# EDGAR Filing Document

**Accession Number:** 0001058470
**File Stem:** 0001058470-25-000008
**Filing Date:** 2025-8
**Character Count:** 118199
**Document Hash:** a20b0545ae4de5738c52b759e19ff589
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058470-25-000008.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001058470-25-000008

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**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:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07066
- **FILM NUMBER:** 251245868

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

## N-PX: Filer Information

**Filer CIK:** 0001058470

**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:** ICON ADVISERS INC/CO

**Address:** 8480 ORCHARD ROAD, GREENWOOD VILLAGE, CO 80111

**Telephone number:** 303-328-9252

**Name of agent for service:** Institutional Shareholder Services

**Agent Address:** 75 Federal Street, 12th Floor, Suite 1, Boston, MA 02110

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

**SEC File Number:** 028-07066

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Equity Commonwealth                     | 294628102 | 11/12/2024     | To approve, on an advisory, non-binding basis, the compensation that may become payable by the Company to its named executive officers in connection with the Plan of Sale.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    55000       |                0 | FOR         |                              55000       | FOR                         |  |
| AGNC Investment Corp.                   | 00123Q104 | 04/17/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |   285616       |                0 | FOR         |                             285616       | FOR                         |  |
| Annaly Capital Management, Inc.         | 035710839 | 05/14/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |    12500       |                0 | FOR         |                              12500       | FOR                         |  |
| Deckers Outdoor Corporation             | 243537107 | 09/09/2024     | To approve, on a non-binding advisory basis, the compensation of our Named Executive Officers, as described in the section of the Proxy Statement entitled "Compensation Discussion and Analysis".                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |     2235       |                0 | FOR         |                               2235       | FOR                         |  |
| Deckers Outdoor Corporation             | 243537107 | 09/09/2024     | To approve the adoption of the 2024 Employee Stock Purchase Plan.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |     2235       |                0 | FOR         |                               2235       | FOR                         |  |
| Deckers Outdoor Corporation             | 243537107 | 09/09/2024     | To approve the adoption of the 2024 Stock Incentive Plan.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |     2235       |                0 | FOR         |                               2235       | FOR                         |  |
| NIKE, Inc.                              | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |    18400       |                0 | FOR         |                              18400       | FOR                         |  |
| Visa Inc.                               | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |     6600       |                0 | FOR         |                               6600       | FOR                         |  |
| The Walt Disney Company                 | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |     9700       |                0 | FOR         |                               9700       | FOR                         |  |
| Sabre Corporation                       | 78573M104 | 04/23/2025     | To approve our 2025 Omnibus Incentive Compensation Plan.                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |   311245       |                0 | AGAINST     |                             311245       | AGAINST                     |  |
| Sabre Corporation                       | 78573M104 | 04/23/2025     | To hold an advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |   311245       |                0 | FOR         |                             311245       | FOR                         |  |
| Dana Incorporated                       | 235825205 | 04/24/2025     | Approval of a non-binding advisory proposal approving executive compensation.                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |    57766       |                0 | FOR         |                              57766       | FOR                         |  |
| Dana Incorporated                       | 235825205 | 04/24/2025     | Approval of the amendment to the Dana Incorporated 2021 Omnibus Incentive Plan.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    57766       |                0 | FOR         |                              57766       | FOR                         |  |
| Global Payments Inc.                    | 37940X102 | 04/24/2025     | Approval, on an advisory basis, of the compensation of the company's named executive officers for 2024.                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    12500       |                0 | FOR         |                              12500       | FOR                         |  |
| Global Payments Inc.                    | 37940X102 | 04/24/2025     | Approval of Global Payments 2025 Incentive Plan.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    12500       |                0 | FOR         |                              12500       | FOR                         |  |
| Global Payments Inc.                    | 37940X102 | 04/24/2025     | Approval of Amended and Restated Employee Stock Purchase Plan.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    12500       |                0 | FOR         |                              12500       | FOR                         |  |
| American Express Company                | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |     5500       |                0 | FOR         |                               5500       | FOR                         |  |
| RenaissanceRe Holdings Ltd.             | G7496G103 | 05/06/2025     | To approve, by a non-binding advisory vote, the compensation of the named executive officers of RenaissanceRe Holdings Ltd. as disclosed in the proxy statement.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     6500       |                0 | FOR         |                               6500       | FOR                         |  |
| Arch Capital Group Ltd.                 | G0450A105 | 05/07/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    15200       |                0 | FOR         |                              15200       | FOR                         |  |
| Gentherm Incorporated                   | 37253A103 | 05/08/2025     | Approval (on an advisory basis) of the compensation of the Company's named executive officers for the year ended December 31, 2024.                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    14800       |                0 | FOR         |                              14800       | FOR                         |  |
| Everest Group, Ltd.                     | G3223R108 | 05/14/2025     | To approve, by non-binding advisory vote, 2024 compensation paid to the Company's Named Executive Officers.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |     3200       |                0 | FOR         |                               3200       | FOR                         |  |
| Everest Group, Ltd.                     | G3223R108 | 05/14/2025     | To approve the Everest Group, Ltd. 2025 Employee Stock Purchase Plan.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |     3200       |                0 | FOR         |                               3200       | FOR                         |  |
| Gentex Corporation                      | 371901109 | 05/15/2025     | To approve, on an advisory basis, compensation of the Company's named executive officers.                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    58500       |                0 | FOR         |                              58500       | 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 |    10300       |                0 | FOR         |                              10300       | FOR                         |  |
