# EDGAR Filing Document

**Accession Number:** 0001058470
**File Stem:** 0001058470-23-000002
**Filing Date:** 2023-2
**Character Count:** 17132
**Document Hash:** c17d2c6c0c015802882dcb9817f2eae4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058470-23-000002.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001058470-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ICON ADVISERS INC/CO
- **CENTRAL INDEX KEY:** 0001058470
- **IRS NUMBER:** 841166639
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07066
- **FILM NUMBER:** 23628249

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

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

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

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

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

**Name:** Brian Callahan<br>**Title:** President / Chief Compliance Officer<br>**Phone:** 3039121790

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

Brian Callahan  Greenwood Village, CO  02-14-2023<br>[Signature]  [City, State]  [Date]

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

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

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

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

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 135

**Form 13F Information Table Value Total:** $390872609

      (round to nearest dollar)

**List of Other Included Managers:**

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

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

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 1128752 | 18800 | SH |  | SOLE |  | 0 | 0 | 18800 |
| ECOPETROL S A | SPONSORED ADS | 279158109 |  | 4188000 | 400000 | SH |  | SOLE |  | 0 | 0 | 400000 |
| DIREXION SHS ETF TR | DLY ENRGY BULL2X | 25460G609 |  | 1397550 | 21000 | SH |  | SOLE |  | 0 | 0 | 21000 |
| DIREXION SHS ETF TR | DLY SEMICNDTR BR | 25460G336 |  | 1058868 | 26800 | SH |  | SOLE |  | 0 | 0 | 26800 |
| PROSHARES TR | SHORT QQQ NEW | 74347B714 |  | 1058368 | 71900 | SH |  | SOLE |  | 6800 | 0 | 65100 |
| BLACKSTONE STRATEGIC CREDIT | COM SHS BEN IN | 09257R101 |  | 1680379 | 158826 | SH |  | SOLE |  | 0 | 0 | 158826 |
| DELAWARE IVY HIGH INCOME OPP | COM | 246107106 |  | 3598530 | 328333 | SH |  | SOLE |  | 0 | 0 | 328333 |
| ELLSWORTH GROWTH  INCOME FD | COM | 289074106 |  | 300726 | 37685 | SH |  | SOLE |  | 0 | 0 | 37685 |
| INVESCO HIG INCM 2023 TARG T | COM | 46135X108 |  | 696835 | 86671 | SH |  | SOLE |  | 0 | 0 | 86671 |
| NUVEEN INTER DURATION MUN TE | COM | 670671106 |  | 8379508 | 638682 | SH |  | SOLE |  | 0 | 0 | 638682 |
| NUVEEN INT DUR QUAL MUN TRM | COM | 670677103 |  | 1748812 | 140017 | SH |  | SOLE |  | 0 | 0 | 140017 |
| RIVERNORTH CAP AND INCM FD I | COM | 76882B108 |  | 697736 | 41213 | SH |  | SOLE |  | 0 | 0 | 41213 |
| TEMPLETON GLOBAL INCOME FD | COM | 880198106 |  | 687682 | 158818 | SH |  | SOLE |  | 0 | 0 | 158818 |
| VERTICAL CAP INCOME FD | SHS BEN INT | 92535C104 |  | 3851301 | 442170 | SH |  | SOLE |  | 0 | 0 | 442170 |
| ALLETE INC | COM NEW | 018522300 |  | 1335357 | 20700 | SH |  | SOLE |  | 0 | 0 | 20700 |
| AMEREN CORP | COM | 023608102 |  | 2169648 | 24400 | SH |  | SOLE |  | 0 | 0 | 24400 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 1880010 | 19800 | SH |  | SOLE |  | 0 | 0 | 19800 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 5823291 | 84900 | SH |  | SOLE |  | 23300 | 0 | 61600 |
| AVANGRID INC | COM | 05351W103 |  | 1379658 | 32100 | SH |  | SOLE |  | 0 | 0 | 32100 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 6139990 | 18245 | SH |  | SOLE |  | 6645 | 0 | 11600 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 |  | 4086205 | 49850 | SH |  | SOLE |  | 19950 | 0 | 29900 |
