N-PX 1 npx.txt As filed with the Securities and Exchange Commission on August 29, 2007 ------------------------------------------------------------------------------ ============================================================================== 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, 2006 - June 30, 2007 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: AKAMAI TECHNOLOGIES, INC. TICKER: AKAM CUSIP: 00971T101 MEETING DATE: 5/15/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Ronald Graham For For Management 1.2 Elect Director F. Thomson Leighton For For Management 1.3 Elect Director Paul Sagan For For Management 1.4 Elect Director Naomi Seligman For For Management 2 Ratify Pricewaterhousecoopers Auditors. For For Management ============================================================================== COMPANY: APPLE, INC. TICKER: AAPL CUSIP: 037833100 MEETING DATE: 5/10/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director William V. Campbell For For Management 1.2 Elect Director Millard S. Drexler For For Management 1.3 Elect Director Albert A. Gore, Jr. For For Management 1.4 Elect Director Steven P. Jobs For For Management 1.5 Elect Director Arthur D. Levinson For For Management 1.6 Elect Director Eric E. Schmidt For For Management 1.7 Elect Director Jerome B. York For For Management 2 To approve amendments to the Apple, Inc. 2003 Employee Stock Plan. For For Management 3 To approve amendments to the Apple, Inc. Employee Stock Purchase Plan. For For Management 4 To approve amendments to the 1997 Director Stock Option Plan. For For Management 5 Ratify KPMG LLP as Auditors. For For Management 6 To consider a shareholder proposal entitled "Option Dating Policy", if properly presented at the meeting. Against Abstain Shareholder 7 To consider a shareholder proposal entitled "Pay for Performance Standard", if properly presented at the meeting. Against Against Shareholder 8 To consider a shareholder proposal entitled "Environmental Report", if properly presented at the meeting. Against Against Shareholder 9 To consider a shareholder proposal entitled "Equity Retention Policy", if properly presented at the meeting. Against Against Shareholder 10 To consider a shareholder proposal entitled "Electronic Waste Take Back and Recycling", if properly presented at the meeting. Against Abstain Shareholder 11 To consider a shareholder proposal entitled "Advisory Vote on Compensation", if properly presented at the meeting. Against Against Shareholder ============================================================================== COMPANY: BROADCOM CORP. TICKER: BRCM CUSIP: 111320107 MEETING DATE: 5/2/07 ------------------------------------------------------------------------------ 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 an amendment and restatement of Broadcom's 1998 Employee Stock Purchase Plan, as previously amended and restated, as more fully described in the Proxy Statement. For For Management 3 To approve the Broadcom Corp. Executive Officer Performance Bonus Plan under which incentive bonuses, qualifying as performance-based compensation within the meaning of Section 162(M) of the Internal Revenue Code of 1986, as amended, may be provided to certain executive officers. For For Management 4 To Approve an amendment and restatement of Broadcom's 1998 Stock Incentive Plan, as previously amended and restated, as more fully described in the Proxy Statement. For For Management 5 Ratify Ernst & Young LLP as Auditors. For For Management 6 To consider a shareholder proposal, if properly presented at the Annual Meeting. Against Against Shareholder ============================================================================== COMPANY: CISCO SYSTEMS, INC. TICKER: CSCO CUSIP: 17275R102 MEETING DATE: 11/15/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Carol A. Bartz For For Management 1.2 Elect Director M. Michele Burns For For Management 1.3 Elect Director Michael D. Capellas For For Management 1.4 Elect Director Larry R. Carter For For Management 1.5 Elect Director John T. Chambers For For Management 1.6 Elect Director Dr. John L. Hennessy For For Management 1.7 Elect Director Richard M. Kovacevich For For Management 1.8 Elect Director Roderick C. McGeary For For Management 1.9 Elect Director Steven M. West For For Management 1.10 Elect Director Jerry Yang For For Management 2 Ratify Pricewaterhousecoopers Auditors For For Management 3 Proposal submitted by a shareholder urging the Board of Directors to adopt a policy that a significant portion of future equity compensation grants to senior executives shall be shares of stock that require the achievement of performance goals as a prerequisite to vesting, as set forth in the accompanying Proxy Statement. Against Against Shareholder 4 Proposal submitted by shareholders requesting the Board's Compensation Committee initiate a review of Cisco's executive compensation policies and to make available, upon request, a report of that review by January 1, 2007, as set forth in the accompany- ing Proxy Statement. Against Against Shareholder 5 Proposal submitted by shareholders requesting the Board