| Assurant, Inc.                          | 04621X108 | 05/21/2025     | Advisory approval of the 2024 compensation of the Company's named executive officers.                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |     5500       |                0 | FOR         |                               5500       | FOR                         |  |
| Equitable Holdings, Inc.                | 29452E101 | 05/21/2025     | Advisory vote to approve the compensation paid to our named executive officers;                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    39200       |                0 | FOR         |                              39200       | FOR                         |  |
| Equitable Holdings, Inc.                | 29452E101 | 05/21/2025     | Advisory vote on the frequency of future advisory votes on executive compensation;                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    39200       |                0 | ONE YEAR    |                              39200       | FOR                         |  |
| Equitable Holdings, Inc.                | 29452E101 | 05/21/2025     | Amendment and restatement of the Company's 2019 Omnibus Incentive Plan;                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    39200       |                0 | FOR         |                              39200       | FOR                         |  |
| The Hartford Insurance Group, Inc.      | 416515104 | 05/21/2025     | Management proposal to approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Company's proxy statement                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    15500       |                0 | FOR         |                              15500       | FOR                         |  |
| The Hartford Insurance Group, Inc.      | 416515104 | 05/21/2025     | Consider and act on the Company's 2025 Long Term Stock Incentive Plan                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |    15500       |                0 | FOR         |                              15500       | FOR                         |  |
| Green Dot Corporation                   | 39304D102 | 05/22/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |    43435       |                0 | FOR         |                              43435       | FOR                         |  |
| Green Dot Corporation                   | 39304D102 | 05/22/2025     | Amendment and restatement of Green Dot's 2010 Equity Incentive Plan.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    43435       |                0 | FOR         |                              43435       | FOR                         |  |
| Green Dot Corporation                   | 39304D102 | 05/22/2025     | Amendment and restatement of Green Dot's 2010 Employee Stock Purchase Plan.                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    43435       |                0 | FOR         |                              43435       | FOR                         |  |
| LPL Financial Holdings Inc.             | 50212V100 | 05/22/2025     | Approve, in an advisory vote, the compensation paid to the Company's named executive officers.                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |     6876       |                0 | FOR         |                               6876       | FOR                         |  |
| Expedia Group, Inc.                     | 30212P303 | 06/03/2025     | Approval, on an advisory basis, of the compensation of Expedia Group's named executive officers.                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     8604       |                0 | AGAINST     |                               8604       | AGAINST                     |  |
| Visteon Corporation                     | 92839U206 | 06/05/2025     | Provide advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |     7800       |                0 | FOR         |                               7800       | FOR                         |  |
| Mastercard Incorporated                 | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |     2200       |                0 | FOR         |                               2200       | FOR                         |  |
| eBay Inc.                               | 278642103 | 06/25/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    27400       |                0 | FOR         |                              27400       | FOR                         |  |
| eBay Inc.                               | 278642103 | 06/25/2025     | Approval of the Amendment and Restatement of the eBay Equity Incentive Award Plan.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    27400       |                0 | AGAINST     |                              27400       | AGAINST                     |  |
| Advanced Drainage Systems, Inc.         | 00790R104 | 07/18/2024     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    19900       |                0 | FOR         |                              19900       | FOR                         |  |
| Vodafone Group Plc                      | 92857W308 | 07/30/2024     | Approve Remuneration Report                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |   131600       |                0 | FOR         |                             131600       | FOR                         |  |
| NIKE, Inc.                              | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |    22250       |                0 | FOR         |                              22250       | FOR                         |  |
| Extreme Networks, Inc.                  | 30226D106 | 11/14/2024     | Advisory vote to approve our named executive officers compensation;                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |   106979       |                0 | FOR         |                             106979       | FOR                         |  |
| Extreme Networks, Inc.                  | 30226D106 | 11/14/2024     | Approve an amendment and restatement of the Extreme Networks, Inc. 2013 Equity Incentive plan to, among other things, add 2,300,000 shares of our common stock to those reserved for issuance under the plan.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |   106979       |                0 | FOR         |                             106979       | FOR                         |  |
| Performance Food Group Company          | 71377A103 | 11/20/2024     | To approve, in a non-binding advisory vote, the compensation paid to our named executive officers.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    21375       |                0 | FOR         |                              21375       | FOR                         |  |
| Performance Food Group Company          | 71377A103 | 11/20/2024     | To approve the PFG 2024 Omnibus Incentive Plan.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    21375       |                0 | FOR         |                              21375       | FOR                         |  |
| Adobe Inc.                              | 00724F101 | 04/22/2025     | Approve the 2019 Equity Incentive Plan, as amended, to increase the available share reserve by 7 million shares.                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     2300       |                0 | FOR         |                               2300       | FOR                         |  |
| Adobe Inc.                              | 00724F101 | 04/22/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     2300       |                0 | FOR         |                               2300       | FOR                         |  |
| Adobe Inc.                              | 00724F101 | 04/22/2025     | Stockholder Proposal Regarding Vote on Golden Parachutes.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |     2300       |                0 | FOR         |                               2300       | AGAINST                     |  |
| Bank of America Corporation             | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    32488       |                0 | AGAINST     |                              32488       | AGAINST                     |  |
| Bank of America Corporation             | 060505104 | 04/22/2025     | Amending and restating the Bank of America Corporation Equity Plan                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    32488       |                0 | AGAINST     |                              32488       | AGAINST                     |  |
