# EDGAR Filing Document

**Accession Number:** 0001058470
**File Stem:** 0001058470-26-000002
**Filing Date:** 2026-2
**Character Count:** 21795
**Document Hash:** 564077c9cf768831af96c35252c413d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058470-26-000002.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001058470-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ICON ADVISERS INC/CO
- **CENTRAL INDEX KEY:** 0001058470

**ORGANIZATION NAME:**
- **EIN:** 841166639
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07066
- **FILM NUMBER:** 26630353

**BUSINESS ADDRESS:**
- **STREET 1:** 8480 ORCHARD ROAD
- **STREET 2:** SUITE 1200
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 303-790-1600

**MAIL ADDRESS:**
- **STREET 1:** 8480 ORCHARD ROAD
- **STREET 2:** SUITE 1200
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERIDIAN INVESTMENT MANAGEMENT CORP/CO
- **DATE OF NAME CHANGE:** 19990330

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ICON ADVISERS INC/CO<br>**Address:** 8480 ORCHARD ROAD<br>SUITE 1200<br>GREENWOOD VILLAGE, CO 80111

**Form 13F File Number:** 028-07066

**CRD Number (if applicable):** 000108268

**SEC File Number (if applicable):** 801-38868

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Brian Callahan<br>**Title:** President/Chief Compliance Officer<br>**Phone:** 303-328-9252

**Signature, Place, and Date of Signing:**

Brian Callahan  Greenwood Village, CO  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 184

