# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0000910472-25-003471
**Filing Date:** 2025-11
**Character Count:** 74688
**Document Hash:** 7292bb7c4652bbf49761a8f34cae5736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-003471.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0000910472-25-003471

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**PERIOD START**: 20250930

**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:** 251497751

**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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $86827507.17

**Total Liabilities:** $275691.57

**Net Assets:** $86551815.60

**Cash Not Reported:** $1836.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000080683 | 0.00%                | 3.63%                | 3.94%                |
| Class ID C000127002 | 0.07%                | 3.62%                | 4.00%                |
| Class ID C000080684 | -0.07%               | 3.59%                | 3.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-84346.96               | $70793.33                                  |
| Month 2  | $41.13                   | $2768990.10                                |
| Month 3  | $-685019.97              | $3763779.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Water Works Company, Inc.                             | AMERICAN WATER W          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |       722 | NS      | $100495.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                                          | HELMERICH & PAYN          | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      5583 | NS      | $123328.47    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp.                                                    | INPEX CORP                | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |     18000 | NS      | $325389.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.                                | OCEANEERING INTL          | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |       863 | NS      | $21385.14     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Adecoagro SA                                                   | ADECOAGRO SA              | CUSIP: L00849106<br>LEI: 529900Q00UR5LFELO811 | Long             | EC               | CORP              | LU        |      2563 | NS      | $20093.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                                                | BUNGE GLOBAL SA           | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      2621 | NS      | $212956.25    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd.                                    | FIRST QUANTUM             | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |       600 | NS      | $13574.33     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp.                                           | TOURMALINE OIL C          | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      3900 | NS      | $168225.95    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                                                       | MOWI ASA                  | CUSIP: R4S04H101<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |      5082 | NS      | $107336.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                                          | SUN COMMUNITIES           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      6600 | NS      | $851400.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                                         | PERMIAN RESOURCE          | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      8071 | NS      | $103308.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc                                        | ESSENTIAL UTILIT          | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |      1577 | NS      | $62922.30     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                                         | MURPHY OIL CORP           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      5150 | NS      | $146311.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| K & S AG                                                       | K+S AG-REG                | CUSIP: D48164129<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |      7069 | NS      | $95769.27     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                                 | BHP GROUP-ADR             | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      8828 | NS      | $492161.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Var Energi ASA                                                 | VAR ENERGI ASA            | CUSIP: R9796N109<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |     15015 | NS      | $50097.19     | 0.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Tidewater Inc New                                              | TIDEWATER INC             | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      2024 | NS      | $107939.92    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc                                              | CENTERRA GOLD IN          | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |      8700 | NS      | $93224.33     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                                      | FMC CORP                  | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      3911 | NS      | $131526.93    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd.                                             | IVANHOE MINES LT          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     13300 | NS      | $141081.61    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                                                    | AKER BP ASA               | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |      7597 | NS      | $192654.01    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                                       | SBA COMM CORP             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      4400 | NS      | $850740.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                                                | ANTOFAGASTA PLC           | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |      2421 | NS      | $89572.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                          | CAMDEN PROP TR            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     10500 | NS      | $1121190.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                                               | ALAMOS GOLD INC           | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |      2084 | NS      | $72648.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd                                             | SANDSTORM GOLD            | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |      6049 | NS      | $75733.48     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ero Copper Corp                                                | ERO COPPER CORP           | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |      1900 | NS      | $38492.94     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                                             | EOG RESOURCES             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      2697 | NS      | $302387.64    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                            | HALLIBURTON CO            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      7252 | NS      | $178399.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                                   | RAYONIER INC              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |      1695 | NS      | $44985.30     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corporation                               | CALIFORNIA RESOU          | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1174 | NS      | $62433.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                                             | MOSAIC CO/THE             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      5479 | NS      | $190011.72    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Peyto Exploration & Development Corp.                          | PEYTO EXPL & DEV          | CUSIP: 717046106<br>LEI: 549300WZKJ63UJDWP310 | Long             | EC               | CORP              | CA        |      3200 | NS      | $41694.64     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                                             | ANGLO AMER PLC            | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      3175 | NS      | $118921.05    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                                               | TOTALENERGIES SE          | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      3558 | NS      | $216078.12    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                                        | ATI INC                   | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |      1091 | NS      | $88741.94     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                                     | AMERICAN TOWER C          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      5800 | NS      | $1115456.