# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0000910472-26-003267
**Filing Date:** 2026-2
**Character Count:** 92222
**Document Hash:** fb2edde16cb7615107afb11a2f528287
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003267.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003267

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIMOTHY PLAN
- **CENTRAL INDEX KEY:** 0000916490

**ORGANIZATION NAME:**
- **EIN:** 597016828
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 26694051

**BUSINESS ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32751
- **BUSINESS PHONE:** 4076441986

**MAIL ADDRESS:**
- **STREET 1:** 1055 MAITLAND CENTER COMMONS
- **CITY:** MAITLAND
- **STATE:** FL
- **ZIP:** 32751

## Series and Classes Contracts Data

### Timothy Plan Defensive Strategies Fund (Series ID: S000026812)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000080683 | Timothy Plan Defensive Strategies Fund Class A | TPDAX           |
| C000080684 | Timothy Plan Defensive Strategies Fund Class C | TPDCX           |
| C000127002 | Timothy Plan Defensive Strategies Fund Class I | TPDIX           |

## Nport-Ex

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6%** |  |
|  | **AEROSPACE & DEFENSE - 0.1%** |  |
| 1091 | ATI, Inc.<sup>(a)</sup> | $125203 |
| 319 | Tkms A.G.& Company KGaA<sup>(a)</sup> | 24772 |
|  |  | 149975 |
|  | **CHEMICALS - 1.4%** |  |
| 940 | Albemarle Corporation | 132954 |
| 2049 | CF Industries Holdings, Inc. | 158470 |
| 3911 | FMC Corporation | 54246 |
| 6014 | ICL Group Ltd. | 34340 |
| 7069 | K+S A.G. | 103145 |
| 5479 | Mosaic Company (The) | 131989 |
| 5331 | Nutrien Ltd. | 329028 |
| 3601 | OCI N.V. | 12945 |
| 3097 | Sociedad Quimica y Minera de Chile S.A. - ADR<sup>(a)</sup> | 213074 |
| 2722 | Yara International ASA | 111801 |
|  |  | 1281992 |
|  | **DATA CENTER REIT - 1.2%** |  |
| 7650 | Digital Realty Trust, Inc. | 1183532 |
|  | **ELECTRIC UTILITIES - 0.0%<sup>(b)</sup>** |  |
| 3200 | Northland Power, Inc. | 41615 |
|  | **ENGINEERING & CONSTRUCTION - 0.0%<sup>(b)</sup>** |  |
| 799 | Technip Energies N.V. | 30488 |
|  | **FOOD - 1.4%** |  |
| 2563 | Adecoagro S.A. | 20325 |
| 853 | Cal-Maine Foods, Inc. | 67873 |
| 3587 | Darling Ingredients, Inc.<sup>(a)</sup> | 129132 |
| 3957 | Dole plc | 59315 |
| 1547 | Fresh Del Monte Produce, Inc. | 55120 |
| 2408 | Hormel Foods Corporation | 57070 |
| 1385 | Ingredion, Inc. | 152710 |
| 3900 | Maruha Nichiro Corporation | 32021 |
| 14806 | MBRF Global Foods Company S.A. - ADR | 54042 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **FOOD - 1.4% (Continued)** |  |
| 5900 | MEIJI Holdings Company Ltd. | $131275 |
| 2600 | Morinaga Milk Industry Company Ltd. | 61817 |
| 5082 | Mowi ASA | 122618 |
| 2500 | NH Foods Ltd. | 104658 |
| 4300 | Nisshin Seifun Group, Inc. | 52765 |
| 4700 | Nissui Corporation | 34328 |
| 2546 | Pilgrim's Pride Corporation | 99269 |
| 841 | Salmar ASA | 51521 |
|  |  | 1285859 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.2%** |  |
| 13800 | Sumitomo Forestry Company Ltd. | 141367 |
|  | **GAS & WATER UTILITIES - 0.8%** |  |
| 826 | American States Water Company | 59868 |
| 722 | American Water Works Company, Inc. | 94221 |
| 1570 | California Water Service Group | 68028 |
| 6455 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 153947 |
| 1577 | Essential Utilities, Inc. | 60494 |
| 1154 | Severn Trent plc | 43386 |
| 903 | H2O America | 44238 |
| 4078 | United Utilities Group plc | 65637 |
| 3246 | Veolia Environnement S.A. | 113336 |
|  |  | 703155 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.6%** |  |
| 48754 | Brookdale Senior Living, Inc.<sup>(a)</sup> | 526056 |
|  | **HEALTH CARE REIT - 1.8%** |  |
| 16000 | American Healthcare REIT, Inc. | 752960 |
| 54000 | Healthcare Realty Trust, Inc. | 915300 |
|  |  | 1668260 |
|  | **INDUSTRIAL REIT - 0.8%** |  |
| 20000 | Rexford Industrial Realty, Inc. | 774400 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **MACHINERY - 1.1%** |  |
| 748 | AGCO Corporation | $78031 |
| 7354 | CNH Industrial N.V. | 67804 |
| 826 | Deere & Company | 384561 |
| 14900 | Kubota Corporation | 210854 |
| 2400 | Kurita Water Industries Ltd. | 97269 |
| 1200 | Organo Corporation | 99254 |
| 840 | Weir Group plc (The) | 32226 |
|  |  | 969999 |
|  | **METALS & MINING - 7.9%** |  |
| 413 | Agnico Eagle Mines Ltd. | 70016 |
| 1434 | Agnico Eagle Mines Ltd. | 243177 |
| 2084 | Alamos Gold, Inc. | 80401 |
| 4251 | Alcoa Corporation | 225898 |
| 3175 | Anglo American plc | 132037 |
| 637 | Anglogold Ashanti plc | 54323 |
| 2421 | Antofagasta plc | 107012 |
| 513 | Aurubis A.G. | 74853 |
| 4816 | Barrick Mining Corporation | 209737 |
| 8828 | BHP Group Ltd. - ADR | 532946 |
| 653 | Cameco Corporation | 59743 |