**Form 13F Information Table Value Total:** $462799697

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 2414800 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 2309890 | 83000 | SH |  | SOLE |  | 0 | 0 | 83000 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1608512 | 32800 | SH |  | SOLE |  | 0 | 0 | 32800 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 2615284 | 93403 | SH |  | SOLE |  | 0 | 0 | 93403 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 |  | 1230390 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| STELLANTIS N.V | SHS | N82405106 |  | 3593700 | 330000 | SH |  | SOLE |  | 0 | 0 | 330000 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5074963 | 16700 | SH |  | SOLE |  | 0 | 0 | 16700 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 5376880 | 407031 | SH |  | SOLE |  | 156200 | 0 | 250831 |
| ZTO EXPRESS CAYMAN INC | SPONSORED ADS A | 98980A105 |  | 4178000 | 200000 | SH |  | SOLE |  | 0 | 0 | 200000 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 212235 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 2261679 | 107699 | SH |  | SOLE |  | 0 | 0 | 107699 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 1174040 | 28000 | SH |  | SOLE |  | 0 | 0 | 28000 |
| INVESCO EXCH TRADED FD TR II | S SMLCP INFO | 46138E115 |  | 1018910 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| DIREXION SHS ETF TR | DLY SMCAP BULL3X | 25459W847 |  | 3895947 | 85550 | SH |  | SOLE |  | 0 | 0 | 85550 |
| BLACKROCK FLOATING RATE INC | COM | 091941104 |  | 936062 | 82618 | SH |  | SOLE |  | 0 | 0 | 82618 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 2883311 | 821456 | SH |  | SOLE |  | 0 | 0 | 821456 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 1942145 | 244295 | SH |  | SOLE |  | 0 | 0 | 244295 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 557000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| EATON VANCE FLTING RATE INC | COM | 278279104 |  | 1697305 | 150337 | SH |  | SOLE |  | 0 | 0 | 150337 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 13291198 | 1697471 | SH |  | SOLE |  | 0 | 0 | 1697471 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 1285296 | 256035 | SH |  | SOLE |  | 0 | 0 | 256035 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 2022720 | 147000 | SH |  | SOLE |  | 0 | 0 | 147000 |
| NUVEEN CALIF SELECT TAX FREE | SH BEN INT | 67063R103 |  | 945701 | 71644 | SH |  | SOLE |  | 0 | 0 | 71644 |
| NUVEEN N Y SELECT TAX FREE I | SH BEN INT | 67063V104 |  | 1326403 | 109888 | SH |  | SOLE |  | 0 | 0 | 109888 |
| RIVERNORTH CAP AND INCM FD I | COM | 76882B108 |  | 1727250 | 120282 | SH |  | SOLE |  | 0 | 0 | 120282 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 3395492 | 545899 | SH |  | SOLE |  | 0 | 0 | 545899 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 6431820 | 5147 | SH |  | SOLE |  | 197 | 0 | 4950 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 2311284 | 1907 | SH |  | SOLE |  | 0 | 0 | 1907 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 1457984 | 15200 | SH |  | SOLE |  | 0 | 0 | 15200 |
| ADOBE INC | COM | 00724F101 |  | 2061441 | 5890 | SH |  | SOLE |  | 5890 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1437250 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| AUTODESK INC | COM | 052769106 |  | 2960100 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| AMEREN CORP | COM | 023608102 |  | 1206509 | 12082 | SH |  | SOLE |  | 0 | 0 | 12082 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 1319146 | 11440 | SH |  | SOLE |  | 0 | 0 | 11440 |
| AES CORP | COM | 00130H105 |  | 1956378 | 136428 | SH |  | SOLE |  | 0 | 0 | 136428 |
| AGNC INVT CORP | COM | 00123Q104 |  | 830939 | 77513 | SH |  | SOLE |  | 0 | 0 | 77513 |
| ASSURANT INC | COM | 04621X108 |  | 1142111 | 4742 | SH |  | SOLE |  | 0 | 0 | 4742 |
| ALAMO GROUP INC | COM | 011311107 |  | 2974656 | 17720 | SH |  | SOLE |  | 10320 | 0 | 7400 |
| AMGEN INC | COM | 031162100 |  | 1472895 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 4586050 | 35000 | SH |  | SOLE |  | 0 | 0 | 35000 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 983623 | 48622 | SH |  | SOLE |  | 0 | 0 | 48622 |
| ARCHROCK INC | COM | 03957W106 |  | 5984600 | 230000 | SH |  | SOLE |  | 0 | 0 | 230000 |
| ARROW ELECTRS INC | COM | 042735100 |  | 2819506 | 25590 | SH |  | SOLE |  | 0 | 0 | 25590 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 1253872 | 7480 | SH |  | SOLE |  | 0 | 0 | 7480 |