| The Chemours Company                    | 163851108 | 04/22/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    65800       |                0 | FOR         |                              65800       | FOR                         |  |
| Global Payments Inc.                    | 37940X102 | 04/24/2025     | Approval, on an advisory basis, of the compensation of the company's named executive officers for 2024.                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    11837       |                0 | FOR         |                              11837       | FOR                         |  |
| Global Payments Inc.                    | 37940X102 | 04/24/2025     | Approval of Global Payments 2025 Incentive Plan.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    11837       |                0 | FOR         |                              11837       | FOR                         |  |
| Global Payments Inc.                    | 37940X102 | 04/24/2025     | Approval of Amended and Restated Employee Stock Purchase Plan.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    11837       |                0 | FOR         |                              11837       | FOR                         |  |
| Stanley Black  Decker, Inc.             | 854502101 | 04/25/2025     | Approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |    12600       |                0 | FOR         |                              12600       | FOR                         |  |
| Truist Financial Corporation            | 89832Q109 | 04/29/2025     | Advisory vote to approve Truist's executive compensation program.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |    39100       |                0 | AGAINST     |                              39100       | AGAINST                     |  |
| Anheuser-Busch InBev SA/NV              | 03524A108 | 04/30/2025     | Approve Remuneration Report                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |      116       |                0 | AGAINST     |                                116       | AGAINST                     |  |
| Eastman Chemical Company                | 277432100 | 05/01/2025     | Advisory Approval of Executive Compensation as Disclosed in Proxy Statement                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    13100       |                0 | FOR         |                              13100       | FOR                         |  |
| CSX Corporation                         | 126408103 | 05/07/2025     | Advisory (non-binding) resolution to approve compensation for the Company's named executive officers.                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |    36200       |                0 | FOR         |                              36200       | FOR                         |  |
| Dominion Energy, Inc.                   | 25746U109 | 05/07/2025     | Advisory Vote on Approval of Executive Compensation (Say on Pay)                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    24100       |                0 | FOR         |                              24100       | FOR                         |  |
| Alamo Group Inc.                        | 011311107 | 05/08/2025     | Proposal FOR approval of the advisory vote on the compensation of the named executive officers.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |     7400       |                0 | FOR         |                               7400       | FOR                         |  |
| Alamo Group Inc.                        | 011311107 | 05/08/2025     | Proposal FOR approval of the Alamo Group Inc. 2025 Incentive Stock Option Plan.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |     7400       |                0 | FOR         |                               7400       | FOR                         |  |
| Lazard, Inc.                            | 52110M109 | 05/08/2025     | Non-binding advisory vote regarding executive compensation.                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    31600       |                0 | AGAINST     |                              31600       | AGAINST                     |  |
| Magna International Inc.                | 559222401 | 05/08/2025     | Approve Stock Option Plan                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    27100       |                0 | FOR         |                              27100       | FOR                         |  |
| Magna International Inc.                | 559222401 | 05/08/2025     | Advisory Vote on Executive Compensation Approach                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    27100       |                0 | FOR         |                              27100       | FOR                         |  |
| Euronet Worldwide, Inc.                 | 298736109 | 05/14/2025     | Advisory vote on executive compensation.                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |    13350       |                0 | FOR         |                              13350       | FOR                         |  |
| Horace Mann Educators Corporation       | 440327104 | 05/14/2025     | Approve the advisory resolution to approve Named Executive Officers' compensation.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    48800       |                0 | FOR         |                              48800       | 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 |    22400       |                0 | FOR         |                              22400       | FOR                         |  |
| Southwest Airlines Co.                  | 844741108 | 05/14/2025     | Advisory vote on shareholder proposal to amend clawback policy for executive pay.                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |    22400       |                0 | AGAINST     |                              22400       | FOR                         |  |
| The Boston Beer Company, Inc.           | 100557107 | 05/14/2025     | Advisory vote to approve our Named Executive Officers' executive compensation.                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |     3200       |                0 | FOR         |                               3200       | FOR                         |  |
| Trinity Industries, Inc.                | 896522109 | 05/15/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    62625       |                0 | FOR         |                              62625       | FOR                         |  |
| Baker Hughes Company                    | 05722G100 | 05/20/2025     | An advisory vote related to the Company's executive compensation program                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |    59206       |                0 | FOR         |                              59206       | FOR                         |  |
| Chart Industries, Inc.                  | 16115Q308 | 05/20/2025     | To approve, on an advisory basis, the Company's executive compensation; and                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    11810       |                0 | FOR         |                              11810       | FOR                         |  |
| JPMorgan Chase  Co.                     | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |     6850       |                0 | FOR         |                               6850       | FOR                         |  |
| Lincoln National Corporation            | 534187109 | 05/22/2025     | The approval of an advisory resolution on the compensation of our named executive officers.                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    47900       |                0 | FOR         |                              47900       | FOR                         |  |
| Lincoln National Corporation            | 534187109 | 05/22/2025     | The approval of an amendment to the Lincoln National Corporation 2020 Incentive Compensation Plan.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    47900       |                0 | AGAINST     |                              47900       | AGAINST                     |  |
| LPL Financial Holdings Inc.             | 50212V100 | 05/22/2025     | Approve, in an advisory vote, the compensation paid to the Company's named executive officers.                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |     6800       |                0 | FOR         |                               6800       | FOR                         |  |
