# EDGAR Filing Document

**Accession Number:** 0001216907
**File Stem:** 0001162044-25-000930
**Filing Date:** 2025-8
**Character Count:** 25179
**Document Hash:** 65c7385716794c6a5fe9b65edb177c12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000930.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001162044-25-000930

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERTOLET CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0001216907

**ORGANIZATION NAME:**
- **EIN:** 061680405
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21291
- **FILM NUMBER:** 251277510

**BUSINESS ADDRESS:**
- **STREET 1:** 745 FIFTH AVE
- **STREET 2:** STE 2400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151
- **BUSINESS PHONE:** 212 605 7100

**MAIL ADDRESS:**
- **STREET 1:** 745 FIFTH AVE
- **STREET 2:** STE 2400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001216907

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Registered Management Investment Company

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** BERTOLET CAPITAL TRUST

**Address:** 745 FIFTH AVE, NEW YORK, NY 10151

**Telephone number:** 212-725-0805

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 811-21291

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 549300HGOX2RHMDP5044

**Report Type (check only one):**

Institutional Manager.

- [ ] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [x] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION      | VOTE CATEGORY                   |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Ultra life              | 903899102 | 07/16/2024     | director election     | DIRECTOR ELECTIONS              |           7562 |                0 | For         |                                     7562 | FOR                         |  |
| Ultra life              | 903899102 | 07/16/2024     | auditor approval      | AUDIT-RELATED                   |           7562 |                0 | For         |                                     7562 | FOR                         |  |
| Ultra life              | 903899102 | 07/16/2024     | incentive comp plan   | COMPENSATION                    |           7562 |                0 | For         |                                     7562 | FOR                         |  |
| Crown Crafts            | 228309100 | 08/13/2024     | director election     | DIRECTOR ELECTIONS              |          47733 |                0 | For         |                                    47733 | FOR                         |  |
| Crown Crafts            | 228309100 | 08/13/2024     | auditor approval      | AUDIT-RELATED                   |          47733 |                0 | For         |                                    47733 | FOR                         |  |
| Crown Crafts            | 228309100 | 08/15/2024     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          47733 |                0 | For         |                                    47733 | FOR                         |  |
| Graham Corp             | 384556106 | 08/20/2024     | director election     | DIRECTOR ELECTIONS              |          13712 |                0 | For         |                                    13712 | FOR                         |  |
| Graham Corp             | 384556106 | 08/20/2024     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          13712 |                0 | against     |                                    13712 | AGAINST                     |  |
| Graham Corp             | 384556106 | 08/20/2024     | auditor approval      | AUDIT-RELATED                   |          13712 |                0 | For         |                                    13712 | FOR                         |  |
| Omega Flex              | 682095104 | 06/18/2025     | director election     | DIRECTOR ELECTIONS              |           9957 |                0 | For         |                                     9957 | FOR                         |  |
| Omega flex              | 682095104 | 06/18/2025     | equity incentive plan | COMPENSATION                    |           9957 |                0 | against     |                                     9957 | AGAINST                     |  |
| Omega Flex              | 682095104 | 06/18/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           9957 |                0 | For         |                                     9957 | FOR                         |  |
| Omega Flex              | 682095104 | 06/18/2025     | auditor approval      | AUDIT-RELATED                   |           9957 |                0 | For         |                                     9957 | FOR                         |  |
| Aersale                 | 00810F106 | 06/05/2025     | director election     | DIRECTOR ELECTIONS              |         133505 |                0 | mixed       |                                   133505 | FOR                         |  |
| Aersale                 | 00810F106 | 06/05/2025     | equity incentive plan | COMPENSATION                    |         133505 |                0 | For         |                                   133505 | FOR                         |  |
| Aersale                 | 00810F106 | 06/05/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |         133505 |                0 | For         |                                   133505 | FOR                         |  |
| Aersale                 | 00810F106 | 06/05/2025     | auditor approval      | AUDIT-RELATED                   |         133505 |                0 | for         |                                   133505 | FOR                         |  |
| Seacor Marine           | 78413P101 | 06/03/2025     | director election     | DIRECTOR ELECTIONS              |         129801 |                0 | for         |                                   129801 | FOR                         |  |
