# EDGAR Filing Document

**Accession Number:** 0001058470
**File Stem:** 0001058470-25-000009
**Filing Date:** 2025-11
**Character Count:** 20985
**Document Hash:** eabff80b31d7168c4651200f987a456c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058470-25-000009.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001058470-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07066
- **FILM NUMBER:** 251473829

**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:** 09-30-2025

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

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

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

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

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

Brian Callahan  Greenwood Village, CO  11-12-2025<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:** 177

**Form 13F Information Table Value Total:** $1408217382

      (round to nearest dollar)

**List of Other Included Managers:**

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

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

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 919520 | 56000 | SH |  | SOLE |  | 0 | 0 | 56000 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 24162816 | 629240 | SH |  | SOLE |  | 0 | 0 | 629240 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 3936600 | 180000 | SH |  | SOLE |  | 0 | 0 | 180000 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 1493934 | 35800 | SH |  | SOLE |  | 0 | 0 | 35800 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 22513785 | 99403 | SH |  | SOLE |  | 0 | 0 | 99403 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 367425 | 20700 | SH |  | SOLE |  | 0 | 0 | 20700 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 17129918 | 510731 | SH |  | SOLE |  | 160700 | 0 | 350031 |
| ZTO EXPRESS CAYMAN INC | SPONSORED ADS A | 98980A105 |  | 9248000 | 200000 | SH |  | SOLE |  | 0 | 0 | 200000 |
| DIREXION SHS ETF TR | DLY SMCAP BULL3X | 25459W847 |  | 11773330 | 91550 | SH |  | SOLE |  | 0 | 0 | 91550 |
| INVESCO EXCH TRADED FD TR II | S SMLCP INFO | 46138E115 |  | 458640 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 9720 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| EATON VANCE CALIF MUN BD FD | COM | 27828A100 |  | 6522438 | 731215 | SH |  | SOLE |  | 0 | 0 | 731215 |
| EATON VANCE NEW YORK MUN BD | COM | 27827Y109 |  | 2644649 | 284677 | SH |  | SOLE |  | 0 | 0 | 284677 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 2735448 | 821456 | SH |  | SOLE |  | 0 | 0 | 821456 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 1866414 | 244295 | SH |  | SOLE |  | 0 | 0 | 244295 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 3062506 | 568183 | SH |  | SOLE |  | 0 | 0 | 568183 |
| PIONEER FLOATING RATE FUND I | COM | 72369J102 |  | 1072014 | 126566 | SH |  | SOLE |  | 0 | 0 | 126566 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 39780 | 2734 | SH |  | SOLE |  | 197 | 0 | 2537 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 35848 | 1459 | SH |  | SOLE |  | 0 | 0 | 1459 |
| 3-D SYS CORP DEL | COM NEW | 88554D205 |  | 56654000 | 2600000 | SH |  | SOLE |  | 0 | 0 | 2600000 |
| AES CORP | COM | 00130H105 |  | 125765761 | 107114 | SH |  | SOLE |  | 0 | 0 | 107114 |
| AGNC INVT CORP | COM | 00123Q104 |  | 2922 | 53121 | SH |  | SOLE |  | 0 | 0 | 53121 |
| ALLETE INC | COM NEW | 018522300 |  | 17710 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| AMEREN CORP | COM | 023608102 |  | 1839364 | 12082 | SH |  | SOLE |  | 0 | 0 | 12082 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 128765 | 12240 | SH |  | SOLE |  | 0 | 0 | 12240 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 50545 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 2394616 | 37375 | SH |  | SOLE |  | 22125 | 0 | 15250 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 864360 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| ADOBE INC | COM | 00724F101 |  | 621004 | 5985 | SH |  | SOLE |  | 5985 | 0 | 0 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 |  | 5773538 | 18100 | SH |  | SOLE |  | 18100 | 0 | 0 |
| ALAMO GROUP INC | COM | 011311107 |  | 2933666 | 18060 | SH |  | SOLE |  | 10660 | 0 | 7400 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 11558250 | 75000 | SH |  | SOLE |  | 0 | 0 | 75000 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 7931040 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| AMDOCS LTD | SHS | G02602103 |  | 2806719 | 24436 | SH |  | SOLE |  | 0 | 0 | 24436 |