| 22700 | Capstone Copper Corporation<sup>(a)</sup> | 227898 |
| 8700 | Centerra Gold, Inc. | 125248 |
| 3247 | Cia de Minas Buenaventura S.A.A - ADR | 90364 |
| 964 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 12802 |
| 400 | Dowa Holdings Company Ltd. | 18980 |
| 7572 | Eldorado Gold Corporation<sup>(a)</sup> | 271985 |
| 3400 | Endeavour Mining plc | 175082 |
| 1900 | ERO Copper Corporation<sup>(a)</sup> | 53751 |
| 600 | First Quantum Minerals Ltd.<sup>(a)</sup> | 16087 |
| 26 | Franco-Nevada Corporation | 5389 |
| 4340 | Freeport-McMoRan, Inc. | 220429 |
| 1058 | Gold Fields Ltd. - ADR | 46192 |
| 2145 | Harmony Gold Mining Company Ltd. - ADR | 42686 |
| 13716 | Hecla Mining Company | 263210 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **METALS & MINING - 7.9% (Continued)** |  |
| 13400 | Hudbay Minerals, Inc. | $266034 |
| 11131 | IAMGOLD Corporation<sup>(a)</sup> | 183550 |
| 13300 | Ivanhoe Mines Ltd.<sup>(a)</sup> | 151259 |
| 6715 | Kinross Gold Corporation | 189094 |
| 2500 | Labrador Iron Ore Royalty Corporation | 54405 |
| 18100 | Lundin Mining Corporation | 389014 |
| 2500 | Mitsubishi Materials Corporation | 58578 |
| 2026 | MP Materials Corporation<sup>(a)</sup> | 102354 |
| 2236 | Newmont Corporation | 223265 |
| 7557 | NexGen Energy Ltd.<sup>(a)</sup> | 69524 |
| 16834 | Norsk Hydro ASA | 130602 |
| 1459 | OR Royalties, Inc. | 51634 |
| 3259 | Pan American Silver Corporation | 168849 |
| 6890 | Rio Tinto plc - ADR | 551406 |
| 685 | Royal Gold, Inc. | 152269 |
| 1863 | Southern Copper Corporation | 267242 |
| 4900 | Sumitomo Metal Mining Company Ltd. | 198873 |
| 1143 | Teck Resources Ltd., Class B | 54720 |
| 7213 | Teck Resources Ltd., Class B | 345430 |
| 22903 | Vale S.A. - ADR | 298426 |
| 963 | Warrior Met Coal, Inc. | 84908 |
| 544 | Wheaton Precious Metals Corporation | 63931 |
|  |  | 7415613 |
|  | **MULTI ASSET CLASS REIT - 0.5%** |  |
| 30000 | FrontView REIT, Inc. | 442800 |
|  | **OFFICE REIT - 1.3%** |  |
| 8600 | BXP, Inc. | 580328 |
| 23500 | Highwoods Properties, Inc. | 606770 |
|  |  | 1187098 |
|  | **OIL & GAS PRODUCERS - 5.9%** |  |
| 7597 | Aker BP ASA | 193625 |
| 247 | APA Corporation | 6042 |
| 6300 | ARC Resources Ltd. | 118191 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 5.9% (Continued)** |  |
| 7400 | Athabasca Oil Corporation<sup>(a)</sup> | $37901 |
| 74500 | Baytex Energy Corporation | 240993 |
| 1128 | Black Stone Minerals, L.P. | 14991 |
| 1174 | California Resources Corporation | 52490 |
| 6274 | Canadian Natural Resources Ltd. | 212375 |
| 15208 | Cenovus Energy, Inc. | 257276 |
| 969 | Chord Energy Corporation | 89826 |
| 3830 | Civitas Resources, Inc. | 103755 |
| 2443 | CNX Resources Corporation<sup>(a)</sup> | 89829 |
| 4728 | ConocoPhillips | 442588 |
| 6726 | Coterra Energy, Inc. | 177028 |
| 6477 | Devon Energy Corporation | 237253 |
| 771 | Diamondback Energy, Inc. | 115904 |
| 1525 | Eni SpA - ADR | 57859 |
| 2697 | EOG Resources, Inc. | 283212 |
| 1232 | EQT Corporation | 66035 |
| 9561 | Equinor ASA - ADR | 225926 |
| 900 | Imperial Oil Ltd. | 77753 |
| 18000 | Inpex Corporation | 359359 |
| 3174 | Magnolia Oil & Gas Corporation, Class A | 69479 |
| 3376 | Matador Resources Company | 143277 |
| 5150 | Murphy Oil Corporation | 160938 |
| 1700 | Northern Oil & Gas, Inc. | 36499 |
| 3000 | NuVista Energy Ltd.<sup>(a)</sup> | 39605 |
| 255 | Ovintiv, Inc. | 9993 |
| 8071 | Permian Resources Corporation | 113236 |
| 12064 | Petroleo Brasileiro S.A. - ADR | 142958 |
| 3200 | Peyto Exploration & Development Corporation | 52946 |
| 3500 | PrairieSky Royalty Ltd. | 68925 |
| 546 | Range Resources Corporation | 19252 |
| 4459 | SM Energy Company | 83383 |
| 7400 | Suncor Energy, Inc. | 328441 |
| 1500 | Topaz Energy Corporation | 30097 |
| 3558 | TotalEnergies S.E. | 232365 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 5.9% (Continued)** |  |
| 3900 | Tourmaline Oil Corporation | $174944 |
| 15015 | Var Energi ASA 144A<sup>(c)</sup> | 49158 |
| 3312 | Viper Energy, Inc., Class A | 127943 |
| 13500 | Whitecap Resources, Inc. | 113109 |
| 2942 | Woodside Energy Group Ltd. - ADR | 45866 |
|  |  | 5502625 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.7%** |  |
| 2584 | Archrock, Inc. | 67236 |
| 4709 | Baker Hughes Company | 214448 |
| 2945 | Fugro N.V. | 29374 |
| 7252 | Halliburton Company | 204942 |
| 5583 | Helmerich & Payne, Inc. | 160120 |
| 12047 | Liberty Energy, Inc. | 222388 |
| 969 | Noble Corporation plc | 27365 |
| 2196 | NOV, Inc. | 34323 |
| 863 | Oceaneering International, Inc.<sup>(a)</sup> | 20738 |
| 21227 | Patterson-UTI Energy, Inc. | 129697 |
| 912 | SBM Offshore N.V. | 26250 |
| 1900 | Secure Waste Infrastructure Corporation | 23906 |
| 5873 | SLB Ltd. | 225405 |
| 1615 | Subsea 7 S.A. | 32558 |
