0001216907
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:GeneralRiskMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
oef:RiskLoseMoneyMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
oef:RiskNotInsuredDepositoryInstitutionMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:StockMarketRiskMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:ValueStyleRiskMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:SmallAndMicrocapCompanyMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:LiquidityRiskMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:PortfolioStrategyRiskMember
2026-05-01
2026-05-01
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2016-01-01
2016-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2017-01-01
2017-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2018-01-01
2018-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2019-01-01
2019-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2020-01-01
2020-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2021-01-01
2021-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2022-01-01
2022-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2023-01-01
2023-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2024-01-01
2024-12-31
0001216907
pvfix:S000004888Member
pvfix:C000013242Member
2025-01-01
2025-12-31
0001216907
pvfix:S000004888Member
2025-01-01
2025-12-31
0001216907
pvfix:S000004888Member
2021-01-01
2025-12-31
0001216907
pvfix:S000004888Member
2016-01-01
2025-12-31
0001216907
pvfix:S000004888Member
oef:AfterTaxesOnDistributionsMember
2025-01-01
2025-12-31
0001216907
pvfix:S000004888Member
oef:AfterTaxesOnDistributionsMember
2021-01-01
2025-12-31
0001216907
pvfix:S000004888Member
oef:AfterTaxesOnDistributionsMember
2016-01-01
2025-12-31
0001216907
pvfix:S000004888Member
oef:AfterTaxesOnDistributionsAndSalesMember
2025-01-01
2025-12-31
0001216907
pvfix:S000004888Member
oef:AfterTaxesOnDistributionsAndSalesMember
2021-01-01
2025-12-31
0001216907
pvfix:S000004888Member
oef:AfterTaxesOnDistributionsAndSalesMember
2016-01-01
2025-12-31
0001216907
pvfix:S000004888Member
pvfix:RussellIndexMember
2025-01-01
2025-12-31
0001216907
pvfix:S000004888Member
pvfix:RussellIndexMember
2021-01-01
2025-12-31
0001216907
pvfix:S000004888Member
pvfix:RussellIndexMember
2016-01-01
2025-12-31
iso4217:USD
pure
false
2026-05-01
Bertolet Capital Trust
N-1A
485BPOS
0001216907
2020-12-31
2020-03-31
Investment Objective
<p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zZFEKULqR4a4" style="font: 12pt Times New Roman, Times, Serif; margin: 0">Long term capital appreciation with income as a secondary objective.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
Fees and Expenses
<p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zYYGyeordYC4" style="font: 12pt Times New Roman, Times, Serif; margin: 0">This table describes the fees and expenses you may pay if you buy and hold
Fund shares.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>Shares purchased or held through a financial intermediary may incur
fees and expenses that are not reflected in the tables and examples below.</b></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
Shareholder fees (fees paid directly from your investment)
<div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zm9Wh0vIkwkl"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zuiuXphImrUd" style="width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees">
<tr>
<td style="white-space: nowrap; width: 83%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td id="xdx_498_20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zIqAkqV82tb6" style="white-space: nowrap; vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr id="xdx_40B_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z22UtjxS9Bci">
<td style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maximum sales load imposed on purchases</span></td>
<td style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
<tr id="xdx_400_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_z7FBWeIBwGI8">
<td style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maximum sales load imposed on reinvested dividends or capital gains</span></td>
<td style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
<tr id="xdx_404_eoef--RedemptionFeeOverRedemption_iN_din_zlBfudd0MAX6">
<td style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Redemption fee paid to Fund for shares held less than one year</span></td>
<td style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.00%</span></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
0
0
-0.0100
Annual fund operating expenses (paid yearly as a % of your investment)
<div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z2vSL6nGsgwa"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zHGQMi2yCBWj" style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td id="xdx_49D_20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zBZSeccsNOr9" style="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zfMVqSveK5Vj">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management Fee</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.25%</span></td></tr>
<tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqqrYMPMWbh9">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Distribution (12b-1) fee</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</span></td></tr>
<tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zPZfb10BKlQ1">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other expenses</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.32%</span></td></tr>
<tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zAnui7SPzaYe">
<td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acquired fund fees & expenses </span><span id="xdx_F42_zmEytzXeiLLc" style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</span></td>
<td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.07%</span></td></tr>
<tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zUzYWR3BFSOj">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total annual Fund operating expenses</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.64%</span></td></tr>
<tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z8YZ18kubhte">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fee Waiver and/or Expense Reimbursement </span><span id="xdx_F41_zvh8hQqSZnla" style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">-0.33%</span></td></tr>
<tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zkF48hLJwGkf">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Annual Fund Operating Expenses after fee waiver and/or expense reimbursement</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.31%</span></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0F_zQkmQsQttvqj" style="font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F12_zGV89Gp7LWm2" style="font-size: 8pt">Acquired fund fees & expenses are indirect costs of investing in other
