N-PX 1 pinnacle.htm

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 333-102850

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: 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 (Sections 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 notes.

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 information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. PROXY VOTING RECORD:

Disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the registrant was entitled to vote:

(a).

The name of the issuer of the portfolio security;

(b).

The exchange ticker symbol of the portfolio security;

(c).

The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

(d).

The shareholder meeting date;

(e).

A brief identification of the matter voted on;

(f).

Whether the matter was proposed by the issuer or by a security holder;

(g).

Whether the Registrant cast its vote on the matter;

(h).

How the Registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i).

Whether the Registrant cast its vote for or against management.

Pinnacle Value Fund

ADVENT CLAYMORE CONV SECS FUND

	Ticker Symbol:AVK	Cusip Number:00764C208
	Record Date: 8/15/2005	Meeting Date: 9/20/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Increase Board size

For

Issuer

For

With

AIM SELECT REAL ESTATE INCOME FUND

	Ticker Symbol:RRE	Cusip Number:00888R305
	Record Date: 3/24/2006	Meeting Date: 5/9/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

AMERICAN LOCKER GROUP

	Ticker Symbol:ALGI	Cusip Number:027284108
	Record Date: 10/20/2005	Meeting Date: 12/15/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

AMERITRANS CAPITAL

	Ticker Symbol:AMTCP	Cusip Number:03073H207
	Record Date: 4/3/2006	Meeting Date: 5/9/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

Amend certificate incorporation

For

Issuer

For

With

ARISTOTLE CORP.

	Ticker Symbol:ARTL	Cusip Number:040448300
	Record Date: 7/22/2005	Meeting Date: 8/31/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

ARQULE INC.

	Ticker Symbol:ARQL	Cusip Number:04269E107
	Record Date: 3/31/2006	Meeting Date: 5/18/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Increase authorized shares

For

Issuer

For

With

Amend options program

Against

Issuer

For

Against

Amend employee stock purchase plan

For

Issuer

For

With

Auditors

For

Issuer

For

With

CADUS

	Ticker Symbol:KDUS	Cusip Number:127639102
	Record Date: 7/26/2005	Meeting Date: 9/14/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

COSINE COMMUNICATIONS

	Ticker Symbol:COSN	Cusip Number:221222607
	Record Date: 3/29/2006	Meeting Date: 5/24/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Reduce authorized shares

For

Issuer

For

With

DELTA WOODSIDE

	Ticker Symbol:DLWI	Cusip Number:247909203
	Record Date: 9/14/2005	Meeting Date: 10/1/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

ELECTRO-SENSORS

	Ticker Symbol:ELSE	Cusip Number:285233102
	Record Date: 2/21/2006	Meeting Date: 4/19/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Set number of Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

LQ CORP.

	Ticker Symbol:LQCI	Cusip Number:50213T104
	Record Date: 10/28/2005	Meeting Date: 12/6/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

NATIONAL PRESTO

	Ticker Symbol:NPK	Cusip Number:637215104
	Record Date: 3/8/2006	Meeting Date: 5/16/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Investment company status

For

Issuer

For

With

NOVOSTE

	Ticker Symbol:NOVT	Cusip Number:67010C100
	Record Date: 7/15/2005	Meeting Date: 9/14/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

Against

Issuer

For

Against

Merger- ONI Medical

Against

Issuer

For

Against

Increase authorized shares

Against

Issuer

For

Against

Name Change

Against

Issuer

For

Against

Meeting Adjournment

For

Issuer

For

With

NOVOSTE

	Ticker Symbol:NOVT	Cusip Number:67010C209
	Record Date: 2/7/2006	Meeting Date: 3/7/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Asset sale

For

Issuer

For

With

Name Change

For

Issuer

For

With

Liquidation

Against

Issuer

For

Against

Minimum Board size

For

Issuer

For

With

Asset sale vote adjournment

For

Issuer

For

With

Liquidation vote adjournment

Against

Issuer

For

Against

OPTI INC.

