The Pinnacle Value Fund
A Series of Bertolet Capital Trust
8000 Town Centre Drive, Suite 400
 Broadview Heights, OH 44147
Shareholder Services (877) 369-3705 x 115 Toll Free
(440) 922-0066

Welcome to the Pinnacle Value Fund (PVFIX)
-  Research driven, security by security approach. Bottoms up, 
    focuses on investment fundamentals, always starts with strong 
    balance sheet and conservative accounting.          

-  Targets security valuations on an absolute, not relative basis.
    Fund will employ a "buy and hold" strategy.         

-  Securities often neglected, overlooked or orphaned in marketplace, 
    may trade under radar screen of large institutional investors. 

-  Downside risk always assessed before upside potential. Will attempt 
    to buy with margin of safety to protect against loss of capital. 

1. Undervalued common stocks that are available at very inexpensive
    prices and offer lots of value for price paid.

2. Exchange traded and closed end funds to provide exposure to a
    specific market segment or country. 

3. Convertible bonds and preferred stocks provide current income plus 
    upside potential embedded in their convertibility.

1. Undervalued assets: Companies trading at less than liquidation or
    "private sale" value.

2. Turnarounds: Companies recovering from depressed results, either
    due to company or industry factors.

3. Growth at a Reasonable Price. Faster growing companies, available
    at reasonable valuations.

4. Special Situations: Spin-offs, liquidations, firms emerging from
    Chapter 11 filings, or "broken" IPOs.