# EDGAR Filing Document

**Accession Number:** 0001497362
**File Stem:** 0001752724-23-074547
**Filing Date:** 2023-3
**Character Count:** 14470
**Document Hash:** fe9fec3bd300dc5bbde649eb2a8f8bdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074547.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074547

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pinnacle Capital Management Funds Trust
- **CENTRAL INDEX KEY:** 0001497362
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22445
- **FILM NUMBER:** 23783194

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### 1789 Growth and Income Fund (Series ID: S000030171)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000092837 | Class C Shares | PSECX           |
| C000127071 | Class P Shares | PSEPX           |

## Nport-Ex

**1789 GROWTH AND INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**January 31, 2023 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 79.2%** | **Shares** | **Value** |
| **Communications - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Advertising & Marketing - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. (The) | 50700 | $1848522 |
| **Consumer Discretionary - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 5150 | 1669476 |
| **Consumer Staples - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Company (The) | 41250 | 1840988 |
| **Financials - 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Banking - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 12000 | 1679520 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 7950 | 1404447 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 2645 | 56762 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Specialty Finance - 10.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 38900 | 1712767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corporation | 27200 | 1682864 |
|  |  | 3395631 |
| **Health Care - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3275 | 1634847 |
| **Industrials - 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | 3875 | 1795132 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Commercial Support Services - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 11700 | 1460394 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transportation Equipment - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 6250 | 1559625 |

---

**1789 GROWTH AND INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 79.2% (Continued)** | **Shares** | **Value** |
| **Materials - 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corporation | 11950 | $1472240 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 10350 | 1476945 |
| **Real Estate - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*REITs - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 8750 | 1295962 |
| **Technology - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 4390 | 1626934 |
| **Utilities - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 19500 | 1455285 |
| **Total Common Stocks** (Cost $18,686,742) |  | $25672710 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 20.9%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.20% <sup>(a)</sup> (Cost $6,779,443) | 6779443 | $6779443 |
| **Total Investments at Value - 100.1%** (Cost $25,466,185) |  | $32452153 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (52230) |
| **Net Assets - 100.0%** |  | $32399923 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of January 31, 2023.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Pinnacle Capital Management Funds Trust

- **b. Investment Company Act file number:** 811-22445

- **c. CIK number of Registrant:** 0001497362

- **d. LEI of Registrant:** 549300TLXC520WUKK760

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Limestone Plaza

  - **City:** Fayetteville

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 13066

  - **Telephone number:** 315-234-9716

**Item A.2. Information about the Series.**

- **a. Name of Series:** 1789 GROWTH AND INCOME FUND

- **b. EDGAR series identifier (if any):** S000030171

- **c. LEI of Series:** 549300TLXC520WUKK760

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32493795.70

**Total Liabilities:** $93872.43

**Net Assets:** $32399923.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092837 | 3.98%                | -3.78%               | 2.43%                |
| Class ID C000127071 | 5.11%                | -2.82%               | 3.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1501602.80                                |
| Month 2  | $-0.55                   | $-1056929.85                               |
| Month 3  | $0.00                    | $1098019.55                                |

### Schedule of Portfolio Investments

| Name                                     | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lockheed Martin Corporation              | Lockheed Martin Corporation                               | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3875 | NS      | $1795132.50   | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc. | Interpublic Group of Companies, Inc. (The)                | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     50700 | NS      | $1848522.00   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                  | Mastercard, Inc. Class A                                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4390 | NS      | $1626934.00   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                           | Kroger Company (The)                                      | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     41250 | NS      | $1840987.50   | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corporation     | First American Financial Corporation                      | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     27200 | NS      | $1682864.00   | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America         | Packaging Corporation of America                          | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     10350 | NS      | $1476945.00   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                  | Republic Services, Inc.                                   | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     11700 | NS      | $1460394.00   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                           | Home Depot, Inc. (The)                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5150 | NS      | $1669475.50   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                  | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3275 | NS      | $1634847.25   | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Institutional Cash Portfolios   | Fidelity Institutional Money Market Government Por Tfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   6779443 | PA      | $6779442.59   | 20.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                             | Cummins, Inc.                                             | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      6250 | NS      | $1559625.00   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial, Inc.        | Fidelity National Financial, Inc.                         | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     38900 | NS      | $1712767.00   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                     | Celanese Corporation                                      | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     11950 | NS      | $1472240.00   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life Inc.                | F&G ANNUITIES & LIFE-WI                                   | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | USGSE             | US        |      2645 | NS      | $56761.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                        | Crown Castle International Corporation REIT               | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      8750 | NS      | $1295962.50   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextera Energy Inc                       | NextEra Energy, Inc.                                      | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19500 | NS      | $1455285.00   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Company                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12000 | NS      | $1679520.00   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                           | CME Group, Inc.                                           | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      7950 | NS      | $1404447.00   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-04-03

**Name of Applicant:** Pinnacle Capital Management Funds Trust

**Signature:** Pinnacle Capital Management Funds Trust

**Name of Signer:** Sarah Criger

**Title:** VP, Fund Accounting