N-PX 1 pinnaclenpx201207.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)

745 Fifth Avenue, Suite 2400

New York, NY 10151

(Address of principal executive offices)

(Zip code)

John E. Deysher

745 Fifth Ave., Suite 2400

New York, NY 10151

(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, 2012

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

AMBASSADORS GROUP

	Ticker Symbol:EPAX	Cusip Number:023177108
	Record Date: 4/25/2012	Meeting Date: 6/7/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

declassify board of directors

For

Issuer

For

With

ANCHOR BANCORP

	Ticker Symbol:ANCB	Cusip Number:032838104
	Record Date: 9/6/2011	Meeting Date: 10/19/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

ASTA FUNDING

	Ticker Symbol:ASFI	Cusip Number:046220109
	Record Date: 1/24/2012	Meeting Date: 3/21/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

BBCN BANCORP

	Ticker Symbol:BBCN	Cusip Number:073295107
	Record Date: 4/2/2012	Meeting Date: 5/31/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

CADUS CORP.

	Ticker Symbol:KDUS	Cusip Number:127639102
	Record Date: 5/7/2012	Meeting Date: 6/21/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

liquidate company

Against

Stockholder

Against

With

stockholder proxy access

Against

Stockholder

Against

With

CAPITAL SOUTHWEST

	Ticker Symbol:CSWC	Cusip Number:140501107
	Record Date: 5/27/2011	Meeting Date: 7/18/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

approve restricted stock award plan

For

Issuer

For

With

executive compensation

For

Issuer

For

With

CENTRAL EUROPE & RUSSIA FUND

	Ticker Symbol:CEE	Cusip Number:153436100
	Record Date: 5/11/2012	Meeting Date: 6/27/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

auditor approval

For

Issuer

For

With

adopt interval fund structure

Against

Stockholder

Against

With

CHRISTOPHER & BANKS

	Ticker Symbol:CBK	Cusip Number:171046105
	Record Date: 5/2/2012	Meeting Date: 6/28/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

auditor approval

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

COSINE

	Ticker Symbol:COSN	Cusip Number:221222706
	Record Date: 12/9/2012	Meeting Date: 2/8/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

approve incentive stock plan

For

Issuer

For

With

amend certificate of incorporation

For

Issuer

For

With

amend by-laws

For

Issuer

For

With

COURIER CORP.

	Ticker Symbol:CRRC	Cusip Number:222660102
	Record Date: 11/28/2011	Meeting Date: 1/25/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

CSS INDUSTRIES

	Ticker Symbol:CSS	Cusip Number:125906107
	Record Date: 6/6/2011	Meeting Date: 8/2/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

approve stock option plan for non employee directors

Against

Issuer

For

Against

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

DUCKWALL-ALCO STORES

	Ticker Symbol:DUCK	Cusip Number:264142100
	Record Date: 5/18/2012	Meeting Date: 6/27/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

auditor approval

For

Issuer

For

With

name change

For

Issuer

For

With

approve equity incentive plan

For

Issuer

For

With

ELECTRO- SENSORS

	Ticker Symbol:ELSE	Cusip Number:285233102
	Record Date: 2/29/2012	Meeting Date: 4/16/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

set number of directors at 5

For

Issuer

For

With

auditor approval

For

Issuer

For

With

EMC INSURANCE

	Ticker Symbol:EMCI	Cusip Number:268664109
	Record Date: 3/27/2012	Meeting Date: 5/24/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive comensation

For

Issuer

For

With

approve stock incentive plan

For

Issuer

For

With

approve non-employee director stock purchase plan

For

Issuer

For

With

auditor approval

For

Issuer

For

With

FIRST ACCEPTANCE

	Ticker Symbol:FAC	Cusip Number:318457108
	Record Date: 10/6/2011	Meeting Date: 11/15/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

FLEXSTEEL

	Ticker Symbol:FLXS	Cusip Number:339382103
	Record Date: 10/14/2011	Meeting Date: 12/12/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

FREIGHTCAR AMERICA

	Ticker Symbol:RAIL	Cusip Number:357023100
	Record Date: 3/30/2012	Meeting Date: 5/24/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

GETTY REALTY

	Ticker Symbol:GTY	Cusip Number:374297109
	Record Date: 3/29/2012	Meeting Date: 5/24/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

HALLMARK FINANCIAL SERVICES

	Ticker Symbol:HALL	Cusip Number:40624Q203
	Record Date: 4/5/2012	Meeting Date: 5/31/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

HANDY & HARMAN

	Ticker Symbol:HNH	Cusip Number:410315105
	Record Date: 10/17/2011	Meeting Date: 11/16/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

HARBINGER GROUP

	Ticker Symbol:HRG	Cusip Number:41146A106
	Record Date: 8/10/2011	Meeting Date: 9/15/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Against

Issuer

For

Against

auditor approval

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

approve equity award plan

Against

Issuer

For

Against

HARDINGE

	Ticker Symbol:HDNG	Cusip Number:412324303
	Record Date: 3/12/2012	Meeting Date: 5/8/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