to publish a report to shareholders within six months providing a summarized listing and assessment of concrete steps Cisco could reasonably take to reduce the likelihood that its business practices might enable or encourage the violation of human rights, as set forth in the accompanying Proxy Statement. Against Against Shareholder ============================================================================== COMPANY: COGNIZANT TECHNOLOGY SOLUTIONS CORP. TICKER: CTSH CUSIP: 192446102 MEETING DATE: 6/7/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Lakshmi Narayanan For For Management 1.2 Elect Director John E. Klein For For Management 2 To approve the amendment to our amended and restated 1999 Incentive Compensation Plan. For For Management 3 Ratify Pricewaterhousecoopers Auditors. For For Management 4 To transact such other business as may properly come before the meeting or any adjournment or adjournments thereof. For For Management ============================================================================== COMPANY: DIVX, INC. TICKER: DIVX CUSIP: 2255413106 MEETING DATE: 6/4/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director R. Jordan Greenhall For For Management 1.2 Elect Director Christopher McGurk For For Management 2 Ratify Ernst & Young LLP as Auditors. For For Management ============================================================================== COMPANY: EBAY, INC. TICKER: EBAY CUSIP: 278642103 MEETING DATE: 6/14/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Philippe Bourguignon For For Management 1.2 Elect Director Thomas J. Tierney For For Management 1.3 Elect Director Margaret C. Whitman For For Management 2 Approval of an amendment to our 1999 Global Equity Incentive Plan to further satisfy the requirements of Section 162(M) of the Internal Revenue Code. For For Management 3 Approval of an amendment to our 1998 Employee Stock Purchase Plan to extend the term of the Purchase Plan. For For Management 4 Ratify Pricewaterhousecoopers Auditors. For For Management ============================================================================== COMPANY: E*TRADE FINANCIAL CORP. TICKER: ETFC CUSIP: 269246104 MEETING DATE: 5/23/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Ronald D. Fisher For For Management 1.2 Elect Director George A. Hayter For For Management 1.3 Elect Director R. Jarrett Lilien For For Management 2 Ratify Deloitte & Touche LLP as Auditors. For For Management ============================================================================== COMPANY: F5 NETWORKS, INC. TICKER: FFIV CUSIP: 315616102 MEETING DATE: 3/22/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Deborah L. Bevier For For Management 1.2 Elect Director Alan J. Higginson For For Management 1.3 Elect Director John McAdam For For Management 2 Proposal to approve an amendment to 2005 Equity Incentive Plan. For For Management 3 Ratify Pricewaterhousecoopers Auditors. For For Management 4 Shareholder proposal regarding executive compensation. Against Against Shareholder ============================================================================== COMPANY: GOOGLE, INC. TICKER: GOOG CUSIP: 38259P508 MEETING DATE: 5/10/07 ------------------------------------------------------------------------------ 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 Paul S. Otellini For For Management 1.9 Elect Director K. Ram Shriram For For Management 1.10 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 thereunder by 4,500,000. For For Management 4 Approval of Google's Executive Bonus Plan. For For Management 5 Stockholder proposal to request that management institute policies to help protect freedom of access to the internet. For For Management ============================================================================== COMPANY: MONSTER WORLDWIDE, INC. TICKER: MNST CUSIP: 611742107 MEETING DATE: 5/30/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Salvatore Iannuzzi For For Management 1.2 Elect Director Robert J. Chrenc For For Management 1.3 Elect Director George R. Eisele For For Management 1.4 Elect Director John Gaulding For For Management 1.5 Elect Director Michael Kaufman For For Management 1.6 Elect Director Ronald J. Kramer For For Management 1.7 Elect Director Philip R. Lochner, Jr. For For Management 1.8 Elect Director David A. Stein For For Management 2 Ratify BDO Seidman LLP as Auditors. For For Management ============================================================================== COMPANY: M-SYSTEMS LTD. TICKER: FLSH CUSIP: M7061C100 MEETING DATE: 11/8/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1 Approval of the agreement and Plan of Merger, dated as of July 30, 2006, among M-Systems Ltd., Sandisk Corp. and Project Desert Ltd. and approval of the merger of Project Desert into M-Systems under the provisions of the Isreali Companies Law, so that M-Systems will become a wholly owned subsidiary of Sandisk. For For Management 2 Approval of the payment to Mr. Gurion Meltzer, Chairman of the Board of Directors of M-Systems since September 2006, of compensation in the amount of $10,000 per month, in consideration for his services