# EDGAR Filing Document

**Accession Number:** 0001224014
**File Stem:** 0001085146-25-005459
**Filing Date:** 2025-8
**Character Count:** 30056
**Document Hash:** fb7f6b7e2b8d3e264c6dba99e4c2cc21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005459.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001085146-25-005459

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TOWLE & CO
- **CENTRAL INDEX KEY:** 0001224014

**ORGANIZATION NAME:**
- **EIN:** 431238562
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10640
- **FILM NUMBER:** 251249045

**BUSINESS ADDRESS:**
- **STREET 1:** 720 S. COLORADO BLVD.
- **STREET 2:** SUITE 730S
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80246
- **BUSINESS PHONE:** 3148220204

**MAIL ADDRESS:**
- **STREET 1:** 720 S. COLORADO BLVD.
- **STREET 2:** SUITE 730S
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80246

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

## N-PX: Filer Information

**Filer CIK:** 0001224014

**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:** TOWLE  CO

**Address:** 720 S. Colorado Blvd., DENVER, CO 80246

**Telephone number:** 303-731-2494

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-10640

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

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

Institutional Manager.

- [ ] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [x] 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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ADIENT PLC                              | G0084W101 | 03/11/2025     | To approve, on an advisory basis, our named executive officer compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         327304 |                0 | AGAINST     |                                   327304 | FOR                         |  |
| ADVANCE AUTO PARTS, INC.                | 00751Y106 | 05/14/2025     | Approve, by advisory vote, the compensation of our named executive officers.                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         206662 |                0 | AGAINST     |                                   206662 | FOR                         |  |
| ALASKA AIR GROUP, INC.                  | 011659109 | 05/08/2025     | Approval (on an advisory basis) the compensation of the Company's Named Executive Officers.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         133937 |                0 | FOR         |                                   133937 | FOR                         |  |
| ALGOMA STEEL GROUP INC.                 | 015658107 | 06/24/2025     | "Say on Pay" Advisory Resolution The advisory resolution on the Company's approach to executive compensation as disclosed in the Company's management information circular dated May 1, 2025.                                                                   | SECTION 14A SAY-ON-PAY VOTES |        1204437 |                0 | FOR         |                                  1204437 | FOR                         |  |
| ALGOMA STEEL GROUP INC.                 | 015658107 | 09/24/2024     | The advisory resolution on the Company's approach to executive compensation as disclosed in the Company's management information circular dated August 1, 2024.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |        1141121 |                0 | FOR         |                                  1141121 | FOR                         |  |
| ALLY FINANCIAL INC.                     | 02005N100 | 05/06/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         194347 |                0 | FOR         |                                   194347 | FOR                         |  |
| ALPHA METALLURGICAL RESOURCES, INC.     | 020764106 | 05/07/2025     | Advisory approval of the Company's executive compensation as reported in the proxy statement for the annual meeting.                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          25679 |                0 | FOR         |                                    25679 | FOR                         |  |
| ALPHA METALLURGICAL RESOURCES, INC.     | 020764106 | 05/07/2025     | Advisory approval of the Company's executive compensation as reported in the proxy statement for the annual meeting.                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            177 |                0 | AGAINST     |                                      177 | FOR                         |  |
| ALPHA METALLURGICAL RESOURCES, INC.     | 020764106 | 05/07/2025     | An advisory vote on the frequency of future advisory votes on the Company's executive compensation.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          25856 |                0 | FOR         |                                    25856 | FOR                         |  |
| AMERICAN AXLE  MANUFACTURING HLDGS INC  | 024061103 | 05/01/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1208571 |                0 | AGAINST     |                                  1208571 | FOR                         |  |
| ARROW ELECTRONICS, INC.                 | 042735100 | 05/06/2025     | To approve, by non-binding vote, named executive officer compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          65344 |                0 | FOR         |                                    65344 | FOR                         |  |
| ARROW ELECTRONICS, INC.                 | 042735100 | 05/06/2025     | To approve, by non-binding vote, named executive officer compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           2221 |                0 | AGAINST     |                                     2221 | FOR                         |  |
| ASBURY AUTOMOTIVE GROUP, INC.           | 043436104 | 05/13/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          33443 |                0 | FOR         |                                    33443 | FOR                         |  |
| AUTONATION, INC.                        | 05329W102 | 04/23/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          44438 |                0 | FOR         |                                    44438 | FOR                         |  |
| AVNET, INC.                             | 053807103 | 11/22/2024     | Advisory vote on named executive compensation.                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         208675 |                0 | FOR         |                                   208675 | FOR                         |  |
