# EDGAR Filing Document

**Accession Number:** 0001216907
**File Stem:** 0001162044-26-000491
**Filing Date:** 2026-6
**Character Count:** 28685
**Document Hash:** ce99dc1ca5ed898f3e83e40775efd7f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000491.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001162044-26-000491

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERTOLET CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0001216907

**ORGANIZATION NAME:**
- **EIN:** 061680405
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21291
- **FILM NUMBER:** 261047652

**BUSINESS ADDRESS:**
- **STREET 1:** 745 FIFTH AVE
- **STREET 2:** STE 2400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151
- **BUSINESS PHONE:** 212 605 7100

**MAIL ADDRESS:**
- **STREET 1:** 745 FIFTH AVE
- **STREET 2:** STE 2400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151

## Series and Classes Contracts Data

### Pinnacle Value Fund (Series ID: S000004888)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013242 | Pinnacle Value Fund | PVFIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (unaudited)** | **March 31, 2026 (unaudited)** | **March 31, 2026 (unaudited)** |
| **<u>Pinnacle Value Fund</u>** | **<u>Pinnacle Value Fund</u>** | **<u>Pinnacle Value Fund</u>** |
| **<u>Bertolet Capital Trust</u>** | **<u>Bertolet Capital Trust</u>** | **<u>Bertolet Capital Trust</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Fair Value ($)(1)** |
| **Common Stocks - 55.41%** | **Common Stocks - 55.41%** | **Common Stocks - 55.41%** |
| **Apparel & Textile - 6.99%** |  |  |
| Crown Crafts, Inc. | 61442  | 158213  |
| Culp, Inc. (2) | 359409  | 984781  |
| Unifi, Inc. (2) | 389376  | 1390072  |
|  |  | 2533066  |
| **Banks & Thrifts - 3.16%** |  |  |
| Hope Bancorp, Inc.  | 11007  | 122948  |
| OP Bancorp  | 33191  | 441440  |
| PCB Bancorp  | 25757  | 579275  |
|  |  | 1143663  |
| **Chemicals - 0.70%** |  |  |
| Innospec, Inc. (2) | 1628  | 118877  |
| Stepan Co. | 2723  | 136096  |
|  |  | 254972  |
| **Construction & Fabrication - 0.26%** |  |  |
| Tri Pointe Homes, Inc. (2) | 2000  | 93460  |
| **Energy - 10.19%** |  |  |
| Bristow Group, Inc.  | 21364  | 1001758  |
| Dorian LPG Ltd. (Marshall Islands) | 15570  | 532494  |
| Sabine Royalty Trust | 5441  | 409925  |
| San Juan Royalty Trust (2) | 136785  | 657936  |
| Seacor Marine Holdings, Inc. (2) | 139801  | 1000975  |
| Seadrill Ltd. (Bermuda) (2) | 2000  | 91000  |
|  |  | 3694088  |
| **Furniture & Fixtures - 1.36%** |  |  |
| Ethan Allen Interiors, Inc.  | 5053  | 112480  |
| Hooker Furnishings Corp.  | 29537  | 380437  |
|  |  | 492916  |
| **Industrial Metals - 1.97%** |  |  |
| Friedman Industries, Inc. | 12712  | 225257  |
| Luxfer Holdings plc (United Kingdom) (2) | 400  | 4872  |
| Omega Flex, Inc. | 14841  | 460665  |
| SIFCO Industries, Inc. (2) | 1000  | 13310  |
| Star Bulk Carriers Corp. (Marshall Islands) (2) | 400  | 9188  |
|  |  | 713291  |