as Chairman of the Board. For For Management 3 Approval of the payment to Mr. Yossi Ben-Shalom, a member of the Board of Directors of M-Systems who has been providing consulting services to M-Systems since October 2005, of compen- sation in the amount of $12,500 per month. For For Management 4 Approval of the grant to Mr. Yossi Ben-Shalom, as additional compensation for the consulting services provided by him to M-Systems, of options to purchase 10,000 ordinary shares of M-Systems. For For Management 5 Approval of the payment to Ms. Zehava Simon, a member of the Board of Directors of M-Systems of compensation in the amount of $30,000 for such services, all as more fully described in the Proxy Statement. For For Management ============================================================================== COMPANY: NETWORK APPLIANCE, INC. TICKER: NTAP CUSIP: 64120L104 MEETING DATE: 8/31/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Daniel J. Warmenhoven For For Management 1.2 Elect Director Donald T. Valentine For For Management 1.3 Elect Director Jeffry R. Allen For For Management 1.4 Elect Director Carol A. Bartz For For Management 1.5 Elect Director Alan L. Earhart For For Management 1.6 Elect Director Edward Kozel For For Management 1.7 Elect Director Mark Leslie For For Management 1.8 Elect Director Nicholas G. Moore For For Management 1.9 Elect Director George T. Shaheen For For Management 1.10 Elect Director Robert T. Wall For For Management 2 Approve the Company's amended 1999 Stock Incentive Plan, which includes a proposed increase of the maximum number of shares of common stock that may be issued thereunder by 10,900,000. For For Management 3 Approve the Company's amended 1999 plan to increase Director compensation under the Automatic Option Grant Program from an option to purchase 15,000 shares to an option to purchase 20,000 shares. For For Management 4 Approve a 1,600,000 share increase in the maximum number of shares of common stock authorized for issuance under the Company's Employee Stock Purchase Plan. For For Management 5 Ratify Deloitte & Touche LLP as Auditors. For For Management ============================================================================== COMPANY: RED HAT, INC. TICKER: RHAT CUSIP: 756577102 MEETING DATE: 8/17/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Dr. Steve Albrecht For For Management 1.2 Elect Director Dr. Marye Anne Fox For For Management 2 Ratify Pricewaterhousecoopers Auditors For For Management 3 To approve the Company's 2006 Performance Compensation Plan. For For Management 4 To approve an amendment and restatement of the Company's 2004 Long-term Incentive Plan. For For Management ============================================================================== COMPANY: SALESFORCE.COM, INC. TICKER: CRM CUSIP: 79466L302 MEETING DATE: 7/6/06 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Craig Ramsey For For Management 1.2 Elect Director Sanford R. Robertson For For Management 2 Ratify Ernst & Young LLP as Auditors. For For Management ============================================================================== COMPANY: SANDISK CORP. TICKER: SNDK CUSIP: 80004C101 MEETING DATE: 5/24/07 ------------------------------------------------------------------------------ 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 Ratify Ernst & Young as Auditors For For Management 3 To consider a stockholder proposal regarding performance-vesting shares. Against Against Shareholder ============================================================================== COMPANY: SIRF TECHNOLOGY HOLDINGS, INC. TICKER: SIRF CUSIP: 82967H101 MEETING DATE: 5/3/07 ------------------------------------------------------------------------------ Mgmt Vote # Proposal Rec Cast Sponsor ------------------------------------------------------------------------------ 1.1 Elect Director Diosdado P. Banatao For For Management 1.2 Elect Director Michael L. Canning For For Management 1.3 Elect Director Kanwar Chadha For For Management 2 Ratify Ernst & Young as Auditors For For Management ============================================================================== COMPANY: YAHOO! INC. TICKER: YHOO CUSIP: 984332106 MEETING DATE: 6/12/07 ------------------------------------------------------------------------------ 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 Vyomesh Joshi For For Management 1.7 Elect Director Arthur H. Kern 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 Amendments to the Company's amended and restated 1995 Stock Plan. For For Management 3 Amendment to the Company's amended and restated 1996 Employee Stock Purchase Plan. For For Management 4 Ratification of Appointment of Auditors. For For Management 5 Stockholder proposal regarding pay-for- superior performance. Against Against Shareholder 6 Stockholder proposal regarding internet censorship. Against Against Shareholder 7 Stockholder proposal regarding Board Committee on human rights. Against Against Shareholder ============================================================================== 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 29, 2007 ---------------