N-Q 1 pinnaclenq200805.htm UNITED STATES

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

 MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number 811-21291


Bertolet Capital Trust

(Exact name of registrant as specified in charter)


1414 Sixth Avenue, Suite 900

New York, NY 10019

 (Address of principal executive offices)

(Zip code)


John E. Deysher

1414 Sixth Ave., Suite 900,

New York, NY 10019

 (Name and address of agent for service)



Registrant's telephone number, including area code: (212) 508-4537


Date of fiscal year end: December 31


Date of reporting period: March 31, 2008


Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, and 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


ITEM 1. SCHEDULE OF INVESTMENTS.


PINNACLE  VALUE FUND

 

 

 

 

BERTOLET CAPITAL TRUST

 

 

 

 

       
      

Schedule of Investments

      

March 31, 2008 (Unaudited)

 Shares/Principal Amount

 

 

 Basis

 

 Market Value

% of Assets

       

 COMMON STOCKS

      

 Business Development Cos.

      

                                                 89,130

 

Brantley Capital Corp.

           46,217

 

         111,412

 

                                               171,600

 

MVC Capital, Inc.

      2,069,491

 

      2,615,184

 
   

      2,115,708

 

      2,726,596

4.00%

       

 Business Services

      

                                            1,627,683

 

Sielox, Inc.*

         554,777

 

         406,921

0.60%

       

 Conglomerate

      

                                               355,768

 

Argan, Inc. *

      1,478,630

 

      4,884,695

 

                                                   3,700

 

Capital Southwest Corp.

         370,955

 

         457,764

 

                                                   5,500

 

Keystone Consol Industries, Inc. *

           54,850

 

           55,000

 

                                               101,449

 

Regency Affiliates, Inc. *

         575,528

 

         493,042

 

                                                 14,400

 

United Capital Corp. *

         316,779

 

         309,744

 

                                               413,614

 

WHX Corp. *

      3,205,801

 

         827,228

 
   

      6,002,543

 

      7,027,473

10.32%

       

 Electric Housewares & Fans

      

                                                   2,200

 

National Presto Industries, Inc.

           89,068

 

         115,280

0.17%

       

 Financial Services

      

                                                 47,100

 

Asta Funding, Inc.

         755,063

 

         656,103

 

                                               330,845

 

BKF Capital Group, Inc. *

      1,200,242

 

         635,222

 

                                               507,840

 

Cadus Corp. *

         821,626

 

         909,034

 

                                                 29,700

 

Center Financial Corp.

         261,648

 

         269,082

 

                                                 59,600

 

Corus Bankshares, Inc.

         587,430

 

         579,908

 

                                               271,570

 

Cosine Communications, Inc. *

         668,134

 

         665,347

 

                                               117,200

 

Kent Financial Services, Inc. *

         265,452

 

         216,820

 

                                               157,850

 

Novt Corp. *

         384,457

 

         292,023

 

                                                   6,850

 

Webfinancial Corp.

           62,599

 

           99,325

 

                                                   2,097

 

Wesco Financial Corp.

         810,373

 

         847,188

 

                                                 29,500

 

Zapata Corp. *

         205,705

 

         205,320

 
   

      6,022,729

 

      5,375,372

7.89%

       

 Filtration

      

                                               157,900

 

Flanders Corp. *

         803,761

 

         961,611

1.41%

       

 Healthcare  

      

                                                 18,000

 

Allied Healthcare Products, Inc. *

           88,334

 

         111,240

 

                                                 36,100

 

Hooper Holmes, Inc. *

           21,620

 

           23,465

 

                                                 52,800

 

PDI, Inc. *

         497,514

 

         444,576

 
   

         607,468

 

         579,281

0.85%

       

 Industrial Instruments For Measurement, Display, and Control

    

                                                 75,100

 

Electro-Sensors, Inc.

         307,988

 

         339,452

0.50%

       

 Insurance

      

                                               458,900

 

First Acceptance Corp. *

      1,746,697

 

      1,307,865

 

                                                 18,900

 

Montpelier Re Holdings Ltd.

         297,430

 

         303,345

 

                                                 13,400

 

Safety Insurance Group, Inc.

