# EDGAR Filing Document

**Accession Number:** 0001020580
**File Stem:** 0001020580-25-000008
**Filing Date:** 2025-8
**Character Count:** 9759
**Document Hash:** a32684995a507014de9b4bd53c6a4432
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001020580-25-000008.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001020580-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEATING INVESTMENT COUNSELORS INC
- **CENTRAL INDEX KEY:** 0001020580

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05750
- **FILM NUMBER:** 251192653

**BUSINESS ADDRESS:**
- **STREET 1:** 101 S.E. 6TH AVE
- **STREET 2:** SUITE A
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33483
- **BUSINESS PHONE:** 5612787862

**MAIL ADDRESS:**
- **STREET 1:** 101 S.E. 6TH AVE
- **STREET 2:** SUITE A
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33483

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** KEATING INVESTMENT COUNSELORS INC<br>**Address:** 101 S.E. 6TH AVE<br>SUITE A<br>DELRAY BEACH, FL 33483

**Form 13F File Number:** 028-05750

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:** Ursula Stephanie Auger<br>**Title:** Portfolio Manager<br>**Phone:** 561-278-7862

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

Ursula Stephanie Auger  Delray Beach, FL  08-07-2025<br>[Signature]  [City, State]  [Date]

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

[ ] **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).)

[x] **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:** 61

**Form 13F Information Table Value Total:** $330849379

      (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.]

|   No. | Name                | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Empowered Funds LLC | 028-17729              |  |  |

