# EDGAR Filing Document

**Accession Number:** 0000855702
**File Stem:** 0001021408-25-004673
**Filing Date:** 2025-8
**Character Count:** 17634
**Document Hash:** 30ceabaf2d4b544a8bd4c1c41b29f6a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001021408-25-004673.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001021408-25-004673

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penn Mutual Asset Management
- **CENTRAL INDEX KEY:** 0000855702

**ORGANIZATION NAME:**
- **EIN:** 232566941
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18923
- **FILM NUMBER:** 251281030

**BUSINESS ADDRESS:**
- **STREET 1:** EIGHT TOWER BRIDGE
- **STREET 2:** 161 WASHINGTON STREET, SUITE 1111
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 215-956-8114

**MAIL ADDRESS:**
- **STREET 1:** EIGHT TOWER BRIDGE
- **STREET 2:** 161 WASHINGTON STREET, SUITE 1111
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Penn Mutual Asset Management, LLC
- **DATE OF NAME CHANGE:** 20181018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEPENDENCE CAPITAL MANAGEMENT INC                     /ADV
- **DATE OF NAME CHANGE:** 19890926

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

## N-PX: Filer Information

**Filer CIK:** 0000855702

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

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

**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:** Penn Mutual Asset Management

**Address:** Eight Tower Bridge, Conshohocken, PA 19428

**Telephone number:** 215-956-8114

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-18923

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 549300O3G37UC4C5EV40

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

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] 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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| AGNICO EAGLE MINES LTD       | 008474108 | 04/25/2025     | Advisory Vote on Executive Compensation Approach               | SECTION 14A SAY-ON-PAY VOTES |           7100 |                0 | FOR         |                                     7100 | FOR                         |  |
| BARRICK MNG CORP             | 06849F108 | 05/06/2025     | Advisory Vote on Executive Compensation Approach               | SECTION 14A SAY-ON-PAY VOTES |          27000 |                0 | FOR         |                                    27000 | FOR                         |  |
| VISHAY INTERTECHNOLOGY INC   | 928298108 | 05/20/2025     | Advisory Vote on Say on Pay Frequency                          | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | ONE YEAR    |                                    15000 | FOR                         |  |
| CHOICEONE FINL SVCS INC      | 170386106 | 05/21/2025     | Advisory Vote on Say on Pay Frequency                          | SECTION 14A SAY-ON-PAY VOTES |           8500 |                0 | ONE YEAR    |                                     8500 | FOR                         |  |
| SIRIUSXM HOLDINGS INC        | 829933100 | 05/28/2025     | Advisory Vote on Say on Pay Frequency                          | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | ONE YEAR    |                                    10000 | FOR                         |  |
| LUXFER HLDGS PLC             | G5698W116 | 06/05/2025     | Advisory Vote on Say on Pay Frequency                          | SECTION 14A SAY-ON-PAY VOTES |          20211 |                0 | ONE YEAR    |                                    20211 | FOR                         |  |
| ARGAN INC                    | 04010E109 | 06/17/2025     | Advisory Vote on Say on Pay Frequency                          | SECTION 14A SAY-ON-PAY VOTES |           4892 |                0 | ONE YEAR    |                                     4892 | FOR                         |  |
| OMEGA FLEX INC               | 682095104 | 06/18/2025     | Advisory Vote on Say on Pay Frequency                          | SECTION 14A SAY-ON-PAY VOTES |           9600 |                0 | ONE YEAR    |                                     9600 | AGAINST                     |  |
| PARK AEROSPACE CORP          | 70014A104 | 07/18/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          14645 |                0 | FOR         |                                    14645 | FOR                         |  |
| SMUCKER J M CO               | 832696405 | 08/14/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           1825 |                0 | FOR         |                                     1825 | FOR                         |  |
| NIKE INC                     | 654106103 | 09/10/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           1560 |                0 | FOR         |                                     1560 | FOR                         |  |
| WILEY JOHN  SONS INC         | 968223206 | 09/26/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR         |                                    10000 | FOR                         |  |
| RICHARDSON ELECTRS LTD       | 763165107 | 10/08/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          21044 |                0 | FOR         |                                    21044 | FOR                         |  |
| EVOLUTION PETE CORP          | 30049A107 | 12/05/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          60168 |                0 | FOR         |                                    60168 | FOR                         |  |
| COMTECH TELECOMMUNICATIONS C | 205826209 | 01/13/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |         220377 |                0 | FOR         |                                   220377 | FOR                         |  |
| UGI CORP NEW                 | 902681105 | 01/31/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          14500 |                0 | FOR         |                                    14500 | FOR                         |  |
| PRICESMART INC               | 741511109 | 02/06/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           5175 |                0 | FOR         |                                     5175 | FOR                         |  |
| JACK IN THE BOX INC          | 466367109 | 02/28/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           9500 |                0 | FOR         |                                     9500 | FOR                         |  |
| OTTER TAIL CORP              | 689648103 | 04/14/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR         |                                     2000 | FOR                         |  |
| AGNC INVT CORP               | 00123Q104 | 04/17/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |         360000 |                0 | FOR         |                                   360000 | FOR                         |  |