| AMGEN INC | COM | 031162100 |  | 982710 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 752096 | 15200 | SH |  | SOLE |  | 0 | 0 | 15200 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 30130756 | 169856 | SH |  | SOLE |  | 0 | 0 | 169856 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 3503616 | 38400 | SH |  | SOLE |  | 0 | 0 | 38400 |
| ARROW ELECTRS INC | COM | 042735100 |  | 7144984 | 25590 | SH |  | SOLE |  | 0 | 0 | 25590 |
| ASSURANT INC | COM | 04621X108 |  | 89244 | 4742 | SH |  | SOLE |  | 0 | 0 | 4742 |
| AUTODESK INC | COM | 052769106 |  | 910500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BANK AMERICA CORP | COM | 060505104 |  | 10393673 | 101590 | SH |  | SOLE |  | 69102 | 0 | 32488 |
| BARINGS BDC INC | COM | 06759L103 |  | 21664456 | 109699 | SH |  | SOLE |  | 0 | 0 | 109699 |
| BRUNSWICK CORP | COM | 117043109 |  | 30957 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 5151870 | 108873 | SH |  | SOLE |  | 84473 | 0 | 24400 |
| BALL CORP | COM | 058498106 |  | 5524 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 3757320 | 98000 | SH |  | SOLE |  | 0 | 0 | 98000 |
| BLACK HILLS CORP | COM | 092113109 |  | 686373 | 12237 | SH |  | SOLE |  | 0 | 0 | 12237 |
| BOSTON BEER INC | CL A | 100557107 |  | 52466 | 2520 | SH |  | SOLE |  | 0 | 0 | 2520 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1058832 | 19262 | SH |  | SOLE |  | 0 | 0 | 19262 |
| CDW CORP | COM | 12514G108 |  | 661980 | 11800 | SH |  | SOLE |  | 0 | 0 | 11800 |
| CEVA INC | COM | 157210105 |  | 11086061 | 58100 | SH |  | SOLE |  | 28600 | 0 | 29500 |
| CITIGROUP INC | COM NEW | 172967424 |  | 5092 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 |  | 2178798 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| CSX CORP | COM | 126408103 |  | 802270 | 36500 | SH |  | SOLE |  | 300 | 0 | 36200 |
| CVR ENERGY INC | COM | 12662P108 |  | 9363200 | 110000 | SH |  | SOLE |  | 0 | 0 | 110000 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 969920 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| CATERPILLAR INC | COM | 149123101 |  | 816 | 25 | SH |  | SOLE |  | 25 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 6497700 | 242000 | SH |  | SOLE |  | 0 | 0 | 242000 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 33166 | 120 | SH |  | SOLE |  | 120 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 255972087 | 659365 | SH |  | SOLE |  | 75465 | 0 | 583900 |
| CISCO SYS INC | COM | 17275R102 |  | 1178328 | 65390 | SH |  | SOLE |  | 0 | 0 | 65390 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 20529 | 225 | SH |  | SOLE |  | 225 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 3103982 | 18852 | SH |  | SOLE |  | 0 | 0 | 18852 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1202 | 105 | SH |  | SOLE |  | 105 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 10407 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 6490 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 866133 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 4775893 | 133816 | SH |  | SOLE |  | 0 | 0 | 133816 |
| CUMMINS INC | COM | 231021106 |  | 2244 | 25 | SH |  | SOLE |  | 25 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 2665196 | 26559 | SH |  | SOLE |  | 0 | 0 | 26559 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 81611 | 5788 | SH |  | SOLE |  | 0 | 0 | 5788 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 17226500 | 52600 | SH |  | SOLE |  | 0 | 0 | 52600 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 12302223 | 92875 | SH |  | SOLE |  | 26775 | 0 | 66100 |
| EASTMAN CHEM CO | COM | 277432100 |  | 2852462 | 27675 | SH |  | SOLE |  | 14575 | 0 | 13100 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 1762611 | 35840 | SH |  | SOLE |  | 0 | 0 | 35840 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 2215584 | 39200 | SH |  | SOLE |  | 0 | 0 | 39200 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 2004173 | 26844 | SH |  | SOLE |  | 15161 | 0 | 11683 |
| EVEREST GROUP LTD | COM | G3223R108 |  | 1244672 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| EVERGY INC | COM | 30034W106 |  | 5984344 | 48800 | SH |  | SOLE |  | 0 | 0 | 48800 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 858330 | 15300 | SH |  | SOLE |  | 0 | 0 | 15300 |