| 2024 | Tidewater, Inc.<sup>(a)</sup> | 102232 |
| 4187 | Transocean Ltd.<sup>(a)</sup> | 17292 |
|  |  | 1538274 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 15.6%** |  |
| 27000 | American Homes 4 Rent, Class A | 866700 |
| 6600 | American Tower Corporation | 1158762 |
| 50000 | Americold Realty Trust, Inc. | 643000 |
| 3750 | AvalonBay Communities, Inc. | 679913 |
| 6300 | Camden Property Trust | 693504 |
| 2700 | Equinix, Inc. | 2068631 |
| 28500 | InvenTrust Properties Corporation | 803985 |
| 1010 | PotlatchDeltic Corporation | 40178 |
| 15800 | Prologis, Inc. | 2017028 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **REAL ESTATE INVESTMENT TRUSTS - 15.6% (Continued)** |  |
| 2550 | Public Storage | $661725 |
| 1778 | Rayonier, Inc. | 38488 |
| 4900 | SBA Communications Corporation | 947807 |
| 25000 | Sila Realty Trust, Inc. | 582750 |
| 7200 | Sun Communities, Inc. | 892152 |
| 20000 | Ventas, Inc. | 1547600 |
| 4100 | Welltower, Inc. | 761001 |
| 1049 | Weyerhaeuser Company | 24851 |
|  |  | 14428075 |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 223 | First Solar, Inc.<sup>(a)</sup> | 58255 |
| 1700 | GS Yuasa Corporation | 40701 |
|  |  | 98956 |
|  | **RESIDENTIAL REIT - 1.0%** |  |
| 7000 | Centerspace | 467040 |
| 17000 | Invitation Homes, Inc. | 472430 |
|  |  | 939470 |
|  | **RETAIL REIT - 2.2%** |  |
| 30000 | Brixmor Property Group, Inc. | 786600 |
| 13000 | NNN REIT, Inc. | 515190 |
| 43800 | Whitestone REIT | 608382 |
|  |  | 1910172 |
|  | **SELF-STORAGE REIT - 0.6%** |  |
| 18300 | Smartstop Self Storage REIT, Inc. | 566202 |
|  | **SEMICONDUCTORS - 0.1%** |  |
| 10900 | SUMCO Corporation | 99863 |
|  | **STEEL - 1.0%** |  |
| 2219 | ArcelorMittal S.A. - ADR | 101120 |
| 48408 | Gerdau S.A. - ADR | 178626 |
| 8700 | JFE Holdings, Inc. | 110952 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | | **Fair Value** |
|  | **COMMON STOCKS — 47.6% (Continued)** | **COMMON STOCKS — 47.6% (Continued)** | **COMMON STOCKS — 47.6% (Continued)** |  |
|  | **STEEL - 1.0% (Continued)** | **STEEL - 1.0% (Continued)** | **STEEL - 1.0% (Continued)** |  |
| 38500 | Nippon Steel Corporation | Nippon Steel Corporation | Nippon Steel Corporation | $157757 |
| 554 | Nucor Corporation | Nucor Corporation | Nucor Corporation | 90363 |
| 1078 | POSCO Holdings, Inc. - ADR | POSCO Holdings, Inc. - ADR | POSCO Holdings, Inc. - ADR | 57360 |
| 476 | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | 80658 |
| 1095 | Ternium S.A. - ADR | Ternium S.A. - ADR | Ternium S.A. - ADR | 41818 |
| 6390 | thyssenkrupp A.G. | thyssenkrupp A.G. | thyssenkrupp A.G. | 69620 |
|  |  |  |  | 888274 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.3%** | **WHOLESALE - CONSUMER STAPLES - 0.3%** | **WHOLESALE - CONSUMER STAPLES - 0.3%** |  |
| 2621 | Bunge Global S.A. | Bunge Global S.A. | Bunge Global S.A. | 233479 |
|  | **TOTAL COMMON STOCKS (Cost $38,991,301)** | **TOTAL COMMON STOCKS (Cost $38,991,301)** | **TOTAL COMMON STOCKS (Cost $38,991,301)** | 44007599 |
|  | **PRECIOUS METALS - PHYSICAL HOLDING — 28.6%** | **PRECIOUS METALS - PHYSICAL HOLDING — 28.6%** | **PRECIOUS METALS - PHYSICAL HOLDING — 28.6%** |  |
|  | **PRECIOUS METAL - 28.6%** | **PRECIOUS METAL - 28.6%** | **PRECIOUS METAL - 28.6%** |  |
| 6143 | GOLD BARS<sup>(a)</sup> | GOLD BARS<sup>(a)</sup> | GOLD BARS<sup>(a)</sup> | 26508388 |
|  | **TOTAL PRECIOUS METALS - PHYSICAL HOLDING (Cost $7,240,876)** | **TOTAL PRECIOUS METALS - PHYSICAL HOLDING (Cost $7,240,876)** | **TOTAL PRECIOUS METALS - PHYSICAL HOLDING (Cost $7,240,876)** | 26508388 |
| **Principal<br> Amount ($)** |  | **Coupon<br> Rate (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 22.4%** |  |  |  |
|  | **U.S. TREASURY INFLATION PROTECTED — 22.4%** |  |  |  |
| 161200 | United States Treasury Inflation Indexed Bonds | 2.0000 | 01/15/26 | 263966 |
| 2309200 | United States Treasury Inflation Indexed Bonds | 2.3750 | 01/15/27 | 3759158 |
| 1310000 | United States Treasury Inflation Indexed Bonds | 0.5000 | 01/15/28 | 1699937 |
| 530000 | United States Treasury Inflation Indexed Bonds | 1.7500 | 01/15/28 | 830410 |
| 990000 | United States Treasury Inflation Indexed Bonds | 0.8750 | 01/15/29 | 1258155 |
| 855000 | United States Treasury Inflation Indexed Bonds | 2.5000 | 01/15/29 | 1339728 |
| 115000 | United States Treasury Inflation Indexed Bonds | 1.1250 | 10/15/30 | 114156 |
| 5710400 | United States Treasury Inflation Indexed Bonds | 0.1250 | 01/15/31 | 6668105 |
| 1700000 | United States Treasury Inflation Indexed Bonds | 1.8750 | 07/15/35 | 1722588 |
| 4462200 | United States Treasury Inflation Indexed Bonds | 0.1250 | 02/15/51 | 3026890 |
|  |  |  |  | 20683093 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $21,083,088)** |  |  | 20683093 |