| Seacor Marine           | 78413P101 | 06/03/2025     | equity incentive plan | COMPENSATION                    |         129801 |                0 | against     |                                   129801 | AGAINST                     |  |
| Seacor Marine           | 78413P101 | 06/03/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |         129801 |                0 | against     |                                   129801 | AGAINST                     |  |
| Seacor Marine           | 78413P101 | 06/03/2025     | auditor approval      | AUDIT-RELATED                   |         129801 |                0 | For         |                                   129801 | FOR                         |  |
| Dorian LPG              | y2106r110 | 09/20/2024     | director election     | DIRECTOR ELECTIONS              |          15570 |                0 | For         |                                    15570 | FOR                         |  |
| Dorian LPG              | y2106r110 | 09/20/2024     | auditor approval      | AUDIT-RELATED                   |          15570 |                0 | For         |                                    15570 | FOR                         |  |
| Dorian LPG              | y2106r110 | 09/20/2024     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          15570 |                0 | For         |                                    15570 | FOR                         |  |
| Stealthgas              | y81669106 | 10/09/2024     | director election     | DIRECTOR ELECTIONS              |         127217 |                0 | For         |                                   127217 | FOR                         |  |
| Stealthgas              | y81669106 | 10/09/2024     | auditor approval      | AUDIT-RELATED                   |         127217 |                0 | For         |                                   127217 | FOR                         |  |
| Heartland Exp           | 422347104 | 05/08/2025     | director election     | DIRECTOR ELECTIONS              |          27882 |                0 | For         |                                    27882 | FOR                         |  |
| Heartland Exp           | 422347104 | 05/08/2025     | auditor approval      | AUDIT-RELATED                   |          27882 |                0 | For         |                                    27882 | FOR                         |  |
| Heartland Exp           | 422347104 | 05/08/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          27882 |                0 | against     |                                    27882 | AGAINST                     |  |
| Unifi                   | 904677200 | 10/29/2024     | director election     | DIRECTOR ELECTIONS              |         316181 |                0 | mixed       |                                   316181 | FOR                         |  |
| Unifi                   | 904677200 | 10/29/2024     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |         316181 |                0 | against     |                                   316181 | AGAINST                     |  |
| Unifi                   | 904677200 | 10/29/2024     | auditor approval      | AUDIT-RELATED                   |         316181 |                0 | for         |                                   316181 | FOR                         |  |
| Flexsteel               | 339382103 | 12/11/2025     | director election     | DIRECTOR ELECTIONS              |           3214 |                0 | for         |                                     3214 | FOR                         |  |
| Flexsteel               | 339382103 | 12/11/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           3214 |                0 | for         |                                     3214 | FOR                         |  |
| Hope Bancorp            | 43940T109 | 05/22/2025     | director election     | DIRECTOR ELECTIONS              |          11007 |                0 | for         |                                    11007 | FOR                         |  |
| Hope Bancorp            | 43940T109 | 05/22/2025     | auditor approval      | AUDIT-RELATED                   |          11007 |                0 | for         |                                    11007 | FOR                         |  |
| Hope Bancorp            | 43940T109 | 05/22/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          11007 |                0 | for         |                                    11007 | FOR                         |  |
| Hurco                   | 447324104 | 03/13/2025     | director election     | DIRECTOR ELECTIONS              |          98274 |                0 | mixed       |                                    98274 | FOR                         |  |
| Hurco                   | 447324104 | 03/13/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          98274 |                0 | against     |                                    98274 | AGAINST                     |  |
| Hurco                   | 447324104 | 03/13/2025     | incentive comp plan   | SHAREHOLDER RIGHTS AND DEFENSES |          98274 |                0 | for         |                                    98274 | FOR                         |  |
| Hurco                   | 447324104 | 03/13/2025     | auditor approval      | AUDIT-RELATED                   |          98274 |                0 | for         |                                    98274 | FOR                         |  |
| Tri-pointe homes        | 87265h109 | 04/16/2025     | director election     | DIRECTOR ELECTIONS              |           2000 |                0 | for         |                                     2000 | FOR                         |  |
| Tri-pointe homes        | 87265h109 | 04/16/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           2000 |                0 | for         |                                     2000 | FOR                         |  |
