Schedule of Investments | |||||||
September 30, 2020 (unaudited) | |||||||
Pinnacle Value Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 58.78% | |||||||
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Air Transportation, Nonscheduled - 11.47% |
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Bristow Group, Inc. (2) | 143,056 |
| 3,039,940 | ||||
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Apparel & Other Finished Products - 0.81% |
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Crown Crafts, Inc. | 38,183 |
| 215,734 | ||||
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Banks & Thrifts - 1.19% |
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Hope Bancorp, Inc. | 12,507 |
| 94,865 | ||||
OP Bancorp | 17,362 |
| 99,311 | ||||
Northeast Bank | 100 |
| 1,840 | ||||
PCB Bancorp | 13,600 |
| 119,544 | ||||
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| 315,560 | ||||
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Construction & Fabrication - 9.39% |
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Granite Construction, Inc. | 1,144 |
| 20,146 | ||||
Gulf Island Fabrication, Inc. (2) | 376,594 |
| 1,178,739 | ||||
Williams Industrial Service Group, Inc. (2) | 713,106 |
| 1,288,985 | ||||
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| 2,487,870 | ||||
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Electronics - 1.25% |
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AstroNova, Inc. (2) | 10,400 |
| 83,408 | ||||
Benchmark Electronics, Inc. | 7,000 |
| 141,050 | ||||
Kimball Electronics, Inc. (2) | 9,321 |
| 107,751 | ||||
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| 332,209 | ||||
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Energy - 1.15% |
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Permian Basin Royalty Trust | 40,650 |
| 100,812 | ||||
Seacor Marine Holdings, Inc. (2) | 100,680 |
| 204,380 | ||||
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| 305,192 | ||||
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Financial Services - 0.41% |
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BKF Capital Group, Inc. (2)(7) | 9,889 |
| 108,779 | ||||
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Furniture & Accessories - 4.45% |
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Culp, Inc. | 13,900 |
| 172,638 | ||||
Ethan Allen Interiors, Inc. (2) | 8,353 |
| 113,100 | ||||
Flexsteel Industries, Inc. | 31,469 |
| 755,256 | ||||
Hooker Furniture Corp. | 5,400 |
| 139,482 | ||||
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| 1,180,476 | ||||
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Insurance - 3.64% |
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First Acceptance Corp. (2) | 110,311 |
| 118,033 | ||||
Genworth Financial, Inc. (2) | 30,000 |
| 100,500 | ||||
Independence Holding Co. (2) | 10,192 |
| 384,340 | ||||
Kansas City Life Insurance Co. | 6,233 |
| 193,223 | ||||
Mercury General Corp. | 3,230 |
| 133,625 | ||||
National Security Group, Inc. (7) | 3,041 |
| 35,732 | ||||
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| 965,453 | ||||
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Oil & Gas Field Services, NEC - 0.23% |
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Sabine Royalty Trust | 2,093 |
| 60,906 | ||||
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Power Equipment - 2.33% |
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LSI Industries, Inc. | 4,157 |
| 28,060 | ||||
Powell Industries, Inc. | 24,420 |
| 589,254 | ||||
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| 617,314 | ||||
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Real Estate - 1.44% |
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FRP Holdings, Inc. (2) | 3,000 |
| 125,010 | ||||
Getty Realty Corp. | 6,207 |
| 161,444 | ||||
Potlatch Deltic Corp. | 1,900 |
| 79,990 | ||||
Regency Affiliates, Inc. (7) | 3,255 |
| 15,299 | ||||
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| 381,743 | ||||
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Retail - 6.53% |
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Haverty Furniture Companies, Inc. | 6,000 |
| 125,640 | ||||
Shoe Carnival, Inc. | 1,000 |
| 33,580 | ||||
The Buckle, Inc. (2) | 46,031 |
| 938,572 | ||||
Weyco Group, Inc. | 39,118 |
| 632,538 | ||||
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| 1,730,330 | ||||
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Security Services - 1.36% |
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Costar Technologies, Inc. (2)(7) | 63,921 |
| 361,154 | ||||
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Specialty Industrial - 1.26% |
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Graham Corp. | 8,114 |
| 103,616 | ||||
Hurco Companies, Inc. | 4,900 |
| 139,160 | ||||
Preformed Line Products Co. | 1,850 |
| 90,132 | ||||
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| 332,908 | ||||
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Steel Works, Blast Furnaces Rolling Mills - 1.99% |
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Friedman Industries, Inc. | 77,179 |
| 447,638 | ||||
Universal Stainless & Alloy Products, Inc. (2) | 14,772 |
| 81,099 | ||||
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| 528,737 | ||||
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Transportation - 9.86% |
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Dorian LPG Ltd. (2) | 220,860 |
| 1,769,089 | ||||
FreightCar America, Inc. (2) | 210,161 |
| 479,167 | ||||
Kirby Corp. (2) | 2,500 |
| 90,425 | ||||
Patriot Transportation Holding, Inc. (2) | 30,842 |
| 276,036 | ||||
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| 2,614,717 | ||||
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Total Common Stocks | (Cost $15,743,440) |
| 15,579,022 | ||||
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Closed-End & Exchange Traded Funds - 3.72% | |||||||
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Barings Participation Investor (2) | 4,378 |
| 47,545 | ||||
Sprott Gold Miners ETF (2) (8) | 13,400 |
| 449,034 | ||||
Sprott Junior Gold Miners ETF (2) (8) | 11,022 |
| 490,369 | ||||
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Total Closed-End & Exchange Traded Funds | (Cost $545,402) |
| 986,948 | ||||
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Warrants - 0.05% | |||||||
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Tidewater, Inc. (2) | 9,414 |
| 2,580 | ||||
Tidewater, Inc. Class-A (2) | 13,355 |
| 7,078 | ||||
Tidewater, Inc. Class-B (2) | 14,438 |
| 4,331 | ||||
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Total Warrants | (Cost $196,382) |
| 13,989 | ||||
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Money Market Registered Investment Companies - 37.90% | |||||||
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Invesco Government & Agency Portfolio Institutional Class 0.020% (5) | 1,000,000 |
| 1,000,000 | ||||
First American Government Obligation Fund Class Z 0.050% (5) | 9,045,911 |
| 9,045,911 | ||||
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Total Money Market Registered Investment Companies | (Cost $10,045,911 ) |
| 10,045,911 | ||||
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Total Investments - 100.45% | (Cost $26,531,136) |
| 26,625,870 | ||||
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Liabilities in Excess of Other Assets - (0.45%) |
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| (120,423) | ||||
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Total Net Assets - 100.00% |
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| 26,505,447 | ||||
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(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 board 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) | |||||||
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The following is a summary of the inputs used as of September 30, 2020 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments (9) | |
Level 1 - Quoted Prices |
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| $ | 26,104,906 | $ | - | |
Level 2 - Other Significant Observable Inputs |
| 520,964 |
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Level 3 - Significant Unobservable Inputs |
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Total |
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| $ | 26,625,870 | $ | - |
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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. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) All or a portion of this security is on loan. | |||||||
(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at September 30, 2020. | |||||||
(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at September 30, 2020. | |||||||
(6) Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan. | |||||||
(7) Fair valued security deemed as Level 2 security. | |||||||
(8) Exchange-traded fund. | |||||||
(9) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. | |||||||
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NPORT-P Filing
Bertolet Capital Trust NPORT-PPinnacle Value Fund (Sep 2020 report)
Filed: 12 Nov 20, 12:35pm