| EXTREME NETWORKS | COM | 30226D106 |  | 8110400 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 1607491 | 4730 | SH |  | SOLE |  | 4730 | 0 | 0 |
| GENTEX CORP | COM | 371901109 |  | 2949032 | 42783 | SH |  | SOLE |  | 0 | 0 | 42783 |
| GENTHERM INC | COM | 37253A103 |  | 941576 | 14800 | SH |  | SOLE |  | 0 | 0 | 14800 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 6366321 | 37742 | SH |  | SOLE |  | 13405 | 0 | 24337 |
| GLOBANT S A | COM | L44385109 |  | 277956 | 15485 | SH |  | SOLE |  | 0 | 0 | 15485 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 6496737 | 115889 | SH |  | SOLE |  | 0 | 0 | 115889 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 882973 | 8352 | SH |  | SOLE |  | 0 | 0 | 8352 |
| HF SINCLAIR CORP | COM | 403949100 |  | 3597564 | 163600 | SH |  | SOLE |  | 43600 | 0 | 120000 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 1980 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 962081 | 12020 | SH |  | SOLE |  | 0 | 0 | 12020 |
| HORACE MANN EDUCATORS CORP N | COM | 440327104 |  | 13971192 | 153800 | SH |  | SOLE |  | 62700 | 0 | 91100 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1664663 | 147970 | SH |  | SOLE |  | 0 | 0 | 147970 |
| HUNTSMAN CORP | COM | 447011107 |  | 3153150 | 292500 | SH |  | SOLE |  | 73400 | 0 | 219100 |
| INTEL CORP | COM | 458140100 |  | 14599175 | 38108 | SH |  | SOLE |  | 0 | 0 | 38108 |
| ITT INC | COM | 45073V108 |  | 2876 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 1800622 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 13270602 | 104600 | SH |  | SOLE |  | 64600 | 0 | 40000 |
| IRIDIUM COMMUNICATIONS INC | COM | 46269C102 |  | 2215834 | 51567 | SH |  | SOLE |  | 0 | 0 | 51567 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 406212 | 24237 | SH |  | SOLE |  | 17387 | 0 | 6850 |
| OPENLANE INC | COM | 48238T109 |  | 1146200 | 110000 | SH |  | SOLE |  | 0 | 0 | 110000 |
| KEYCORP | COM | 493267108 |  | 20544730 | 131000 | SH |  | SOLE |  | 23400 | 0 | 107600 |
| KNIGHT-SWIFT TRANSN HLDGS IN | CL A | 499049104 |  | 2714670 | 63000 | SH |  | SOLE |  | 0 | 0 | 63000 |
| KORNIT DIGITAL LTD | SHS | M6372Q113 |  | 27124000 | 200000 | SH |  | SOLE |  | 0 | 0 | 200000 |
| KAISER ALUMINUM CORP | COM PAR $0.01 | 483007704 |  | 32293365 | 111391 | SH |  | SOLE |  | 20515 | 0 | 90876 |
| KULICKE  SOFFA INDS INC | COM | 501242101 |  | 929100 | 38000 | SH |  | SOLE |  | 0 | 0 | 38000 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 2099546 | 120525 | SH |  | SOLE |  | 72625 | 0 | 47900 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 1383868 | 31288 | SH |  | SOLE |  | 17807 | 0 | 13481 |
| LAZARD INC | COM | 52110M109 |  | 1231294 | 61843 | SH |  | SOLE |  | 6600 | 0 | 55243 |
| LEAR CORP | COM NEW | 521865204 |  | 697927 | 8735 | SH |  | SOLE |  | 35 | 0 | 8700 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 134940 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| MAGNA INTL INC | COM | 559222401 |  | 1780412 | 51457 | SH |  | SOLE |  | 24357 | 0 | 27100 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 5625 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 468189 | 9758 | SH |  | SOLE |  | 5481 | 0 | 4277 |
| MKS INC. | COM | 55306N104 |  | 1377210 | 14500 | SH |  | SOLE |  | 0 | 0 | 14500 |
| MATERION CORP | COM | 576690101 |  | 9170172 | 19800 | SH |  | SOLE |  | 0 | 0 | 19800 |
| META PLATFORMS INC | CL A | 30303M102 |  | 231660 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| MICROSOFT CORP | COM | 594918104 |  | 8234 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 56681764 | 100868 | SH |  | SOLE |  | 23690 | 0 | 77178 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 676818 | 8550 | SH |  | SOLE |  | 0 | 0 | 8550 |
| NIKE INC | CL B | 654106103 |  | 1934539 | 19470 | SH |  | SOLE |  | 19470 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 1928691 | 24300 | SH |  | SOLE |  | 0 | 0 | 24300 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 14540373 | 19700 | SH |  | SOLE |  | 0 | 0 | 19700 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 6845356 | 13762 | SH |  | SOLE |  | 0 | 0 | 13762 |
| ONE GAS INC | COM | 68235P108 |  | 3753540 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P405 |  | 5101744 | 60226 | SH |  | SOLE |  | 0 | 0 | 60226 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 4842600 | 28000 | SH |  | SOLE |  | 0 | 0 | 28000 |
