Schedule of Investments | |||||||
March 31, 2021 (unaudited) | |||||||
Pinnacle Value Fund | |||||||
Bertolet Capital Trust | |||||||
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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 - 59.33% | |||||||
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Apparel & Textile - 1.57% |
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Crown Crafts, Inc. |
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| 38,183 |
| 295,155 | |
Culp, Inc. |
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| 13,900 |
| 213,921 |
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| 509,076 |
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Banks & Thrifts - 1.82% |
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Hope Bancorp, Inc. |
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| 12,507 |
| 188,356 | |
OP Bancorp |
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| 18,612 |
| 195,798 |
PCB Bancorp |
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| 13,600 |
| 204,000 |
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| 588,154 |
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Construction & Fabrication - 9.20% |
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Granite Construction, Inc. |
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| 1,144 |
| 46,046 | ||
Gulf Island Fabrication, Inc. (2) |
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| 339,894 |
| 1,311,991 | ||
Williams Industrial Service Group, Inc. (2) |
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| 465,388 |
| 1,619,550 | ||
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| 2,977,587 |
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Energy - 18.71% |
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Bristow Group, Inc. (2) |
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| 117,878 |
| 3,050,683 | |
Dorian LPG Ltd. (2) |
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| 202,114 |
| 2,653,757 | |
Sabine Royalty Trust |
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| 2,093 |
| 63,543 | |
Seacor Marine Holdings, Inc. (2) |
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| 53,622 |
| 285,805 | ||
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| 6,053,788 |
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Furniture & Fixtures - 3.17% |
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Ethan Allen Interiors, Inc. |
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| 8,353 |
| 230,627 | |
Flexsteel Industries, Inc. |
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| 17,185 |
| 598,897 | |
Hooker Furniture Corp. |
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| 5,400 |
| 196,884 | |
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| 1,026,408 |
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Industrial Metals - 2.49% |
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Friedman Industries, Inc. |
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| 77,179 |
| 624,378 | |
Haynes International, Inc. |
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| 1,000 |
| 29,670 | |
Universal Stainless & Alloy Products, Inc. (2) |
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| 14,772 |
| 150,231 | ||
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| 804,279 |
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Insurance - 3.65% |
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First Acceptance Corp. (2) |
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| 110,111 |
| 179,481 | ||
Genworth Financial, Inc. Class A (2) |
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| 30,000 |
| 99,600 | ||
Independence Holding Co. |
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| 10,192 |
| 406,151 | ||
Kansas City Life Insurance Co. |
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| 6,233 |
| 275,811 | ||
Mercury General Corp. |
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| 3,130 |
| 190,335 | |
National Security Group, Inc. |
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| 3,041 |
| 30,775 | ||
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| 1,182,153 |
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Power Equipment - 3.99% |
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AstroNova, Inc. (2) |
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| 10,400 |
| 139,360 | |
Graham Corp. |
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| 8,114 |
| 115,543 | |
Hurco Cos., Inc. |
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| 4,900 |
| 172,970 | |
LSI Industries, Inc. |
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| 4,157 |
| 35,459 | |
Powell Industries, Inc. |
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| 24,420 |
| 827,106 | |
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| 1,290,438 |
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Real Estate - 1.37% |
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FRP Holdings, Inc. (2) |
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| 3,000 |
| 147,660 | |
Getty Realty Corp. |
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| 6,207 |
| 175,782 | |
Potlatch Deltic Corp. |
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| 1,900 |
| 100,548 | |
Regency Affiliates, Inc |
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| 3,255 |
| 19,367 | |
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| 443,357 |
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Retail - 5.73% |
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Haverty Furniture Cos., Inc. |
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| 5,200 |
| 193,388 | ||
Shoe Carnival, Inc. |
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| 1,000 |
| 61,880 | |
The Buckle, Inc. (2) |
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| 18,129 |
| 712,107 | |
Weyco Group, Inc. |
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| 41,066 |
| 888,258 | |
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| 1,855,633 |
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Security Services - 0.94% |
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Costar Technologies, Inc. (2) |
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| 52,259 |
| 303,102 | ||
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Specialty Industrial - 0.39% |
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Preformed Line Products Co. |
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| 1,850 |
| 127,188 | ||
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Specialty Retail - 0.01% |
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Aaron's Company, Inc. |
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| 100 |
| 2,568 | |
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Technology - 1.35% |
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Benchmark Electronics, Inc. |
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| 7,000 |
| 216,440 | ||
Kimball Electronics, Inc. (2) |
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| 8,521 |
| 219,842 | ||
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| 436,282 |
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Transportation - 4.94% |
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FreightCar America, Inc. (2) |
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| 121,418 |
| 800,751 | ||
Kirby Corp. (2) |
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| 2,500 |
| 150,700 | |
Patriot Transportation Holding, Inc. (2) |
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| 58,887 |
| 648,346 | ||
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| 1,599,797 |
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Total Common Stock |
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| (Cost $ 12,572,898) |
| 19,199,810 | |
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Closed-End & Exchange Traded Funds - 2.69% | |||||||
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Barings Participation Investor | 4,378 |
| 56,586 | ||||
Sprott Gold Miners ETF (2) (7) |
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| 13,400 |
| 358,986 | ||
Sprott Junior Gold Miners ETF (2) (7) | 11,022 |
| 453,555 | ||||
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Total Exchange-Traded Funds | (Cost $ 545,402) |
| 869,127 | ||||
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Money Market Registered Investment Companies - 37.81% | |||||||
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First American Government Obligation Fund Class Z 0.03% (5) |
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| 11,234,314 |
| 11,234,314 | ||
Invesco Government & Agency Portolio Institutional Class 0.03% (5) | 1,000,000 |
| 1,000,000 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 12,234,314) |
| 12,234,314 | ||||
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Total Investments - 99.83% | (Cost $ 25,352,614) |
| 32,303,251 | ||||
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Other Assets less Liabilities - .17% |
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| 55,982 | ||||
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Total Net Assets - 100.00% |
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| 32,359,233 | ||||
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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 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) | |||||||
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The following is a summary of the inputs used as of March 31, 2021 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 (8) | |
Level 1 - Quoted Prices |
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| $ | 32,303,251 | $ |
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Level 2 - Other Significant Observable Inputs |
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Level 3 - Significant Unobservable Inputs |
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| - |
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Total |
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| $ | 32,303,251 | $ | 0 |
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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 March 31, 2021. | |||||||
(5) Variable rate security; the money market rate shown represents the yield at March 31, 2021. | |||||||
(6) Fair valued security deemed as Level 3 security. | |||||||
(7) Exchange-traded fund. | |||||||
(8) 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 (Mar 2021 report)
Filed: 13 May 21, 12:23pm