# EDGAR Filing Document

**Accession Number:** 0001216907
**File Stem:** 0001162044-23-000254
**Filing Date:** 2023-2
**Character Count:** 20386
**Document Hash:** cfa26326f0a01c319f52feabc8061b8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000254.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001162044-23-000254

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERTOLET CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0001216907
- **IRS NUMBER:** 061680405
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21291
- **FILM NUMBER:** 23664618

**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           |

## 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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $30007748.07

**Total Liabilities:** $726849.59

**Net Assets:** $29280898.48

**Cash Not Reported:** $1000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013242 | 7.75%                | 2.31%                | -0.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-176725.12              | $2218440.22                                |
| Month 2  | $85081.67                | $524050.30                                 |
| Month 3  | $117626.48               | $-326537.46                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amtech Systems, Inc.                       | Amtech Systems, Inc.                                      | CUSIP: 032332504<br>LEI: 5299008VRUUPETM6HZ85 | Long             | EC               | CORP              | US        |       804 | NS      | $6110.40      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova, Inc.                            | AstroNova, Inc.                                           | CUSIP: 04638F108<br>LEI: 549300TTZ4UNDNBOW441 | Long             | EC               | CORP              | US        |      6183 | NS      | $79266.06     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings Participation Investor             | Barings Participation Investor                            | CUSIP: 06761A103<br>LEI: 549300BL6L2WBLZ3L146 | Long             | EC               | RF                | US        |      4378 | NS      | $53936.96     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics, Inc.                | Benchmark Electronics, Inc.                               | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      5000 | NS      | $133450.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group, Inc.                        | Bristow Group, Inc.                                       | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     54667 | NS      | $1483115.71   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group, Inc.                   | Coda Octopus Group, Inc.                                  | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53576 | NS      | $367531.36    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Technologies, Inc.                  | Costar Technologies, Inc.                                 | CUSIP: 22161J206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35190 | NS      | $123165.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts, Inc.                         | Crown Crafts, Inc.                                        | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45358 | NS      | $242211.72    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Culp, Inc.                                 | Culp, Inc.                                                | CUSIP: 230215105<br>LEI: 549300BIJZDD8EVS1U89 | Long             | EC               | CORP              | US        |    174688 | NS      | $801817.92    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Daktronics, Inc.                           | Daktronics, Inc.                                          | CUSIP: 234264109<br>LEI: 549300IOLZ3SG5YUJ288 | Long             | EC               | CORP              | US        |    178635 | NS      | $503750.70    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd.                            | Dorian LPG Ltd.                                           | CUSIP: Y2106R110<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |     29270 | NS      | $554666.50    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors, Inc.                | Ethan Allen Interiors, Inc.                               | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8353 | NS      | $220686.26    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First Acceptance Corp.                     | First Acceptance Corp.                                    | CUSIP: 318457108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113739 | NS      | $84735.56     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds, Inc.                 | First American Government Obligation Fund Class Z         | CUSIP: 31846V567<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10397282 | NS      | $10397282.21  | 35.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries, Inc.                 | Flexsteel Industries, Inc.                                | CUSIP: 339382103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4185 | NS      | $64449.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Friedman Industries, Inc.                  | Friedman Industries, Inc.                                 | CUSIP: 358435105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23631 | NS      | $231347.49    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp.                         | Getty Realty Corp.                                        | CUSIP: 374297109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4207 | NS      | $142406.95    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp.                               | Graham Corp.                                              | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |    177135 | NS      | $1704038.70   | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulf Island Fabrication, Inc.              | Gulf Island Fabrication, Inc.                             | CUSIP: 402307102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    422668 | NS      | $2168286.84   | 7.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group, Inc.            | Healthcare Services Group, Inc.                           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |      4000 | NS      | $48000.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express, Inc.                    | Heartland Express, Inc.                                   | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |     26682 | NS      | $409301.88    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp.                   | Hooker Furnishings Corp.                                  | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20920 | NS      | $391204.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp, Inc.                         | Hope Bancorp, Inc.                                        | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     11007 | NS      | $140999.67    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos., Inc.                           | Hurco Cos., Inc.                                          | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |     27413 | NS      | $716301.69    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Portfolio      | Invesco Government & Agency Portfolio Institutional Class | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   1000000 | NS      | $1000000.00   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp.                                | Kirby Corp.                                               | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      1500 | NS      | $96525.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries, Inc.                       | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |      4157 | NS      | $50881.68     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp.                      | Mercury General Corp.                                     | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      1469 | NS      | $50239.80     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries, Inc.                    | Miller Industries, Inc.                                   | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |      7000 | NS      | $186620.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                                 | OP Bancorp                                                | CUSIP: 67109R109<br>LEI: 549300WOJCNL7B110W30 | Long             | EC               | CORP              | US        |     15112 | NS      | $168649.92    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                                | PCB Bancorp                                               | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |      7200 | NS      | $127368.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PHI Group, Inc.                            | PHI Group, Inc.                                           | CUSIP: 69360B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $950.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Patriot Transportation Holdings, Inc.      | Patriot Transportation Holdings, Inc.                     | CUSIP: 70338W105<br>LEI: 549300CONREOD6V7PO98 | Long             | EC               | CORP              | US        |     91787 | NS      | $645262.61    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatch Deltic Corp.                      | Potlatch Deltic Corp.                                     | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      1900 | NS      | $83581.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries, Inc.                    | Powell Industries, Inc.                                   | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |     39200 | NS      | $1379056.00   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co.                | Preformed Line Products Co.                               | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |      1050 | NS      | $87454.50     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Affiliates, Inc.                   | Regency Affiliates, Inc.                                  | CUSIP: 758847404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3255 | NS      | $22459.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust                       | Sabine Royalty Trust                                      | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       593 | NS      | $50671.85     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacor Marine Holdings, Inc.               | Seacor Marine Holdings, Inc.                              | CUSIP: 78413P101<br>LEI: 5493003LNKFW1W43N030 | Long             | EC               | CORP              | US        |     98367 | NS      | $901041.72    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival, Inc.                        | Shoe Carnival, Inc.                                       | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $47820.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott ETF Trust                           | Sprott Gold Miners ETF                                    | CUSIP: 85210B102<br>LEI: 549300OKHNEZHZWQ1S48 | Long             | EC               | RF                | US        |     17100 | NS      | $423396.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott ETF Trust                           | Sprott Junior Gold Miners ETF                             | CUSIP: 85210B201<br>LEI: N/A                  | Long             | EC               | RF                | US        |     13822 | NS      | $399207.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| The Buckle, Inc.                           | The Buckle, Inc.                                          | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     13729 | NS      | $622610.15    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Group, Inc.                     | Tri Pointe Group, Inc.                                    | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $74360.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp.                            | Ultralife Corp.                                           | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |      9562 | NS      | $36909.32     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Stainless & Alloy Products, Inc. | Universal Stainless & Alloy Products, Inc.                | CUSIP: 913837100<br>LEI: 5493001OEIZDUGXZDE09 | Long             | EC               | CORP              | US        |     49914 | NS      | $357883.38    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group, Inc.                          | Weyco Group, Inc.                                         | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |     41066 | NS      | $868956.56    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Industrial Service Group, Inc.    | Williams Industrial Service Group, Inc.                   | CUSIP: 96951A104<br>LEI: CTDK3GGI58CIT29OJ228 | Long             | EC               | CORP              | US        |    724569 | NS      | $739132.84    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** Bertolet Capital Trust

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

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

**Title:** President and Treasurer