### 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 |
| SPDR Bloomberg 1-3 Month T-Bil | ETF | 78468R663 |  | 25736227 | 280565 | SH |  | SOLE |  | 272571 | 0 | 7994 |
| iShares 0-5 year TIPS Bond ETF | ETF | 46429B747 |  | 57650019 | 560198 | SH |  | SOLE |  | 532863 | 0 | 27335 |
| 3M Co | COM | 88579Y101 |  | 782361 | 5139 | SH |  | SOLE |  | 4424 | 0 | 715 |
| AbbVie Inc | COM | 00287Y109 |  | 361217 | 1946 | SH |  | SOLE |  | 1946 | 0 | 0 |
| Agnico Eagle Mines Limited | COM | 008474108 |  | 12965273 | 109016 | SH |  | SOLE |  | 100211 | 0 | 8805 |
| Altria Group Inc | COM | 02209S103 |  | 222618 | 3797 | SH |  | SOLE |  | 3797 | 0 | 0 |
| Amazon Com Inc | COM | 023135106 |  | 231895 | 1057 | SH |  | SOLE |  | 1057 | 0 | 0 |
| Amphenol Corporation | COM | 032095101 |  | 395000 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| Apple Inc | COM | 037833100 |  | 702912 | 3426 | SH |  | SOLE |  | 2881 | 0 | 545 |
| Barrick Mining Corporation | COM | 06849F108 |  | 10814658 | 519436 | SH |  | SOLE |  | 478236 | 0 | 41200 |
| Berkshire Hathaway Class B | COM | 084670702 |  | 279318 | 575 | SH |  | SOLE |  | 575 | 0 | 0 |
| Bristol Myers Squibb Co | COM | 110122108 |  | 389623 | 8417 | SH |  | SOLE |  | 7517 | 0 | 900 |
| Cal-Maine Foods Inc | COM | 128030202 |  | 3923031 | 39376 | SH |  | SOLE |  | 39101 | 0 | 275 |
| Carrefour SA | COM | 144430204 |  | 6658384 | 2336275 | SH |  | SOLE |  | 2194775 | 0 | 141500 |
| Chevron Corp | COM | 166764100 |  | 1026815 | 7171 | SH |  | SOLE |  | 6821 | 0 | 350 |
| ConocoPhillips | COM | 20825C104 |  | 619327 | 6901 | SH |  | SOLE |  | 6615 | 0 | 286 |
| Costco Whsl Corp New | COM | 22160k105 |  | 1237425 | 1250 | SH |  | SOLE |  | 1115 | 0 | 135 |
| Disney Walt Co | COM | 254687106 |  | 874319 | 7050 | SH |  | SOLE |  | 5600 | 0 | 1450 |
| Dover Corp | COM | 260003108 |  | 641305 | 3500 | SH |  | SOLE |  | 2750 | 0 | 750 |
| Equinor ASA | COM | 29446M102 |  | 6674670 | 265500 | SH |  | SOLE |  | 241925 | 0 | 23575 |
| Exxon Mobil Corp | COM | 30231G102 |  | 2031383 | 18844 | SH |  | SOLE |  | 17394 | 0 | 1450 |
| GSK PLC | COM | 37733W204 |  | 7173158 | 186801 | SH |  | SOLE |  | 172100 | 0 | 14701 |
| Hess Corporation | COM | 42809H107 |  | 476301 | 3438 | SH |  | SOLE |  | 3438 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 3902502 | 10644 | SH |  | SOLE |  | 9314 | 0 | 1330 |
| Honeywell Intl Inc | COM | 438516106 |  | 593844 | 2550 | SH |  | SOLE |  | 2275 | 0 | 275 |
| Intel Corp | COM | 458140100 |  | 248864 | 11110 | SH |  | SOLE |  | 10260 | 0 | 850 |
| Intuit Inc | COM | 461202103 |  | 209510 | 266 | SH |  | SOLE |  | 266 | 0 | 0 |
| J Sainsbury PLC | COM | 466249208 |  | 5700245 | 353175 | SH |  | SOLE |  | 333700 | 0 | 19475 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 662444 | 2285 | SH |  | SOLE |  | 2285 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1717674 | 11245 | SH |  | SOLE |  | 10445 | 0 | 800 |
| Lamb Weston Holdings Inc | COM | 513272104 |  | 2430572 | 46877 | SH |  | SOLE |  | 44652 | 0 | 2225 |
| Liberty Global PLC | COM | G61188127 |  | 4737156 | 459472 | SH |  | SOLE |  | 433122 | 0 | 26350 |
| Lockheed Martin Corp | COM | 539830109 |  | 5422443 | 11708 | SH |  | SOLE |  | 10603 | 0 | 1105 |
| Lowe's Companies Inc. | COM | 548661107 |  | 283994 | 1280 | SH |  | SOLE |  | 1280 | 0 | 0 |
| McDonalds Corp | COM | 580135101 |  | 376899 | 1290 | SH |  | SOLE |  | 1290 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 |  | 370994 | 503 | SH |  | SOLE |  | 503 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 571027 | 1148 | SH |  | SOLE |  | 943 | 0 | 205 |
| Molson Coors Beverage | COM | 60871R209 |  | 3790069 | 78812 | SH |  | SOLE |  | 72862 | 0 | 5950 |
| Newmont Corporation | COM | 651639106 |  | 989197 | 16979 | SH |  | SOLE |  | 16979 | 0 | 0 |
| NovaGold Resources Inc | COM | 66987E206 |  | 275973 | 67475 | SH |  | SOLE |  | 67475 | 0 | 0 |
| O'Reilly Automotive New | COM | 67103H107 |  | 482646 | 5355 | SH |  | SOLE |  | 5355 | 0 | 0 |
| Oceaneering International Inc | COM | 675232102 |  | 7977677 | 385023 | SH |  | SOLE |  | 358498 | 0 | 26525 |
| Pan American Silver Corp | COM | 697900108 |  | 3272248 | 115220 | SH |  | SOLE |  | 111070 | 0 | 4150 |
| PepsiCo Inc | COM | 713448108 |  | 941445 | 7130 | SH |  | SOLE |  | 5680 | 0 | 1450 |
| Philip Morris Intl Inc | COM | 718172109 |  | 5980967 | 32839 | SH |  | SOLE |  | 30089 | 0 | 2750 |
| SLB | COM | 806857108 |  | 2503127 | 74057 | SH |  | SOLE |  | 72557 | 0 | 1500 |
| Shell PLC | COM | 780259305 |  | 308044 | 4375 | SH |  | SOLE |  | 2575 | 0 | 1800 |
| Stryker Corp | COM | 863667101 |  | 1376792 | 3480 | SH |  | SOLE |  | 3170 | 0 | 310 |
| Suncor Energy Inc | COM | 867224107 |  | 6526374 | 174269 | SH |  | SOLE |  | 151544 | 0 | 22725 |
| Sunrise Communications CL A Sh | COM | 867975104 |  | 4029923 | 71263 | SH |  | SOLE |  | 66763 | 0 | 4500 |
| Talos Energy Inc | COM | 87484T108 |  | 3702792 | 436650 | SH |  | SOLE |  | 426800 | 0 | 9850 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 1206649 | 2976 | SH |  | SOLE |  | 2505 | 0 | 471 |
| TotalEnergies SE | COM | 89151E109 |  | 6786173 | 110542 | SH |  | SOLE |  | 102067 | 0 | 8475 |
| Transocean Ltd. | COM | H8817H100 |  | 1281403 | 494750 | SH |  | SOLE |  | 483750 | 0 | 11000 |
| Unilever PLC | COM | 904767704 |  | 6260627 | 102348 | SH |  | SOLE |  | 96273 | 0 | 6075 |
| United Parcel Service Inc | COM | 911312106 |  | 2271756 | 22506 | SH |  | SOLE |  | 21206 | 0 | 1300 |
| VanEck Gold Miners ETF | COM | 92189F106 |  | 1111481 | 21350 | SH |  | SOLE |  | 21350 | 0 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 6492361 | 150043 | SH |  | SOLE |  | 141668 | 0 | 8375 |
| Vodafone Group PLC New-SP ADR | COM | 92857W308 |  | 8035337 | 753784 | SH |  | SOLE |  | 704334 | 0 | 49450 |
| Weyerhaeuser Co. | COM | 962166104 |  | 1462634 | 56934 | SH |  | SOLE |  | 51734 | 0 | 5200 |
| Keating Active ETF | ETF | 02072L268 |  | 84688277 | 3132577 | SH |  | SOLE |  | 3112649 | 0 | 19928 |

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