| Tri-pointe homes        | 87265h109 | 04/16/2025     | auditor approval      | AUDIT-RELATED                   |           2000 |                0 | for         |                                     2000 | FOR                         |  |
| Getty Realty            | 374297109 | 04/22/2025     | director election     | DIRECTOR ELECTIONS              |           4207 |                0 | for         |                                     4207 | FOR                         |  |
| Getty Realty            | 374297109 | 04/22/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           4207 |                0 | for         |                                     4207 | FOR                         |  |
| Getty Realty            | 374297109 | 04/22/2025     | auditor approval      | AUDIT-RELATED                   |           4207 |                0 | for         |                                     4207 | FOR                         |  |
| Kirby Corp              | 497266106 | 04/29/2025     | director election     | DIRECTOR ELECTIONS              |           1000 |                0 | for         |                                     1000 | FOR                         |  |
| Kirby Corp              | 497266106 | 04/29/2025     | auditor approval      | AUDIT-RELATED                   |           1000 |                0 | for         |                                     1000 | FOR                         |  |
| Kirby Corp              | 497266106 | 04/29/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           1000 |                0 | for         |                                     1000 | FOR                         |  |
| First Acceptance        | 318457108 | 05/06/2025     | director election     | DIRECTOR ELECTIONS              |         242498 |                0 | for         |                                   242498 | FOR                         |  |
| First Acceptance        | 318457108 | 05/06/2025     | ESOP                  | COMPENSATION                    |         243498 |                0 | for         |                                   243498 | FOR                         |  |
| First Acceptance        | 318457108 | 05/06/2025     | auditor approval      | AUDIT-RELATED                   |         243498 |                0 | for         |                                   243498 | FOR                         |  |
| Weyco Group             | 962149100 | 05/06/2025     | director election     | DIRECTOR ELECTIONS              |          36678 |                0 | for         |                                    36678 | FOR                         |  |
| Weyco Group             | 962149100 | 05/06/2025     | auditor approval      | AUDIT-RELATED                   |          36678 |                0 | for         |                                    36678 | FOR                         |  |
| Weyco Group             | 962149100 | 05/06/2025     | incentive comp plan   | COMPENSATION                    |          36678 |                0 | for         |                                    36678 | FOR                         |  |
| Universal Stainless     | 913837100 | 01/15/2025     | merger                | EXTRAORDINARY TRANSACTIONS      |           6991 |                0 | for         |                                     6991 | FOR                         |  |
| Gulf Island Fabrication | 402307102 | 05/15/2025     | director election     | DIRECTOR ELECTIONS              |         422613 |                0 | for         |                                   422613 | FOR                         |  |
| Gulf Island Fabrication | 402307102 | 05/15/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |         422613 |                0 | for         |                                   422613 | FOR                         |  |
| Gulf Island Fabrication | 402307102 | 05/15/2025     | auditor approval      | AUDIT-RELATED                   |         422613 |                0 | for         |                                   422613 | FOR                         |  |
| Benchmark electronics   | 08160h101 | 05/14/2025     | director election     | DIRECTOR ELECTIONS              |           3000 |                0 | for         |                                     3000 | FOR                         |  |
| Benchmark electronics   | 08160h101 | 05/14/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           3000 |                0 | for         |                                     3000 | FOR                         |  |
| Benchmark electronics   | 08160h101 | 05/14/2025     | auditor approval      | AUDIT-RELATED                   |           3000 |                0 | for         |                                     3000 | FOR                         |  |
| PCB Bancorp             | 69320m109 | 05/28/2025     | director election     | DIRECTOR ELECTIONS              |          25757 |                0 | for         |                                    25757 | FOR                         |  |
| PCB Bancorp             | 69320m109 | 05/28/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          25757 |                0 | for         |                                    25757 | FOR                         |  |
| PCB Bancorp             | 69320m109 | 05/28/2025     | auditor approval      | AUDIT-RELATED                   |          25157 |                0 | for         |                                    25157 | FOR                         |  |
| Buckle                  | 118440106 | 06/02/2025     | director election     | DIRECTOR ELECTIONS              |          13729 |                0 | for         |                                    13729 | FOR                         |  |
| Buckle                  | 118440106 | 06/02/2025     | auditor approval      | AUDIT-RELATED                   |          13729 |                0 | for         |                                    13729 | FOR                         |  |