	Ticker Symbol:OPTI	Cusip Number:683960108
	Record Date: 7/22/2005	Meeting Date: 8/30/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

PIONEER HIGH INCOME FUND

	Ticker Symbol:PHT	Cusip Number:72369H205
	Record Date: 6/21/2005	Meeting Date: 8/16/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

PYRAMID BREWERIES

	Ticker Symbol:PMID	Cusip Number:747135101
	Record Date: 4/17/2006	Meeting Date: 5/2/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

QUAKER FABRICS

	Ticker Symbol:QFAB	Cusip Number:747399103
	Record Date: 4/11/2006	Meeting Date: 5/25/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

RECONDITIONED SYSTEMS

	Ticker Symbol:RESY	Cusip Number:756240305
	Record Date: 6/24/2005	Meeting Date: 7/28/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

Split

Issuer

For

With/Against

REFAC

	Ticker Symbol:REF	Cusip Number:758960108
	Record Date: 1/18/2006	Meeting Date: 3/6/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Merger Approval- Opticare

For

Issuer

For

With

Merger Approval- US Vision

For

Issuer

For

With

Increase authorized shares

For

Issuer

For

With

Eliminate classified board

For

Issuer

For

With

Name Change

For

Issuer

For

With

Amend stock incentive plan

Against

Issuer

For

Against

REGENCY AFFILIATES

	Ticker Symbol:RAFY	Cusip Number:758847305
	Record Date: 5/22/2006	Meeting Date: 6/29/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

RG BARRY

	Ticker Symbol:DFZ	Cusip Number:068798107
	Record Date: 3/20/2006	Meeting Date: 5/18/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

SCPIE HOLDINGS INC.

	Ticker Symbol:SKP	Cusip Number:78402P104
	Record Date: 5/22/2006	Meeting Date: 6/22/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

Against

Issuer

For

Against

Auditors

For

Issuer

For

With

Adjournment or Postponement

For

Issuer

For

With

TECHNOLGY SOLUTIONS

	Ticker Symbol:TSCC	Cusip Number:87872T108
	Record Date: 9/1/2005	Meeting Date: 10/14/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Reverse Split

For

Issuer

For

With

TRANSPRO

	Ticker Symbol:TPR	Cusip Number:893885103
	Record Date: 6/9/2005	Meeting Date: 7/22/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

Equity Incentive plan

For

Issuer

For

With

Merger- Modine Aftermarket

For

Issuer

For

With

Meeting Adjournment

For

Issuer

For

With

Increase authorized shares

For

Issuer

For

With

UNIFI

	Ticker Symbol:UFI	Cusip Number:904677101
	Record Date: 9/9/2005	Meeting Date: 10/19/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

UNITED CAPITAL

	Ticker Symbol:AFP	Cusip Number:909912107
	Record Date: 5/11/2006	Meeting Date: 6/13/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

VELCRO IND.

	Ticker Symbol:VELCF	Cusip Number:922571104
	Record Date: 1/5/2006	Meeting Date: 2/7/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Adopt Management Report

For

Issuer

For

With

Approve Accounts

For

Issuer

For

With

Approve dividend payment

For

Issuer

For

With

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

Appoint General Proxy Holder

For

Issuer

For

With

Amend Articles of Incorporation

For

Issuer

For

With

WEBFINANCIAL

	Ticker Symbol:WEFN	Cusip Number:94767P209
	Record Date: 11/9/2005	Meeting Date: 12/14/2005

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

WESTERN ASSET PREMIER BOND FUND

	Ticker Symbol:WEA	Cusip Number:957664204
	Record Date: 3/17/2006	Meeting Date: 5/9/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

WINTHROP REALTY

	Ticker Symbol:FUR	Cusip Number:976391102
	Record Date: 3/31/2006	Meeting Date: 5/16/2006

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Directors

For

Issuer

For

With

Auditors

For

Issuer

For

With

* Management Recommended Vote

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 undersigned, thereunto duly authorized.

Bertolet Capital Trust

By John E. Deysher

* John E. Deysher

President

Date: August 22, 2006

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