funds. Total annual operating expenses will not correlate to expense ratio in Fund financial statements which include only direct operating
costs, not indirect costs of investing in other funds.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0E_z6u8JvzMwB15" style="font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F19_zhXrOzxU2gBb" style="font-size: 8pt">Advisor has contractually agreed to waive fees and/or reimburse expenses
to extent necessary to maintain Fund net annual operating expenses, excluding acquired fund fees & expenses and extraordinary expenses,
at or below 1.24% to April 30, 2027.</span></td></tr></table>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0"> </p>
0.0125
0
0.0032
0.0007
0.0164
-0.0033
0.0131
Expense Example
<p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zhP9FGHpTxP5" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This example is intended to help you compare the cost
of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those time periods. The example assumes your investment returns
5% each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLKLHMlwumv7"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zGNVxaqhm6O8" style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr>
<td id="xdx_48C_eoef--ExpenseExampleYear01_zngYiC933KF9" style="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span style="text-decoration: underline">1 year</span></span></td>
<td id="xdx_48B_eoef--ExpenseExampleYear03_zQj4NdGlR3m8" style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span style="text-decoration: underline">3 years</span></span></td>
<td id="xdx_487_eoef--ExpenseExampleYear05_zg6Whe7Ubdv4" style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span style="text-decoration: underline">5 years</span></span></td>
<td id="xdx_483_eoef--ExpenseExampleYear10_zCPBQ3Nz6PX8" style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span style="text-decoration: underline">10 years</span></span></td></tr>
<tr id="xdx_418_20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zkeD8GoNLEsf">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$133</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$415</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$718</span></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1,529</span></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
133
415
718
1529
Portfolio Turnover
<p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zIQ2RlwMybTe" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs such as commissions,
when it buys or sells securities (or “turns over” its portfolio). A high turnover rate may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs which are not reflected in annual fund operating
expenses or in the example affect the Fund’s performance. For 2025, Fund turnover was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zpgBpohekPki">24%</span> of the average portfolio value.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0"> </p>
0.24
Principal Investment Strategies
<p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zopR7cHB7Df6" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests primarily in publicly traded equity
securities of companies including common and preferred stocks, convertible securities, rights, warrants and other securities. The Fund
will invest in a diversified portfolio of securities issued primarily by small and micro-cap (generally less than $2 billion at time of
investment) companies which advisor believes are trading at significant discounts to underlying earnings power or asset values. The Fund
emphasizes a “value” style of investing and will focus on underlying company/industry fundamentals in addition to macro factors
like the direction of interest rates, government fiscal/monetary policies and geo-political events.</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intense due diligence will be employed by the advisor
to assess company prospects via rigorous quantitative and qualitative analysis. This may include speaking with management, customers,
competitors, vendors, Wall Street analysts, industry specialists and others to assess strategic, financial and operating priorities. Advisor
will target companies with strong balance sheets, capable management, attractive business niches, ownership of valuable franchises or
trade names, sound accounting practices and large insider ownership. Ideally, the securities of such companies will trade at low price-to-earnings
(P/E), price-to-cash flow (P/CF) and price-to-book (P/B) multiples.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will often seek catalysts which may accelerate
the realization of significant gains in earnings and net worth. These may include a new management team, new products or distribution
channels, cost reduction initiatives, an active acquisition or divestiture program, investments in new technologies, share repurchases,
asset sales, the presence of an activist investor or a cyclical rebound in earnings.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund employs a disciplined trading strategy. Limit
orders will generally be used when buying or selling securities. In purchasing shares, the Fund will attempt to build its position over
time without moving prices. It will gradually scale into a position while becoming more comfortable with management, company prospects
and the way the security trades. Accumulating a full position may take months. The Fund will sell securities when they become fully valued
or if company fundamentals deteriorate.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If suitable purchase candidates cannot be found or
in response to adverse market conditions the Fund may purchase money market funds or cash equivalents. If the Fund acquires money market
funds, shareholders will be subject to duplicate advisory fees and the Fund may not achieve its investment objectives during a rising
market. Historically, the Fund has held high levels of cash equivalents because of the advisor’s risk adverse approach, conditions
that advisor believes represent historically high stock market valuations and a dearth of acceptable investment ideas.</p>
<p style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; margin: 0"> </p>
<p id="xdx_A80_eoef--RiskTextBlock_zxN8Myajp031" style="font: bold 12pt Times New Roman, Times, Serif; margin: 0">Principal Investment Risks</p>
<p style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General risk</b>. <span id="xdx_906_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__custom--GeneralRiskMember_zqNJx5NdQIue">There is no assurance the Fund
will meet its investment objective</span>. <span id="xdx_907_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zH01TE4owar1">Investors may lose money by investing in the Fund</span>. <span id="xdx_90B_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zSOKlVdGLAVk">Investments in the Fund are not bank deposits and
