# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0000910472-26-007297
**Filing Date:** 2026-5
**Character Count:** 73396
**Document Hash:** 14e7b034d3b7d21d1d0f425fe70736a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007297.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000910472-26-007297

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260526

**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:** 261021310

**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           |

## 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:** 2026-03-31

**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:** $105680597.55

**Total Liabilities:** $127031.17

**Net Assets:** $105553566.38

**Cash Not Reported:** $13470.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080683 | 7.42%                | 6.53%                | -4.48%               |
| Class ID C000080684 | 7.33%                | 6.48%                | -4.50%               |
| Class ID C000127002 | 7.42%                | 6.52%                | -4.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1979693.78              | $5008161.16                                |
| Month 2  | $292545.02               | $6250110.83                                |
| Month 3  | $-117171.10              | $-5041183.76                               |

### 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      | $86670.76     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                                                | ANTOFAGASTA PLC           | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |      1947 | NS      | $85735.62     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | AGNICO EAGLE MIN          | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       217 | NS      | $44046.66     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                                               | ALAMOS GOLD INC           | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |      2084 | NS      | $92592.12     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                                 | ALBEMARLE CORP            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       269 | NS      | $48293.57     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                                              | ALCOA CORP                | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |       672 | NS      | $44573.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                                        | ATI INC                   | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |       433 | NS      | $62984.18     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                                          | AMERICAN HOMES-A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     36500 | NS      | $1019080.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                                      | AMER STATES WATE          | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       826 | NS      | $62462.12     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                                     | AMERICAN TOWER C          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      7650 | NS      | $1320237.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.                             | AMERICAN WATER W          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |       464 | NS      | $63145.76     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                                     | AMERICOLD REALTY          | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     31000 | NS      | $355260.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                                      | APA CORP                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       247 | NS      | $10482.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal S.A.                                             | ARCELORMITTAL-NY          | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |       415 | NS      | $21571.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                                   | ARCHROCK INC              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      2584 | NS      | $89923.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                                    | AVALONBAY COMMUN          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      4500 | NS      | $735075.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                           | BAKER HUGHES CO           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4709 | NS      | $287484.45    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                                 | BHP GROUP-ADR             | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     11522 | NS      | $838110.28    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                        | BLACK STONE MINE          | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1128 | NS      | $17055.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corporation                                       | BLOOM ENERGY C-A          | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |       837 | NS      | $113405.13    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Weir Group PLC                                                 | WEIR GROUP PLC            | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |       840 | NS      | $31107.82     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                        | BXP INC                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     18655 | NS      | $968194.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                                     | BRIXMOR PROPERTY          | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     32900 | NS      | $947520.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living Inc.                                   | BROOKDALE SR              | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |     48754 | NS      | $666954.72    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                                   | CF INDUSTRIES HO          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2648 | NS      | $343816.32    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                                      | CNX RESOURCES CO          | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      2443 | NS      | $94177.65     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                             | COTERRA ENERGY I          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      6726 | NS      | $236351.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                                           | CAL-MAINE FOODS           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      2039 | NS      | $161386.85    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation                               | CALIFORNIA RESOU          | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1174 | NS      | $81264.28     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                                 | CALIF WATER SRVC          | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      1570 | NS      | $71183.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                          | CAMDEN PROP TR            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      7300 | NS      | $712918.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                             | CAMECO CORP               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |       653 | NS      | $70922.33     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                             | CAN NATURAL RES           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |       596 | NS      | $29043.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                                    | CENTERSPACE               | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |     11965 | NS      | $687389.25    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                                       | CENTURY ALUMINUM          | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |      1282 | NS      | $75240.58     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                           | CLEVELAND-CLIFFS          | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |       964 | NS      | $8145.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | AGNICO EAGLE MIN          | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      1134 | NS      | $230136.68    | 0.22%             |  |  |  | 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        |      3547 | NS      | $108209.83    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.                          | BUENAVENTURA-ADR          | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |      2149 | NS      | $77449.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                 | CONOCOPHILLIPS            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4728 | NS      | $624096.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc.                                        | COUSINS PROP              | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     25199 | NS      | $568741.43    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd.                                    | FIRST QUANTUM             | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      6400 | NS      | $152987.68    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                                       | DARLING INGREDIE          | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      3587 | NS      | $221855.95    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                | DEERE & CO                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1048 | NS      | $590338.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                                              | IMPERIAL OIL              | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      1900 | NS      | $248817.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                       | DEVON ENERGY CO           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      6477 | NS      | $325922.64    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                         | DIAMONDBACK ENER          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       771 | NS      | $152496.09    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                                      | DIGITAL REALTY            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      7750 | NS      | $1396627.50   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Maple Leaf Foods Inc.                                          | MAPLE LEAF FOODS          | CUSIP: 564905107<br>LEI: 549300LX07S5J8F76F37 | Long             | EC               | CORP              | CA        |      1800 | NS      | $38810.39     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                        | ENI SPA-ADR               | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      1525 | NS      | $86330.25     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                                             | EOG RESOURCES             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      3448 | NS      | $498477.36    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                | EQT CORP                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1232 | NS      | $78404.48     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                                     | EASTGROUP PROP            | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      3810 | NS      | $705192.90    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                                             | ELDORADO GOLD             | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      2765 | NS      | $94922.45     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                             | LUNDIN MINING CO          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |       900 | NS      | $22438.87     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                                         | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      1143 | NS      | $59229.18     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Fuels Inc.                                              | ENERGY FUELS INC          | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |      2586 | NS      | $47194.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                                  | EQUINIX INC               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2850 | NS      | $2793684.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                                    | EQUINOR ASA-ADR           | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     17473 | NS      | $737360.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                                        | ESSENTIAL UTILIT          | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |      2189 | NS      | $88151.03     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                                      | FMC CORP                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      3911 | NS      | $67347.42     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                               | FID-MM GOVT-I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   5461607 | PA      | $5461607.29   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                                | FIRST SOLAR INC           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       223 | NS      | $43988.98     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco Nevada Corp                                             | FRANCO-NEVADA CO          | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |        26 | NS      | $6423.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                                          | FREEPORT-MCMORAN          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      4340 | NS      | $255105.20    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FrontView REIT Inc                                             | FRONTVIEW REIT I          | CUSIP: 35922N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31500 | NS      | $487305.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Gerdau SA                                                      | GERDAU SA-ADR             | CUSIP: 373737105<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EC               | CORP              | BR        |     48408 | NS      | $174752.88    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                              | GETTY REALTY              | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     17110 | NS      | $544098.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                                | GOLD FIELDS-ADR           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      1058 | NS      | $48033.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                                  | AMERICAN HEALTHC          | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     17000 | NS      | $801720.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement S.A.                                      | VEOLIA ENVIRONNE          | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |      4547 | NS      | $171642.42    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                            | HALLIBURTON CO            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      7252 | NS      | $282755.48    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                                     | HARMONY GOLD-ADR          | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      2145 | NS      | $32968.65     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                                       | HEALTHCARE REALT          | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     61000 | NS      | $1036390.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                                      | HEALTHPEAK PROPE          | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     30640 | NS      | $503415.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                                          | HELMERICH & PAYN          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      5583 | NS      | $201155.49    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                     | HIGHWOODS PROP            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     28000 | NS      | $599480.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                                              | HORMEL FOODS CRP          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      5499 | NS      | $124552.35    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                                                   | IAMGOLD CORP              | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |      6628 | NS      | $124738.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                                         | INGREDION INC             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      1149 | NS      | $129446.34    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Inventrust Properties Corporation                              | INVENTRUST PROPE          | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |     31000 | NS      | $944260.