| **Insurance - 2.77%** |  |  |
| First Acceptance Corp. (2) | 230498  | 1002666  |
| **Oil & Gas - 0.01%** |  |  |
| Intrepid Potash, Inc. (2) | 100  | 4277  |
| **Power Equipment - 4.48%** |  |  |
| AstroNova, Inc. (2) | 6183  | 56822  |
| Hurco Cos., Inc. (2) | 106572  | 1567674  |
|  |  | 1624496  |
| **Retail - 12.15%** |  |  |
| Ingles Markets, Inc.  | 18724  | 1683100  |
| PetMed Express, Inc. (2) | 252235  | 575096  |
| Shoe Carnival, Inc. | 51288  | 799580  |
| The Buckle, Inc. | 7129  | 359016  |
| Weyco Group, Inc. | 30845  | 988582  |
|  |  | 4405375  |
| **Technology - 1.96%** |  |  |
| Benchmark Electronics, Inc. | 1500  | 84090  |
| Diodes, Inc. (2) | 8416  | 574476  |
| Ultralife Corp. (2) | 8133  | 53027  |
|  |  | 711593  |
| **Transportation - 9.37%** |  |  |
| AerSale Corp. (2) | 133505  | 830401  |
| Heartland Express, Inc. | 51013  | 530535  |
| Seaboard Corp. | 188  | 1062956  |
| StealthGas, Inc. (Marshall Islands) (2) | 106117  | 974154  |
|  |  | 3398046  |
| **Trucking (No Local) - 0.04%** |  |  |
| Marten Transport, Ltd. | 1000  | 13130  |
| Total Common Stock | (Cost $16,916,372) | 20085041  |
| **Closed-End & Exchange Traded Funds (4) - 0.21%** | **Closed-End & Exchange Traded Funds (4) - 0.21%** | **Closed-End & Exchange Traded Funds (4) - 0.21%** |
| Barings Participation Investor  | 4378  | 75039  |
| Total Exchange-Traded Funds | (Cost $56,770) | 75039  |
| **Money Market Registered Investment Companies - 45.08%** | **Money Market Registered Investment Companies - 45.08%** | **Money Market Registered Investment Companies - 45.08%** |
| Federated Government Obligations Fund - Institutional Shares - 3.52% (3) | 16339252  | 16339252  |
| Total Money Market Registered Investment Companies | (Cost $16,339,252) | 16339252  |
| **Total Investments - 100.71%** | (Cost $33,312,395) | 36499332  |
| Liabilities in Excess of Other Assets - (0.71%) |  | (251509) |
| Total Net Assets - 100.00% |  | 36247823  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • 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 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • 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) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (8) |
| Level 1 - Quoted Prices | $36499332 | $ |
| Level 2 - Other Significant Observable Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | - |
| Level 3 - Significant Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | - |
| Total | $36499332 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (3) Variable rate security; the money market rate shown represents the yield at March 31, 2026 | (3) Variable rate security; the money market rate shown represents the yield at March 31, 2026 | (3) Variable rate security; the money market rate shown represents the yield at March 31, 2026 |
| (4) Exchange-traded fund. | (4) Exchange-traded fund. | (4) Exchange-traded fund. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BERTOLET CAPITAL TRUST