| BEST BUY CO., INC.                      | 086516101 | 06/13/2025     | To approve in a non-binding advisory vote our named executive officer compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          11063 |                0 | FOR         |                                    11063 | FOR                         |  |
| BLUELINX HOLDINGS INC                   | 09624H208 | 05/15/2025     | Proposal to approve the non-binding, advisory resolution regarding the executive compensation described in the proxy statement.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          72689 |                0 | FOR         |                                    72689 | FOR                         |  |
| BLUELINX HOLDINGS INC                   | 09624H208 | 05/15/2025     | Proposal to approve the non-binding, advisory resolution regarding the executive compensation described in the proxy statement.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           2160 |                0 | AGAINST     |                                     2160 | FOR                         |  |
| BUNGE GLOBAL SA                         | H11356104 | 05/15/2025     | Advisory Vote to Approve Named Executive Officer Compensation Under U.S. Securities Law Requirements.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          98287 |                0 | AGAINST     |                                    98287 | FOR                         |  |
| BUNGE GLOBAL SA                         | H11356104 | 05/15/2025     | Approval of the Maximum Aggregate Compensation of the Executive Management Team for the Fiscal Year 2026.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          98287 |                0 | AGAINST     |                                    98287 | FOR                         |  |
| CLEVELAND-CLIFFS INC.                   | 185899101 | 05/15/2025     | Approval, on an advisory basis, of Cleveland-Cliffs Inc.'s named executive officers' compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         612980 |                0 | AGAINST     |                                   612980 | FOR                         |  |
| DANA INCORPORATED                       | 235825205 | 04/24/2025     | Approval of a non-binding advisory proposal approving executive compensation.                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         771957 |                0 | AGAINST     |                                   771957 | FOR                         |  |
| DELEK US HOLDINGS, INC.                 | 24665A103 | 04/29/2025     | To adopt the advisory resolution approving the executive compensation program for our named executive officers as described in the Proxy Statement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         457880 |                0 | FOR         |                                   457880 | FOR                         |  |
| DELEK US HOLDINGS, INC.                 | 24665A103 | 04/29/2025     | To adopt the advisory resolution approving the executive compensation program for our named executive officers as described in the Proxy Statement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           3531 |                0 | AGAINST     |                                     3531 | FOR                         |  |
| DXC TECHNOLOGY COMPANY                  | 23355L106 | 07/30/2024     | Approval, in a non-binding advisory vote, of our named executive officer compensation.                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         503491 |                0 | AGAINST     |                                   503491 | FOR                         |  |
| FOOT LOCKER, INC.                       | 344849104 | 05/21/2025     | Vote, on an Advisory Basis, to Approve the Company's Named Executive Officers' Compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         373936 |                0 | AGAINST     |                                   373936 | FOR                         |  |
| FRONTIER GROUP HOLDINGS, INC.           | 35909R108 | 05/15/2025     | To approve, on an advisory (non-binding) basis, the compensation of the Company's named executive officers.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        1035489 |                0 | FOR         |                                  1035489 | FOR                         |  |
| HF SINCLAIR CORPORATION                 | 403949100 | 05/14/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         230710 |                0 | AGAINST     |                                   230710 | FOR                         |  |
| JELD-WEN HOLDING, INC.                  | 47580P103 | 04/24/2025     | To approve, by non-binding advisory vote, the compensation of our named executive officers.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         780820 |                0 | AGAINST     |                                   780820 | FOR                         |  |
| LEAR CORPORATION                        | 521865204 | 05/16/2025     | Approve, in a non-binding advisory vote, Lear Corporation's executive compensation.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          74178 |                0 | AGAINST     |                                    74178 | FOR                         |  |
| LIBERTY ENERGY INC.                     | 53115L104 | 04/15/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         368673 |                0 | FOR         |                                   368673 | FOR                         |  |
| LIBERTY ENERGY INC.                     | 53115L104 | 04/15/2025     | Advisory vote to determine the frequency of future advisory votes to approve the compensation of the Company's named executive officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         368673 |                0 | FOR         |                                   368673 | FOR                         |  |
| MACY'S INC.                             | 55616P104 | 05/16/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         475111 |                0 | AGAINST     |                                   475111 | FOR                         |  |
| MAGNA INTERNATIONAL INC.                | 559222401 | 05/08/2025     | Resolved, on an advisory basis and not to diminish the roles and responsibilities of the Board of Directors, that the shareholders accept the approach to executive compensation disclosed in the accompanying management information circular/proxy statement. | SECTION 14A SAY-ON-PAY VOTES |         188600 |                0 | AGAINST     |                                   188600 | FOR                         |  |