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc                                             | CENOVUS ENERGY            | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |     14000 | NS      | $237751.99    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                                             | CHORD ENERGY COR          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       969 | NS      | $96289.53     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                     | HIGHWOODS PROP            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     17500 | NS      | $556850.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                                      | MATADOR RESOURCE          | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      3376 | NS      | $151683.68    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                                           | CAL-MAINE FOODS           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |       853 | NS      | $80267.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                                                    | EQUINOR ASA-ADR           | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      9561 | NS      | $233097.18    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corporation                            | WHEATON PRECIOUS          | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |       544 | NS      | $60840.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                                         | INGREDION INC             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      1385 | NS      | $169122.35    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                                               | AGCO CORP                 | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       748 | NS      | $80088.36     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                                           | ENDEAVOUR MINING          | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |      3400 | NS      | $142846.67    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                                    | NUTRIEN LTD               | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      5331 | NS      | $312983.01    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gerdau SA                                                      | GERDAU SA-ADR             | CUSIP: 373737105<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EC               | CORP              | BR        |     48408 | NS      | $150064.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corporation                                             | KUBOTA CORP               | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |     14900 | NS      | $187728.75    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                                          | INVITATION HOMES          | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     24000 | NS      | $703920.00    | 0.81%             |  |  |  | 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        |      6269 | NS      | $156035.41    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust                               | FID-MM GOVT-I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   2288734 | PA      | $2288733.67   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NuVista Energy Ltd.                                            | NUVISTA ENERGY            | CUSIP: 67072Q104<br>LEI: 549300MG32TDSM60SX75 | Long             | EC               | CORP              | CA        |      3000 | NS      | $34668.87     | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Mitsubishi Materials Corp.                                     | MITSUB MATERIALS          | CUSIP: J44024107<br>LEI: 35380076QOBOSOUBRT89 | Long             | EC               | CORP              | JP        |      2500 | NS      | $46968.20     | 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      | $42160.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Secure Waste Infrastructure Corp.                              | SECURE WASTE INF          | CUSIP: 813921103<br>LEI: 549300EZKELHYBQO9X11 | Long             | EC               | CORP              | CA        |      1900 | NS      | $27063.85     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nissui Corporation                                             | NISSUI CORP               | CUSIP: J56042104<br>LEI: 529900MPH5BMANQ3EC50 | Long             | EC               | CORP              | JP        |      4700 | NS      | $33136.42     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                          | ANGLOGOLD ASHANT          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |       637 | NS      | $44800.21     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | AGNICO EAGLE MIN          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |       413 | NS      | $69615.28     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                                         | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      7213 | NS      | $316578.57    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexgen Energy Ltd                                              | NEXGEN ENERGY LT          | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               | CORP              | CA        |      7557 | NS      | $67635.15     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Topaz Energy Corp                                              | TOPAZ ENERGY COR          | CUSIP: 89055A203<br>LEI: 5493008M0TDGJOBY9122 | Long             | EC               | CORP              | CA        |      1500 | NS      | $27845.05     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                                                   | IAMGOLD CORP              | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |     11131 | NS      | $143923.83    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Weir Group PLC                                                 | WEIR GROUP PLC            | CUSIP: G95248137<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |       840 | NS      | $30863.83     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                             | KINROSS GOLD              | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |      6715 | NS      | $166867.75    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JFE Holdings, Inc.                                             | JFE Holdings Inc          | CUSIP: J2817M100<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |      8700 | NS      | $106877.51    | 0.12%             |  |  |  | No            |                  1 | 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      | $6657765.30   | 7.69%             | 2031-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Potlatchdeltic Corp.                                           | POTLATCHDELTIC C          | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      1010 | NS      | $41157.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                        | ENI SPA-ADR               | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      1525 | NS      | $53298.75     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dowa Holdings Co Ltd.                                          | DOWA HOLDINGS CO          | CUSIP: J12432225<br>LEI: 353800ZSQZKFE140A689 | Long             | EC               | CORP              | JP        |       400 | NS      | $14602.41     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                                   | ARCHROCK INC              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      2584 | NS      | $67985.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                                  | PROLOGIS INC              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     12500 | NS      | $1431500.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                                                | NORSK HYDRO ASA           | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     16834 | NS      | $114019.15    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                                 | PUBLIC STORAGE            | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      2400 | NS      | $693240.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                           | CLEVELAND-CLIFFS          | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |       964 | NS      | $11760.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                                       | NOV INC                   | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      2196 | NS      | $29097.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                                           | CAPSTONE COPPER           | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     22700 | NS      | $192830.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                                      | APA CORP                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       247 | NS      | $5997.16      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                           | BARRICK MINING C          | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      4816 | NS      | $157820.