| AVNET INC | COM | 053807103 |  | 2740560 | 57000 | SH |  | SOLE |  | 0 | 0 | 57000 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 6607283 | 34575 | SH |  | SOLE |  | 21425 | 0 | 13150 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 2034725 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 3484000 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| BANK AMERICA CORP | COM | 060505104 |  | 5468980 | 99436 | SH |  | SOLE |  | 66948 | 0 | 32488 |
| BALL CORP | COM | 058498106 |  | 1329547 | 25100 | SH |  | SOLE |  | 100 | 0 | 25000 |
| BRINKS CO | COM | 109696104 |  | 1867680 | 16000 | SH |  | SOLE |  | 0 | 0 | 16000 |
| BLACK HILLS CORP | COM | 092113109 |  | 849493 | 12237 | SH |  | SOLE |  | 0 | 0 | 12237 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 4836849 | 106211 | SH |  | SOLE |  | 81811 | 0 | 24400 |
| BRADY CORP | CL A | 104674106 |  | 1880880 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| CHEMOURS CO | COM | 163851108 |  | 3660972 | 310515 | SH |  | SOLE |  | 126615 | 0 | 183900 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 1535581 | 109294 | SH |  | SOLE |  | 0 | 0 | 109294 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 1709876 | 18852 | SH |  | SOLE |  | 0 | 0 | 18852 |
| CAMECO CORP | COM | 13321L108 |  | 3751090 | 41000 | SH |  | SOLE |  | 0 | 0 | 41000 |
| CDW CORP | COM | 12514G108 |  | 1607160 | 11800 | SH |  | SOLE |  | 0 | 0 | 11800 |
| CENTURY ALUM CO | COM | 156431108 |  | 9481560 | 242000 | SH |  | SOLE |  | 0 | 0 | 242000 |
| CEVA INC | COM | 157210105 |  | 1230944 | 57200 | SH |  | SOLE |  | 27700 | 0 | 29500 |
| CMS ENERGY CORP | COM | 125896100 |  | 853146 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| SALESFORCE INC | COM | 79466L302 |  | 2877452 | 10862 | SH |  | SOLE |  | 0 | 0 | 10862 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 5037440 | 16000 | SH |  | SOLE |  | 0 | 0 | 16000 |
| CISCO SYS INC | COM | 17275R102 |  | 5036992 | 65390 | SH |  | SOLE |  | 0 | 0 | 65390 |
| CVR ENERGY INC | COM | 12662P108 |  | 4197600 | 165000 | SH |  | SOLE |  | 0 | 0 | 165000 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 5282592 | 90162 | SH |  | SOLE |  | 26062 | 0 | 64100 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 1866860 | 26900 | SH |  | SOLE |  | 0 | 0 | 26900 |
| 3-D SYS CORP DEL | COM NEW | 88554D205 |  | 2478000 | 1400000 | SH |  | SOLE |  | 0 | 0 | 1400000 |
| HF SINCLAIR CORP | COM | 403949100 |  | 8077824 | 175300 | SH |  | SOLE |  | 42300 | 0 | 133000 |
| DELUXE CORP | COM | 248019101 |  | 4689300 | 210000 | SH |  | SOLE |  | 0 | 0 | 210000 |
| AMDOCS LTD | SHS | G02602103 |  | 1967342 | 24436 | SH |  | SOLE |  | 0 | 0 | 24436 |
| DTE ENERGY CO | COM | 233331107 |  | 3180518 | 24659 | SH |  | SOLE |  | 0 | 0 | 24659 |
| EBAY INC. | COM | 278642103 |  | 3936572 | 45196 | SH |  | SOLE |  | 33216 | 0 | 11980 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 1102452 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 2003291 | 26321 | SH |  | SOLE |  | 14638 | 0 | 11683 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 3804058 | 35840 | SH |  | SOLE |  | 0 | 0 | 35840 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 1867880 | 39200 | SH |  | SOLE |  | 0 | 0 | 39200 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 1030149 | 15300 | SH |  | SOLE |  | 0 | 0 | 15300 |
| EVERGY INC | COM | 30034W106 |  | 3537512 | 48800 | SH |  | SOLE |  | 0 | 0 | 48800 |
| EXTREME NETWORKS | COM | 30226D106 |  | 1332000 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 1377306 | 25230 | SH |  | SOLE |  | 4730 | 0 | 20500 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 3694509 | 59150 | SH |  | SOLE |  | 13850 | 0 | 45300 |
| GLOBANT S A | COM | L44385109 |  | 1012254 | 15485 | SH |  | SOLE |  | 0 | 0 | 15485 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3922500 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 1916888 | 24766 | SH |  | SOLE |  | 12929 | 0 | 11837 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 3118080 | 336000 | SH |  | SOLE |  | 0 | 0 | 336000 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 2567280 | 147970 | SH |  | SOLE |  | 0 | 0 | 147970 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 3899215 | 8352 | SH |  | SOLE |  | 0 | 0 | 8352 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 1656356 | 12020 | SH |  | SOLE |  | 0 | 0 | 12020 |