| ALAMO GROUP INC | COM | 011311107 |  | 7197528 | 50830 | SH |  | SOLE |  | 15330 | 0 | 35500 |
| AMERICAN EQTY INVT LIFE HLD | COM | 025676206 |  | 6332056 | 138800 | SH |  | SOLE |  | 57500 | 0 | 81300 |
| AMGEN INC | COM | 031162100 |  | 2521344 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 1286990 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| ASSURANT INC | COM | 04621X108 |  | 1288118 | 10300 | SH |  | SOLE |  | 0 | 0 | 10300 |
| AUTODESK INC | COM | 052769106 |  | 2709615 | 14500 | SH |  | SOLE |  | 0 | 0 | 14500 |
| BANK AMERICA CORP | COM | 060505104 |  | 4500677 | 135890 | SH |  | SOLE |  | 69102 | 0 | 66788 |
| BK OF AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 2273600 | 1960 | SH |  | SOLE |  | 0 | 0 | 1960 |
| BRUNSWICK CORP | COM | 117043109 |  | 1629008 | 22600 | SH |  | SOLE |  | 100 | 0 | 22500 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 4656084 | 157673 | SH |  | SOLE |  | 84473 | 0 | 73200 |
| BERRY GLOBAL GROUP INC | COM | 08579W103 |  | 1994190 | 33000 | SH |  | SOLE |  | 0 | 0 | 33000 |
| BLACK HILLS CORP | COM | 092113109 |  | 1730364 | 24600 | SH |  | SOLE |  | 0 | 0 | 24600 |
| BOSTON BEER INC | CL A | 100557107 |  | 1186272 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 3410430 | 47400 | SH |  | SOLE |  | 0 | 0 | 47400 |
| CDW CORP | COM | 12514G108 |  | 2107244 | 11800 | SH |  | SOLE |  | 0 | 0 | 11800 |
| CSX CORP | COM | 126408103 |  | 5003270 | 161500 | SH |  | SOLE |  | 300 | 0 | 161200 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 2377600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| CATALENT INC | COM | 148806102 |  | 1980440 | 44000 | SH |  | SOLE |  | 0 | 0 | 44000 |
| CATERPILLAR INC | COM | 149123101 |  | 2401589 | 10025 | SH |  | SOLE |  | 25 | 0 | 10000 |
| CHART INDS INC | COM | 16115Q308 |  | 5853108 | 50795 | SH |  | SOLE |  | 12795 | 0 | 38000 |
| CHEMOURS CO | COM | 163851108 |  | 582239 | 19015 | SH |  | SOLE |  | 215 | 0 | 18800 |
| CIGNA CORP NEW | COM | 125523100 |  | 3346534 | 10100 | SH |  | SOLE |  | 0 | 0 | 10100 |
| CUMMINS INC | COM | 231021106 |  | 1944377 | 8025 | SH |  | SOLE |  | 25 | 0 | 8000 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 1758779 | 28100 | SH |  | SOLE |  | 0 | 0 | 28100 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 2315128 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 556146 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| EPAM SYS INC | COM | 29414B104 |  | 7820204 | 23861 | SH |  | SOLE |  | 6931 | 0 | 16930 |
| EAGLE MATLS INC | COM | 26969P108 |  | 2391300 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| EASTMAN CHEM CO | COM | 277432100 |  | 1620656 | 19900 | SH |  | SOLE |  | 0 | 0 | 19900 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 6976392 | 13600 | SH |  | SOLE |  | 0 | 0 | 13600 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 2412000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 619920 | 21600 | SH |  | SOLE |  | 0 | 0 | 21600 |
| EQUITY COMWLTH | 6.5% CNV PFD D | 294628201 |  | 3684872 | 147086 | SH |  | SOLE |  | 0 | 0 | 147086 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 5811637 | 61577 | SH |  | SOLE |  | 16827 | 0 | 44750 |
| EVEREST RE GROUP LTD | COM | G3223R108 |  | 1060064 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| EVERGY INC | COM | 30034W106 |  | 3750628 | 59600 | SH |  | SOLE |  | 0 | 0 | 59600 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 1509120 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| EXTREME NETWORKS | COM | 30226D106 |  | 3771475 | 205979 | SH |  | SOLE |  | 0 | 0 | 205979 |
