0001162044-24-000552.txt : 20240524 0001162044-24-000552.hdr.sgml : 20240524 20240524095628 ACCESSION NUMBER: 0001162044-24-000552 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240524 DATE AS OF CHANGE: 20240524 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BERTOLET CAPITAL TRUST CENTRAL INDEX KEY: 0001216907 ORGANIZATION NAME: IRS NUMBER: 061680405 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21291 FILM NUMBER: 24981389 BUSINESS ADDRESS: STREET 1: 745 FIFTH AVE STREET 2: STE 2400 CITY: NEW YORK STATE: NY ZIP: 10151 BUSINESS PHONE: 212 605 7100 MAIL ADDRESS: STREET 1: 745 FIFTH AVE STREET 2: STE 2400 CITY: NEW YORK STATE: NY ZIP: 10151 0001216907 S000004888 Pinnacle Value Fund C000013242 Pinnacle Value Fund PVFIX NPORT-P 1 primary_doc.xml NPORT-P false 0001216907 XXXXXXXX S000004888 C000013242 BERTOLET CAPITAL TRUST 811-21291 0001216907 549300VIVOKDUEPFO698 745 Fifth Ave. Suite 2400 New York 10151 212-605-7100 Pinnacle Value Fund S000004888 549300HGOX2RHMDP5044 2024-12-31 2024-03-31 N 36210336.32 682298.23 35528038.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1000.00 N AerSale Corp. N/A AerSale Corp. 00810F106 1000.00 NS USD 7180.00 0.02 Long EC CORP US N 1 N N N AstroNova, Inc. 549300TTZ4UNDNBOW441 AstroNova, Inc. 04638F108 6183.00 NS USD 110181.06 0.31 Long EC CORP US N 1 N N N Barings Participation Investor 549300BL6L2WBLZ3L146 Barings Participation Investor 06761A103 4378.00 NS USD 70573.36 0.20 Long EC RF US N 1 N N N Benchmark Electronics, Inc. 549300W18RHYZOZKOP53 Benchmark Electronics, Inc. 08160H101 5000.00 NS USD 150050.00 0.42 Long EC CORP US N 1 N N N Bristow Group, Inc. 5493005Q24EN3UC1PV68 Bristow Group, Inc. 11040G103 52239.00 NS USD 1420900.81 4.00 Long EC CORP US N 1 N N N Coda Octopus Group, Inc. N/A Coda Octopus Group, Inc. 19188U206 45121.00 NS USD 260348.17 0.73 Long EC CORP US N 1 N N N Crown Crafts, Inc. N/A Crown Crafts, Inc. 228309100 47733.00 NS USD 243438.30 0.69 Long EC CORP US N 1 N N N Culp, Inc. 549300BIJZDD8EVS1U89 Culp, Inc. 230215105 300955.00 NS USD 1444584.00 4.07 Long EC CORP US N 1 N N N Daktronics, Inc. 549300IOLZ3SG5YUJ288 Daktronics, Inc. 234264109 59822.00 NS USD 595827.12 1.68 Long EC CORP US N 1 N N N Dorian LPG Ltd. 549300WP1W2WGMC7F395 Dorian LPG Ltd. Y2106R110 18170.00 NS USD 698818.20 1.97 Long EC CORP MH N 1 N N N Employers Holdings, Inc. N/A Employers Holdings, Inc. 292218104 100.00 NS USD 4539.00 0.01 Long EC CORP US N 1 N N N Ethan Allen Interiors, Inc. N/A Ethan Allen Interiors, Inc. 297602104 6353.00 NS USD 219623.21 0.62 Long EC CORP US N 1 N N N First Acceptance Corp. N/A First Acceptance Corp. 318457108 242498.00 NS USD 630494.80 1.77 Long EC CORP US N 1 N N N First American Funds, Inc. 549300J5J5SJCZ9IA369 First American Government Obligation Fund Class Z 31846V567 13530158.19 NS USD 13530158.19 38.08 Long STIV RF US N 1 N N N Flexsteel Industries, Inc. N/A Flexsteel Industries, Inc. 339382103 3214.00 NS USD 119882.20 0.34 Long EC CORP US N 1 N N N Friedman Industries, Inc. N/A Friedman Industries, Inc. 358435105 14431.00 NS USD 270436.94 0.76 Long EC CORP US N 1 N N N Getty Realty Corp. N/A Getty Realty Corp. 374297109 4207.00 NS USD 115061.45 0.32 Long EC CORP US N 1 N N N Graham Corp. 254900EI9P4LTY524J77 Graham Corp. 384556106 18085.00 NS USD 493358.80 1.39 Long EC CORP US N 1 N N N Gulf Island Fabrication, Inc. N/A Gulf Island Fabrication, Inc. 402307102 409552.00 NS USD 3010207.20 8.47 Long EC CORP US N 1 N N N Heartland Express, Inc. 5299005V45FZIQGLOG39 Heartland Express, Inc. 422347104 26682.00 NS USD 318583.08 0.90 Long EC CORP US N 1 N N N Hooker Furnishings Corp. N/A Hooker