Schedule of Investments | |||||||
September 30, 2022 (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 - 61.75% | |||||||
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Apparel & Textile - 5.04% |
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Crown Crafts, Inc. |
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| 45,358 |
| 262,169 | |
Culp, Inc. (2) |
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| 244,001 |
| 1,063,844 |
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| 1,326,013 |
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Banks & Thrifts - 1.66% |
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Hope Bancorp, Inc. |
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| 11,007 |
| 139,129 | |
OP Bancorp |
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| 15,112 |
| 168,045 |
PCB Bancorp |
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| 7,200 |
| 130,104 |
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| 437,278 |
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Commercial & Professional Services - 0.18% |
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Healthcare Services Group, Inc. |
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| 4,000 |
| 48,360 | ||
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Construction & Fabrication - 11.20% |
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Gulf Island Fabrication, Inc. (2) |
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| 432,439 |
| 1,803,271 | ||
Preformed Line Products Co. |
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| 1,050 |
| 74,708 | ||
Williams Industrial Service Group, Inc. (2) |
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| 721,569 |
| 1,067,922 | ||
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| 2,945,901 |
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Energy - 8.65% |
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Bristow Group, Inc. (2) |
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| 54,667 |
| 1,284,128 | |
Dorian LPG Ltd. |
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| 29,270 |
| 397,194 | |
Sabine Royalty Trust |
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| 593 |
| 42,150 | |
Seacor Marine Holdings, Inc. (2) |
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| 98,367 |
| 552,823 | ||
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| 2,276,295 |
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Furniture & Fixtures - 1.47% |
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Ethan Allen Interiors, Inc. |
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| 8,353 |
| 176,582 | |
Flexsteel Industries, Inc. |
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| 4,185 |
| 65,705 | |
Hooker Furnishings Corp. |
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| 10,720 |
| 144,613 | |
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| 386,900 |
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Industrial Metals - 2.25% |
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Friedman Industries, Inc. |
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| 33,345 |
| 237,083 | |
Universal Stainless & Alloy Products, Inc. (2) |
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| 49,914 |
| 355,388 | ||
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| 592,471 |
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Insurance - 1.66% |
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First Acceptance Corp. (2) |
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| 101,539 |
| 157,385 | ||
Genworth Financial, Inc. Class A (2) |
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| 67,738 |
| 237,083 | ||
Mercury General Corp. |
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| 1,469 |
| 41,749 | |
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| 436,217 |
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Power Equipment - 12.25% |
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AstroNova, Inc. (2) |
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| 6,183 |
| 72,341 | |
Graham Corp. (2) |
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| 177,135 |
| 1,557,017 | |
Hurco Cos., Inc. |
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| 27,413 |
| 616,244 | |
LSI Industries, Inc. |
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| 4,157 |
| 31,968 | |
Powell Industries, Inc. |
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| 44,900 |
| 946,492 | |
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| 3,224,062 |
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Real Estate - 1.29% |
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FRP Holdings, Inc. (2) |
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| 1,379 |
| 74,963 | |
Getty Realty Corp. |
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| 6,207 |
| 166,906 | |
Potlatch Deltic Corp. |
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| 1,900 |
| 77,976 | |
Regency Affiliates, Inc. |
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| 3,255 |
| 18,716 | |
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| 338,561 |
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Residential Construction - 0.23% |
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Tri Pointe Group, Inc. (2) |
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| 4,000 |
| 60,440 | |
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Retail - 4.99% |
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Shoe Carnival, Inc. |
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| 2,000 |
| 42,880 | |
The Buckle, Inc. |
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| 13,729 |
| 434,660 | |
Weyco Group, Inc. |
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| 41,066 |
| 835,282 | |
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| 1,312,822 |
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Security Services - 0.77% |
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Costar Technologies, Inc. (2) |
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| 47,090 |
| 202,958 | ||
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Technology - 5.00% |
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Benchmark Electronics, Inc. |
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| 5,000 |
| 123,900 | ||
Coda Octopus Group, Inc. (2) |
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| 53,576 |
| 289,310 | ||
Daktronics, Inc.(2) |
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| 178,635 |
| 484,101 | |
Espey Manufacturing & Electronics Corp. (2) |
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| 18,123 |
| 249,916 | ||
Kimball Electronics, Inc. (2) |
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| 8,521 |
| 146,135 | ||
Ultralife Corp. (2) |
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| 4,562 |
| 21,943 | |
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| 1,315,305 |
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Transportation - 5.11% |
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Heartland Express, Inc. |
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| 26,682 |
| 381,819 | |
Kirby Corp. (2) |
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| 1,500 |
| 91,155 | |
Miller Industries, Inc. |
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| 7,000 |
| 149,030 | |
Patriot Transportation Holdings, Inc. (2) |
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| 91,787 |
| 721,446 | ||
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| 1,343,450 |
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Total Common Stock |
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| (Cost $ 15,426,841) |
| 16,247,033 | |
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Closed-End & Exchange Traded Funds - 2.85% | |||||||
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Barings Participation Investor (4) | 4,378 |
| 49,581 | ||||
Sprott Gold Miners ETF (2) (4) |
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| 17,100 |
| 364,743 | ||
Sprott Junior Gold Miners ETF (2) (4) | 13,822 |
| 334,769 | ||||
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Total Exchange-Traded Funds | (Cost $ 683,586) |
| 749,093 | ||||
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Money Market Registered Investment Companies - 36.78% | |||||||
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First American Government Obligation Fund Class Z 2.7353% (3) |
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| 8,677,744 |
| 8,677,744 | ||
Invesco Government & Agency Portolio Institutional Class 2.88% (3) | 1,000,000 |
| 1,000,000 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 9,677,744) |
| 9,677,744 | ||||
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Total Investments - 101.38% | (Cost $ 25,788,171) |
| 26,673,870 | ||||
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Liabilities in Excess of Other Assets -- -1.38% |
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| (364,194) | ||||
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Total Net Assets - 100.00% |
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| 26,309,676 | ||||
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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 September 30, 2022 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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| $ | 26,673,870 | $ |
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Level 2 - Other Significant Observable Inputs |
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| - |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - |
| - | ||
Total |
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| $ | 26,673,870 | $ | 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) Variable rate security; the money market rate shown represents the yield at September 30, 2022 | |||||||
(4) Exchange-traded fund. |
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NT NPORT-P Filing
Bertolet Capital Trust NT NPORT-PPinnacle Value Fund (Sep 2022 report)
Filed: 30 Nov 22, 11:53am