| GENPACT LIMITED | SHS | G3922B107 |  | 2950584 | 63700 | SH |  | SOLE |  | 0 | 0 | 63700 |
| GENTEX CORP | COM | 371901109 |  | 929907 | 34100 | SH |  | SOLE |  | 0 | 0 | 34100 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 6979713 | 70275 | SH |  | SOLE |  | 14620 | 0 | 55655 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 1251799 | 91239 | SH |  | SOLE |  | 0 | 0 | 91239 |
| GREENBRIER COS INC | COM | 393657101 |  | 2414160 | 72000 | SH |  | SOLE |  | 0 | 0 | 72000 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 1919680 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| HUMANA INC | COM | 444859102 |  | 4456053 | 8700 | SH |  | SOLE |  | 0 | 0 | 8700 |
| HEXCEL CORP NEW | COM | 428291108 |  | 1147575 | 19500 | SH |  | SOLE |  | 0 | 0 | 19500 |
| HOOKER FURNISHINGS CORPORATI | COM | 439038100 |  | 733040 | 39200 | SH |  | SOLE |  | 0 | 0 | 39200 |
| HORMEL FOODS CORP | COM | 440452100 |  | 710580 | 15600 | SH |  | SOLE |  | 0 | 0 | 15600 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 2010660 | 142600 | SH |  | SOLE |  | 0 | 0 | 142600 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 1892774 | 9238 | SH |  | SOLE |  | 0 | 0 | 9238 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 2047080 | 42000 | SH |  | SOLE |  | 0 | 0 | 42000 |
| INCYTE CORP | COM | 45337C102 |  | 1887520 | 23500 | SH |  | SOLE |  | 0 | 0 | 23500 |
| INGREDION INC | COM | 457187102 |  | 1439571 | 14700 | SH |  | SOLE |  | 0 | 0 | 14700 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 1743600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1895789 | 11900 | SH |  | SOLE |  | 0 | 0 | 11900 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3699417 | 27587 | SH |  | SOLE |  | 17387 | 0 | 10200 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 9864269 | 45632 | SH |  | SOLE |  | 18532 | 0 | 27100 |
| LEAR CORP | COM NEW | 521865204 |  | 1281747 | 10335 | SH |  | SOLE |  | 35 | 0 | 10300 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 1372998 | 42600 | SH |  | SOLE |  | 0 | 0 | 42600 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 3162185 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| M D C HLDGS INC | COM | 552676108 |  | 1854162 | 58676 | SH |  | SOLE |  | 0 | 0 | 58676 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 2631004 | 52400 | SH |  | SOLE |  | 0 | 0 | 52400 |
| MAGNA INTL INC | COM | 559222401 |  | 3491980 | 62157 | SH |  | SOLE |  | 33957 | 0 | 28200 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 2201875 | 6515 | SH |  | SOLE |  | 15 | 0 | 6500 |
| MASCO CORP | COM | 574599106 |  | 1633450 | 35000 | SH |  | SOLE |  | 0 | 0 | 35000 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 10251080 | 29480 | SH |  | SOLE |  | 6451 | 0 | 23029 |
| MRC GLOBAL INC | COM | 55345K103 |  | 3358200 | 290000 | SH |  | SOLE |  | 0 | 0 | 290000 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 2101552 | 117800 | SH |  | SOLE |  | 0 | 0 | 117800 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1903020 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 4887256 | 14800 | SH |  | SOLE |  | 0 | 0 | 14800 |
| MYERS INDS INC | COM | 628464109 |  | 2000700 | 90000 | SH |  | SOLE |  | 0 | 0 | 90000 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 5570400 | 88000 | SH |  | SOLE |  | 0 | 0 | 88000 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 2065354 | 11800 | SH |  | SOLE |  | 0 | 0 | 11800 |
| NIKE INC | CL B | 654106103 |  | 7476003 | 63892 | SH |  | SOLE |  | 22792 | 0 | 41100 |
