Schedule of Investments

September 30, 2022 (unaudited)

Pinnacle Value Fund

Bertolet Capital Trust

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 61.75%

Apparel & Textile - 5.04%

Crown Crafts, Inc.

45,358

262,169

Culp, Inc.  (2)

244,001

1,063,844

1,326,013

Banks & Thrifts - 1.66%

Hope Bancorp, Inc.

11,007

139,129

OP Bancorp

15,112

168,045

PCB Bancorp

7,200

130,104

437,278

Commercial & Professional Services - 0.18%

Healthcare Services Group, Inc.    

4,000

48,360

Construction & Fabrication - 11.20%

Gulf Island Fabrication, Inc.  (2)

432,439

1,803,271

Preformed Line Products Co.

1,050

74,708

Williams Industrial Service Group, Inc.  (2)

721,569

1,067,922

2,945,901

Energy - 8.65%

Bristow Group, Inc.   (2)

54,667

1,284,128

Dorian LPG Ltd.

29,270

397,194

Sabine Royalty Trust

593

42,150

Seacor Marine Holdings, Inc.   (2)

98,367

552,823

2,276,295

Furniture & Fixtures - 1.47%

Ethan Allen Interiors, Inc.

8,353

176,582

Flexsteel Industries, Inc.

4,185

65,705

Hooker Furnishings Corp.

10,720

144,613

386,900

Industrial Metals - 2.25%

Friedman Industries, Inc.

33,345

237,083

Universal Stainless & Alloy Products, Inc.   (2)

49,914

355,388

592,471

Insurance - 1.66%

First Acceptance Corp.  (2)

101,539

157,385

Genworth Financial, Inc. Class A  (2)

67,738

237,083

Mercury General Corp.

1,469

41,749

436,217

Power Equipment - 12.25%

AstroNova, Inc.  (2)

6,183

72,341

Graham Corp.   (2)

177,135

1,557,017

Hurco Cos., Inc.

27,413

616,244

LSI Industries, Inc.

4,157

31,968

Powell Industries, Inc.

44,900

946,492

3,224,062

Real Estate - 1.29%

FRP Holdings, Inc.  (2)

1,379

74,963

Getty Realty Corp.

6,207

166,906

Potlatch Deltic Corp.

1,900

77,976

Regency Affiliates, Inc.

3,255

18,716

338,561

Residential Construction - 0.23%

Tri Pointe Group, Inc. (2)

4,000

60,440

Retail - 4.99%

Shoe Carnival, Inc.

2,000

42,880

The Buckle, Inc.   

13,729

434,660

Weyco Group, Inc.

41,066

835,282

1,312,822

Security Services - 0.77%

Costar Technologies, Inc.  (2)

47,090

202,958

Technology - 5.00%

Benchmark Electronics, Inc.

5,000

123,900

Coda Octopus Group, Inc. (2)

53,576

289,310

Daktronics, Inc.(2)

178,635

484,101

Espey Manufacturing & Electronics Corp.  (2)

18,123

249,916

Kimball Electronics, Inc.   (2)

8,521

146,135

Ultralife Corp.    (2)

4,562

21,943

1,315,305

Transportation - 5.11%

Heartland Express, Inc.

26,682

381,819

Kirby Corp.  (2)

1,500

91,155

Miller Industries, Inc.

7,000

149,030

Patriot Transportation Holdings, Inc.   (2)

91,787

721,446

1,343,450

Total Common Stock

(Cost $           15,426,841)

16,247,033

Closed-End & Exchange Traded Funds - 2.85%

Barings Participation Investor (4)

4,378

49,581

Sprott Gold Miners ETF  (2) (4)

17,100

364,743

Sprott Junior Gold Miners ETF (2) (4)

13,822

334,769

Total Exchange-Traded Funds

(Cost $                683,586)

749,093

Money Market Registered Investment Companies - 36.78%

First American Government Obligation Fund Class Z 2.7353% (3)

8,677,744

8,677,744

Invesco Government & Agency Portolio Institutional Class 2.88% (3)

1,000,000

1,000,000

Total Money Market Registered Investment Companies

(Cost $             9,677,744)

9,677,744

Total Investments - 101.38%

(Cost $           25,788,171)

26,673,870

Liabilities in Excess of Other Assets -- -1.38%

(364,194)

Total Net Assets - 100.00%

26,309,676

(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.

       These inputs are summarized in the three broad levels listed below.

        • Level 1 - quoted prices in active markets for identical securities

        • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

        • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

       The following is a summary of the inputs used as of  September 30, 2022 in valuing the Fund's assets carried at fair value:

Investments in

Other Financial

Valuation Inputs

Securities

Instruments (8)

Level 1 - Quoted Prices

$

26,673,870

$

Level 2 - Other Significant Observable Inputs

                  -   

-

Level 3 - Significant Unobservable Inputs

                  -   

-

Total

$

26,673,870

$

0

       The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term

       debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment

       Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active

       market, such securities are reflected as Level 2.

(2)  Represents non-income producing securities.

(3) Variable rate security; the money market rate shown represents the yield at September 30, 2022

(4)  Exchange-traded fund.