# EDGAR Filing Document

**Accession Number:** 0001216907
**File Stem:** 0001162044-25-001174
**Filing Date:** 2025-11
**Character Count:** 28993
**Document Hash:** 44dca742d6c4368ae57146bec18583ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001174.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001162044-25-001174

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251524898

**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** |
| **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (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 - 67.84%** | **Common Stocks - 67.84%** | **Common Stocks - 67.84%** |
| **Apparel & Textile - 9.65%** |  |  |
| Crown Crafts, Inc. | 61442  | 178796  |
| Culp, Inc. (2) | 327030  | 1458554  |
| Unifi, Inc. (2) | 363921  | 1732264  |
|  |  | 3369614  |
| **Banks & Thrifts - 3.70%** |  |  |
| Hope Bancorp, Inc.  | 11007  | 118545  |
| OP Bancorp  | 44936  | 625509  |
| PCB Bancorp  | 25757  | 540897  |
| Southern Missouri Bancorp, Inc. (2) | 100  | 5256  |
|  |  | 1290208  |
| **Chemicals - 0.73%** |  |  |
| Innospec, Inc. (2) | 1628  | 125616  |
| Stepan Co. | 2723  | 129887  |
|  |  | 255504  |
| **Construction & Fabrication - 8.69%** |  |  |
| Gulf Island Fabrication, Inc. (2) | 422613  | 2966743  |
| Tri Pointe Homes, Inc. | 2000  | 67940  |
|  |  | 3034683  |
| **Energy - 9.40%** |  |  |
| Bristow Group, Inc. (2) | 34064  | 1229029  |
| Dorian LPG Ltd. | 15570  | 463986  |
| Sabine Royalty Trust | 5441  | 432342  |
| San Juan Royalty Trust (2) | 41780  | 252351  |
| Seacor Marine Holdings, Inc. (2) | 129801  | 842408  |
| Seadrill Ltd. (2) | 2000  | 60420  |
|  |  | 3280537  |
| **Furniture & Fixtures - 1.45%** |  |  |
| Ethan Allen Interiors, Inc.  | 5053  | 148861  |
| Flexsteel Industries, Inc.  | 1234  | 57196  |
| Hooker Furnishings Corp.  | 29537  | 299801  |
|  |  | 505858  |
| **Industrial Metals - 1.80%** |  |  |
| Friedman Industries, Inc. | 13031  | 285314  |
| Omega Flex, Inc. | 10957  | 341694  |
|  |  | 627008  |
| **Insurance - 2.46%** |  |  |
| First Acceptance Corp. (2) | 242498  | 857715  |
| **Power Equipment - 5.47%** |  |  |
| AstroNova, Inc. (2) | 6183  | 63314  |
| Hurco Cos., Inc. (2) | 106050  | 1845270  |
|  |  | 1908584  |
| **Retail - 11.21%** |  |  |
| Ingles Markets, Inc.  | 18724  | 1302441  |
| PetMed Express, Inc. (2) | 117953  | 296062  |
| Shoe Carnival, Inc. | 38190  | 793970  |
| The Buckle, Inc. | 7129  | 418187  |
| Weyco Group, Inc. | 36678  | 1103641  |
|  |  | 3914302  |
| **Technology - 3.28%** |  |  |
| Benchmark Electronics, Inc. | 3000  | 115650  |
| Coda Octopus Group, Inc. (2) | 65391  | 524763  |
| Diodes, Inc. (2) | 8416  | 447815  |
| Ultralife Corp. (2) | 8133  | 55467  |
|  |  | 1143695  |
| **Transportation - 10.02%** |  |  |
| AerSale Corp. (2) | 133505  | 1093406  |
| Heartland Express, Inc. | 43801  | 367052  |
| Seaboard Corp. | 330  | 1203510  |
| StealthGas, Inc. (2) | 127217  | 833271  |
|  |  | 3497240  |
| Total Common Stock | (Cost $18,582,210) | 23684947  |
| **Closed-End & Exchange Traded Funds (4) - 1.84%** | **Closed-End & Exchange Traded Funds (4) - 1.84%** | **Closed-End & Exchange Traded Funds (4) - 1.84%** |
| Barings Participation Investor  | 4378  | 88217  |
| Sprott Gold Miners ETF (2) | 4500  | 279000  |
| Sprott Junior Gold Miners ETF (2) | 3822  | 274381  |
| Total Exchange-Traded Funds | (Cost $210,018) | 641598  |
| **Money Market Registered Investment Companies - 30.84%** | **Money Market Registered Investment Companies - 30.84%** | **Money Market Registered Investment Companies - 30.84%** |
| Federated Government Obligations Fund - Institutional Shares - 4.17% (3) | 10765822  | 10765822  |
| Total Money Market Registered Investment Companies | (Cost $10,765,822) | 10765822  |
| **Total Investments - 100.54%** | (Cost $29,558,050) | 35092367  |
| Liabilities in Excess of Other Assets - (0.54%) |  | (181552) |
| Total Net Assets - 100.00% |  | 34910814  |
| (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 September 30, 2025 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 September 30, 2025 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 September 30, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (8) |
| Level 1 - Quoted Prices | $35092367 | $ |
| 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 | $35092367 | $- |
| &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 September 30, 2025 | (3) Variable rate security; the money market rate shown represents the yield at September 30, 2025 | (3) Variable rate security; the money market rate shown represents the yield at September 30, 2025 |
| (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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $35922663.72

