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.