| O-I GLASS INC | COM | 67098H104 |  | 19180800 | 270000 | SH |  | SOLE |  | 0 | 0 | 270000 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3227 | 80 | SH |  | SOLE |  | 80 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 850460 | 18975 | SH |  | SOLE |  | 0 | 0 | 18975 |
| PPG INDS INC | COM | 693506107 |  | 3124 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3839550 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| PEGASYSTEMS INC | COM | 705573103 |  | 615341 | 41493 | SH |  | SOLE |  | 0 | 0 | 41493 |
| PERRIGO CO PLC | SHS | G97822103 |  | 437412 | 6087 | SH |  | SOLE |  | 6087 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 1311000 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 888321 | 60266 | SH |  | SOLE |  | 0 | 0 | 60266 |
| POWER INTEGRATIONS INC | COM | 739276103 |  | 1910024 | 25700 | SH |  | SOLE |  | 12600 | 0 | 13100 |
| REV GROUP INC | COM | 749527107 |  | 6997600 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 739375 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| SONOCO PRODS CO | COM | 835495102 |  | 8492560 | 41500 | SH |  | SOLE |  | 0 | 0 | 41500 |
| STATE STR CORP | COM | 857477103 |  | 3248 | 60 | SH |  | SOLE |  | 60 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 565662 | 21170 | SH |  | SOLE |  | 0 | 0 | 21170 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 1929681 | 47494 | SH |  | SOLE |  | 18575 | 0 | 28919 |
| SERVICENOW INC | COM | 81762P102 |  | 196992 | 3524 | SH |  | SOLE |  | 0 | 0 | 3524 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 1066016 | 22400 | SH |  | SOLE |  | 0 | 0 | 22400 |
| SOUTHWEST GAS HLDGS INC | COM | 844895102 |  | 7287000 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| SPIRE INC | COM | 84857L101 |  | 2051676 | 47100 | SH |  | SOLE |  | 0 | 0 | 47100 |
| STANLEY BLACK  DECKER INC | COM | 854502101 |  | 3665008 | 34465 | SH |  | SOLE |  | 21865 | 0 | 12600 |
| STEPAN CO | COM | 858586100 |  | 6785000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| MADDEN STEVEN LTD | COM | 556269108 |  | 85320 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 3494807 | 24214 | SH |  | SOLE |  | 0 | 0 | 24214 |
| SYNAPTICS INC | COM | 87157D109 |  | 2098476 | 21300 | SH |  | SOLE |  | 11400 | 0 | 9900 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 33284090 | 32375 | SH |  | SOLE |  | 32375 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 707192 | 21800 | SH |  | SOLE |  | 8900 | 0 | 12900 |
| TERADYNE INC | COM | 880770102 |  | 3056759 | 41091 | SH |  | SOLE |  | 0 | 0 | 41091 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 109485000 | 1500000 | SH |  | SOLE |  | 0 | 0 | 1500000 |
| TEREX CORP NEW | COM | 880779103 |  | 2674420 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 2112420 | 114000 | SH |  | SOLE |  | 0 | 0 | 114000 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 3889 | 60 | SH |  | SOLE |  | 60 | 0 | 0 |
| TRIMAS CORP | COM NEW | 896215209 |  | 4036500 | 78000 | SH |  | SOLE |  | 0 | 0 | 78000 |
| TRINITY INDS INC | COM | 896522109 |  | 13914384 | 58400 | SH |  | SOLE |  | 9600 | 0 | 48800 |
| TRINSEO PLC | SHS | G9059U107 |  | 89920000 | 1000000 | SH |  | SOLE |  | 0 | 0 | 1000000 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 131376 | 39100 | SH |  | SOLE |  | 0 | 0 | 39100 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 4345 | 5057 | SH |  | SOLE |  | 0 | 0 | 5057 |
| US BANCORP DEL | COM NEW | 902973304 |  | 14007 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 349891 | 9730 | SH |  | SOLE |  | 9730 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 21871 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| UNIVERSAL DISPLAY CORP | COM | 91347P105 |  | 726236 | 25384 | SH |  | SOLE |  | 0 | 0 | 25384 |
| VISA INC | COM CL A | 92826C839 |  | 179617 | 6650 | SH |  | SOLE |  | 50 | 0 | 6600 |
| VOYA FINANCIAL INC | COM | 929089100 |  | 39727 | 12733 | SH |  | SOLE |  | 0 | 0 | 12733 |
| VISTEON CORP | COM NEW | 92839U206 |  | 335322 | 7800 | SH |  | SOLE |  | 0 | 0 | 7800 |
| VULCAN MATLS CO | COM | 929160109 |  | 17785 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 8258125 | 182500 | SH |  | SOLE |  | 0 | 0 | 182500 |
| XCEL ENERGY INC | COM | 98389B100 |  | 4003392 | 17400 | SH |  | SOLE |  | 0 | 0 | 17400 |
| EBAY INC. | COM | 278642103 |  | 13301719 | 46291 | SH |  | SOLE |  | 34311 | 0 | 11980 |
| SALESFORCE INC | COM | 79466L302 |  | 1832205 | 11862 | SH |  | SOLE |  | 0 | 0 | 11862 |

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