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                                                 | TRANSOCEAN LTD            | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               | CORP              | CH        |      4187 | NS      | $13063.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc.                                              | OR ROYALTIES INC          | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |      1459 | NS      | $58476.72     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                         | PETROBRAS SA-ADR          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     12064 | NS      | $152730.24    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                                     | TERNIUM SA-ADR            | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      1095 | NS      | $38029.35     | 0.04%             |  |  |  | No            |                  1 | 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      | $1696189.98   | 1.96%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                          | ALEXANDRIA REAL           | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      5500 | NS      | $458370.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd.                                     | WOODSIDE ENE-ADR          | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      2942 | NS      | $44277.10     | 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      | $23685566.92  | 27.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                    | VENTAS INC                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     20000 | NS      | $1399800.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                                    | SUBSEA 7 SA               | CUSIP: L8882U106<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | LU        |      1615 | NS      | $33333.70     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurubis AG                                                     | AURUBIS AG                | CUSIP: D10004105<br>LEI: 5299005SHIN9ZK7GW242 | Long             | EC               | CORP              | DE        |       513 | NS      | $63959.38     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                                       | HEALTHCARE REALT          | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     50000 | NS      | $901500.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                                  | AMERICAN HEALTHC          | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19000 | NS      | $798190.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Thyssenkrupp AG                                                | thyssenkrupp AG           | CUSIP: D8398Q119<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |      6390 | NS      | $87583.06     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                                              | MP MATERIALS COR          | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      2026 | NS      | $135883.82    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                                         | OCI NV                    | CUSIP: N6667A111<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |      3601 | NS      | $16656.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                                          | CIVITAS RESOURCE          | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      3830 | NS      | $124475.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Yuasa Corp.                                                 | GS YUASA CORP             | CUSIP: J1770L109<br>LEI: 353800MW7O6PQQHLDR79 | Long             | EC               | CORP              | JP        |      1700 | NS      | $40239.14     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                                           | WEYERHAEUSER CO           | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      1049 | NS      | $26004.71     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                                   | CF INDUSTRIES HO          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2049 | NS      | $183795.30    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                               | SEVERN TRENT              | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1154 | NS      | $40166.12     | 0.05%             |  |  |  | No            |                  1 | 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      | $1344758.05   | 1.55%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| West Fraser Timber Co Ltd.                                     | WEST FRASER TIMB          | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |      1300 | NS      | $88391.97     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                                     | UNITED UTILITIES          | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |      4078 | NS      | $62879.79     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                        | BXP INC                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      7000 | NS      | $520380.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                                          | SILA REALTY TRUS          | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |     21000 | NS      | $527100.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc.                                   | FRESH DEL MONTE           | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |      1547 | NS      | $53711.84     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiji Holdings Co Ltd.                                         | MEIJI HD                  | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      5900 | NS      | $122336.44    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Morinaga Milk Industry Co Ltd                                  | MORINAGA MILK IN          | CUSIP: J46410114<br>LEI: 529900FB91P7MVO08949 | Long             | EC               | CORP              | JP        |      2600 | NS      | $60909.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nisshin Seifun Group Inc.                                      | NISSHIN SEIFUN            | CUSIP: J57633109<br>LEI: 529900N4QFZS1P6PYX29 | Long             | EC               | CORP              | JP        |      4300 | NS      | $52809.98     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                                | FIRST SOLAR INC           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       223 | NS      | $49178.19     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                                          | RANGE RESOURCES           | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |       546 | NS      | $20551.44     | 0.02%             |  |  |  | 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      | $133109.06    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                         | DIAMONDBACK ENER          | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       771 | NS      | $110330.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc.                                            | POSCO-SPON ADR            | CUSIP: 693483109<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |      1078 | NS      | $53048.38     | 0.06%             |  |  |  | No            |                  1 | 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      | $1257387.63   | 1.45%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Cameco Corporation                                             | CAMECO CORP               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |       653 | NS      | $54760.58     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                                     | BRIXMOR PROPERTY          | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     26700 | NS      | $739056.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                                          | FREEPORT-MCMORAN          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      4340 | NS      | $170214.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Inventrust Properties Corporation                              | INVENTRUST PROPE          | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |     18500 | NS      | $529470.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                                      | PAN AMER SILVER           | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      3259 | NS      | $126221.07    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                                       | EXTRA SPACE STOR          | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      2500 | NS      | $352350.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SBM Offshore NV                                                | SBM OFFSHORE NV           | CUSIP: N7752F148<br>LEI: 549300RDGCRYZ5QE6513 | Long             | EC               | CORP              | NL        |       912 | NS      | $23297.86     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                                  | EQUINIX INC               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2350 | NS      | $1840614.