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                             | KINROSS GOLD              | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      5182 | NS      | $158154.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc.                                       | KODIAK GAS SERVI          | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1679 | NS      | $97919.28     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                                    | SUBSEA 7 SA               | CUSIP: L8882U106<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | LU        |      1615 | NS      | $50116.42     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                                             | LIBERTY ENERGY I          | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12047 | NS      | $346953.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurubis AG                                                     | AURUBIS AG                | CUSIP: D10004105<br>LEI: 5299005SHIN9ZK7GW242 | Long             | EC               | CORP              | DE        |       513 | NS      | $88938.97     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                                              | MP MATERIALS COR          | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      1626 | NS      | $78470.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation                                 | MAGNOLIA OIL-A            | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3174 | NS      | $100203.18    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Thyssenkrupp AG                                                | THYSSENKRUPP AG           | CUSIP: D8398Q119<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |      4054 | NS      | $34701.71     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                                      | MATADOR RESOURCE          | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      3376 | NS      | $213295.68    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                                             | MOSAIC CO/THE             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      6068 | NS      | $154734.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                                         | MURPHY OIL CORP           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      5150 | NS      | $212437.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                                       | NOV INC                   | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      5443 | NS      | $102382.83    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                                   | NNN REIT INC              | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     12200 | NS      | $512766.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc.                                              | VIPER ENERGY I-A          | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3312 | NS      | $155630.88    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Organo Corp                                                    | ORGANO CORP               | CUSIP: J61697108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1200 | NS      | $102902.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corporation                                             | KUBOTA CORP               | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |     14900 | NS      | $230663.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                                   | KURITA WATER IND          | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |      2400 | NS      | $110811.34    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexgen Energy Ltd                                              | NEXGEN ENERGY LT          | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               | CORP              | CA        |      7557 | NS      | $87661.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JFE Holdings, Inc.                                             | JFE Holdings Inc          | CUSIP: J2817M100<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |      8700 | NS      | $99518.31     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Materials Corp.                                     | MITSUB MATERIALS          | CUSIP: J44024107<br>LEI: 35380076QOBOSOUBRT89 | Long             | EC               | CORP              | JP        |      2500 | NS      | $75844.45     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Morinaga Milk Industry Co Ltd                                  | MORINAGA MILK IN          | CUSIP: J46410114<br>LEI: 529900FB91P7MVO08949 | Long             | EC               | CORP              | JP        |      2600 | NS      | $78042.76     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NH Foods Ltd.                                                  | NH FOODS LTD              | CUSIP: J4929Q102<br>LEI: 353800NLDBIOUQILWU82 | Long             | EC               | CORP              | JP        |      2500 | NS      | $110734.47    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissui Corporation                                             | NISSUI CORP               | CUSIP: J56042104<br>LEI: 529900MPH5BMANQ3EC50 | Long             | EC               | CORP              | JP        |      4700 | NS      | $39785.34     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nisshin Seifun Group Inc.                                      | NISSHIN SEIFUN            | CUSIP: J57633109<br>LEI: 529900N4QFZS1P6PYX29 | Long             | EC               | CORP              | JP        |      4300 | NS      | $56773.23     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp.                                             | NIPPON STEEL COR          | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |     14600 | NS      | $52977.01     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil And Gas, Inc.                                     | NORTHERN OIL AND          | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      1700 | NS      | $49691.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc.                                                      | DNOW INC                  | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |      5181 | NS      | $61705.71     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                              | NUCOR CORP                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       554 | NS      | $93681.40     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                                    | NUTRIEN LTD               | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      5716 | NS      | $431329.36    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                                             | CHORD ENERGY COR          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      2516 | NS      | $357724.88    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                                     | OCCIDENTAL PETE           | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      4664 | NS      | $303160.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.                                | OCEANEERING INTL          | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |       863 | NS      | $30610.61     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc.                                              | OR ROYALTIES INC          | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |       768 | NS      | $29199.36     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd.                                  | SUMITOMO MET MIN          | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |      3200 | NS      | $178536.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Forestry Co Ltd.                                      | SUMITOMO FOREST           | CUSIP: J77454122<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     13800 | NS      | $122076.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                                    | OVINTIV INC               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       255 | NS      | $15136.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsukishima Holdings Co Ltd.                                    | TSUKISHIMA HOLDI          | CUSIP: J93321107<br>LEI: 353800K8E7URAH6LTR26 | Long             | EC               | CORP              | JP        |      1600 | NS      | $27108.05     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc.                                            | POSCO-SPON ADR            | CUSIP: 693483109<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |       691 | NS      | $40416.59     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                                      | PATTERSON-UTI             | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     21227 | NS      | $229888.41    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                                         | PERMIAN RESOURCE          | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      8071 | NS      | $172073.72    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                         | PETROBRAS SA-ADR          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     23717 | NS      | $492127.75    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                                     | PILGRIM'S PRIDE           | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      2546 | NS      | $96136.96     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                                  | PROLOGIS INC              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     17800 | NS      | $2352804.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                 | PUBLIC STORAGE            | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      2200 | NS      | $595936.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                                          | RANGE RESOURCES           | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |       546 | NS      | $24668.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                                   | RAYONIER INC              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      3613 | NS      | $74500.06     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                  | RIO TINTO-ADR             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      5142 | NS      | $479697.18    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                         | YARA INTL ASA             | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      2722 | NS      | $158589.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                               | ROYAL GOLD INC            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       255 | NS      | $64894.95     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                                    | H2O AMERICA               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       903 | NS      | $52979.01     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                                                  | SM ENERGY CO              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     19378 | NS      | $604206.04    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                                       | SLB LTD                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      7769 | NS      | $399248.91    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartStop Self Storage REIT Inc                                | SMARTSTOP SELF S          | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |     20000 | NS      | $605600.00    | 0.57%             |  |  |  | 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        |       588 | NS      | $47592.72     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation                                    | SOUTHERN COPPER           | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |        85 | NS      | $14629.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Asset Management LP                                     | SPROTT PHYSICAL SILVER TR | CUSIP: 85207K107<br>LEI: 5493007M22KSTRPCA127 | Long             | EC               | RF                | CA        |     94000 | NS      | $2292660.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                           | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       476 | NS      | $85680.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                                          | SUN COMMUNITIES           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      7000 | NS      | $881720.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                                         | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      5945 | NS      | $307653.75    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                                     | TERNIUM SA-ADR            | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      1095 | NS      | $43964.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                                              | TIDEWATER INC             | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2024 | NS      | $169105.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                   | TII 2 3/8 01/15/27        | CUSIP: 912810PS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1949200 | PA      | $3200128.86   | 3.03%             | 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        |    265000 | PA      | $417446.10    | 0.40%             | 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      | $1344056.44   | 1.27%             | 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      | $2977765.65   | 2.82%             | 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      | $1714491.20   | 1.62%             | 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      | $1266255.15   | 1.20%             | 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      | $6710979.15   | 6.36%             | 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      | $1715377.35   | 1.63%             | 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      | $114642.31    | 0.11%             | 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        |     21028 | NS      | $334555.48    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                    | VENTAS INC                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     23000 | NS      | $1880940.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                                           | WARRIOR MET COAL          | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |       643 | NS      | $59895.45     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                                                 | WELLTOWER INC             | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      5500 | NS      | $1087405.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                                           | WEYERHAEUSER CO           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      2959 | NS      | $72288.37     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corporation                            | WHEATON PRECIOUS          | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |       544 | NS      | $71269.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                                | WHITESTONE REI            | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51000 | NS      | $823650.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd.                                     | WOODSIDE ENE-ADR          | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      2942 | NS      | $70254.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc                                              | CENTERRA GOLD IN          | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |      2300 | NS      | $40896.09     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                                       | MOWI ASA                  | CUSIP: R4S04H101<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |      5082 | NS      | $115285.47    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                                            | HUDBAY MINERALS           | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |      1000 | NS      | $20936.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumco Corp.                                                    | SUMCO CORP                | CUSIP: J76896109<br>LEI: 353800SUSRUOM0V6KU92 | Long             | EC               | CORP              | JP        |      8400 | NS      | $87830.23     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                                                    | INPEX CORP                | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |      8300 | NS      | $244639.07    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                                                | NORSK HYDRO ASA           | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     16834 | NS      | $178245.59    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SBM Offshore NV                                                | SBM OFFSHORE NV           | CUSIP: N7752F148<br>LEI: 549300RDGCRYZ5QE6513 | Long             | EC               | CORP              | NL        |       912 | NS      | $36492.65     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                               | TOTALENERGIES SE          | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      3558 | NS      | $332729.75    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                               | SEVERN TRENT              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1154 | NS      | $47196.18     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                                    | AKER BP ASA               | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |      7597 | NS      | $283385.23    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SalMar ASA                                                     | SALMAR ASA                | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |      1450 | NS      | $84629.94     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                                     | UNITED UTILITIES          | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |      4078 | NS      | $70976.65     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                             | SUNCOR ENERGY             | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |      3900 | NS      | $257901.51    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                                           | TOURMALINE OIL C          | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      3900 | NS      | $186621.91    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                                         | WHITECAP RESOURC          | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Long             | EC               | CORP              | CA        |     13500 | NS      | $152330.78    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp.                                            | BAYTEX ENERGY CO          | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |      9300 | NS      | $41574.55     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| K & S AG                                                       | K+S AG-REG                | CUSIP: D48164129<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |      7069 | NS      | $133176.95    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                             | CENOVUS ENERGY            | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     15208 | NS      | $403541.35    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiji Holdings Co Ltd.                                         | MEIJI HD                  | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      9900 | NS      | $240711.85    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd.                                             | ARC RESOURCES LT          | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |      6300 | NS      | $131082.09    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkafrost P/F                                                 | Bakkafrost P/F            | CUSIP: K0840B107<br>LEI: 2138007LH7OP4V112978 | Long             | EC               | CORP              | FO        |       739 | NS      | $34566.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Peyto Exploration & Development Corp.                          | PEYTO EXPL & DEV          | CUSIP: 717046106<br>LEI: 98450004AE67F646C503 | Long             | EC               | CORP              | CA        |      3200 | NS      | $62510.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northland Power Inc.                                           | NORTHLAND POWER           | CUSIP: 666511100<br>LEI: 8945002IJ77NEBK48M81 | Long             | EC               | CORP              | CA        |      3200 | NS      | $53679.08     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Athabasca Oil Corp.                                            | ATHABASCA OIL CO          | CUSIP: 04682R107<br>LEI: 549300STK2KBVO6WED71 | Long             | EC               | CORP              | CA        |      7400 | NS      | $59832.68     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tamarack Valley Energy Ltd                                     | TAMARACK VALLEY           | CUSIP: 87505Y409<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |     10100 | NS      | $83478.27     | 0.08%             |  |  |  | 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      | $52681.51     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd.                                             | IVANHOE MINES LT          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     13300 | NS      | $113654.79    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ero Copper Corp                                                | ERO COPPER CORP           | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |      1900 | NS      | $50620.97     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                                    | OVINTIV INC               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       298 | NS      | $17688.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Topaz Energy Corp                                              | TOPAZ ENERGY COR          | CUSIP: 89055A203<br>LEI: 5493008M0TDGJOBY9122 | Long             | EC               | CORP              | CA        |      1500 | NS      | $33333.81     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                                           | CAPSTONE COPPER           | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     19500 | NS      | $147015.91    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prairiesky Royalty Ltd.                                        | PRAIRIESKY ROYAL          | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |      3500 | NS      | $80998.72     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                                           | ENDEAVOUR MINING          | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |      2800 | NS      | $167853.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Var Energi ASA                                                 | VAR ENERGI ASA            | CUSIP: R9796N109<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |     15015 | NS      | $78391.35     | 0.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Anglo American PLC                                             | ANGLO AMER PLC            | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      3175 | NS      | $133590.88    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Secure Waste Infrastructure Corp.                              | SECURE WASTE INF          | CUSIP: 813921103<br>LEI: 894500UQR7AONHFERA55 | Long             | EC               | CORP              | CA        |      1900 | NS      | $29809.97     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                          | ANGLOGOLD ASHANT          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |       637 | NS      | $62018.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                                       | DOLE PLC                  | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |      3957 | NS      | $56545.53     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc.                                   | FRESH DEL MONTE           | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |      1547 | NS      | $62282.22     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corporation PLC                                          | NOBLE CORP PLC            | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |       969 | NS      | $47548.83     | 0.05%             |  |  |  | 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      | $28692694.65  | 27.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                                | BUNGE GLOBAL SA           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      2029 | NS      | $258088.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                                                 | TRANSOCEAN LTD            | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |      4187 | NS      | $27759.81     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Adecoagro SA                                                   | ADECOAGRO SA              | CUSIP: L00849106<br>LEI: 529900Q00UR5LFELO811 | Long             | EC               | CORP              | LU        |      2563 | NS      | $38496.26     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                                  | ICL GROUP LTD             | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |      6014 | NS      | $31152.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                                            | CNH INDUSTRIAL N          | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |      7354 | NS      | $80894.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

**Name of Applicant:** TIMOTHY PLAN

**Signature:** Arthur D. Ally

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

**Title:** President & Treasurer