| Kaiser Aluminum Corporation             | 483007704 | 06/10/2025     | ADVISORY VOTE TO APPROVE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THE PROXY STATEMENT                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    21100       |                0 | FOR         |                              21100       | FOR                         |  |
| Armstrong World Industries, Inc.        | 04247X102 | 06/12/2025     | To approve, on an advisory basis, our executive compensation program.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |    17750       |                0 | FOR         |                              17750       | FOR                         |  |
| Delta Air Lines, Inc.                   | 247361702 | 06/19/2025     | To approve, on an advisory basis, the compensation of Delta's named executive officers.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    26900       |                0 | FOR         |                              26900       | FOR                         |  |
| Delta Air Lines, Inc.                   | 247361702 | 06/19/2025     | To approve the amendment and restatement of Delta's Performance Compensation Plan.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    26900       |                0 | FOR         |                              26900       | FOR                         |  |
| Mastercard Incorporated                 | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |     3669       |                0 | FOR         |                               3669       | FOR                         |  |
| Vector Group Ltd.                       | 92240M108 | 08/20/2024     | Advisory vote on executive compensation (the "say on pay vote"):                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |   243300       |                0 | AGAINST     |                             243300       | AGAINST                     |  |
| National Fuel Gas Company               | 636180101 | 03/13/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    19400       |                0 | FOR         |                              19400       | FOR                         |  |
| Portland General Electric Company       | 736508847 | 04/18/2025     | To approve, by a non- binding vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    30900       |                0 | FOR         |                              30900       | FOR                         |  |
| ING Groep NV                            | 456837103 | 04/22/2025     | Approve Remuneration Report                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |   115498       |                0 | FOR         |                             115498       | FOR                         |  |
| The Chemours Company                    | 163851108 | 04/22/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   103100       |                0 | FOR         |                             103100       | FOR                         |  |
| Huntsman Corporation                    | 447011107 | 04/30/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    62600       |                0 | FOR         |                              62600       | FOR                         |  |
| Huntsman Corporation                    | 447011107 | 04/30/2025     | Approval of the Huntsman Corporation 2025 Stock Incentive Plan.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    62600       |                0 | FOR         |                              62600       | FOR                         |  |
| Perrigo Company plc                     | G97822103 | 05/01/2025     | To provide advisory approval of the Company's executive compensation                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    33000       |                0 | FOR         |                              33000       | FOR                         |  |
| Bristol-Myers Squibb Company            | 110122108 | 05/06/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    28500       |                0 | FOR         |                              28500       | FOR                         |  |
| Evergy, Inc.                            | 30034W106 | 05/06/2025     | Approve the 2024 compensation of our named executive officers on an advisory non-binding basis.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    31900       |                0 | FOR         |                              31900       | FOR                         |  |
| Evergy, Inc.                            | 30034W106 | 05/06/2025     | To recommend, on a non-binding advisory basis, the frequency of the advisory vote on executive compensation.                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |    31900       |                0 | ONE YEAR    |                              31900       | FOR                         |  |
| GSK Plc                                 | 37733W204 | 05/07/2025     | Approve Remuneration Report                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |      358       |                0 | FOR         |                                358       | FOR                         |  |
| GSK Plc                                 | 37733W204 | 05/07/2025     | Approve Remuneration Policy                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |      358       |                0 | FOR         |                                358       | FOR                         |  |
| GSK Plc                                 | 37733W204 | 05/07/2025     | Approve Share Value Plan                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |      358       |                0 | FOR         |                                358       | FOR                         |  |
| DTE Energy Company                      | 233331107 | 05/08/2025     | Provide a nonbinding vote to approve the Company's executive compensation                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    18700       |                0 | FOR         |                              18700       | FOR                         |  |
| DTE Energy Company                      | 233331107 | 05/08/2025     | Vote to approve the DTE Energy Company 2025 Long-Term Incentive Plan                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    18700       |                0 | FOR         |                              18700       | FOR                         |  |
| Lazard, Inc.                            | 52110M109 | 05/08/2025     | Non-binding advisory vote regarding executive compensation.                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    13206       |                0 | AGAINST     |                              13206       | AGAINST                     |  |
| Lockheed Martin Corporation             | 539830109 | 05/09/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay)                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |     4400       |                0 | FOR         |                               4400       | FOR                         |  |
| Lockheed Martin Corporation             | 539830109 | 05/09/2025     | Stockholder Proposal Requesting Shareholder Approval Requirement for Excessive Golden Parachutes                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     4400       |                0 | FOR         |                               4400       | AGAINST                     |  |
| Horace Mann Educators Corporation       | 440327104 | 05/14/2025     | Approve the advisory resolution to approve Named Executive Officers' compensation.                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    42300       |                0 | FOR         |                              42300       | FOR                         |  |
| KeyCorp                                 | 493267108 | 05/15/2025     | Advisory approval of executive compensation.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |   107600       |                0 | AGAINST     |                             107600       | AGAINST                     |  |
| The Western Union Company               | 959802109 | 05/15/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |   182500       |                0 | AGAINST     |                             182500       | AGAINST                     |  |
| Trinity Industries, Inc.                | 896522109 | 05/15/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    48800       |                0 | FOR         |                              48800       | FOR                         |  |