---

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.7%** |  |
|  | **MONEY MARKET FUND - 0.7%** |  |
| 650940 | Fidelity Investments Money Market Government Portfolio, Class I, 3.64%<sup>(d)</sup> (Cost $650,940) | $650940 |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $67,966,205)** | $91850020 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | 603628 |
|  | **NET ASSETS - 100.0%** | $92453648 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| ASA | - Aksjeselskap |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| plc | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.A.A. | - Sociedad Anónima Abierta |
| S.E. | - Societas Europaea |
| SpA | - Societa per Azioni |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the total market value of Rule 144A securities is $49,158 or 0.1% of net assets.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

## Nport-Ex

---

| |
|:---|
| **TIMOTHY PLAN DEFENSIVE STRATEGIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **DECEMBER 31, 2025** |

---

---

| | |
|:---|:---|
| Diversification of Assets | Diversification of Assets |
| Country | % of Net Assets |
| United States | 84.4% |
| Canada | 5.9% |
| Japan | 2.2% |
| United Kingdom | 1.2% |
| Norway | 1.0% |
| Brazil | 0.9% |
| Australia | 0.6% |
| France | 0.4% |
| Germany | 0.3% |
| Switzerland | 0.3% |
| Curaçao | 0.2% |
| Netherlands | 0.2% |
| Luxembourg | 0.2% |
| Chile | 0.2% |
| South Africa | 0.1% |
| Peru | 0.1% |
| Cayman Islands | 0.1% |
| Italy | 0.1% |
| Ireland | 0.1% |
| South Korea | 0.1% |
| Israel | 0.0 % <sup>(a)</sup> |
| Total | 98.6% |
| Money Market Funds | 0.7% |
| Other Assets in Excess of Liabilities | 0.7% |
| Grand Total | 100.0% |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** TIMOTHY PLAN

- **b. Investment Company Act file number:** 811-08228

- **c. CIK number of Registrant:** 0000916490

- **d. LEI of Registrant:** 549300TW26XMX8DL8P98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1055 MAITLAND CENTER COMMONS

  - **City:** MAITLAND

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 32759

  - **Telephone number:** 407-644-1986

**Item A.2. Information about the Series.**

- **a. Name of Series:** Timothy Plan Defensive Strategies Fund

- **b. EDGAR series identifier (if any):** S000026812

- **c. LEI of Series:** 549300MHUB58F2JHD936

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $92453648.15

**Net Assets:** $92453648.15

**Cash Not Reported:** $4597.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080683 | 0.67%                | 3.28%                | 0.68%                |
| Class ID C000080684 | 0.59%                | 3.18%                | 0.65%                |
| Class ID C000127002 | 0.67%                | 3.27%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-41004.71               | $605620.56                                 |
| Month 2  | $-70522.78               | $2848058.49                                |
| Month 3  | $-85072.22               | $567264.99                                 |