Furnishings Corp. 439038100 20920.00 NS USD 502289.20 1.41 Long EC CORP US N 1 N N N Hope Bancorp, Inc. 549300UTF4QGMBHIZ219 Hope Bancorp, Inc. 43940T109 11007.00 NS USD 126690.57 0.36 Long EC CORP US N 1 N N N Hurco Cos., Inc. XSC5XDOTBYOBQPOG2O82 Hurco Cos., Inc. 447324104 69873.00 NS USD 1408639.68 3.96 Long EC CORP US N 1 N N N Invesco Government & Agency Portfolio 549300UJV6OHYATSFU27 Invesco Government & Agency Portfolio Institutional Class 825252885 1000000.00 NS USD 1000000.00 2.81 Long STIV RF US N 1 N N N Kirby Corp. I7NO6FZO5GUCG585T325 Kirby Corp. 497266106 1000.00 NS USD 95320.00 0.27 Long EC CORP US N 1 N N N OP Bancorp 549300WOJCNL7B110W30 OP Bancorp 67109R109 52036.00 NS USD 519319.28 1.46 Long EC CORP US N 1 N N N PCB Bancorp 549300E5CI0LZ8Q25890 PCB Bancorp 69320M109 25757.00 NS USD 420611.81 1.18 Long EC CORP US N 1 N N N Potlatch Deltic Corp. 54930084YA8UJOTXDM59 Potlatch Deltic Corp. 737630103 1700.00 NS USD 79934.00 0.22 Long EC CORP US N 1 N N N Powell Industries, Inc. 549300V08RO7MX2UBN26 Powell Industries, Inc. 739128106 1080.00 NS USD 153684.00 0.43 Long EC CORP US N 1 N N N Preformed Line Products Co. 549300EYH53XDJID2098 Preformed Line Products Co. 740444104 550.00 NS USD 70768.50 0.20 Long EC CORP US N 1 N N N Provident Bancorp Inc Md N/A Provident Bancorp, Inc. 74383L105 300.00 NS USD 2730.00 0.01 Long EC CORP US N 1 N N N Regency Affiliates, Inc. N/A Regency Affiliates, Inc. 758847404 3255.00 NS USD 15225.26 0.04 Long EC CORP US N 1 N N N SEACOR Marine Holdings Inc. 5493003LNKFW1W43N030 SEACOR Marine Holdings Inc. 78413P101 63136.00 NS USD 880115.84 2.48 Long EC CORP US N 1 N N N Sabine Royalty Trust N/A Sabine Royalty Trust 785688102 593.00 NS USD 37708.87 0.11 Long EC CORP US N 1 N N N Seaboard Corp. 87Q3KOXT29OW9W9YPT70 Seaboard Corp. 811543107 60.00 NS USD 193435.20 0.54 Long EC CORP US N 1 N N N Select Water Solutions, Inc. 54930094OK8LA3QDW486 Select Water Solutions, Inc. 81617J301 39953.00 NS USD 368766.19 1.04 Long EC CORP US N 1 N N N Shoe Carnival, Inc. N/A Shoe Carnival, Inc. 824889109 2000.00 NS USD 73280.00 0.21 Long EC CORP US N 1 N N N Sprott ETF Trust 549300OKHNEZHZWQ1S48 Sprott Gold Miners ETF 85210B102 17100.00 NS USD 433314.00 1.22 Long EC RF US N 1 N N N Sprott ETF Trust N/A Sprott Junior Gold Miners ETF 85210B201 13822.00 NS USD 434274.80 1.22 Long EC RF US N 1 N N N StealthGas, Inc. 549300JCJUO3WBVVKJ89 StealthGas, Inc. Y81669106 127217.00 NS USD 755668.98 2.13 Long EC CORP MH N 1 N N N Tejon Ranch Co. 549300TMNDO77VJ6J111 Tejon Ranch Co. 879080109 200.00 NS USD 3082.00 0.01 Long EC CORP US N 1 N N N The Buckle, Inc. 5299007IU0461T3GDL34 The Buckle, Inc. 118440106 13729.00 NS USD 552866.83 1.56 Long EC CORP US N 1 N N N The St. Joe Co. 529900XVHOT3BF8PWG49 The St. Joe Co. 790148100 100.00 NS USD 5797.00 0.02 Long EC CORP US N 1 N N N Tri Pointe Group, Inc. N/A Tri Pointe Homes, Inc. 87265H109 2000.00 NS USD 77320.00 0.22 Long EC CORP US N 1 N N N Ultralife Corp. 529900NVAFLKA00F3U05 Ultralife Corp. 903899102 9562.00 NS USD 84241.22 0.24 Long EC CORP US N 1 N N N Unifi, Inc. 549300MW5LPO0M2LNO04 Unifi, Inc. 904677200 280213.00 NS USD 1678475.87 4.72 Long EC CORP US N 1 N N N Universal Stainless & Alloy Products, Inc. 5493001OEIZDUGXZDE09 Universal Stainless & Alloy Products, Inc. 913837100 20791.00 NS USD 466134.22 1.31 Long EC CORP US N 1 N N N Weyco Group, Inc. 549300I10J38MHJELM87 Weyco Group, Inc. 962149100 41066.00 NS USD 1309184.08 3.68 Long EC CORP US N 1 N N N 2024-03-28 Bertolet Capital Trust /s/ John E. Deysher John E. Deysher President and Treasurer XXXX NPORT-EX 2 pinnaclenportex324.htm Converted by EDGARwiz