| Ingredion Incorporated                  | 457187102 | 05/21/2025     | To approve, by advisory vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    10600       |                0 | FOR         |                              10600       | FOR                         |  |
| Lincoln National Corporation            | 534187109 | 05/22/2025     | The approval of an advisory resolution on the compensation of our named executive officers.                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    46700       |                0 | FOR         |                              46700       | FOR                         |  |
| Lincoln National Corporation            | 534187109 | 05/22/2025     | The approval of an amendment to the Lincoln National Corporation 2020 Incentive Compensation Plan.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |    46700       |                0 | AGAINST     |                              46700       | AGAINST                     |  |
| Amgen Inc.                              | 031162100 | 05/23/2025     | Advisory vote to approve our executive compensation.                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |     8000       |                0 | FOR         |                               8000       | FOR                         |  |
| Kaiser Aluminum Corporation             | 483007704 | 06/10/2025     | ADVISORY VOTE TO APPROVE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THE PROXY STATEMENT                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    14776       |                0 | FOR         |                              14776       | FOR                         |  |
| Nexstar Media Group, Inc.               | 65336K103 | 06/17/2025     | To conduct an advisory vote on the compensation of our Named Executive Officers.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    11800       |                0 | FOR         |                              11800       | FOR                         |  |
| Autodesk, Inc.                          | 052769106 | 07/16/2024     | Approve, on an advisory (non-binding) basis, the compensation of Autodesk, Inc.'s named executive officers.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    14500       |                0 | FOR         |                              14500       | FOR                         |  |
| Jazz Pharmaceuticals plc                | G50871105 | 07/25/2024     | To approve, on a non-binding advisory basis, the compensation of Jazz Pharmaceuticals plc's named executive officers, as disclosed in the proxy statement.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |     7200       |                0 | FOR         |                               7200       | FOR                         |  |
| Jazz Pharmaceuticals plc                | G50871105 | 07/25/2024     | To indicate, on a non-binding advisory basis, the preferred frequency of the advisory vote on the compensation of Jazz Pharmaceuticals plc's named executive officers.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |     7200       |                0 | ONE YEAR    |                               7200       | FOR                         |  |
| LiveRamp Holdings, Inc.                 | 53815P108 | 08/13/2024     | Approval of an increase in the number of shares available for issuance under the Company's Amended and Restated 2005 Equity Compensation Plan.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   114300       |                0 | AGAINST     |                             114300       | AGAINST                     |  |
| LiveRamp Holdings, Inc.                 | 53815P108 | 08/13/2024     | Advisory (non-binding) vote to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   114300       |                0 | FOR         |                             114300       | FOR                         |  |
| Cisco Systems, Inc.                     | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |    53900       |                0 | FOR         |                              53900       | FOR                         |  |
| TD SYNNEX Corporation                   | 87162W100 | 04/02/2025     | An advisory vote to approve our Executive Compensation                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |    34000       |                0 | FOR         |                              34000       | FOR                         |  |
| HCA Healthcare, Inc.                    | 40412C101 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |     8000       |                0 | FOR         |                               8000       | FOR                         |  |
| HCA Healthcare, Inc.                    | 40412C101 | 04/24/2025     | To approve the First Amendment to the 2020 Stock Incentive Plan for Key Employees of HCA Healthcare, Inc. and its Affiliates.                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |     8000       |                0 | FOR         |                               8000       | FOR                         |  |
| HCA Healthcare, Inc.                    | 40412C101 | 04/24/2025     | Stockholder proposal, if properly presented at the meeting, regarding lavish golden parachutes.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |     8000       |                0 | FOR         |                               8000       | AGAINST                     |  |
| Globant SA                              | L44385109 | 04/30/2025     | Approve Remuneration of Directors during the Financial Year Ending on December 31, 2025                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    15485       |                0 | FOR         |                              15485       | FOR                         |  |
| Molina Healthcare, Inc.                 | 60855R100 | 04/30/2025     | To consider and approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |     8056       |                0 | AGAINST     |                               8056       | AGAINST                     |  |
| Molina Healthcare, Inc.                 | 60855R100 | 04/30/2025     | To consider and approve the Company's 2025 Equity Incentive Plan.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |     8056       |                0 | FOR         |                               8056       | FOR                         |  |
| Encompass Health Corporation            | 29261A100 | 05/01/2025     | An advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    35840       |                0 | FOR         |                              35840       | FOR                         |  |
| Encompass Health Corporation            | 29261A100 | 05/01/2025     | A vote to approve the Company's 2025 Omnibus Performance Incentive Plan.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |    35840       |                0 | FOR         |                              35840       | FOR                         |  |
| Tyler Technologies, Inc.                | 902252105 | 05/06/2025     | Advisory Approval of Our Executive Compensation.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     3394       |                0 | FOR         |                               3394       | FOR                         |  |
| Unisys Corporation                      | 909214306 | 05/08/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |   320230       |                0 | FOR         |                             320230       | FOR                         |  |
| Unisys Corporation                      | 909214306 | 05/08/2025     | Approve the amendment to the Unisys Corporation 2024 Long-Term Incentive and Equity Compensation Plan.                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |   320230       |                0 | FOR         |                             320230       | FOR                         |  |
| Elevance Health, Inc.                   | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |     2185       |                0 | FOR         |                               2185       | FOR                         |  |
| BioMarin Pharmaceutical Inc.            | 09061G101 | 05/20/2025     | To approve, on an advisory basis, the compensation of the Company's Named Executive Officers as disclosed in the Proxy Statement.                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |    13000       |                0 | FOR         |                              13000       | FOR                         |  |