### Schedule of Portfolio Investments

| Name                                                           | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agco Corporation                                               | AGCO CORP                 | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       748 | NS      | $78031.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                                                | ANTOFAGASTA PLC           | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |      2421 | NS      | $107011.84    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | AGNICO EAGLE MIN          | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       413 | NS      | $70015.89     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                                               | ALAMOS GOLD INC           | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |      2084 | NS      | $80400.72     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                                 | ALBEMARLE CORP            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       940 | NS      | $132953.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                                              | ALCOA CORP                | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      4251 | NS      | $225898.14    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                                        | ATI INC                   | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      1091 | NS      | $125203.16    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                                          | AMERICAN HOMES-A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     27000 | NS      | $866700.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                                      | AMER STATES WATE          | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       826 | NS      | $59868.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                                     | AMERICAN TOWER C          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6600 | NS      | $1158762.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.                             | AMERICAN WATER W          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |       722 | NS      | $94221.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                                     | AMERICOLD REALTY          | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     50000 | NS      | $643000.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                                      | APA CORP                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       247 | NS      | $6041.62      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal S.A.                                             | ARCELORMITTAL-NY          | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |      2219 | NS      | $101119.83    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                                   | ARCHROCK INC              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      2584 | NS      | $67235.68     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                                    | AVALONBAY COMMUN          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      3750 | NS      | $679912.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                           | BAKER HUGHES CO           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4709 | NS      | $214447.86    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                           | BARRICK MINING C          | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      4816 | NS      | $209736.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                                 | BHP GROUP-ADR             | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      8828 | NS      | $532946.36    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                        | BLACK STONE MINE          | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1128 | NS      | $14991.12     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Weir Group PLC                                                 | WEIR GROUP PLC            | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |       840 | NS      | $32226.25     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                        | BXP INC                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      8600 | NS      | $580328.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                                     | BRIXMOR PROPERTY          | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     30000 | NS      | $786600.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living Inc.                                   | BROOKDALE SR              | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |     48754 | NS      | $526055.66    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                                   | CF INDUSTRIES HO          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2049 | NS      | $158469.66    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                                      | CNX RESOURCES CO          | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      2443 | NS      | $89829.11     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                             | COTERRA ENERGY I          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      6726 | NS      | $177028.32    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                                           | CAL-MAINE FOODS           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |       853 | NS      | $67873.21     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation                               | CALIFORNIA RESOU          | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1174 | NS      | $52489.54     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                                 | CALIF WATER SRVC          | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      1570 | NS      | $68028.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                          | CAMDEN PROP TR            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      6300 | NS      | $693504.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                             | CAMECO CORP               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |       653 | NS      | $59742.97     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                             | CAN NATURAL RES           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      6274 | NS      | $212374.90    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                                          | SILA REALTY TRUS          | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |     25000 | NS      | $582750.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                                    | CENTERSPACE               | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |      7000 | NS      | $467040.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                                          | CIVITAS RESOURCE          | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      3830 | NS      | $103754.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                           | CLEVELAND-CLIFFS          | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |       964 | NS      | $12801.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | AGNICO EAGLE MIN          | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      1434 | NS      | $243177.28    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | SABESP-ADR                | CUSIP: 20441A102<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |      6455 | NS      | $153947.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.                          | BUENAVENTURA-ADR          | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |      3247 | NS      | $90364.01     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                 | CONOCOPHILLIPS            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4728 | NS      | $442588.08    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd.                                    | FIRST QUANTUM             | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |       600 | NS      | $16086.61     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                                       | DARLING INGREDIE          | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      3587 | NS      | $129132.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                | DEERE & CO                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       826 | NS      | $384560.82    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                                              | IMPERIAL OIL              | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |       900 | NS      | $77753.41     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                       | DEVON ENERGY CO           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      6477 | NS      | $237252.51    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                         | DIAMONDBACK ENER          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       771 | NS      | $115904.43    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                                      | DIGITAL REALTY            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      7650 | NS      | $1183531.50   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                        | ENI SPA-ADR               | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      1525 | NS      | $57858.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                                             | EOG RESOURCES             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      2697 | NS      | $283211.97    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                | EQT CORP                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1232 | NS      | $66035.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                                             | ELDORADO GOLD             | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      7572 | NS      | $271986.24    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                             | LUNDIN MINING CO          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |     18100 | NS      | $389014.77    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                                         | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      1143 | NS      | $54719.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NuVista Energy Ltd.                                            | NUVISTA ENERGY            | CUSIP: 67072Q104<br>LEI: 549300MG32TDSM60SX75 | Long             | EC               | CORP              | CA        |      3000 | NS      | $39604.54     | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Equinix, Inc.                                                  | EQUINIX INC               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2700 | NS      | $2068632.