HOOKER FURNITURE

	Ticker Symbol:HOFT	Cusip Number:439038100
	Record Date: 4/16/2012	Meeting Date: 6/5/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

INDEPENDENCE HOLDING

	Ticker Symbol:IHC	Cusip Number:453440307
	Record Date: 4/18/2012	Meeting Date: 6/15/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

increase authorized shares

For

Issuer

For

With

JAPAN SMALLER CAP FUND

	Ticker Symbol:JOF	Cusip Number:47109U104
	Record Date: 9/20/2011	Meeting Date: 11/16/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

KEYSTONE CONSOLIDATED

	Ticker Symbol:KYCN	Cusip Number:493422307
	Record Date: 3/28/2012	Meeting Date: 5/18/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

executive compensation

For

Issuer

For

With

LINCOLN EDUCATIONAL

	Ticker Symbol:LINC	Cusip Number:533535100
	Record Date: 3/15/2012	Meeting Date: 5/1/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

MONTPELIER RE

	Ticker Symbol:MRH	Cusip Number:G62165106
	Record Date: 3/23/2012	Meeting Date: 5/16/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Director election

Split

Issuer

For

With/Against

adopt long term incentive plan

Against

Issuer

For

Against

auditor approval

For

Issuer

For

With

executive compensation

For

Issuer

For

With

NATIONAL SECURITY

	Ticker Symbol:NSEC	Cusip Number:637546102
	Record Date: 3/16/2012	Meeting Date: 5/18/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

NAVIGATORS GROUP

	Ticker Symbol:NAVG	Cusip Number:638904102
	Record Date: 3/28/2012	Meeting Date: 5/14/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

NOBILITY HOMES

	Ticker Symbol:NOBH	Cusip Number:654892108
	Record Date: 5/27/2011	Meeting Date: 7/19/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

approve incentive stock plan

Against

Issuer

For

Against

OLD REPUBLIC

	Ticker Symbol:ORI	Cusip Number:680223104
	Record Date: 3/26/2012	Meeting Date: 5/25/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

PENN MILLERS

	Ticker Symbol:PMIC	Cusip Number:707561106
	Record Date: 10/14/2011	Meeting Date: 11/29/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

approve merger w/ ACE American

For

Issuer

For

With

approve golden parachute compensation

Against

Issuer

For

Against

adjourn meeting if necessary

For

Issuer

For

With

PERCEPTRON

	Ticker Symbol:PRCP	Cusip Number:71361F100
	Record Date: 9/23/2011	Meeting Date: 11/15/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

approve stock incentive plan

For

Issuer

For

With

auditor approval

For

Issuer

For

With

PETROLEUM & RESOURCES

	Ticker Symbol:PEO	Cusip Number:716549100
	Record Date: 2/15/2012	Meeting Date: 3/20/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

PREFERRED BANK

	Ticker Symbol:PFBC	Cusip Number:740367404
	Record Date: 4/9/2012	Meeting Date: 5/22/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

SEABRIGHT HOLDINGS

	Ticker Symbol:SBX	Cusip Number:811656107
	Record Date: 4/2/2012	Meeting Date: 5/15/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

SIELOX

	Ticker Symbol:SLXN	Cusip Number:82620E107
	Record Date: 9/16/2011	Meeting Date: 10/19/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

name change

For

Issuer

For

With

reverse stock split

For

Issuer

For

With

auditor selection

For

Issuer

For

With

SINGAPORE FUND

	Ticker Symbol:SGF	Cusip Number:82929L109
	Record Date: 6/15/2011	Meeting Date: 8/4/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

approvre investment advisory agreement

For

Issuer

For

With

SINGAPORE FUND

	Ticker Symbol:SGF	Cusip Number:82929L109
	Record Date: 3/19/2012	Meeting Date: 6/5/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

STANLEY FURNITURE

	Ticker Symbol:STLY	Cusip Number:854305208
	Record Date: 2/28/2012	Meeting Date: 4/18/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

executive compensation

For

Issuer

For

With

approve incentive compensation plan

Against

Issuer

For

Against

SUFFOLK BANCORP

	Ticker Symbol:SUBK	Cusip Number:864739107
	Record Date: 4/16/2012	Meeting Date: 5/29/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

executive compensation

For

Issuer

For

With

auditor approval

For

Issuer

For

With

SWKH HOLDINGS

	Ticker Symbol:SWKH	Cusip Number:78501P104
	Record Date: 5/22/2012	Meeting Date: 6/28/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

SWKH HOLDINGS

	Ticker Symbol:SWKH	Cusip Number:78501P104
	Record Date: 7/1/2011	Meeting Date: 8/10/2011

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

WILSHIRE BANCORP

	Ticker Symbol:WIBC	Cusip Number:97186T108
	Record Date: 4/10/2012	Meeting Date: 5/30/2012

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

executive compensation

For

Issuer

For

With

increase authorized shares

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: July 16, 2012

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