0001030979 2026-01-01 2026-06-30 0001030979 berkshire:C000013240Member 2026-01-01 2026-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2026-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2026-06-30 0001030979 berkshire:C000013240Member 2016-06-30 2016-06-30 0001030979 berkshire:SAndP500IndexMember 2016-06-30 2016-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2017-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2017-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2018-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2018-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2019-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2019-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2020-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2020-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2021-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2021-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2022-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2022-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2023-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2023-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2024-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2024-06-30 0001030979 berkshire:C000013240Member 2016-07-01 2025-06-30 0001030979 berkshire:SAndP500IndexMember 2016-07-01 2025-06-30 0001030979 berkshire:C000013240Member 2025-07-01 2026-06-30 0001030979 berkshire:C000013240Member 2021-07-01 2026-06-30 0001030979 berkshire:SAndP500IndexMember 2025-07-01 2026-06-30 0001030979 berkshire:SAndP500IndexMember 2021-07-01 2026-06-30 0001030979 berkshire:C000013240Member 2026-06-30 0001030979 berkshire:C000013240Member berkshire:MicronTechnologyIncMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:TaiwanSemiconductorMfgCoLtdADRMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:AdvancedMicroDevicesIncMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:NebiusGroupNVClassAMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:BloomEnergyCorpClassAMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:WesternDigitalCorpMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:MarvellTechnologyIncMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:CorningIncMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:AppliedMaterialsIncMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:IntelCorpMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:SemiconductorsMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:SemiconductorEquipmentMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:CommunicationAndNetworkingEquipmentMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:ComputerHardwareMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:NeocloudDataCentersMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:ElectricalEquipmentAndPartsMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:AerospaceAndDefenseMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:BusinessSoftwareAndServicesMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:InternetServicesMember 2026-06-30 0001030979 berkshire:C000013240Member berkshire:CybersecurityEquipmentAndServicesMember 2026-06-30 iso4217:USD pure berkshire:Holding false N-CSRS N-1A BERKSHIRE FUNDS 0001030979 2026-06-30 BERKSHIRE FOCUS FUND BFOCX This semi-annual shareholder report contains important information about the Berkshire Focus Fund (BFOCX) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at www.berkshirefunds.com. You can also request this information by contacting us at 1-877-526-0707. www.berkshirefunds.com 1-877-526-0707 Fund Costs (based on hypothetical $10,000 investment) <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-align: left; width: 60%; font-size: 11pt; vertical-align: bottom">Fund</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 20%; font-size: 11pt; text-align: center">Costs of a $10,000 investment</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 20%; font-size: 11pt; text-align: center">Costs paid as a percentage of a $10,000 investment (annualized)</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt">Berkshire Focus Fund</td> <td id="xdx_989_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000013240Member_zYsLS4apEmi5" style="font-size: 11pt; text-align: center">$127.38</td> <td id="xdx_98F_eoef--ExpenseRatioPct_dp_c20260101__20260630__oef--ClassAxis__custom--C000013240Member_zgL4KxwrWDWg" style="font-size: 11pt; text-align: center">1.94%</td></tr> </table> Berkshire Focus Fund 127.38 0.0194 Management’s Discussion of Performance <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <div style="float: left; width: 90px"> <img alt="" src="fp0099581-1_02.jpg"/> </div> For the six-month period ended June 30, 2026, the Berkshire Focus Fund significantly outperformed its primary benchmark index. The Fund generated a total return of 64.82% while the S&P 500® Index—which we consider to be the Fund’s primary benchmark index—produced a total return of 10.21% over the same period. A $10,000 investment in our Fund over 10 years starting on June 30, 2016, grew to $83,175. This was a +23.59% average annual compounded return. A $10,000 investment in the S&P 500® over the same period grew to $42,271. This was a +15.51% average annual compounded return. During the first half of 2026, the artificial intelligence (AI) build-out shifted decisively from software deployment into an aggressive, hardware-centric scramble to solve severe physical-world bottlenecks. While broader markets grappled with "higher-for-longer" interest rate anxieties and the outbreak of the Iran war, hardware infrastructure effectively decoupled from these macro and geopolitical headwinds. Capital across the industry rotated violently away from traditional software applications and legacy platforms prone to AI-driven disruption, reallocating instead into hard assets as hyperscalers accelerated capital expenditures to unprecedented levels. This massive deployment of capital ran into severe constraints on compute and an acute supply squeeze in high-bandwidth memory. By maintaining our deliberate portfolio positioning and concentrating heavily on key semiconductor leaders, we successfully positioned the portfolio at the exact choke points of the AI revolution. Looking ahead, we see immense opportunity across the AI landscape, particularly within companies structurally positioned to capture outsized gains from the accelerating capital deployment toward advanced silicon architectures and large-scale datacenter infrastructure. Our investments in Advanced Micro Devices (AMD), Arm Holdings (ARM), Bloom Energy (BE), Marvell Technology (MRVL), Micron Technology (MU), Nebius (NBIS) and Western Digital (WDC) were all contributors to the Fund’s performance during the period. However, some of our investments detracted from the Fund’s performance—these included Broadcom (AVGO), NVIDIA (NVDA), Palantir (PLTR), Cloudflare (NET) and MongoDB (MDB). <img alt="" src="fp0099581-1_03.jpg"/> Berkshire Focus Fund S&P 500® Index 10396 10079 13883 11189 19588 12456 22916 13249 29572 15151 45420 21807 21331 20222 23550 22758 30681 29414 40349 34010 83175 42271 <img alt="" src="fp0099581-1_04.jpg"/> 0.8344 0.1179 0.2359 0.2232 0.1341 0.1551 Fund Statistics <div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> Net Assets: $461.3 million Portfolio Holdings: 27 Portfolio Turnover: 1980.9% Total Advisory Fees Paid: $2,525,156

461300000

19.809

2525156 0.0821 0.0807 0.0802 0.0612 0.0598 0.0500 0.0491 0.0489 0.0488 0.0487 0.4566 0.1789 0.1242 0.0911 0.0612 0.0598 0.0301 0.0001 0.0001 0.0001 www.berkshirefunds.com The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.