         467,735

 

         457,342

 
   

      2,511,862

 

      2,068,552

3.04%

       

 IT Services

      

                                               400,000

 

New Horizons Worldwide Inc. *

         224,000

 

         680,000

 

                                               108,800

 

Technology Solutions Co. *

         816,478

 

         316,608

 
   

      1,040,478

 

         996,608

1.46%

       
       

 Newspaper Publishing & Printing

     

                                                 25,700

 

McClatchy Co.

         637,946

 

         274,990

0.40%

       

 Mailboxes & Lockers

      

                                                 77,200

 

American Locker Group, Inc. *

         459,549

 

         266,340

0.39%

       

 Manufactured Housing/RV

      

                                                 55,800

 

Coachmen Industries, Inc. *

         161,885

 

         166,284

 

                                                   2,800

 

Flexsteel Industries, Inc.

           33,460

 

           37,744

 
   

         195,345

 

         204,028

0.30%

       

 Optical Instruments & Lenses

      

                                               435,905

 

Meade Instruments Corp. *

         706,388

 

         562,317

0.83%

       

 Real Estate

      

                                                 15,100

 

Avatar Holdings, Inc.

         562,917

 

         658,209

 

                                                      479

 

USA Real Estate Investors Trust

         233,764

 

         235,668

 
   

         796,681

 

         893,877

1.31%

       

 Retail-Family Clothing Stores

      

                                               116,800

 

Stein Mart, Inc.

         495,040

 

         656,416

0.96%

       

 Ship & Boat Building & Repairing

     

                                               145,672

 

Conrad, Inc. *

         200,299

 

      1,966,572

2.89%

       

 Technology

      

                                               297,400

 

Peak International Ltd. *

         648,006

 

         571,008

 

                                               127,100

 

SYS *

         252,396

 

         273,265

 
   

         900,402

 

         844,273

1.24%

       

 Telecommunications

      

                                               341,600

 

NMS Communications Corp. *

         532,791

 

         512,400

0.75%

   

   

 

   

 

 Textiles

      

                                               369,310

 

International Textil Group, Inc.

         809,057

 

         609,362

0.89%

       

 Total for Common Stock

  

 $ 25,789,880

   

 $ 27,387,721

40.22%

       

 Exchanged Traded Funds

      

                                                 18,700

 

Ultrashort Oil & Gas Proshares

         710,744

 

         719,950

 
       

 Total for Exchange Traded Funds

  

 $      710,744

 

 $      719,950

1.06%

       

 Preferred Stock

      

                                                 39,500

 

Ameritrans Capital Corp. Pfd.

         457,095

 

         417,910

 

                                                 49,870

 

Aristotle Corp. Pfd. - I

         392,770

 

         478,752

 
       

 Total for Preferred Stock

  

 $      849,865

 

 $      896,662

1.32%

       

 SHORT TERM INVESTMENTS

      

 Money Market Fund

      

                                          39,178,798

 

First American Government Obligation Fund Cl Y 2.53% **

    39,178,798

 

    39,178,798

 
       

 Total for Short Term Investments

 

 $ 39,178,798

 

 $ 39,178,798

57.54%

       
  

Total Investments

 $ 66,529,287

 

 $ 68,183,131

100.13%

       

   

 

Liabilities in excess of other Assets

  

         (89,297)

(0.13)%

     

   

 
  

Net Assets

  

 $ 68,093,834

100.00%

       

 * Non-Income producing securities.

     

 ** Dividend Yield

      
       

NOTES TO FINANCIAL STATEMENTS

    

Pinnacle Value Fund

      

1. SECURITY TRANSACTIONS

     

At March 31, 2008, the net unrealized appreciation on investments, based on cost for federal income

   

tax purposes of $66,529,287 amounted to $1,653,843, which consisted of aggregate gross unrealized appreciation of

 

 $7,366,026 and aggregate gross unrealized depreciation of $5,712,183.

    




ITEM 2. CONTROLS AND PROCEDURES.


    (a)

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.

      (b)

CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q.


ITEM 3. EXHIBITS.


Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Bertolet Capital Trust


By /s/John E. Deysher President

*John E. Deysher President


Date May 16, 2008


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By /s/John E. Deysher Treasurer

*John E. Deysher Treasurer


Date May 16, 2008


* Print the name and title of each signing officer under his or her signature.