N-PX 1 npx.txt As filed with the Securities and Exchange Commission on August 31, 2006 ------------------------------------------------------------------------------ ============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC. 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY ----------------------------------------------------------- Investment Company Act file number 811-08043 ----------------------------------------------------------- THE BERKSHIRE FUNDS (Exact name of registrant as specified in charter) 475 Milan Drive, Suite #103 San Jose, CA 95134-2453 (Address of principal executive offices) ----------------------------------------------------------- AGENT FOR SERVICE: MALCOLM R. FOBES III The Berkshire Funds 475 Milan Drive, Suite #103 San Jose, CA 95134-2453 (Name and Address of Agent for Service) COPIES TO: DONALD S. MENDELSOHN, ESQ. Thompson Hine LLP 312 Walnut Street 14th Floor Cincinnati, Ohio 45202 ----------------------------------------------------------- Registrant's telephone number, including area code: 1-408-526-0707 ----------------------------------------------------------- Date of fiscal year end: December 31 Date of reporting period: July 1, 2005 - June 30, 2006 Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-PX, And the Commission will make this information public. A registrant is not Required to respond to the collection of information contained in Form N-PX 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of infor- mation under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. PROXY VOTING RECORD ============================================================================== COMPANY: ADVANCED MICRO DEVICES, INC. TICKER: AMD CUSIP: 007903107 MEETING DATE: 5/5/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Hector De. J. Ruiz For For Management 1.2 Elect Director W. Michael Barnes For For Management 1.3 Elect Director Bruce L. Claflin For For Management 1.4 Elect Director H. Paulett Eberhart For For Management 1.5 Elect Director Robert B. Palmer For For Management 1.6 Elect Director Leonard M. Silverman For For Management 1.7 Elect Director Morton L. Topfer For For Management 2 Ratify Ernst & Young LLP as Auditors For For Management 3 Approval of the Amendments to the 2004 Equity Incentive Plan. For For Management 4 Approval of the Amendment to the 2000 Employee Stock Purchase Plan. For For Management 5 Approval of the 2006 Executive Incentive Plan. For For Management ============================================================================== COMPANY: APPLE COMPUTER, INC. TICKER: AAPL CUSIP: 037833100 MEETING DATE: 4/27/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Fred D. Anderson For For Management 1.2 Elect Director William V. Campbell For For Management 1.3 Elect Director Millard S. Drexler For For Management 1.4 Elect Director Albert A. Gore, Jr. For For Management 1.5 Elect Director Steven P. Jobs For For Management 1.6 Elect Director Arthur D. Levinson For For Management 1.7 Elect Director Jerome B. York For For Management 2 Ratify KPMG LLP as Auditors. For For Management 3 Consider a Shareholder Proposal if Properly Presented at the Meeting. Against Against Shareholder ============================================================================== COMPANY: AUTODESK, INC. TICKER: ADSK CUSIP: 052769106 MEETING DATE: 11/10/05 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1 Proposal to Approve the Adoption of the Autodesk 2006 Employee Stock Plan and the Reservation of 9,650,000 Shares of Autodesk Common Stock, Plus a Number of Additional Shares Equal to that Number of Shares Canceled on Expiration of the 1996 Stock Plan (Not to Exceed 4,340,000 Shares), for Issuance Thereunder. For For Management 2 Proposal to Approve Amendments to Autodesk's 2000 Directors' Option Plan to Increase the Number of Shares Reserved for Issuance Thereunder by 750,000 Shares, to Provide that All Options Granted Under the 2000 Directors' Option Plan will have a Maximum Term of Six Years, as More Fully Described in the Proxy Statement. For For Management ============================================================================== COMPANY: BROADCOM CORP. TICKER: BRCM CUSIP: 111320107 MEETING DATE: 4/27/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director George L. Farinsky For For Management 1.2 Elect Director Maureen E. Grzelakowski For For Management 1.3 Elect Director Nancy H. Handel For For Management 1.4 Elect Director John Major For For Management 1.5 Elect Director Scott A. McGregor For For Management 1.6 Elect Director Alan E. Ross For For Management 1.7 Elect Director Henry Samueli, Ph.D. For For Management 1.8 Elect Director Robert E. Switz For For Management 1.9 Elect Director Werner F. Wolfen For For Management 2 To Approve Second Amended and Restated Articles of Incorporation to (i) Increase the Aggregate Number of Authorized Shares of Class A Common Stock from 800,000,000 Shares to 2,500,000,000 Shares, and (ii) Eliminate All Statements Referring to Series A-E Preferred Stock, All as More Fully Described in the Proxy Statement. For For Management 3 To Approve an Amendment to the Company's Bylaws, as Previously Amended and Restated, to Increase the Authorized Number of Directors from a Range of Five (5) to Nine (9) to a Range of Six (6) to Eleven (11) Directors. For For Management 4 To Approve an Amendment and Restatement of Broadcom's 1998 Stock Incentive Plan, as Previously Amended and Restated, which Revises the Automatic Equity Grant Program in Effect for New and Continuing Non- Employee Board Members and Makes Certain Technical Revisions and Improvements. For For Management 5 Ratify Ernst & Young LLP as Auditors. For For Management ============================================================================== COMPANY: COGNIZANT TECHNOLOGY SOLUTIONS CORP. TICKER: CTSH CUSIP: 192446102 MEETING DATE: 6/13/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Venetia Kontogouris For For Management 1.2 Elect Director Thomas M. Wendel For For Management 2 To Amend and Restate Our 1999 Incentive Compensation Plan, as Amended (the "Incentive Plan"), to (i) Increase the Maximum Number of Shares of Class A Common Stock, and (ii) Re-Approve the Series of Performance Criteria which May Have Been Utilized in Establishing Specific Targets to be Attained as a Condition to the Vesting of Cash or Stock Awards Under the Incentive Plan. For For Management 3 To Amend Our Restated Certificate of Incorporation , as Amended, to Increase the Maximum Number of Authorized Shares of the Company's Stock, All Classes, From: 340,000,000 Authorized Shares, Consisting of (i) 325,000,000 Shares of Class A Common Stock, and (ii) 15,000,000 Shares of Preferred Stock, to 515,000,000 Authorized Shares. For For Management 4 Ratify Pricewaterhousecoopers Auditors. For For Management ============================================================================== COMPANY: EBAY, INC. TICKER: EBAY CUSIP: 278642103 MEETING DATE: 6/13/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director William C. Ford, Jr. For For Management 1.2 Elect Director Dawn G. Lepore For For Management 1.3 Elect Director Pierre M. Omidyar For For Management 1.4 Elect Director Richard Schlosberg III For For Management 2 Approve an Amendment to Our 2001 Equity Incentive Plan to Increase by 30,000,000 the Number of Shares of Common Stock that May be Issued Under Our 2001 Equity Incentive Plan. For For Management 3 Ratify Pricewaterhousecoopers Auditors. For For Management ============================================================================== COMPANY: E*TRADE FINANCIAL CORP. TICKER: ET CUSIP: 269246104 MEETING DATE: 5/25/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Michael K. Parks For For Management 1.2 Elect Director Lewis E. Randall For For Management 1.3 Elect Director Stephen H. Willard For For Management 2 Ratify Deloitte & Touche LLP as Auditors. For For Management ============================================================================== COMPANY: F5 NETWORKS, INC. TICKER: FFIV CUSIP: 315616102 MEETING DATE: 3/2/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Karl D. Guelich For For Management 1.2 Elect Director Keith D. Grinstein For For Management ============================================================================== COMPANY: GAMESTOP CORP. TICKER: GME CUSIP: 36466R101 MEETING DATE: 10/6/05 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Daniel D. DeMatteo For For Management 1.2 Elect Director Leonard Riggio For For Management 1.3 Elect Director Gerald R. Szczepanski For For Management 2 Proposal to (i) Adopt the Merger Agreement, Including the Transactions Contemplated Thereby, (ii) Approve the Amendment to GameStop's Certificate of Incorporation, and (iii) Approve the Amendment to the GameStop Amended and Restated 2001 Incentive Plan. For For Management 3 Proposal to Adopt the GSC Holdings Corp. 2005 Incentive Plan. For For Management 4 Ratify BDO Seidman LLP as Auditors. For For Management ============================================================================== COMPANY: GAMESTOP CORP. TICKER: GME CUSIP: 36466R101 MEETING DATE: 6/27/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Daniel D. DeMatteo For For Management 1.2 Elect Director Michael N. Rosen For For Management 1.3 Elect Director Edward A. Volkwein For For Management 2 Proposal to Adopt the Amended and Restated GameStop Corp. Supplemental Compensation Plan. For For Management 3 Ratify BDO Seidman LLP as Auditors. For For Management ============================================================================== COMPANY: GOOGLE, INC. TICKER: GOOG CUSIP: 38259P508 MEETING DATE: 