**Total Liabilities:** $1011849.36

**Net Assets:** $34910814.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013242 | -0.19%               | 4.93%                | -0.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $90385.55                | $-164429.19                                |
| Month 2  | $280275.95               | $1339551.59                                |
| Month 3  | $4701.20                 | $-51457.81                                 |

### 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      | $1093405.95   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova, Inc.                          | AstroNova, Inc.                                              | CUSIP: 04638F108<br>LEI: 549300TTZ4UNDNBOW441 | Long             | EC               | CORP              | US        |      6183 | NS      | $63313.92     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings Participation Investor           | Barings Participation Investors                              | CUSIP: 06761A103<br>LEI: 549300BL6L2WBLZ3L146 | Long             | EC               | RF                | US        |      4378 | NS      | $88216.70     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics, Inc.              | Benchmark Electronics, Inc.                                  | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      3000 | NS      | $115650.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group, Inc.                      | Bristow Group, Inc.                                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     34064 | NS      | $1229029.12   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group, Inc.                 | Coda Octopus Group, Inc.                                     | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65391 | NS      | $524762.78    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts, Inc.                       | Crown Crafts, Inc.                                           | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61442 | NS      | $178796.22    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Culp, Inc.                               | Culp, Inc.                                                   | CUSIP: 230215105<br>LEI: 549300BIJZDD8EVS1U89 | Long             | EC               | CORP              | US        |    327030 | NS      | $1458553.80   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes, Inc.                             | Diodes, Inc.                                                 | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      8416 | NS      | $447815.36    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                          | Dorian LPG Ltd.                                              | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |     15570 | NS      | $463986.00    | 1.33%             |  |  |  | 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      | $148861.38    | 0.43%             |  |  |  | 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        |  10765822 | NS      | $10765821.95  | 30.84%            |  |  |  | No            |                  1 | On Loan: No      |
| First Acceptance Corp.                   | First Acceptance Corp.                                       | CUSIP: 318457108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    242498 | NS      | $857715.43    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries, Inc.               | Flexsteel Industries, Inc.                                   | CUSIP: 339382103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1234 | NS      | $57195.90     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Friedman Industries, Inc.                | Friedman Industries, Inc.                                    | CUSIP: 358435105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13031 | NS      | $285313.75    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulf Island Fabrication, Inc.            | Gulf Island Fabrication, Inc.                                | CUSIP: 402307102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    422613 | NS      | $2966743.26   | 8.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express, Inc.                  | Heartland Express, Inc.                                      | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |     43801 | NS      | $367052.38    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp.                 | Hooker Furnishings Corp.                                     | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29537 | NS      | $299800.55    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp, Inc.                       | Hope Bancorp, Inc.                                           | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     11007 | NS      | $118545.39    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos., Inc.                         | Hurco Cos., Inc.                                             | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |    106050 | NS      | $1845270.00   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Inc.                     | Ingles Markets, Inc.                                         | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     18724 | NS      | $1302441.44   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec, Inc.                           | Innospec, Inc.                                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      1628 | NS      | $125616.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                               | OP Bancorp                                                   | CUSIP: 67109R109<br>LEI: 549300WOJCNL7B110W30 | Long             | EC               | CORP              | US        |     44936 | NS      | $625509.12    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Flex, Inc.                         | Omega Flex, Inc.                                             | CUSIP: 682095104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10957 | NS      | $341694.05    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                              | PCB Bancorp                                                  | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |     25757 | NS      | $540897.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express, Inc.                     | PetMed Express, Inc.                                         | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |    117953 | NS      | $296062.03    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacor Marine Holdings, Inc.             | Seacor Marine Holdings, Inc.                                 | CUSIP: 78413P101<br>LEI: 5493003LNKFW1W43N030 | Long             | EC               | CORP              | US        |    129801 | NS      | $842408.49    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust                     | Sabine Royalty Trust                                         | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5441 | NS      | $432341.86    | 1.24%             |  |  |  | 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        |     41780 | NS      | $252351.20    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp.                           | Seaboard Corp.                                               | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       330 | NS      | $1203510.00   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Seadrill Ltd.                            | Seadrill Ltd.                                                | CUSIP: G7998G106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      2000 | NS      | $60420.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival, Inc.                      | Shoe Carnival, Inc.                                          | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38190 | NS      | $793970.10    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp, Inc.          | Southern Missouri Bancorp, Inc.                              | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $5256.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott ETF Trust                         | Sprott Gold Miners ETF                                       | CUSIP: 85210B102<br>LEI: 549300OKHNEZHZWQ1S48 | Long             | EC               | RF                | US        |      4500 | NS      | $279000.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott ETF Trust                         | Sprott Junior Gold Miners ETF                                | CUSIP: 85210B201<br>LEI: N/A                  | Long             | EC               | RF                | US        |      3822 | NS      | $274381.38    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| StealthGas, Inc.                         | StealthGas, Inc.                                             | CUSIP: Y81669106<br>LEI: 549300JCJUO3WBVVKJ89 | Long             | EC               | CORP              | MH        |    127217 | NS      | $833271.35    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co.                               | Stepan Co.                                                   | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |      2723 | NS      | $129887.10    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| The Buckle, Inc.                         | The Buckle, Inc.                                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      7129 | NS      | $418187.14    | 1.20%             |  |  |  | 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      | $67940.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp.                          | Ultralife Corp.                                              | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |      8133 | NS      | $55467.06     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi, Inc.                              | Unifi, Inc.                                                  | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |    363921 | NS      | $1732263.96   | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group, Inc.                        | Weyco Group, Inc.                                            | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |     36678 | NS      | $1103641.02   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Bertolet Capital Trust

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

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

**Title:** President and Treasurer