| Hooker furnishings      | 439938100 | 06/03/2025     | director election     | DIRECTOR ELECTIONS              |          21537 |                0 | for         |                                    21537 | FOR                         |  |
| Hooker furnishings      | 439938100 | 06/03/2025     | auditor approval      | AUDIT-RELATED                   |          21537 |                0 | for         |                                    21537 | FOR                         |  |
| Hooker furnishings      | 439938100 | 06/03/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          21537 |                0 | against     |                                    21537 | AGAINST                     |  |
| Bristow Group           | 11040g103 | 06/04/2025     | director election     | DIRECTOR ELECTIONS              |          34064 |                0 | for         |                                    34064 | FOR                         |  |
| Bristow Group           | 11040g103 | 06/04/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          34064 |                0 | for         |                                    34064 | FOR                         |  |
| Bristow Group           | 11040g103 | 06/04/2025     | incentive comp plan   | COMPENSATION                    |          34064 |                0 | for         |                                    34064 | FOR                         |  |
| Bristow Group           | 11040g103 | 06/04/2025     | auditor approval      | AUDIT-RELATED                   |          34064 |                0 | for         |                                    34064 | FOR                         |  |
| Diodes                  | 254543101 | 05/12/2025     | director election     | DIRECTOR ELECTIONS              |            100 |                0 | for         |                                      100 | FOR                         |  |
| Diodes                  | 254543101 | 05/12/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |            100 |                0 | for         |                                      100 | FOR                         |  |
| Diodes                  | 254543101 | 05/12/2025     | auditor approval      | AUDIT-RELATED                   |            100 |                0 | for         |                                      100 | FOR                         |  |
| Shoe Carnival           | 824889109 | 06/25/2025     | director election     | DIRECTOR ELECTIONS              |          38190 |                0 | for         |                                    38190 | FOR                         |  |
| Shoe Carnival           | 824889109 | 06/25/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          38190 |                0 | for         |                                    38190 | FOR                         |  |
| Shoe Carnival           | 824889109 | 06/25/2025     | auditor approval      | AUDIT-RELATED                   |          38190 |                0 | for         |                                    38190 | FOR                         |  |
| OP Bancorp              | 67109r109 | 06/26/2025     | director election     | DIRECTOR ELECTIONS              |          50936 |                0 | for         |                                    50936 | FOR                         |  |
| OP Bancorp              | 67109r109 | 06/26/2025     | auditor approval      | AUDIT-RELATED                   |          50936 |                0 | for         |                                    50936 | FOR                         |  |
| OP Bancorp              | 67109r109 | 06/26/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          50936 |                0 | for         |                                    50936 | FOR                         |  |
| Seaboard                | 811543107 | 04/28/2025     | director election     | DIRECTOR ELECTIONS              |            410 |                0 | for         |                                      410 | FOR                         |  |
| Seaboard                | 811543107 | 04/28/2025     | auditor approval      | AUDIT-RELATED                   |            410 |                0 | for         |                                      410 | FOR                         |  |
| Ingles Markets          | 457030104 | 03/03/2025     | director election     | DIRECTOR ELECTIONS              |          17224 |                0 | for         |                                    17224 | FOR                         |  |
| Ingles Markets          | 457030104 | 03/03/2025     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |          17224 |                0 | for         |                                    17224 | FOR                         |  |
| Ingles Markets          | 457030104 | 03/03/2025     | director election     | DIRECTOR ELECTIONS              |          17224 |                0 | against     |                                    17224 | FOR                         |  |
| Ethan Allen             | 297030104 | 11/06/2024     | director election     | DIRECTOR ELECTIONS              |           6353 |                0 | mixed       |                                     6353 | FOR                         |  |
| Ethan Allen             | 297030104 | 11/06/2024     | say on pay            | SECTION 14A SAY-ON-PAY VOTES    |           6353 |                0 | for         |                                     6353 | FOR                         |  |
| Ethan Allen             | 297030104 | 11/06/2024     | auditor approval      | AUDIT-RELATED                   |           6353 |                0 | for         |                                     6353 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** BERTOLET CAPITAL TRUST

**By (Signature):** John E. Deysher

**By (Printed Signature):** John E. Deysher

**By (Title):** President

**Date:** 08/29/2025