| BioMarin Pharmaceutical Inc.            | 09061G101 | 05/20/2025     | To approve an amendment to the Company's 2017 Equity Incentive Plan, as amended.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    13000       |                0 | FOR         |                              13000       | FOR                         |  |
| CDW Corporation                         | 12514G108 | 05/20/2025     | To approve, on an advisory basis, named executive officer compensation.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |    11800       |                0 | FOR         |                              11800       | FOR                         |  |
| ServiceNow, Inc.                        | 81762P102 | 05/22/2025     | Advisory vote to approve ServiceNow's named executive officer compensation.                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |     3524       |                0 | FOR         |                               3524       | FOR                         |  |
| Merck  Co., Inc.                        | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |    18000       |                0 | FOR         |                              18000       | FOR                         |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To approve Meta Platforms, Inc.'s 2025 Equity Incentive Plan.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |     8600       |                0 | AGAINST     |                               8600       | AGAINST                     |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |     8600       |                0 | AGAINST     |                               8600       | AGAINST                     |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |     8600       |                0 | ONE YEAR    |                               8600       | AGAINST                     |  |
| Arista Networks, Inc.                   | 040413205 | 05/30/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    43600       |                0 | AGAINST     |                              43600       | AGAINST                     |  |
| Salesforce, Inc.                        | 79466L302 | 06/05/2025     | Amendment and restatement of our 2013 Equity Incentive Plan to increase the number of shares reserved for issuance and extend the plan term.                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |    12900       |                0 | FOR         |                              12900       | FOR                         |  |
| Salesforce, Inc.                        | 79466L302 | 06/05/2025     | Approval, on an advisory basis, of the fiscal 2025 compensation of our named executive officers.                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    12900       |                0 | FOR         |                              12900       | FOR                         |  |
| Fortinet, Inc.                          | 34959E109 | 06/13/2025     | Advisory vote to approve named executive officer compensation, as disclosed in the Proxy Statement.                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    28995       |                0 | FOR         |                              28995       | FOR                         |  |
| Pegasystems Inc.                        | 705573103 | 06/17/2025     | To approve, by a non-binding advisory vote, the compensation of our named executive officers.                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |    28000       |                0 | FOR         |                              28000       | FOR                         |  |
| Pegasystems Inc.                        | 705573103 | 06/17/2025     | To approve the amended and restated Pegasystems Inc. 2004 Long-Term Incentive Plan.                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    28000       |                0 | AGAINST     |                              28000       | AGAINST                     |  |
| Autodesk, Inc.                          | 052769106 | 06/18/2025     | Approve, on an advisory (non-binding) basis, the compensation of Autodesk, Inc's named executive officers.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |    13500       |                0 | FOR         |                              13500       | FOR                         |  |
| Autodesk, Inc.                          | 052769106 | 06/18/2025     | Amend and restate the 2022 Equity Incentive Plan.                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |    13500       |                0 | FOR         |                              13500       | FOR                         |  |
| Universal Display Corporation           | 91347P105 | 06/18/2025     | Advisory resolution to approve the compensation of the Company's named executive officers.                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |    22784       |                0 | FOR         |                              22784       | FOR                         |  |
| Equitrans Midstream Corporation         | 294600101 | 07/18/2024     | Approval, on an advisory (non-binding) basis, of the compensation that may be paid or become payable to the Company's named executive officers in connection with the Merger; and                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |   350000       |                0 | FOR         |                             350000       | FOR                         |  |
| Golar LNG Limited                       | G9456A100 | 08/13/2024     | Approve Remuneration of Directors                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |   155000       |                0 | FOR         |                             155000       | FOR                         |  |
| AAR Corp.                               | 000361105 | 09/17/2024     | Advisory proposal to approve our Fiscal 2024 executive compensation                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    80000       |                0 | FOR         |                              80000       | FOR                         |  |
| Carpenter Technology Corporation        | 144285103 | 10/07/2024     | Approve the compensation of the corporation's named executive officers, in an advisory vote.                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |    30000       |                0 | FOR         |                              30000       | FOR                         |  |
| New Jersey Resources Corporation        | 646025106 | 01/21/2025     | To approve a non-binding advisory resolution approving the compensation of our named executive officers.                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |    84500       |                0 | FOR         |                              84500       | FOR                         |  |
| Radius Recycling, Inc.                  | 806882106 | 01/28/2025     | To vote on an advisory resolution on executive compensation.                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |   245000       |                0 | FOR         |                             245000       | FOR                         |  |
| Woodward, Inc.                          | 980745103 | 01/29/2025     | Vote on an advisory resolution regarding the compensation of the Company's named executive officers;                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    18000       |                0 | FOR         |                              18000       | FOR                         |  |
| Tetra Tech, Inc.                        | 88162G103 | 02/27/2025     | To approve, on an advisory basis, the Company's named executive officers' compensation.                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |   115000       |                0 | FOR         |                             115000       | FOR                         |  |
| Compass Minerals International, Inc.    | 20451N101 | 03/06/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |   475000       |                0 | FOR         |                             475000       | FOR                         |  |
| Compass Minerals International, Inc.    | 20451N101 | 03/06/2025     | Approve an amendment to the Compass Minerals International, Inc. 2020 Incentive Award Plan.                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |   475000       |                0 | FOR         |                             475000       | FOR                         |  |
| National Fuel Gas Company               | 636180101 | 03/13/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    40000       |                0 | FOR         |                              40000       | FOR                         |  |