| HORACE MANN EDUCATORS CORP N | COM | 440327104 |  | 7021069 | 152037 | SH |  | SOLE |  | 60937 | 0 | 91100 |
| HUNTSMAN CORP | COM | 447011107 |  | 495000 | 49500 | SH |  | SOLE |  | 400 | 0 | 49100 |
| INGREDION INC | COM | 457187102 |  | 1168756 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| INTEL CORP | COM | 458140100 |  | 1937545 | 52508 | SH |  | SOLE |  | 0 | 0 | 52508 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 3718416 | 94400 | SH |  | SOLE |  | 62700 | 0 | 31700 |
| IRIDIUM COMMUNICATIONS INC | COM | 46269C102 |  | 1902536 | 109467 | SH |  | SOLE |  | 0 | 0 | 109467 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 7630170 | 23680 | SH |  | SOLE |  | 16830 | 0 | 6850 |
| KAISER ALUMINUM CORP | COM PAR $0.01 | 483007704 |  | 7636123 | 66482 | SH |  | SOLE |  | 25382 | 0 | 41100 |
| KEYCORP | COM | 493267108 |  | 2703840 | 131000 | SH |  | SOLE |  | 23400 | 0 | 107600 |
| KULICKE  SOFFA INDS INC | COM | 501242101 |  | 2642480 | 58000 | SH |  | SOLE |  | 0 | 0 | 58000 |
| KNIGHT-SWIFT TRANSN HLDGS IN | CL A | 499049104 |  | 2875400 | 55000 | SH |  | SOLE |  | 0 | 0 | 55000 |
| KORNIT DIGITAL LTD | SHS | M6372Q113 |  | 2372700 | 165000 | SH |  | SOLE |  | 0 | 0 | 165000 |
| KEARNY FINL CORP MD | COM | 48716P108 |  | 400140 | 54000 | SH |  | SOLE |  | 0 | 0 | 54000 |
| LAZARD INC | COM | 52110M109 |  | 3003096 | 61843 | SH |  | SOLE |  | 6600 | 0 | 55243 |
| LEAR CORP | COM NEW | 521865204 |  | 724845 | 6325 | SH |  | SOLE |  | 35 | 0 | 6290 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1886313 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 5274579 | 118450 | SH |  | SOLE |  | 70550 | 0 | 47900 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 10267923 | 28748 | SH |  | SOLE |  | 17237 | 0 | 11511 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 925792 | 22400 | SH |  | SOLE |  | 0 | 0 | 22400 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 5142487 | 9008 | SH |  | SOLE |  | 5331 | 0 | 3677 |
| META PLATFORMS INC | CL A | 30303M102 |  | 3960540 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| MAGNA INTL INC | COM | 559222401 |  | 2686480 | 50403 | SH |  | SOLE |  | 23303 | 0 | 27100 |
| MKS INC. | COM | 55306N104 |  | 2876400 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1104813 | 13762 | SH |  | SOLE |  | 0 | 0 | 13762 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 7378970 | 92168 | SH |  | SOLE |  | 22990 | 0 | 69178 |
| NISOURCE INC | COM | 65473P105 |  | 1014768 | 24300 | SH |  | SOLE |  | 0 | 0 | 24300 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 908564 | 19700 | SH |  | SOLE |  | 0 | 0 | 19700 |
| NIKE INC | CL B | 654106103 |  | 1214249 | 19059 | SH |  | SOLE |  | 19059 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 2699208 | 17620 | SH |  | SOLE |  | 0 | 0 | 17620 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 466250 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 1639629 | 8075 | SH |  | SOLE |  | 0 | 0 | 8075 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P405 |  | 2739100 | 215000 | SH |  | SOLE |  | 0 | 0 | 215000 |
| ONE GAS INC | COM | 68235P108 |  | 973350 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| O-I GLASS INC | COM | 67098H104 |  | 3911400 | 265000 | SH |  | SOLE |  | 0 | 0 | 265000 |
| UNIVERSAL DISPLAY CORP | COM | 91347P105 |  | 2497224 | 21384 | SH |  | SOLE |  | 0 | 0 | 21384 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 1891400 | 28000 | SH |  | SOLE |  | 0 | 0 | 28000 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 2763000 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| PEGASYSTEMS INC | COM | 705573103 |  | 2477962 | 41493 | SH |  | SOLE |  | 0 | 0 | 41493 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 1481432 | 16475 | SH |  | SOLE |  | 0 | 0 | 16475 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 2892165 | 60266 | SH |  | SOLE |  | 0 | 0 | 60266 |
| POWER INTEGRATIONS INC | COM | 739276103 |  | 433588 | 12200 | SH |  | SOLE |  | 12200 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 6892930 | 53417 | SH |  | SOLE |  | 9317 | 0 | 44100 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 1085920 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| REV GROUP INC | COM | 749527107 |  | 4256700 | 70000 | SH |  | SOLE |  | 0 | 0 | 70000 |