are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency</span>.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock market risk.</b> <span id="xdx_909_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__custom--StockMarketRiskMember_z1pVgjAND6E2">Common stocks or
securities convertible into common stocks are more volatile than other investments such as debt securities. A stock market decline
may lead to declines in individual securities or
market segments. The Fund may experience a substantial or complete loss on an individual security</span>.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Value style risk.</b> <span id="xdx_90C_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__custom--ValueStyleRiskMember_zlTUaDMLoMAd">The value approach carries
the risk that securities chosen may remain undervalued. The market may not recognize a company’s true intrinsic value for a long
time or a company judged to be undervalued may be appropriately priced. Value stocks as a group may be out of favor while the market focuses
on growth stocks</span>.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Small & micro-cap company risk.</b> <span id="xdx_90B_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__custom--SmallAndMicrocapCompanyMember_zZdCMC6EPAO">Investing
in small company securities involves risks as they have more limited resources and are more vulnerable to economic downturns. Share prices
are more volatile than those of large firms and are more likely to be adversely affected by poor market conditions</span>.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity risk.</b> <span id="xdx_909_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__custom--LiquidityRiskMember_zCHTtYYtE3t3">The Fund may invest in thinly
traded securities that, while publicly traded on an exchange or over the counter, are not well known to the general public, have limited
float or lack significant institutional interest making it hard to sell portfolio positions at an optimal time or price. The Fund is inappropriate
for market timers/traders</span>.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio strategy risk</b>. <span id="xdx_907_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member__oef--RiskAxis__custom--PortfolioStrategyRiskMember_zPEueRmrPhfg">Fund success will
in part be determined by the Advisor’s skill at choosing appropriate investments and executing portfolio strategy effectively</span>.</p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0"> </p>
There is no assurance the Fund
will meet its investment objective
Investors may lose money by investing in the Fund
Investments in the Fund are not bank deposits and
are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency
Common stocks or
securities convertible into common stocks are more volatile than other investments such as debt securities. A stock market decline
may lead to declines in individual securities or
market segments. The Fund may experience a substantial or complete loss on an individual security
The value approach carries
the risk that securities chosen may remain undervalued. The market may not recognize a company’s true intrinsic value for a long
time or a company judged to be undervalued may be appropriately priced. Value stocks as a group may be out of favor while the market focuses
on growth stocks
Investing
in small company securities involves risks as they have more limited resources and are more vulnerable to economic downturns. Share prices
are more volatile than those of large firms and are more likely to be adversely affected by poor market conditions
The Fund may invest in thinly
traded securities that, while publicly traded on an exchange or over the counter, are not well known to the general public, have limited
float or lack significant institutional interest making it hard to sell portfolio positions at an optimal time or price. The Fund is inappropriate
for market timers/traders
Fund success will
in part be determined by the Advisor’s skill at choosing appropriate investments and executing portfolio strategy effectively
Investment Results
<p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_z2gKEowsSEh9" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following bar chart and table provide an indication
of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and how the Fund’s average
annual returns for 1, 5 and 10 years compare with an index of broad market performance. <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zFWZ07OwLIXg">Past results (before and after taxes) are not
predictive of future performance</span>. Updated information on Fund results may be found at <span style="text-decoration: underline"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zshiC11l0yXd">www.pinnaclevaluefund.com</span></span>.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
Past results (before and after taxes) are not
predictive of future performance
www.pinnaclevaluefund.com
Calendar Year Total Returns
<p id="xdx_A8C_eoef--BarChartFootnotesTextBlock_zjDTrbqMRZrh" style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2025 6.0%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2024 10.7%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2023 25.4%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2022 1.1%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2021 14.3%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2020 3.4%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2019 10.7%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2018 (11.8)%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2017 (0.1)%</p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">2016 16.5%</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p id="xdx_A89_eoef--BarChartClosingTextBlock_zTHNKr9ZKRql" style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zPaHYjAyLMuc">Highest Performance Quarter</span> (<span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_dxL_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zV0Qf3NEkqe1" title="::XDX::2020-12-31"><span style="-sec-ix-hidden: xdx2ixbrl0074">4Q 2020</span></span>) <span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zsryFiDfaRYf">15.7%</span></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_z35038NbBHdh">Lowest Performance Quarter</span> (<span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_dxL_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zWDCWdA3PJ3h" title="::XDX::2020-03-31"><span style="-sec-ix-hidden: xdx2ixbrl0077">1Q 2020</span></span>) <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000004888Member_zNmdjWOnnJ23">(23.3)%</span></p>
<p style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; margin: 0"> </p>
Highest Performance Quarter
0.157
Lowest Performance Quarter
-0.233
<div id="xdx_A81_eoef--BarChartTableTextBlock_zqyURQUz0B1e"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zRJpUBSZywm2" style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns">