| CEMEX SAB de CV                         | 151290889 | 03/25/2025     | Approve Remuneration of Directors and Members of Audit, Corporate Practices and Finance, Sustainability, Climate Action, Social Impact and Diversity Committees                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |   800000       |                0 | FOR         |                             800000       | FOR                         |  |
| The Chemours Company                    | 163851108 | 04/22/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   192000       |                0 | FOR         |                             192000       | FOR                         |  |
| Valmont Industries, Inc.                | 920253101 | 04/28/2025     | Advisory approval of the company's executive compensation.                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |     5750       |                0 | FOR         |                               5750       | FOR                         |  |
| Stepan Company                          | 858586100 | 04/29/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    50000       |                0 | FOR         |                              50000       | FOR                         |  |
| Stepan Company                          | 858586100 | 04/29/2025     | Approve the amendment and restatement of the Stepan Company 2022 Equity Incentive Compensation Plan.                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    50000       |                0 | FOR         |                              50000       | FOR                         |  |
| Eastman Chemical Company                | 277432100 | 05/01/2025     | Advisory Approval of Executive Compensation as Disclosed in Proxy Statement                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    27000       |                0 | FOR         |                              27000       | FOR                         |  |
| Southwest Gas Holdings, Inc.            | 844895102 | 05/01/2025     | To APPROVE, on a non-binding, advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    41000       |                0 | FOR         |                              41000       | FOR                         |  |
| Barrick Gold Corporation                | 06849F108 | 05/06/2025     | Advisory Vote on Executive Compensation Approach                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |   300000       |                0 | FOR         |                             300000       | 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 |   110000       |                0 | FOR         |                             110000       | FOR                         |  |
| Alaska Air Group, Inc.                  | 011659109 | 05/08/2025     | Approval of amendments to the Company's 2016 Performance Incentive Plan.                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |   110000       |                0 | FOR         |                             110000       | FOR                         |  |
| Alaska Air Group, Inc.                  | 011659109 | 05/08/2025     | Approval of amendments to the Company's Employee Stock Purchase Plan.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |   110000       |                0 | FOR         |                             110000       | FOR                         |  |
| Alaska Air Group, Inc.                  | 011659109 | 05/08/2025     | A stockholder proposal to amend the Company's clawback policy.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |   110000       |                0 | AGAINST     |                             110000       | FOR                         |  |
| Masco Corporation                       | 574599106 | 05/09/2025     | To approve, by non-binding advisory vote, the compensation paid to the Company's named executive officers, as disclosed pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, the compensation tables and the related materials disclosed in the Proxy Statement. | SECTION 14A SAY-ON-PAY VOTES |    24000       |                0 | FOR         |                              24000       | FOR                         |  |
| 3M Company                              | 88579Y101 | 05/13/2025     | Advisory approval of executive compensation.                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |    24500       |                0 | FOR         |                              24500       | FOR                         |  |
| 3D Systems Corporation                  | 88554D205 | 05/16/2025     | The approval, on an advisory basis, of the compensation paid to our named executive officers in 2024.                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        2.1e+06 |                0 | FOR         |                                  2.1e+06 | FOR                         |  |
| Chart Industries, Inc.                  | 16115Q308 | 05/20/2025     | To approve, on an advisory basis, the Company's executive compensation; and                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |     8000       |                0 | FOR         |                               8000       | FOR                         |  |
| DNOW Inc.                               | 67011P100 | 05/21/2025     | To consider and act upon an advisory proposal to approve the compensation of our named executive officers.                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |   515000       |                0 | FOR         |                             515000       | FOR                         |  |
| Heidrick  Struggles International, Inc. | 422819102 | 05/22/2025     | Advisory vote to approve Named Executive Officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    43000       |                0 | FOR         |                              43000       | FOR                         |  |
| EMCOR Group, Inc.                       | 29084Q100 | 06/05/2025     | Approval, by non-binding advisory vote, of named executive officer compensation.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |     6000       |                0 | FOR         |                               6000       | FOR                         |  |
| EMCOR Group, Inc.                       | 29084Q100 | 06/05/2025     | Approval of the First Amendment to the Amended  Restated 2010 Incentive Plan.                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |     6000       |                0 | FOR         |                               6000       | FOR                         |  |
| OPENLANE, Inc.                          | 48238T109 | 06/06/2025     | To approve, on an advisory basis, executive compensation.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |   120000       |                0 | FOR         |                             120000       | FOR                         |  |
| Kaiser Aluminum Corporation             | 483007704 | 06/10/2025     | ADVISORY VOTE TO APPROVE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THE PROXY STATEMENT                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    61000       |                0 | FOR         |                              61000       | FOR                         |  |
| TETRA Technologies, Inc.                | 88162F105 | 06/12/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        1.7e+06 |                0 | FOR         |                                  1.7e+06 | FOR                         |  |
| TETRA Technologies, Inc.                | 88162F105 | 06/12/2025     | Ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        1.7e+06 |                0 | FOR         |                                  1.7e+06 | FOR                         |  |
| ZTO Express (Cayman) Inc.               | 98980A105 | 06/17/2025     | Approve Remuneration of Directors                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |   325000       |                0 | FOR         |                             325000       | FOR                         |  |
| Vodafone Group Plc                      | 92857W308 | 07/30/2024     | Approve Remuneration Report                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    45500       |                0 | FOR         |                              45500       | FOR                         |  |