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                                    | EQUINOR ASA-ADR           | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      9561 | NS      | $225926.43    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                                        | ESSENTIAL UTILIT          | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |      1577 | NS      | $60493.72     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                                      | FMC CORP                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      3911 | NS      | $54245.57     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                               | FID-MM GOVT-I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    650940 | PA      | $650939.99    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                                | FIRST SOLAR INC           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       223 | NS      | $58254.29     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco Nevada Corp                                             | FRANCO-NEVADA CO          | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |        26 | NS      | $5389.28      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                                          | FREEPORT-MCMORAN          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      4340 | NS      | $220428.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FrontView REIT Inc                                             | FRONTVIEW REIT I          | CUSIP: 35922N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $442800.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gerdau SA                                                      | GERDAU SA-ADR             | CUSIP: 373737105<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EC               | CORP              | BR        |     48408 | NS      | $178625.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                                | GOLD FIELDS-ADR           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      1058 | NS      | $46192.28     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                                  | AMERICAN HEALTHC          | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     16000 | NS      | $752960.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement S.A.                                      | VEOLIA ENVIRONNE          | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |      3246 | NS      | $113335.43    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                            | HALLIBURTON CO            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      7252 | NS      | $204941.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                                     | HARMONY GOLD-ADR          | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      2145 | NS      | $42685.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                                       | HEALTHCARE REALT          | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     54000 | NS      | $915300.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Company                                           | HECLA MINING CO           | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     13716 | NS      | $263210.04    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                                          | HELMERICH & PAYN          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      5583 | NS      | $160120.44    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                     | HIGHWOODS PROP            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     23500 | NS      | $606770.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                                              | HORMEL FOODS CRP          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      2408 | NS      | $57069.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                                                   | IAMGOLD CORP              | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |     11131 | NS      | $183550.19    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                                         | INGREDION INC             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      1385 | NS      | $152710.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Inventrust Properties Corporation                              | INVENTRUST PROPE          | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |     28500 | NS      | $803985.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                                          | INVITATION HOMES          | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     17000 | NS      | $472430.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                             | KINROSS GOLD              | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |      6715 | NS      | $189094.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                                    | SUBSEA 7 SA               | CUSIP: L8882U106<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | LU        |      1615 | NS      | $32557.54     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                                             | LIBERTY ENERGY I          | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12047 | NS      | $222387.62    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurubis AG                                                     | AURUBIS AG                | CUSIP: D10004105<br>LEI: 5299005SHIN9ZK7GW242 | Long             | EC               | CORP              | DE        |       513 | NS      | $74852.68     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                                              | MP MATERIALS COR          | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      2026 | NS      | $102353.52    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation                                 | MAGNOLIA OIL-A            | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3174 | NS      | $69478.86     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Thyssenkrupp AG                                                | THYSSENKRUPP AG           | CUSIP: D8398Q119<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |      6390 | NS      | $69620.37     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Marfrig Global Foods SA                                        | MARFRIG GLOB-ADR          | CUSIP: 56656T105<br>LEI: 391200219USWMOBN3F92 | Long             | EC               | CORP              | BR        |     14806 | NS      | $54041.90     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                                      | MATADOR RESOURCE          | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      3376 | NS      | $143277.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                                             | MOSAIC CO/THE             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      5479 | NS      | $131989.11    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                                         | MURPHY OIL CORP           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      5150 | NS      | $160937.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dowa Holdings Co Ltd.                                          | DOWA HOLDINGS CO          | CUSIP: J12432225<br>LEI: 353800ZSQZKFE140A689 | Long             | EC               | CORP              | JP        |       400 | NS      | $18979.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                                       | NOV INC                   | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      2196 | NS      | $34323.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                                   | NNN REIT INC              | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     13000 | NS      | $515190.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc.                                              | VIPER ENERGY I-A          | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3312 | NS      | $127942.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Organo Corp                                                    | ORGANO CORP               | CUSIP: J61697108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1200 | NS      | $99253.65     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corporation                                             | KUBOTA CORP               | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |     14900 | NS      | $210853.99    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                                   | KURITA WATER IND          | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |      2400 | NS      | $97269.34     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                            | NEWMONT CORP              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      2236 | NS      | $223264.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexgen Energy Ltd                                              | NEXGEN ENERGY LT          | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               | CORP              | CA        |      7557 | NS      | $69524.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JFE Holdings, Inc.                                             | JFE Holdings Inc          | CUSIP: J2817M100<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |      8700 | NS      | $110951.68    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Materials Corp.                                     | MITSUB MATERIALS          | CUSIP: J44024107<br>LEI: 35380076QOBOSOUBRT89 | Long             | EC               | CORP              | JP        |      2500 | NS      | $58577.91     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Morinaga Milk Industry Co Ltd                                  | MORINAGA MILK IN          | CUSIP: J46410114<br>LEI: 529900FB91P7MVO08949 | Long             | EC               | CORP              | JP        |      2600 | NS      | $61817.42     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NH Foods Ltd.                                                  | NH FOODS LTD              | CUSIP: J4929Q102<br>LEI: 353800NLDBIOUQILWU82 | Long             | EC               | CORP              | JP        |      2500 | NS      | $104658.14    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissui Corporation                                             | NISSUI CORP               | CUSIP: J56042104<br>LEI: 529900MPH5BMANQ3EC50 | Long             | EC               | CORP              | JP        |      4700 | NS      | $34328.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nisshin Seifun Group Inc.                                      | NISSHIN SEIFUN            | CUSIP: J57633109<br>LEI: 529900N4QFZS1P6PYX29 | Long             | EC               | CORP              | JP        |      4300 | NS      | $52765.45     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp.                                             | NIPPON STEEL COR          | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |     38500 | NS      | $157756.86    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.                                     | NORTHERN OIL AND          | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      1700 | NS      | $36499.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                              | NUCOR CORP                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       554 | NS      | $90362.94     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                                    | NUTRIEN LTD               | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      5331 | NS      | $329029.32    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                                             | CHORD ENERGY COR          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       969 | NS      | $89826.30     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Yuasa Corp.                                                 | GS YUASA CORP             | CUSIP: J1770L109<br>LEI: 353800MW7O6PQQHLDR79 | Long             | EC               | CORP              | JP        |      1700 | NS      | $40701.27     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.                                | OCEANEERING INTL          | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |       863 | NS      | $20737.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc.                                              | OR ROYALTIES INC          | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |      1459 | NS      | $51634.01     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd.                                  | SUMITOMO MET MIN          | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |      4900 | NS      | $198873.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Forestry Co Ltd.                                      | SUMITOMO FOREST           | CUSIP: J77454122<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     13800 | NS      | $141366.54    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                                    | OVINTIV INC               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       255 | NS      | $9993.45      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc.                                            | POSCO-SPON ADR            | CUSIP: 693483109<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |      1078 | NS      | $57360.38     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                                      | PAN AMER SILVER           | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      3259 | NS      | $168848.79    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                                      | PATTERSON-UTI             | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     21227 | NS      | $129696.97    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                                         | PERMIAN RESOURCE          | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      8071 | NS      | $113236.13    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                         | PETROBRAS SA-ADR          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     12064 | NS      | $142958.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                                     | PILGRIM'S PRIDE           | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      2546 | NS      | $99268.54     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                                           | POTLATCHDELTIC C          | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      1010 | NS      | $40177.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                                  | PROLOGIS INC              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     15800 | NS      | $2017028.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                 | PUBLIC STORAGE            | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      2550 | NS      | $661725.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                                          | RANGE RESOURCES           | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |       546 | NS      | $19251.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                                   | RAYONIER INC              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      1778 | NS      | $38488.31     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.                                 | REXFORD INDUSTRI          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     20000 | NS      | $774400.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                  | RIO TINTO-ADR             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      6890 | NS      | $551406.70    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                         | YARA INTL ASA             | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      2722 | NS      | $111800.53    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                               | ROYAL GOLD INC            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       685 | NS      | $152268.65    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                                       | SBA COMM CORP             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      4900 | NS      | $947807.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                                    | H2O AMERICA               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       903 | NS      | $44237.97     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                                                  | SM ENERGY CO              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      4459 | NS      | $83383.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                                       | SCHLUMBERGER NV           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      5873 | NS      | $225405.74    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartStop Self Storage REIT Inc                                | SMARTSTOP SELF S          | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |     18300 | NS      | $566202.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A                         | QUIMICA Y-SP ADR          | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |      3097 | NS      | $213073.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation                                    | SOUTHERN COPPER           | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      1863 | NS      | $267241.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                           | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       476 | NS      | $80658.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                                          | SUN COMMUNITIES           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      7200 | NS      | $892152.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                                         | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      7213 | NS      | $345430.57    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                                     | TERNIUM SA-ADR            | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      1095 | NS      | $41818.05     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                                              | TIDEWATER INC             | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2024 | NS      | $102232.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                   | TII 2 01/15/26            | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    161200 | PA      | $263965.64    | 0.29%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                   | TII 2 3/8 01/15/27        | CUSIP: 912810PS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2309200 | PA      | $3759158.08   | 4.07%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                   | TII 1 3/4 01/15/28        | CUSIP: 912810PV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $830410.09    | 0.90%             | 2028-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                   | TII 2 1/2 01/15/29        | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    855000 | PA      | $1339728.36   | 1.45%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                   | TII 0 1/8 02/15/51        | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4462200 | PA      | $3026889.75   | 3.27%             | 2051-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                   | TII 0 1/2 01/15/28        | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1310000 | PA      | $1699937.10   | 1.84%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                   | TII 0 7/8 01/15/29        | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    990000 | PA      | $1258154.59   | 1.36%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                   | TII 0 1/8 01/15/31        | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5710400 | PA      | $6668104.36   | 7.21%             | 2031-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                   | TII 1 7/8 07/15/35        | CUSIP: 91282CNS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1722588.37   | 1.86%             | 2035-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                   | TII 1 1/8 10/15/30        | CUSIP: 91282CPH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    115000 | PA      | $114156.46    | 0.12%             | 2030-10-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Vale S.A.                                                      | VALE SA-SP ADR            | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     22903 | NS      | $298426.09    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                    | VENTAS INC                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     20000 | NS      | $1547600.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                                           | WARRIOR MET COAL          | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |       963 | NS      | $84907.71     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                                                 | WELLTOWER INC             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      4100 | NS      | $761001.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                                           | WEYERHAEUSER CO           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      1049 | NS      | $24850.81     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corporation                            | WHEATON PRECIOUS          | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |       544 | NS      | $63930.88     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                                | WHITESTONE REI            | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43800 | NS      | $608382.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd.                                     | WOODSIDE ENE-ADR          | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      2942 | NS      | $45865.78     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc                                              | CENTERRA GOLD IN          | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |      8700 | NS      | $125248.