| RH | COM | 74967X103 |  | 501620 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 7434000 | 1800000 | SH |  | SOLE |  | 0 | 0 | 1800000 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 1827540 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| BOSTON BEER INC | CL A | 100557107 |  | 491728 | 2520 | SH |  | SOLE |  | 0 | 0 | 2520 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 1124280 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 3052674 | 20320 | SH |  | SOLE |  | 0 | 0 | 20320 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 684386 | 36914 | SH |  | SOLE |  | 0 | 0 | 36914 |
| SPIRE INC | COM | 84857L101 |  | 4060570 | 49100 | SH |  | SOLE |  | 0 | 0 | 49100 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1355600 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 12074199 | 43844 | SH |  | SOLE |  | 18025 | 0 | 25819 |
| STANLEY BLACK  DECKER INC | COM | 854502101 |  | 2513635 | 33840 | SH |  | SOLE |  | 21240 | 0 | 12600 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 2400600 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| SYNAPTICS INC | COM | 87157D109 |  | 1550719 | 20950 | SH |  | SOLE |  | 11050 | 0 | 9900 |
| TERADYNE INC | COM | 880770102 |  | 3467627 | 17915 | SH |  | SOLE |  | 0 | 0 | 17915 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 4556108 | 92585 | SH |  | SOLE |  | 53485 | 0 | 39100 |
| THOR INDS INC | COM | 885160101 |  | 2361410 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| GENTHERM INC | COM | 37253A103 |  | 465536 | 12800 | SH |  | SOLE |  | 0 | 0 | 12800 |
| T-MOBILE US INC | COM | 872590104 |  | 3989736 | 19650 | SH |  | SOLE |  | 8650 | 0 | 11000 |
| TRINITY INDS INC | COM | 896522109 |  | 1451556 | 54900 | SH |  | SOLE |  | 6100 | 0 | 48800 |
| TRINSEO PLC | SHS | G9059U107 |  | 497000 | 1000000 | SH |  | SOLE |  | 0 | 0 | 1000000 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 3018600 | 90000 | SH |  | SOLE |  | 0 | 0 | 90000 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 6090500 | 650000 | SH |  | SOLE |  | 0 | 0 | 650000 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 2295625 | 5057 | SH |  | SOLE |  | 0 | 0 | 5057 |
| UNION PAC CORP | COM | 907818108 |  | 2167468 | 9370 | SH |  | SOLE |  | 9370 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1806157 | 5150 | SH |  | SOLE |  | 50 | 0 | 5100 |
| VISTEON CORP | COM NEW | 92839U206 |  | 741780 | 7800 | SH |  | SOLE |  | 0 | 0 | 7800 |
| VOYA FINANCIAL INC | COM | 929089100 |  | 1171951 | 15733 | SH |  | SOLE |  | 0 | 0 | 15733 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 |  | 2541767 | 17550 | SH |  | SOLE |  | 17550 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 2052855 | 220500 | SH |  | SOLE |  | 0 | 0 | 220500 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1285164 | 17400 | SH |  | SOLE |  | 0 | 0 | 17400 |
| CITIGROUP INC | COM NEW | 172967424 |  | 12836 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 14322 | 25 | SH |  | SOLE |  | 25 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 13142 | 225 | SH |  | SOLE |  | 225 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4200 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 12761 | 25 | SH |  | SOLE |  | 25 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 6553 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 10875 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 8715 | 105 | SH |  | SOLE |  | 105 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 12146 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 9340 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 7254 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 4611 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 4670 | 80 | SH |  | SOLE |  | 80 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 11989 | 120 | SH |  | SOLE |  | 120 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 7741 | 60 | SH |  | SOLE |  | 60 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 12794 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 23352 | 60 | SH |  | SOLE |  | 60 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 16008 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 24363 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 8557 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |

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