| NISOURCE INC | COM | 65473P105 |  | 1597242 | 58251 | SH |  | SOLE |  | 0 | 0 | 58251 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 2793606 | 56300 | SH |  | SOLE |  | 0 | 0 | 56300 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 2027321 | 235735 | SH |  | SOLE |  | 835 | 0 | 234900 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 5082880 | 60800 | SH |  | SOLE |  | 0 | 0 | 60800 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 2182440 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| ONE GAS INC | COM | 68235P108 |  | 1423536 | 18800 | SH |  | SOLE |  | 0 | 0 | 18800 |
| OCEANFIRST FINL CORP | COM | 675234108 |  | 2507500 | 118000 | SH |  | SOLE |  | 0 | 0 | 118000 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 2979690 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| OSHKOSH CORP | COM | 688239201 |  | 2381130 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 2756008 | 47200 | SH |  | SOLE |  | 0 | 0 | 47200 |
| PULTE GROUP INC | COM | 745867101 |  | 1962343 | 43100 | SH |  | SOLE |  | 0 | 0 | 43100 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 7020720 | 597000 | SH |  | SOLE |  | 0 | 0 | 597000 |
| RANGER OIL CORPORATION | CLASS A COM | 70788V102 |  | 4326010 | 107000 | SH |  | SOLE |  | 0 | 0 | 107000 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 1197495 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 4489254 | 47400 | SH |  | SOLE |  | 0 | 0 | 47400 |
| SAIA INC | COM | 78709Y105 |  | 2725840 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 1956604 | 78800 | SH |  | SOLE |  | 0 | 0 | 78800 |
| SKECHERS U S A INC | CL A | 830566105 |  | 2244325 | 53500 | SH |  | SOLE |  | 0 | 0 | 53500 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 2294487 | 8100 | SH |  | SOLE |  | 0 | 0 | 8100 |
| SPIRE INC | COM | 84857L101 |  | 1060444 | 15400 | SH |  | SOLE |  | 0 | 0 | 15400 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2665320 | 84000 | SH |  | SOLE |  | 0 | 0 | 84000 |
| TEREX CORP NEW | COM | 880779103 |  | 4237824 | 99200 | SH |  | SOLE |  | 54200 | 0 | 45000 |
| TRINITY INDS INC | COM | 896522109 |  | 10006577 | 338403 | SH |  | SOLE |  | 102803 | 0 | 235600 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1682473 | 39100 | SH |  | SOLE |  | 0 | 0 | 39100 |
| UGI CORP NEW | COM | 902681105 |  | 4674342 | 126095 | SH |  | SOLE |  | 0 | 0 | 126095 |
| UNION PAC CORP | COM | 907818108 |  | 5975833 | 28859 | SH |  | SOLE |  | 9730 | 0 | 19129 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 6955431 | 13119 | SH |  | SOLE |  | 19 | 0 | 13100 |
| UNIVERSAL DISPLAY CORP | COM | 91347P105 |  | 1793464 | 16600 | SH |  | SOLE |  | 0 | 0 | 16600 |
| VISA INC | COM CL A | 92826C839 |  | 4431521 | 21330 | SH |  | SOLE |  | 50 | 0 | 21280 |
| VECTOR GROUP LTD | COM | 92240M108 |  | 2885538 | 243300 | SH |  | SOLE |  | 0 | 0 | 243300 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 977120 | 24800 | SH |  | SOLE |  | 0 | 0 | 24800 |
| VISTEON CORP | COM NEW | 92839U206 |  | 1255968 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| GRAINGER W W INC | COM | 384802104 |  | 2642188 | 4750 | SH |  | SOLE |  | 0 | 0 | 4750 |
| WHIRLPOOL CORP | COM | 963320106 |  | 1584352 | 11200 | SH |  | SOLE |  | 0 | 0 | 11200 |
| WEBSTER FINL CORP | COM | 947890109 |  | 1079352 | 22800 | SH |  | SOLE |  | 0 | 0 | 22800 |
| WOODWARD INC | COM | 980745103 |  | 1132173 | 11719 | SH |  | SOLE |  | 0 | 0 | 11719 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1921014 | 27400 | SH |  | SOLE |  | 0 | 0 | 27400 |
| XYLEM INC | COM | 98419M100 |  | 1990260 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| EBAY INC. | COM | 278642103 |  | 2266792 | 54661 | SH |  | SOLE |  | 34961 | 0 | 19700 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 831251 | 5900 | SH |  | SOLE |  | 0 | 0 | 5900 |

---