Schedule of Investments | |||||||
September 29, 2023 (unaudited) | |||||||
Pinnacle Value Fund | |||||||
Bertolet Capital Trust | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 53.06% | |||||||
Apparel & Textile - 4.14% | |||||||
Crown Crafts, Inc. | 47,733 | 224,823 | |||||
Culp, Inc. (2) | 199,028 | 1,110,576 | |||||
1,335,399 | |||||||
Banks & Thrifts - 2.88% | |||||||
Hope Bancorp, Inc. | 11,007 | 97,412 | |||||
OP Bancorp | 47,056 | 430,562 | |||||
PCB Bancorp | 25,757 | 397,946 | |||||
925,920 | |||||||
Construction & Fabrication - 5.32% | |||||||
Gulf Island Fabrication, Inc. (2) | 496,468 | 1,623,450 | |||||
Preformed Line Products Co. | 550 | 89,419 | |||||
1,712,869 | |||||||
Energy - 11.07% | |||||||
Bristow Group, Inc. (2) | 52,239 | 1,471,572 | |||||
Dorian LPG Ltd. | 26,670 | 766,229 | |||||
Sabine Royalty Trust | 593 | 39,079 | |||||
Seacor Marine Holdings, Inc. (2) | 69,736 | 967,936 | |||||
Water Solutions, Inc. | 39,953 | 317,626 | |||||
3,562,442 | |||||||
Furniture & Fixtures - 2.12% | |||||||
Ethan Allen Interiors, Inc. | 6,353 | 189,955 | |||||
Flexsteel Industries, Inc. | 4,185 | 86,880 | |||||
Hooker Furnishings Corp. | 20,920 | 406,894 | |||||
683,729 | |||||||
Industrial Metals - 2.41% | |||||||
Friedman Industries, Inc. | 14,931 | 200,075 | |||||
Universal Stainless & Alloy Products, Inc. (2) | 43,823 | 574,520 | |||||
774,595 | |||||||
Insurance - 0.77% | |||||||
First Acceptance Corp. (2) | 172,498 | 206,998 | |||||
Mercury General Corp. | 1,469 | 41,176 | |||||
248,174 | |||||||
Power Equipment - 8.59% | |||||||
AstroNova, Inc. (2) | 6,183 | 77,288 | |||||
Graham Corp. (2) | 79,039 | 1,312,047 | |||||
Hurco Cos., Inc. | 44,331 | 994,344 | |||||
Powell Industries, Inc. | 4,580 | 379,682 | |||||
2,763,361 | |||||||
Real Estate - 0.83% | |||||||
Getty Realty Corp. | 4,207 | 116,660 | |||||
Potlatch Deltic Corp. | 1,700 | 77,163 | |||||
Regency Affiliates, Inc. | 3,255 | 17,903 | |||||
Tri Pointe Group, Inc. (2) | 2,000 | 54,700 | |||||
266,426 | |||||||
Retail - 4.81% | |||||||
Shoe Carnival, Inc. | 2,000 | 48,060 | |||||
The Buckle, Inc. | 13,729 | 458,411 | |||||
Weyco Group, Inc. | 41,066 | 1,041,023 | |||||
1,547,494 | |||||||
Technology - 4.69% | |||||||
Benchmark Electronics, Inc. | 5,000 | 121,300 | |||||
Coda Octopus Group, Inc. (2) | 45,121 | 279,750 | |||||
Daktronics, Inc. (2) | 113,822 | 1,015,293 | |||||
Ultralife Corp. (2) | 9,562 | 93,325 | |||||
1,509,668 | |||||||
Textile Mill Products - 0.72% | |||||||
Unifi, Inc. (2) | 32,630 | 231,673 | |||||
Transportation - 4.71% | |||||||
Heartland Express, Inc. | 26,682 | 391,959 | |||||
Kirby Corp. (2) | 1,000 | 82,800 | |||||
Miller Industries, Inc. | 2,107 | 82,615 | |||||
Patriot Transportation Holdings, Inc. (2) | 38,821 | 317,362 | |||||
StealthGas, Inc. (2) | 127,217 | 640,538 | |||||
1,515,274 | |||||||
Total Common Stock | (Cost $ 11,577,644) | 17,077,024 | |||||
Closed-End & Exchange Traded Funds - 2.50% | |||||||
Barings Participation Investor (4) | 4,378 | 58,796 | |||||
Sprott Gold Miners ETF (2) (4) | 13,822 | 354,258 | |||||
Sprott Junior Gold Miners ETF (2) (4) | 17,100 | 391,084 | |||||
Total Exchange-Traded Funds | (Cost $ 683,586) | 804,138 | |||||
Money Market Registered Investment Companies - 44.93% | |||||||
First American Government Obligation Fund Class Z 5.2212% (3) | 13,460,621 | 13,460,621 | |||||
Invesco Government & Agency Portolio Institutional Class 5.26% (3) | 1,000,000 | 1,000,000 | |||||
Total Money Market Registered Investment Companies | (Cost $ 14,460,621) | 14,460,621 | |||||
Total Investments - 100.49% | (Cost $ 26,721,851) | 32,341,783 | |||||
Liabilities in Excess of Other Assets -- -.49% | (158,887) | ||||||
Total Net Assets - 100.00% | 32,182,896 | ||||||
(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | |||||||
These inputs are summarized in the three broad levels listed below. | |||||||
• Level 1 - quoted prices in active markets for identical securities | |||||||
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | |||||||
The following is a summary of the inputs used as of August 31,2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments (8) | |
Level 1 - Quoted Prices |
|
| $ | 32,341,783 | $ |
| |
Level 2 - Other Significant Observable Inputs |
|
| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 32,341,783 | $ | 0 |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | |||||||
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | |||||||
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | |||||||
market, such securities are reflected as Level 2. | |||||||
(2) Represents non-income producing securities. | |||||||
(3) Variable rate security; the money market rate shown represents the yield at August 31,2023 | |||||||
(4) Exchange-traded fund. |
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NPORT-P Filing
Bertolet Capital Trust NPORT-PPinnacle Value Fund (Sep 2023 report)
Filed: 24 Nov 23, 9:33am