- **b. Investment Company Act file number:** 811-21291

- **c. CIK number of Registrant:** 0001216907

- **d. LEI of Registrant:** 549300VIVOKDUEPFO698

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

  - **Street Address 1:** 745 Fifth Ave.

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10151

  - **Telephone number:** 212-605-7100

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

- **a. Name of Series:** Pinnacle Value Fund

- **b. EDGAR series identifier (if any):** S000004888

- **c. LEI of Series:** 549300HGOX2RHMDP5044

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $37524109.44

**Total Liabilities:** $1276286.78

**Net Assets:** $36247822.66

**Cash Not Reported:** $5000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013242 | 4.77%                | 2.52%                | -3.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3262925.35              | $-1604707.70                               |
| Month 2  | $489786.09               | $411338.79                                 |
| Month 3  | $233512.05               | $-1493610.79                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AerSale Corp.                            | AerSale Corp.                                                | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133505 | NS      | $830401.10    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova, Inc.                          | AstroNova, Inc.                                              | CUSIP: 04638F108<br>LEI: 549300TTZ4UNDNBOW441 | Long             | EC               | CORP              | US        |      6183 | NS      | $56821.77     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings Participation Investor           | Barings Participation Investors                              | CUSIP: 06761A103<br>LEI: 549300BL6L2WBLZ3L146 | Long             | EC               | RF                | US        |      4378 | NS      | $75038.92     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics, Inc.              | Benchmark Electronics, Inc.                                  | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      1500 | NS      | $84090.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group, Inc.                      | Bristow Group, Inc.                                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     21364 | NS      | $1001757.96   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts, Inc.                       | Crown Crafts, Inc.                                           | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61442 | NS      | $158213.15    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Culp, Inc.                               | Culp, Inc.                                                   | CUSIP: 230215105<br>LEI: 549300BIJZDD8EVS1U89 | Long             | EC               | CORP              | US        |    359409 | NS      | $984780.66    | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes, Inc.                             | Diodes, Inc.                                                 | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      8416 | NS      | $574476.16    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                          | Dorian LPG Ltd.                                              | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |     15570 | NS      | $532494.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors, Inc.              | Ethan Allen Interiors, Inc.                                  | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5053 | NS      | $112479.78    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Money Market Obligation | Federated Government Obligations Fund - Institutional Shares | CUSIP: 60934N104<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  16339252 | NS      | $16339252.32  | 45.08%            |  |  |  | No            |                  1 | On Loan: No      |
| First Acceptance Corp.                   | First Acceptance Corp.                                       | CUSIP: 318457108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230498 | NS      | $1002666.30   | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Friedman Industries, Inc.                | Friedman Industries, Inc.                                    | CUSIP: 358435105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12712 | NS      | $225256.64    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express, Inc.                  | Heartland Express, Inc.                                      | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |     51013 | NS      | $530535.20    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp.                 | Hooker Furnishings Corp.                                     | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29537 | NS      | $380436.56    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp, Inc.                       | Hope Bancorp, Inc.                                           | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     11007 | NS      | $122948.19    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos., Inc.                         | Hurco Cos., Inc.                                             | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |    106572 | NS      | $1567674.12   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Inc.                     | Ingles Markets, Inc.                                         | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     18724 | NS      | $1683100.36   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec, Inc.                           | Innospec, Inc.                                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      1628 | NS      | $118876.56    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash, Inc.                    | Intrepid Potash, Inc.                                        | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |       100 | NS      | $4277.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings plc                      | Luxfer Holdings plc                                          | CUSIP: G5698W116<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | GB        |       400 | NS      | $4872.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport, Ltd.                   | Marten Transport, Ltd.                                       | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $13130.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                               | OP Bancorp                                                   | CUSIP: 67109R109<br>LEI: 549300WOJCNL7B110W30 | Long             | EC               | CORP              | US        |     33191 | NS      | $441440.30    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Flex, Inc.                         | Omega Flex, Inc.                                             | CUSIP: 682095104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14841 | NS      | $460664.64    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                              | PCB Bancorp                                                  | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |     25757 | NS      | $579274.93    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express, Inc.                     | PetMed Express, Inc.                                         | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |    252235 | NS      | $575095.80    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacor Marine Holdings, Inc.             | Seacor Marine Holdings, Inc.                                 | CUSIP: 78413P101<br>LEI: 5493003LNKFW1W43N030 | Long             | EC               | CORP              | US        |    139801 | NS      | $1000975.16   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust                     | Sabine Royalty Trust                                         | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5441 | NS      | $409924.94    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| San Juan Basin Royalty Trust             | San Juan Basin Royalty Trust                                 | CUSIP: 798241105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136785 | NS      | $657935.85    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp.                           | Seaboard Corp.                                               | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       188 | NS      | $1062955.76   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Seadrill Ltd.                            | Seadrill Ltd.                                                | CUSIP: G7998G106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      2000 | NS      | $91000.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival, Inc.                      | Shoe Carnival, Inc.                                          | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51288 | NS      | $799579.92    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SIFCO Industries, Inc.                   | SIFCO Industries, Inc.                                       | CUSIP: 826546103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $13310.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Star Bulk Carriers Corp.                 | Star Bulk Carriers Corp.                                     | CUSIP: Y8162K204<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | MH        |       400 | NS      | $9188.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| StealthGas, Inc.                         | StealthGas, Inc.                                             | CUSIP: Y81669106<br>LEI: 549300JCJUO3WBVVKJ89 | Long             | EC               | CORP              | MH        |    106117 | NS      | $974154.06    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co.                               | Stepan Co.                                                   | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |      2723 | NS      | $136095.54    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| The Buckle, Inc.                         | The Buckle, Inc.                                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      7129 | NS      | $359016.44    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Group, Inc.                   | Tri Pointe Homes, Inc.                                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $93460.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp.                          | Ultralife Corp.                                              | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |      8133 | NS      | $53027.16     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi, Inc.                              | Unifi, Inc.                                                  | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |    389376 | NS      | $1390072.32   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group, Inc.                        | Weyco Group, Inc.                                            | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |     30845 | NS      | $988582.25    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Bertolet Capital Trust

**Signature:** /s/ John E. Deysher

**Name of Signer:** John E. Deysher

**Title:** President and Treasurer