| METALLUS INC.                           | 887399103 | 05/07/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         400363 |                0 | FOR         |                                   400363 | FOR                         |  |
| METALLUS INC.                           | 887399103 | 05/07/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          13466 |                0 | AGAINST     |                                    13466 | FOR                         |  |
| OWENS  MINOR, INC.                      | 690732102 | 05/15/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         478012 |                0 | AGAINST     |                                   478012 | FOR                         |  |
| PBF ENERGY INC.                         | 69318G106 | 04/29/2025     | An advisory vote on the 2024 compensation of the named executive officers.                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         282118 |                0 | AGAINST     |                                   282118 | FOR                         |  |
| PBF ENERGY INC.                         | 69318G106 | 04/29/2025     | An advisory vote on the frequency of the advisory vote on executive compensation.                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         282118 |                0 | FOR         |                                   282118 | FOR                         |  |
| PETCO HEALTH AND WELLNESS COMPANY, INC. | 71601V105 | 07/22/2024     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |        3553334 |                0 | FOR         |                                  3553334 | FOR                         |  |
| PETCO HEALTH AND WELLNESS COMPANY, INC. | 71601V105 | 07/22/2024     | To approve, on a non-binding, advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         114500 |                0 | AGAINST     |                                   114500 | FOR                         |  |
| PROPETRO HOLDING CORP.                  | 74347M108 | 05/20/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |        1091182 |                0 | FOR         |                                  1091182 | FOR                         |  |
| PROPETRO HOLDING CORP.                  | 74347M108 | 05/20/2025     | Approval, on an advisory basis, of the frequency of future advisory votes on the compensation of our Named Executive Officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1091182 |                0 | FOR         |                                  1091182 | FOR                         |  |
| RYERSON HOLDING CORPORATION             | 783754104 | 04/17/2025     | The adoption, on a non-binding, advisory basis, of a resolution approving the compensation of our named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         325958 |                0 | FOR         |                                   325958 | FOR                         |  |
| RYERSON HOLDING CORPORATION             | 783754104 | 04/17/2025     | The adoption, on a non-binding, advisory basis, of a resolution approving the compensation of our named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          10804 |                0 | AGAINST     |                                    10804 | FOR                         |  |
| SONIC AUTOMOTIVE, INC.                  | 83545G102 | 04/23/2025     | Advisory vote to approve Sonic's named executive officer compensation in fiscal 2024.                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         178797 |                0 | FOR         |                                   178797 | FOR                         |  |
| SOUTHWEST AIRLINES CO.                  | 844741108 | 05/14/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         290462 |                0 | FOR         |                                   290462 | FOR                         |  |
| THE GOODYEAR TIRE  RUBBER COMPANY       | 382550101 | 04/14/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         742895 |                0 | AGAINST     |                                   742895 | FOR                         |  |
| TITAN INTERNATIONAL, INC.               | 88830M102 | 06/11/2025     | To approve, in a non-binding advisory vote, the 2024 compensation paid to the Company's named executive officers.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         991864 |                0 | FOR         |                                   991864 | FOR                         |  |
| UNITED AIRLINES HOLDINGS, INC.          | 910047109 | 05/21/2025     | A vote to approve, on a nonbinding advisory basis, the compensation of our named executive officers.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         118609 |                0 | FOR         |                                   118609 | FOR                         |  |
| UNITED NATURAL FOODS, INC.              | 911163103 | 12/17/2024     | To approve, on an advisory basis, our executive compensation.                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         365711 |                0 | FOR         |                                   365711 | FOR                         |  |
| UNITED NATURAL FOODS, INC.              | 911163103 | 12/17/2024     | To approve, on an advisory basis, our executive compensation.                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          14984 |                0 | AGAINST     |                                    14984 | FOR                         |  |
| WABASH NATIONAL CORPORATION             | 929566107 | 05/14/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         458568 |                0 | AGAINST     |                                   458568 | FOR                         |  |
| WORLD KINECT CORPORATION                | 981475106 | 06/05/2025     | Approval, on a non-binding, advisory basis, of the Company's executive compensation.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         234438 |                0 | FOR         |                                   234438 | FOR                         |  |
| ZUMIEZ INC.                             | 989817101 | 06/04/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         285115 |                0 | FOR         |                                   285115 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** TOWLE  CO

**By (Signature):** Jessica Kardos

**By (Printed Signature):** Jessica Kardos

**By (Title):** Head of Investment Operations

**Date:** 08/25/2025