May 1, 2023
Pinnacle Value Fund, a series of Bertolet Capital Trust
745 Fifth- 2400
New York, NY 10151
Re: Fee waiver & expense reimbursement (expense cap)
Gentlemen;
Reference is made to the Investment Advisory Agreement dated Mar. 22, 2003 (Agreement) and amended Oct. 30, 2007 between Bertolet Capital Trust on behalf of the Pinnacle Value Fund (Fund) and Bertolet Capital LLC (Adviser).
With respect to provisions of Section 4 (Investment Advisory Fee) of Agreement, Advisor agrees to waive compensation for services provided by it under Agreement in amount necessary so that Fund’s Annual Operating Expenses do not exceed 1.24% of Fund average net assets through April 30, 2025. If, after giving effect to provisions of the preceding sentence, Advisor is not entitled to receive compensation, Advisor will reimburse Fund expenses as necessary so that Fund’s Annual Operating Expenses do not exceed the 1.24% expense ratio cap.
Advisor is entitled to reimbursement of fees waived or expenses reimbursed by Advisor to Fund. Fees waived and expenses reimbursed during a given year may be paid to Advisor during the following 3 year period to the extent such payment does not cause Fund to exceed the 1.24% expense ratio cap.
Advisor’s obligation to waive fees or reimburse expenses shall not apply to any period when Adviser is not rendering services to Fund.
For purposes of this Agreement, the term Annual Operating Expenses shall include all expenses necessary and appropriate for Fund operation including investment advisory fee under Section 4 of Agreement but does not include any 12b-1 distribution fees, acquired fund fees/expenses, litigation, indemnification or other extraordinary expenses.
Accepted: Very truly yours:
BERTOLET CAPITAL TRUST BERTOLET CAPITAL LLC
By/s/:_______________________
By/s/:_____________________
John E. Deysher John E. Deysher
President President