Schedule of Investments

March 31, 2024 (unaudited)

Pinnacle Value Fund

Bertolet Capital Trust






















Shares or Principal



Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 






Common Stocks - 56.28%









Apparel & Textile - 4.75%






Crown Crafts, Inc.




47,733


243,438

Culp, Inc. (2)





300,955


1,444,584
















1,688,022









Banks & Thrifts - 3.00%







Hope Bancorp, Inc.




11,007


126,691

OP Bancorp





52,036


519,320

PCB Bancorp





25,757


420,612
















1,066,623









Construction & Fabrication - 8.67%






Gulf Island Fabrication, Inc. (2)



409,552


3,010,207

Preformed Line Products Co.



550


70,769
















3,080,976









Energy - 9.59%







Bristow Group, Inc. (2)




52,239


1,420,901

Dorian LPG Ltd.




18,170


698,818

Sabine Royalty Trust




593


37,709

SEACOR Marine Holdings, Inc. (2)



63,136


880,116

Select Water Solutions, Inc.



39,953


368,766
















3,406,310

















Fire, Marine, & Casualty Insurance - 0.01%






Employers Holdings, Inc. (2)



100


4,539









Furniture & Fixtures - 2.37%






Ethan Allen Interiors, Inc.




6,353


219,623

Flexsteel Industries, Inc.




3,214


119,882

Hooker Furnishings Corp.




20,920


502,289
















841,794









Industrial Metals - 2.07%







Friedman Industries, Inc.




14,431


270,437

Universal Stainless & Alloy Products, Inc. (2)



20,791


466,134
















736,571









Insurance - 1.77%







First Acceptance Corp. (2)




242,498


630,495









Power Equipment - 6.10%






AstroNova, Inc. (2)




6,183


110,181

Graham Corp. (2)




18,085


493,359

Hurco Cos., Inc.




69,873


1,408,640

Powell Industries, Inc.




1,080


153,684
















2,165,864









Real Estate - 0.62%







Getty Realty Corp.




4,207


115,061

Potlatch Deltic Corp.




1,700


79,934

Regency Affiliates, Inc.




3,255


15,225

Tejon Ranch Co. (2)




200


3,082

The St Joe Co. (2)




100


5,797
















219,099









Residential Construction - 0.22%






Tri Pointe Homes, Inc. (2)




2,000


77,320









Retail - 5.45%







Shoe Carnival, Inc.




2,000


73,280

The Buckle, Inc.   




13,729


552,867

Weyco Group, Inc.




41,066


1,309,184
















1,935,331









Savings Institutions, Not Federal - 0.01%






Provident Bancorp, Inc. (2)




300


2,730









Technology - 3.07%







Benchmark Electronics, Inc.



5,000


150,050

Coda Octopus Group, Inc. (2)



45,121


260,348

Daktronics, Inc. (2)




59,822


595,827

Ultralife Corp. (2)




9,562


84,241
















1,090,466









Textile Mill Products - 4.72%






Unifi, Inc. (2)





280,213


1,678,476









Transportation - 3.31%







AerSale Corp. (2)




1,000


7,180

Heartland Express, Inc.




26,682


318,583

Kirby Corp. (2)




1,000


95,320

StealthGas, Inc. (2)




127,217


755,669
















1,176,752









Wholesale-Farm Product (Raw Meat)  - 0.54%






Seaboard Corp. (2)




60


193,435









Total Common Stock




(Cost $         12,611,378)


19,994,803









Closed-End & Exchange Traded Funds - 2.64%





Barings Participation Investor (4)

4,378


70,573

Sprott Gold Miners ETF  (2) (4)



17,100


433,314

Sprott Junior Gold Miners ETF (2) (4)

13,822


434,275





Total Exchange-Traded Funds

(Cost $               683,586)


938,162





Money Market Registered Investment Companies - 40.90%





First American Government Obligation Fund Class Z 5.19% (3)



13,530,158


13,530,158

Invesco Government & Agency Portolio Institutional Class 5.22% (3)

1,000,000


1,000,000





Total Money Market Registered Investment Companies

(Cost $          14,530,158)


14,530,158





Total Investments - 99.82%

(Cost $          27,825,122)


35,463,123





Liabilities in Excess of Other Assets  -- .18%



64,915





Total Net Assets - 100.00%



35,528,038





(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  March 28, 2024 in valuing the Fund's assets carried at fair value:

















 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments (8)

Level 1 - Quoted Prices

 

 

$

35,463,123

$

 

Level 2 - Other Significant Observable Inputs

 

 

                              -   

 

-

Level 3 - Significant Unobservable Inputs

 

 

                              -   

 

-

Total

 

 

 

$

35,463,123

$

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 March 28, 2024

(4)  Exchange-traded fund.