5/11/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Eric Schmidt For For Management 1.2 Elect Director Sergey Brin For For Management 1.3 Elect Director Larry Page For For Management 1.4 Elect Director L. John Doerr For For Management 1.5 Elect Director John L. Hennessy For For Management 1.6 Elect Director Arthur D. Levinson For For Management 1.7 Elect Director Ann Mather For For Management 1.8 Elect Director Michael Moritz For For Management 1.9 Elect Director Paul S. Otellini For For Management 1.10 Elect Director K. Ram Shriram For For Management 1.11 Elect Director Shirley M. Tilghman For For Management 2 Ratify Ernst & Young as Auditors. For For Management 3 Approval of an Amendment to Google's 2004 Stock Plan to Increase the Number of Authorized Shares of Class A Common Stock Issuable Under the 2004 Stock Plan From 13,431,660 to 17,931,660. For For Management 4 Stockholder Proposal to Request that the Board of Directors Take the Steps that May be Necessary to Adopt a Recapitalization Plan that Would Provide for All of the Company's Outstanding Stock to Have One Vote Per Share. Against For Shareholder ============================================================================== COMPANY: MACROMEDIA, INC. TICKER: MACR CUSIP: 556100105 MEETING DATE: 7/18/05 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Robert K. Burgess For For Management 1.2 Elect Director Charles M. Boesenberg For For Management 1.3 Elect Director Stephen A. Elop For For Management 1.4 Elect Director John (Ian) Giffen For For Management 1.5 Elect Director Steven Gomo For For Management 1.6 Elect Director William H. Harris, Jr. For For Management 1.7 Elect Director Donald L. Lucas For For Management 1.8 Elect Director Elizabeth A. Nelson For For Management 1.9 Elect Director Timothy O'Reilly For For Management 1.10 Elect Director William B. Welty For For Management 2 Amendment to the Company's 2002 Equity Incentive Plan. For For Mamagement 3 Ratify KPMG LLP as Auditors. For For Management ============================================================================== COMPANY: MACROMEDIA, INC. TICKER: MACR CUSIP: 556100105 MEETING DATE: 8/24/05 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1 To Adopt the Agreement and Plan of Merger and Reorganization, Dated April 17, 2005, by and Among Adobe Systems Incorporated, Avner Acquisition Sub, Inc., a Wholly Owned Subsidiary of Adobe Systems Incorporated, and Macromedia, Inc. For For Management 2 To Approve an Adjournment of the Macromedia Special Meeting, if Necessary, if a Quorum is Present, to Solicit Additional Proxies if There are Not Sufficient Votes in Favor of Proposal No. 1. For For Management ============================================================================== COMPANY: MARVELL TECHNOLOGY GROUP LTD. TICKER: MRVL CUSIP: G5876H105 MEETING DATE: 6/9/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Sehat Sutardja, Ph.D. For For Management 1.2 Elect Director Weili Dai For For Management 1.3 Elect Director Pantas Sutardja, Ph.D. For For Management 1.4 Elect Director Arturo Krueger For For Management 2 Ratify Pricewaterhousecoopers Auditors and to Authorize the Audit Committee to Fix Their Remuneration for the 2007. For For Management 3 To Approve an Increase to the Company's Authorized Share Capital. For For Management 4. To Approve an Amendment to the Company's Second Amended and Restated By-Laws to Amend the Provision Related to Indemnification of Director and Officers. For For Management ============================================================================== COMPANY: MONSTER WORLDWIDE, INC. TICKER: MNST CUSIP: 611742107 MEETING DATE: 6/7/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Andrew J. McKelvey For For Management 1.2 Elect Director George R. Eisele For For Management 1.3 Elect Director John Gaulding For For Management 1.4 Elect Director Michael Kaufman For For Management 1.5 Elect Director Ronald J. Kramer For For Management 1.6 Elect Director David A. Stein For For Management 1.7 Elect Director John Swann For For Management 2 Ratify BDO Seidman LLP as Auditors. For For Management 3 Stockholder Proposal Pertaining to Board Diversity. Against For Shareholder ============================================================================== COMPANY: RACKABLE SYSTEMS, INC. TICKER: RACK CUSIP: 750077109 MEETING DATE: 5/31/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Thomas K. Barton For For Management 1.2 Elect Director Gary A. Griffiths For For Management 1.3 Elect Director Michael J. Maulick For For Management 1.4 Elect Director Hagi Schwartz For For Management 1.5 Elect Director Ronald D. Verdoorn For For Management 2 Ratify Deloitte & Touche LLP as Auditors. For For Management ============================================================================== COMPANY: SANDISK CORP. TICKER: SNDK CUSIP: 80004C101 MEETING DATE: 5/25/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Dr. Eli Harari For For Management 1.2 Elect Director Irwin Federman For For Management 1.3 Elect Director Steven J. Gomo For For Management 1.4 Elect Director Eddy W. Hartenstein For For Management 1.5 Elect Director Catherine P. Lego For For Management 1.6 Elect Director Michael E. Marks For For Management 1.7 Elect Director Dr. James D. Meindl For For Management 2 Approve Amendments to the Company's 2005 Incentive Plan. For For Management 3 Approve an Amendment to the Company's Certificate of Incorporation, Increasing the Authorized Amount of Common Stock From 400,000,000 to 800,000,000 Shares. For For Management 4 Ratify Ernst & Young LLP as Auditors. For For Management ============================================================================== COMPANY: SEAGATE TECHNOLOGY TICKER: STX CUSIP: G7945J104 MEETING DATE: 5/17/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1 Proposal to Approve the Issuance of Seagate Common Shares Pursuant to the Agreement and Plan of Merger, Dated as of December 20, 2005 (as Amended, Supplemented or Modified From Time to Time, the "Merger Agreement") by and Among Seagate Technology, MD Merger Corporation and Maxtor Corporation. For For Management 2 Proposal to Approve Adjournment of the Extraordinary General Meeting to a Later Date or Dates, if Necessary, to Solicit Additional Proxies if there are Insufficient Votes at the Time of the Extraordinary General Meeting to Approve the Issuance of Seagate Common Shares in the Merger. For For Management ============================================================================== COMPANY: TD AMERITRADE HOLDING CORP. TICKER: AMTD CUSIP: 03074K100 MEETING DATE: 3/9/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director W. Edmund Clark For For Management 1.2 Elect Director Michael D. Fleisher For For Management 1.3 Elect Director Glenn H. Hutchins For For Management 1.4 Elect Director Joseph H. Moglia For For Management 1.5 Elect Director Thomas S. Ricketts For For Management 2 Ratify Ernst & Young LLP as Auditors. For For Management 3 Amendment and Restatement of the Company's 1996 Long-Term Incentive Plan. For For Management 4 To Vote, in its Discretion, Upon Any Other Business That May Properly Come Before the Annual Meeting or any Postponement or Adjournment Thereof. Management is Not Aware of Any Other Matters that Should Come Before the Annual Meeting. For For Management ============================================================================== COMPANY: XILINX, INC. TICKER: XLNX CUSIP: 983919101 MEETING DATE: 8/4/05 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director William P. Roelandts For For Management 1.2 Elect Director John L. Doyle For For Management 1.3 Elect Director Jerald G. Fishman For For Management 1.4 Elect Director Philip T. Gianos For For Management 1.5 Elect Director William G. Howard, Jr. For For Management 1.6 Elect Director Harold E. Hughes, Jr. For For Management 1.7 Elect Director J. Michael Patterson For For Management 1.8 Elect Director Richard W. Sevcik For For Management 1.9 Elect Director Elizabeth W. Vanderslice For For Management 2 Proposal to Ratify and Approve an Amendment to the Company's 1990 Employee Qualified Stock Purchase Plan to Increase the Number of Shares Reserved for Issuance Thereunder by 7,000,000 Shares. For For Management 3 Ratify Ernst & Young LLP as Auditors. For For Management 4 If Properly Presented at the Annual Meeting, to Consider a Stockholder Proposal Regarding the Voting Standard for Election of Directors. Against Against Shareholder ============================================================================== COMPANY: YAHOO! INC. TICKER: YHOO CUSIP: 984332106 MEETING DATE: 5/25/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Terry S. Semel For For Management 1.2 Elect Director Jerry Yang For For Management 1.3 Elect Director Roy J. Bostock For For Management 1.4 Elect Director Ronald W. Burkle For For Management 1.5 Elect Director Eric Hippeau For For Management 1.6 Elect Director Arthur H. Kern For For Management 1.7 Elect Director Vyomesh Joshi For For Management 1.8 Elect Director Robert A. Kotick For For Management 1.9 Elect Director Edward R. Kozel For For Management 1.10 Elect Director Gary L. Wilson For For Management 2 Amendment of the 1996 Directors' Stock Option Plan. For For Management 3 Ratification of Appointment of Auditors. For For Management ============================================================================== SIGNATURES Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the under- signed, thereunto duly authorized. The Berkshire Funds ------------------- /s/ Malcolm R. Fobes III ------------------------ Malcolm R. Fobes III President August 31, 2006 ---------------