| CALAVO GROWERS INC           | 128246105 | 04/23/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          33750 |                0 | FOR         |                                    33750 | FOR                         |  |
| DELEK US HLDGS INC NEW       | 24665A103 | 04/29/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          27500 |                0 | FOR         |                                    27500 | FOR                         |  |
| HUNTINGTON INGALLS INDS INC  | 446413106 | 04/30/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR         |                                     2000 | FOR                         |  |
| ARMOUR RESIDENTIAL REIT INC  | 042315705 | 05/01/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |         174050 |                0 | FOR         |                                   174050 | FOR                         |  |
| COMMUNITY HEALTHCARE TR INC  | 20369C106 | 05/01/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          13000 |                0 | FOR         |                                    13000 | FOR                         |  |
| PAPA JOHNS INTL INC          | 698813102 | 05/01/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          12400 |                0 | FOR         |                                    12400 | FOR                         |  |
| PERRIGO CO PLC               | G97822103 | 05/01/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          12800 |                0 | FOR         |                                    12800 | FOR                         |  |
| OCCIDENTAL PETE CORP         | 674599105 | 05/02/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          11325 |                0 | FOR         |                                    11325 | FOR                         |  |
| SELECT WATER SOLUTIONS INC   | 81617J301 | 05/02/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          29905 |                0 | FOR         |                                    29905 | FOR                         |  |
| YORK WTR CO                  | 987184108 | 05/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          18500 |                0 | FOR         |                                    18500 | FOR                         |  |
| BRISTOL-MYERS SQUIBB CO      | 110122108 | 05/06/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           9600 |                0 | FOR         |                                     9600 | FOR                         |  |
| NATIONAL RESH CORP           | 637372202 | 05/07/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          20281 |                0 | FOR         |                                    20281 | FOR                         |  |
| AES CORP                     | 00130H105 | 05/09/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          63500 |                0 | FOR         |                                    63500 | FOR                         |  |
| 3M CO                        | 88579Y101 | 05/13/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           4500 |                0 | FOR         |                                     4500 | FOR                         |  |
| CARRIAGE SVCS INC            | 143905107 | 05/13/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          24595 |                0 | FOR         |                                    24595 | FOR                         |  |
| SUN CMNTYS INC               | 866674104 | 05/13/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           2785 |                0 | FOR         |                                     2785 | FOR                         |  |
| ANNALY CAPITAL MANAGEMENT IN | 035710839 | 05/14/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |         177588 |                0 | FOR         |                                   177588 | FOR                         |  |
| MOLSON COORS BEVERAGE CO     | 60871R209 | 05/14/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           6700 |                0 | FOR         |                                     6700 | FOR                         |  |
| NACCO INDS INC               | 629579103 | 05/14/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          15960 |                0 | FOR         |                                    15960 | FOR                         |  |
| RAYONIER INC                 | 754907103 | 05/15/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           9000 |                0 | FOR         |                                     9000 | FOR                         |  |
| VISHAY INTERTECHNOLOGY INC   | 928298108 | 05/20/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | FOR         |                                    15000 | FOR                         |  |
| CHOICEONE FINL SVCS INC      | 170386106 | 05/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           8500 |                0 | FOR         |                                     8500 | FOR                         |  |
| PLAINS ALL AMERN PIPELINE L  | 726503105 | 05/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          19500 |                0 | FOR         |                                    19500 | FOR                         |  |
| CALIFORNIA WTR SVC GROUP     | 130788102 | 05/28/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          12450 |                0 | AGAINST     |                                    12450 | AGAINST                     |  |
| DEVON ENERGY CORP NEW        | 25179M103 | 06/04/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          11550 |                0 | AGAINST     |                                    11550 | AGAINST                     |  |
| LUXFER HLDGS PLC             | G5698W116 | 06/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |          20211 |                0 | FOR         |                                    20211 | FOR                         |  |
| INTERDIGITAL INC             | 45867G101 | 06/11/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR         |                                     2000 | FOR                         |  |
| ARGAN INC                    | 04010E109 | 06/17/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           4892 |                0 | FOR         |                                     4892 | FOR                         |  |
| KEURIG DR PEPPER INC         | 49271V100 | 06/18/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           7000 |                0 | FOR         |                                     7000 | FOR                         |  |
| OMEGA FLEX INC               | 682095104 | 06/18/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation | SECTION 14A SAY-ON-PAY VOTES |           9600 |                0 | FOR         |                                     9600 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Penn Mutual Asset Management

**By (Signature):** Keith Huckerby

**By (Printed Signature):** Keith Huckerby

**By (Title):** Senior Managing Director and Chief Operating Officer

**Date:** 08/25/2025