That gun is cocked. Hopefully not loaded, though? Safety first! :-)
I have a T/C Encore handgun (15" barrel) in 7mm-08 Rem, with the walnut forend and grip. Truly a fine and beautiful gun, and tack-driver accurate.
Now that S&W is buying T/C, I won't be purchasing any more of them.
It's not cocked. It doesn't set all the way down when not cocked. BTW, it's a G2 Contender. I have .17m2, .223, .204 and 6.8 Rem SPC barrels. It also is very accurate.