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                                       | MOWI ASA                  | CUSIP: R4S04H101<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |      5082 | NS      | $122617.83    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                                            | HUDBAY MINERALS           | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |     13400 | NS      | $266033.79    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumco Corp.                                                    | SUMCO CORP                | CUSIP: J76896109<br>LEI: 353800SUSRUOM0V6KU92 | Long             | EC               | CORP              | JP        |     10900 | NS      | $99863.37     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                                                    | INPEX CORP                | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |     18000 | NS      | $359358.74    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                                                | NORSK HYDRO ASA           | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     16834 | NS      | $130601.90    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SBM Offshore NV                                                | SBM OFFSHORE NV           | CUSIP: N7752F148<br>LEI: 549300RDGCRYZ5QE6513 | Long             | EC               | CORP              | NL        |       912 | NS      | $26250.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                               | TOTALENERGIES SE          | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      3558 | NS      | $232365.16    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                               | SEVERN TRENT              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1154 | NS      | $43386.03     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                                    | AKER BP ASA               | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |      7597 | NS      | $193625.09    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SalMar ASA                                                     | SALMAR ASA                | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |       841 | NS      | $51521.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                                     | UNITED UTILITIES          | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |      4078 | NS      | $65636.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                             | SUNCOR ENERGY             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      7400 | NS      | $328440.81    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                                           | TOURMALINE OIL C          | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      3900 | NS      | $174944.08    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                                         | WHITECAP RESOURC          | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |     13500 | NS      | $113108.99    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp.                                            | BAYTEX ENERGY CO          | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |     74500 | NS      | $240993.17    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| K & S AG                                                       | K+S AG-REG                | CUSIP: D48164129<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |      7069 | NS      | $103144.95    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                             | CENOVUS ENERGY            | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     15208 | NS      | $257276.32    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiji Holdings Co Ltd.                                         | MEIJI HD                  | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      5900 | NS      | $131275.18    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd.                                             | ARC RESOURCES LT          | CUSIP: 00208D408<br>LEI: FIR47I6FEYKYNJBYW622 | Long             | EC               | CORP              | CA        |      6300 | NS      | $118190.69    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Peyto Exploration & Development Corp.                          | PEYTO EXPL & DEV          | CUSIP: 717046106<br>LEI: 549300WZKJ63UJDWP310 | Long             | EC               | CORP              | CA        |      3200 | NS      | $52945.93     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northland Power Inc.                                           | NORTHLAND POWER           | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Long             | EC               | CORP              | CA        |      3200 | NS      | $41615.36     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Athabasca Oil Corp.                                            | ATHABASCA OIL CO          | CUSIP: 04682R107<br>LEI: 549300STK2KBVO6WED71 | Long             | EC               | CORP              | CA        |      7400 | NS      | $37901.16     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Labrador Iron Ore Royalty Corporation                          | Labrador Iron Ore Royalty | CUSIP: 505440107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2500 | NS      | $54405.24     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                                         | OCI NV                    | CUSIP: N6667A111<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |      3601 | NS      | $12945.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd.                                             | IVANHOE MINES LT          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     13300 | NS      | $151258.59    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ero Copper Corp                                                | ERO COPPER CORP           | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |      1900 | NS      | $53750.99     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Umios Corp.                                                    | MARUHA NICHIRO C          | CUSIP: J40015109<br>LEI: 529900HGXVKT576NWZ27 | Long             | EC               | CORP              | JP        |      3900 | NS      | $32020.89     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Topaz Energy Corp                                              | TOPAZ ENERGY COR          | CUSIP: 89055A203<br>LEI: 5493008M0TDGJOBY9122 | Long             | EC               | CORP              | CA        |      1500 | NS      | $30096.83     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                                           | CAPSTONE COPPER           | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     22700 | NS      | $227898.03    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fugro N.V.                                                     | FUGRO NV                  | CUSIP: N3385Q312<br>LEI: 7245000R8GNBSDTSZ396 | Long             | EC               | CORP              | NL        |      2945 | NS      | $29373.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prairiesky Royalty Ltd.                                        | PRAIRIESKY ROYAL          | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |      3500 | NS      | $68925.45     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                                           | ENDEAVOUR MINING          | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |      3400 | NS      | $175081.78    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies N V                                           | TECHNIP ENERGIES          | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | NL        |       799 | NS      | $30488.16     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Var Energi ASA                                                 | VAR ENERGI ASA            | CUSIP: R9796N109<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |     15015 | NS      | $49158.05     | 0.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TKMS AG & Co. KGAA                                             | TKMS AG& CO KGAA          | CUSIP: D8T5DP107<br>LEI: 529900W81B194B0E0078 | Long             | EC               | CORP              | DE        |       319 | NS      | $24771.97     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                             | ANGLO AMER PLC            | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      3175 | NS      | $132036.65    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Secure Waste Infrastructure Corp.                              | SECURE WASTE INF          | CUSIP: 813921103<br>LEI: 894500UQR7AONHFERA55 | Long             | EC               | CORP              | CA        |      1900 | NS      | $23906.25     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                          | ANGLOGOLD ASHANT          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |       637 | NS      | $54323.36     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                                       | DOLE PLC                  | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |      3957 | NS      | $59315.43     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc.                                   | FRESH DEL MONTE           | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |      1547 | NS      | $55119.61     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corporation PLC                                          | NOBLE CORP PLC            | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |       969 | NS      | $27364.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLD BARS- XAU BGN CURNCY                                      | GOLD BARS- XAU BGN CURNCY | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      6143 | NS      | $26508388.32  | 28.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                                | BUNGE GLOBAL SA           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      2621 | NS      | $233478.68    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                                                 | TRANSOCEAN LTD            | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |      4187 | NS      | $17292.31     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Adecoagro SA                                                   | ADECOAGRO SA              | CUSIP: L00849106<br>LEI: 529900Q00UR5LFELO811 | Long             | EC               | CORP              | LU        |      2563 | NS      | $20324.59     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                                  | ICL GROUP LTD             | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |      6014 | NS      | $34339.94     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                                            | CNH INDUSTRIAL N          | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |      7354 | NS      | $67803.88     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** TIMOTHY PLAN

**Signature:** Arthur D. Ally

**Name of Signer:** Arthur D. Ally

**Title:** President & Treasurer