the factors the Board
considered was the overall performance of the Funds relative to the performance
of other funds in the Funds' peer group. In addition, the Board compared
expenses of each Fund to the expenses of its peers. The Board also considered
the fact that Adviser has implemented breakpoints in the Funds' advisory fee
schedule and the Board agreed that this type of fee structure remained
reasonable and fair to shareholders. They noted the range of investment
advisory and administrative services provided by the Adviser to the Fund. They
also took note of the fact that the Fund is not subject to sales charges or
Rule 12b-1 fees. The Board also reviewed financial information concerning the
Adviser's brokerage practices, including soft dollar arrangements, and noted
that these were reasonable.
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 2 - CODE OF ETHICS.
(a) The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, its principal financial
officer, principal accounting officer, controller, as well as
any other officers and persons providing similar functions. This
code of ethics is included as Exhibit 11(a)(1).
(b) During the period covered by this report, no amendments were made
to the provisions of the code of ethics
(c) During the period covered by this report, no implicit or explicit
waivers to the provisions of the code of ethics were granted.
Item 3 - AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors determined that the registrant
does not have an Audit Committee member who possesses all of the
attributes required to be an "audit committee financial expert" as
defined in instruction 2(b) of Item 3 of Form N-CSR. It was the
consensus of the board that, although no one individual Audit
Committee member meets the technical definition of an audit
committee financial expert, the Committee has sufficient expertise
collectively among its members to effectively discharge its duties
and that the Committee will engage additional expertise if needed.
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. 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. Since the accounting fees were
approved by the Board of Directors in total, the principal
accountant has provided an estimate of the split between audit and
preparation of the tax filings.
06/30/2007 06/30/2006
Audit Fees $9,200 $9,000
Audit-Related Fees $ 0 $ 0
Tax Fees $2,000 $2,000
All Other Fees $ 0 $ 0
The Audit Committee of the registrant's Board of Directors
recommends a principal accountant to perform audit services for
the registrant. Each year, the registrant's Board of Directors
vote to approve or disapprove the principal accountant recommended
by the Audit Committee for the following year's accounting work.
Item 5 - AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to open-end investment companies.
Item 6 - Reserved
Item 7 - DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to open-end investment companies.
Item 8 - PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANIES.
Not applicable to open-end investment companies.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
Item 10(a) -The registrant's principal executive and principal financial
officer has determined that the registrant's disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) are effective based on the evaluation of
these controls and procedures are effective as of a date within 90
days prior to the filing date of this report.
Item 10(b) -There were no changes in the registrant's internal control
over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) that occurred during the
registrant's last fiscal half-year (the registrant's second fiscal
half-year in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 11 - EXHIBITS.
(a)(1) Code of Ethics - referred to in Item 2 is attached hereto.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002 are attached hereto.
(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, Inc.
By: /s/ Christopher Carosa
----------------------------------------
Christopher Carosa,
President of Bullfinch Fund, Inc.
Date: February 27, 2008
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 of Bullfinch Fund, Inc.
Date: February 27, 2008