| ALLETE, Inc.                            | 018522300 | 08/21/2024     | To approve, on a nonbinding, advisory basis, the compensation that will or may become payable by the Company to our named executive officers in connection with the Merger; and                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    20700       |                0 | FOR         |                              20700       | FOR                         |  |
| Avangrid, Inc.                          | 05351W103 | 09/26/2024     | APPROVE, ON AN ADVISORY BASIS, NAMED EXECUTIVE OFFICERS COMPENSATION.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |    32100       |                0 | FOR         |                              32100       | FOR                         |  |
| New Jersey Resources Corporation        | 646025106 | 01/21/2025     | To approve a non-binding advisory resolution approving the compensation of our named executive officers.                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |    21000       |                0 | FOR         |                              21000       | FOR                         |  |
| Spire Inc.                              | 84857L101 | 01/30/2025     | Advisory nonbinding approval of resolution to approve compensation of our named executive officers.                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |    16000       |                0 | FOR         |                              16000       | FOR                         |  |
| Spire Inc.                              | 84857L101 | 01/30/2025     | Approve the Spire 2025 Equity Incentive Plan.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |    16000       |                0 | FOR         |                              16000       | FOR                         |  |
| Atmos Energy Corporation                | 049560105 | 02/05/2025     | Proposal to approve an amendment to the Company's 1998 Long-Term Incentive Plan to provide for an increase of 2,000,000 shares of common stock reserved for issuance under the plan.                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |     9500       |                0 | FOR         |                               9500       | FOR                         |  |
| Atmos Energy Corporation                | 049560105 | 02/05/2025     | Proposal for an advisory vote by shareholders to approve the compensation of the Company's named executive officers for fiscal 2024 ("Say-on-Pay").                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |     9500       |                0 | FOR         |                               9500       | FOR                         |  |
| National Fuel Gas Company               | 636180101 | 03/13/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    18341       |                0 | FOR         |                              18341       | FOR                         |  |
| Portland General Electric Company       | 736508847 | 04/18/2025     | To approve, by a non- binding vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    10300       |                0 | FOR         |                              10300       | FOR                         |  |
| Black Hills Corporation                 | 092113109 | 04/23/2025     | Advisory resolution to approve executive compensation.                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |    15200       |                0 | FOR         |                              15200       | FOR                         |  |
| American Electric Power Company, Inc.   | 025537101 | 04/29/2025     | Advisory vote to approve AEP's named executive officer compensation.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    12240       |                0 | FOR         |                              12240       | FOR                         |  |
| Eversource Energy                       | 30040W108 | 05/01/2025     | Consider an advisory proposal approving the compensation of our Named Executive Officers.                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |    18000       |                0 | AGAINST     |                              18000       | AGAINST                     |  |
| CMS Energy Corporation                  | 125896100 | 05/02/2025     | Approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |    12200       |                0 | FOR         |                              12200       | FOR                         |  |
| Evergy, Inc.                            | 30034W106 | 05/06/2025     | Approve the 2024 compensation of our named executive officers on an advisory non-binding basis.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |    16900       |                0 | FOR         |                              16900       | FOR                         |  |
| Evergy, Inc.                            | 30034W106 | 05/06/2025     | To recommend, on a non-binding advisory basis, the frequency of the advisory vote on executive compensation.                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |    16900       |                0 | ONE YEAR    |                              16900       | FOR                         |  |
| Ameren Corporation                      | 023608102 | 05/08/2025     | COMPANY PROPOSAL - ADVISORY APPROVAL OF COMPENSATION OF THE NAMED EXECUTIVE OFFICERS DISCLOSED IN THE PROXY STATEMENT.                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |    12319       |                0 | FOR         |                              12319       | FOR                         |  |
| DTE Energy Company                      | 233331107 | 05/08/2025     | Provide a nonbinding vote to approve the Company's executive compensation                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |     8559       |                0 | FOR         |                               8559       | FOR                         |  |
| DTE Energy Company                      | 233331107 | 05/08/2025     | Vote to approve the DTE Energy Company 2025 Long-Term Incentive Plan                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |     8559       |                0 | FOR         |                               8559       | FOR                         |  |
| NiSource Inc.                           | 65473P105 | 05/12/2025     | To approve named executive officer compensation on an advisory basis.                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |    30000       |                0 | FOR         |                              30000       | FOR                         |  |
| ALLETE, Inc.                            | 018522300 | 05/13/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |    18000       |                0 | FOR         |                              18000       | FOR                         |  |
| ALLETE, Inc.                            | 018522300 | 05/13/2025     | Approval of the ALLETE Long-Term Incentive Compensation plan.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |    18000       |                0 | FOR         |                              18000       | FOR                         |  |
| Consolidated Edison, Inc.               | 209115104 | 05/19/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    11100       |                0 | FOR         |                              11100       | FOR                         |  |
| Xcel Energy Inc.                        | 98389B100 | 05/21/2025     | Approval of Xcel Energy Inc.'s executive compensation in an advisory vote (say on pay vote)                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |    18600       |                0 | FOR         |                              18600       | FOR                         |  |
| NextEra Energy, Inc.                    | 65339F101 | 05/22/2025     | Approval, by non-binding advisory vote, of NextEra Energy's compensation of its named executive officers as disclosed in the proxy statement.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |    17500       |                0 | FOR         |                              17500       | FOR                         |  |
| ONE Gas, Inc.                           | 68235P108 | 05/22/2025     | Advisory vote to approve the Company's executive compensation.                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |    13700       |                0 | FOR         |                              13700       | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** ICON ADVISERS INC/CO

**By (Signature):** Brian Callahan

**By (Printed Signature):** Brian Callahan

**By (Title):** President/Chief Compliance Officer

**Date:** 08/22/2025