<tr>
<td style="white-space: nowrap; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">Year</td>
<td style="text-align: right; white-space: nowrap; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Percentage</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2016</td>
<td id="xdx_987_eoef--AvgAnnlRtrPct_c20160101__20161231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zcpm9i5QMQ5b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.165</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2017</td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_c20170101__20171231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zIbkyuHAKef7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-0.001</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2018</td>
<td id="xdx_989_eoef--AvgAnnlRtrPct_c20180101__20181231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zwgFE1zpLK46" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-0.118</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2019</td>
<td id="xdx_984_eoef--AvgAnnlRtrPct_c20190101__20191231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zK2Cmg29pHOc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.107</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2020</td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_c20200101__20201231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zKQD1dompdXi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.034</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2021</td>
<td id="xdx_988_eoef--AvgAnnlRtrPct_c20210101__20211231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zvUxNUEkiGH6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.143</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2022</td>
<td id="xdx_98B_eoef--AvgAnnlRtrPct_c20220101__20221231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_z0TC2IT0jgJh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.011</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2023</td>
<td id="xdx_986_eoef--AvgAnnlRtrPct_c20230101__20231231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zBnXlwqQjvp" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.254</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2024</td>
<td id="xdx_986_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zXktqdcjT38l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.107</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Annual Return 2025</td>
<td id="xdx_98F_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--ClassAxis__custom--C000013242Member_zAWB2k7Ioul" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.06</td></tr>
</table>
<p style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; margin: 0"> </p>
0.165
-0.001
-0.118
0.107
0.034
0.143
0.011
0.254
0.107
0.06
Average annual total returns for the years ended Dec. 31, 2025
<div id="xdx_A87_eoef--PerformanceTableTextBlock_zlxXKUlizaf4"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zai59yFakDVl" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns">
<tr>
<td style="white-space: nowrap; vertical-align: bottom; width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">1 year</span></td>
<td style="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">5 years</span></td>
<td style="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">10 years</span></td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return before taxes</td>
<td id="xdx_98F_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004888Member_zrtJd7IKgOfh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.00%</td>
<td id="xdx_98B_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004888Member_z5pKrPTUDoGc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.20%</td>
<td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004888Member_zOxZwRrYpnFb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.20%</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return after taxes on distributions (1)</td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEp_z77JPDsCK0Xk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.50%</td>
<td id="xdx_981_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEp_zTRFtYPJyfob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.60%</td>
<td id="xdx_985_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKDEp_z82hVAvU66ah" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.50%</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return after taxes on distributions and sale of fund shares
(1)</td>
<td id="xdx_98A_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEp_zOLFrRpF5rn6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.80%</td>
<td id="xdx_980_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEp_zReTkI54g4B4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.30%</td>
<td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKDEp_zQF73eOlaDti" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.30%</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Russell 2000 Index (2)</td>
<td id="xdx_98C_eoef--AvgAnnlRtrPct_c20250101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__custom--RussellIndexMember_fKDIp_zJjhbPEtVGe2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.80%</td>
<td id="xdx_98E_eoef--AvgAnnlRtrPct_c20210101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__custom--RussellIndexMember_fKDIp_zPgcbLt6kvke" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.10%</td>
<td id="xdx_980_eoef--AvgAnnlRtrPct_c20160101__20251231__dei--LegalEntityAxis__custom--S000004888Member__oef--PerformanceMeasureAxis__custom--RussellIndexMember_fKDIp_zdC2lYJcFcQ6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.60%</td></tr>
</table>
<p style="font: 10pt Microsoft Sans Serif, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0E_zTujGS3yBv0l" style="font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F14_zXjCAEeXzWJc" style="font-size: 8pt">After tax returns are calculated using the highest individual federal income
tax rates in effect and do not reflect state & local taxes. Your actual after tax returns depends on your individual tax status and
may differ from the results shown above. After tax returns are not relevant to investors who hold Fund shares in tax deferred accounts
like IRAs.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0F_zWy6jobrZZ7b" style="font-size: 8pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F1C_zLuloHWBqN84" style="font-size: 8pt">Although you cannot invest directly in an index, investments in ETFs or funds
that attempt to mirror an index performance may incur fees and taxes that may cause investment performance to differ from the performance
of the underlying index.</span></td></tr></table>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0"> </p>
0.0600
0.1120
0.0720
0.0350
0.0860
0.0550
0.0480
0.0830
0.0530
0.1280
0.0610
0.0960