N-PX 1 pinnaclenpx2023.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) 605-7100

Date of fiscal year end: December 31

Date of reporting period: July 1, 2022 through June 30, 2023

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

ASTRONOVA

	Ticker Symbol:ALOT	Cusip Number:04638F108
	Meeting Date: 6/6/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

approve amended equity incentive plan

For

Issuer

For

With

auditor approval

For

Issuer

For

With

BARINGS PARTICIPATION INVESTORS

	Ticker Symbol:MPV	Cusip Number:06761A103
	Meeting Date: 5/18/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

BENCHMARK ELECTRONICS

	Ticker Symbol:BHE	Cusip Number:08160H101
	Meeting Date: 5/17/2023

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

exec comp vote frequency- 1 yr.

For

Issuer

For

With

BRISTOW GROUP

	Ticker Symbol:VTOL	Cusip Number:11040G103
	Meeting Date: 6/7/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

amend equity incentive plan

For

Issuer

For

With

auditor approval

For

Issuer

For

With

CODA OCTOPUS

	Ticker Symbol:CODA	Cusip Number:19188U206
	Meeting Date: 9/22/2022

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

COSTAR TECHNOLOGIES

	Ticker Symbol:CSTI	Cusip Number:22161J206
	Meeting Date: 9/29/2022

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

CULP INC

	Ticker Symbol:CULP	Cusip Number:230215105
	Meeting Date: 9/28/2022

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

DAKTRONICS

	Ticker Symbol:DAKT	Cusip Number:234264109
	Meeting Date: 9/7/2022

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

auditor approval

For

Issuer

For

With

amend employee stock purchase plan

Against

Issuer

For

Against

approve shareholder rights agreement

Against

Issuer

For

Against

ESPEY ELELECTRONICS

	Ticker Symbol:ESP	Cusip Number:296650104
	Meeting Date: 12/2/2022

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

ETHAN ALLEN

	Ticker Symbol:ETD	Cusip Number:297602104
	Meeting Date: 11/9/2022

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

FIRST ACCEPTANCE

	Ticker Symbol:FACO	Cusip Number:318457108
	Meeting Date: 5/2/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

FLEXSTEEL INDUSTRIES

	Ticker Symbol:FLXS	Cusip Number:339382103
	Meeting Date: 12/14/2022

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

approve equity incentive plan

For

Issuer

For

With

FRIEDMAN INDUSTRIES

	Ticker Symbol:FRD	Cusip Number:358435105
	Meeting Date: 9/13/2022

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
	Meeting Date: 4/25/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr

For

Issuer

For

With

auditor approval

For

Issuer

For

With

GETTY REALTY

	Ticker Symbol:GTY	Cusip Number:374297109
	Meeting Date: 4/25/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr

For

Issuer

For

With

auditor approval

For

Issuer

For

With

GRAHAM CORP

	Ticker Symbol:GHM	Cusip Number:384556106
	Meeting Date: 7/27/2022

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Against

Issuer

For

With

executive compensation

Against

Issuer

For

With

auditor approval

For

Issuer

For

With

amend employee stock purchase plan

For

Issuer

For

With

GULF ISLAND FABRICATION

	Ticker Symbol:GIFI	Cusip Number:402307102
	Meeting Date: 5/18/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr.

For

Issuer

For

With

HEALTHCARE SERVICES

	Ticker Symbol:HCSG	Cusip Number:421906108
	Meeting Date: 5/30/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

approved amended omnibus incentive plan

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr.

For

Issuer

For

With

HEARTLAND EXPRESS

	Ticker Symbol:HTLD	Cusip Number:422347104
	Meeting Date: 5/11/2023

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

exec comp vote frequency- 1 yr.

For

Issuer

For

With

HOOKER FURNISHINGS

	Ticker Symbol:HOFT	Cusip Number:439038100
	Meeting Date: 6/6/2023

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

exec comp vote frequency- 1 yr.

For

Issuer

For

With

HOPE BANCORP

	Ticker Symbol:HOPE	Cusip Number:43940T109
	Meeting Date: 5/18/2023

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

HURCO COS.

	Ticker Symbol:HURC	Cusip Number:447324104
	Meeting Date: 3/9/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

exec comp vote frequency- 1 yr

For

Issuer

For

With

KIMBALL ELECTRONICS

	Ticker Symbol:KE	Cusip Number:49428J109
	Meeting Date: 11/11/2022

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

KIRBY CORP

	Ticker Symbol:KEX	Cusip Number:497266106
	Meeting Date: 4/25/2023

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

exec comp vote frequency- 1 yr.

For

Issuer

For

With

LSI INDUSTRIES

	Ticker Symbol:LYTS	Cusip Number:50216C108
	Meeting Date: 11/1/2022

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

amend articles of incorporation

For

Issuer

For

With

approve amended omnibus stock award plan

For

Issuer

For

With

MILLER INDUSTRIES

	Ticker Symbol:MLR	Cusip Number:600551204
	Meeting Date: 5/26/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

Split

Issuer

For

With/Against

approve non employee director stock plan

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

OP BANCORP

	Ticker Symbol:OPBK	Cusip Number:67109R109
	Meeting Date: 6/22/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

PATRIOT TRANSPORTATION

	Ticker Symbol:PATR	Cusip Number:70338W105
	Meeting Date: 2/2/2023

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

PCB BANCORP

	Ticker Symbol:PCB	Cusip Number:6932M109
	Meeting Date: 5/25/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

approve equity based comp plan

For

Issuer

For

With

auditor approval

For

Issuer

For

With

POTLATCH DELTIC

	Ticker Symbol:PCH	Cusip Number:737630103
	Meeting Date: 5/1/2023

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

exec comp vote frequency- 1 yr.

For

Issuer

For

With

approve amended certificate incorporation

For

Issuer

For

With

POWELL INDUSTRIES

	Ticker Symbol:POWL	Cusip Number:739128106
	Meeting Date: 2/15/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr

For

Issuer

For

With

approve amended equity incentive plan

For

Issuer

For

With

PREFORMED LINE PRODS.

	Ticker Symbol:PLPC	Cusip Number:740444104
	Meeting Date: 5/9/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr.

For

Issuer

For

With

auditor approval

For

Issuer

For

With

SEACOR MARINE

	Ticker Symbol:SMHI	Cusip Number:78413P101
	Meeting Date: 6/6/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

Against

Issuer

For

Against

exec comp vote frequency- 1 yr.

For

Issuer

For

With

auditor approval

For

Issuer

For

With

SHOE CARNIVAL

	Ticker Symbol:SCVL	Cusip Number:824889109
	Meeting Date: 6/20/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr

For

Issuer

For

With

approve amended equity incentive plan

For

Issuer

For

With

auditor approval

For

Issuer

For

With

TH BUCKLE

	Ticker Symbol:BKE	Cusip Number:118440106
	Meeting Date: 6/5/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

approve employee restricted stock plan

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr.

For

Issuer

For

With

TRI POINTE HOMES

	Ticker Symbol:TPH	Cusip Number:87265H109
	Meeting Date: 4/19/2023

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

ULTRALIFE CORP.

	Ticker Symbol:ULBI	Cusip Number:903899102
	Meeting Date: 7/20/2022

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

auditor approval

For

Issuer

For

With

UNIVERSAL STAINLESS & ALLOY PRODS.

	Ticker Symbol:USAP	Cusip Number:913837100
	Meeting Date: 5/3/2023

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

director election

For

Issuer

For

With

executive compensation

For

Issuer

For

With

exec comp vote frequency- 1 yr.

For

Issuer

For

With

auditor approval

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 11, 2023

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