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG Energy Corporation                                         | MEG ENERGY CORP           | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               | CORP              | CA        |      2000 | NS      | $40360.77     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                  | RIO TINTO-ADR             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      6890 | NS      | $454808.90    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco Nevada Corp                                             | FRANCO-NEVADA CO          | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |        26 | NS      | $5795.66      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc.                                              | VIPER ENERGY I-A          | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3312 | NS      | $126584.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                                         | TECK RESOURCES-B          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      1143 | NS      | $50149.23     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                                              | HORMEL FOODS CRP          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      2408 | NS      | $59573.92     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                   | TII 2 01/15/26            | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1026200 | PA      | $1671800.92   | 1.93%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                                      | VEOLIA ENVIRONNE          | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |      3246 | NS      | $110435.64    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp.                                             | NIPPON STEEL COR          | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |     38500 | NS      | $158696.05    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                                | EQT CORP                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1232 | NS      | $67057.76     | 0.08%             |  |  |  | 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        |   2309200 | PA      | $3766026.76   | 4.35%             | 2027-01-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Warrior Met Coal Inc                                           | WARRIOR MET COAL          | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |       963 | NS      | $61285.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                                             | ELDORADO GOLD             | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      7572 | NS      | $218755.08    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc.                                      | PATTERSON-UTI             | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     21227 | NS      | $109955.86    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                               | ROYAL GOLD INC            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       307 | NS      | $61578.06     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Organo Corp                                                    | ORGANO CORP               | CUSIP: J61697108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1200 | NS      | $92029.27     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corporation PLC                                          | NOBLE CORP PLC            | CUSIP: G65431127<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | GB        |       969 | NS      | $27403.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corporation                                      | CNX RESOURCES CO          | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      2443 | NS      | $78469.16     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                                      | VALE SA-SP ADR            | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     22903 | NS      | $248726.58    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Marfrig Global Foods SA                                        | MARFRIG GLOB-ADR          | CUSIP: 56656T105<br>LEI: 391200219USWMOBN3F92 | Long             | EC               | CORP              | BR        |     14807 | NS      | $52712.71     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation                                    | SOUTHERN COPPER           | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      1847 | NS      | $224209.31    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruha Nichiro Corporation                                     | MARUHA NICHIRO C          | CUSIP: J40015109<br>LEI: 529900HGXVKT576NWZ27 | Long             | EC               | CORP              | JP        |      1300 | NS      | $30164.47     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                                           | BAKER HUGHES CO           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4709 | NS      | $229422.48    | 0.27%             |  |  |  | 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      | $50450.97     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal S.A.                                             | ARCELORMITTAL-NY          | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |      2219 | NS      | $80216.85     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Northland Power Inc.                                           | NORTHLAND POWER           | CUSIP: 666511100<br>LEI: 549300IT8CIDW8V5KX72 | Long             | EC               | CORP              | CA        |      3200 | NS      | $53584.39     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                                | GOLD FIELDS-ADR           | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      1058 | NS      | $44393.68     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NH Foods Ltd.                                                  | NH FOODS LTD              | CUSIP: J4929Q102<br>LEI: 353800NLDBIOUQILWU82 | Long             | EC               | CORP              | JP        |      2500 | NS      | $99143.82     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd.                                  | SUMITOMO MET MIN          | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |      4900 | NS      | $157969.38    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                                            | HUDBAY MINERALS           | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |     13400 | NS      | $203005.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd.                                              | IMPERIAL OIL              | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |       900 | NS      | $81620.61     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                                    | OVINTIV INC               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |       255 | NS      | $10296.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                                | WHITESTONE REI            | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26000 | NS      | $319280.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitecap Resources Inc                                         | WHITECAP RESOURC          | CUSIP: 96467A200<br>LEI: 5493004AMPGZA0JO5Q37 | Long             | EC               | CORP              | CA        |     13500 | NS      | $103036.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartStop Self Storage REIT Inc                                | SMARTSTOP SELF S          | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |     11500 | NS      | $432860.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                              | NUCOR CORP                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       554 | NS      | $75028.22     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                                       | DARLING INGREDIE          | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      3587 | NS      | $110730.69    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                                            | CNH INDUSTRIAL N          | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | NL        |      7354 | NS      | $79790.90     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies N V                                           | TECHNIP ENERGIES          | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | NL        |       799 | NS      | $37595.59     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SalMar ASA                                                     | SALMAR ASA                | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |       841 | NS      | $44912.48     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                 | CONOCOPHILLIPS            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4728 | NS      | $447221.52    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp.                                            | BAYTEX ENERGY CO          | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |     74500 | NS      | $174544.54    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                                    | AVALONBAY COMMUN          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      5200 | NS      | $1004484.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                                       | DEVON ENERGY CO           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      6477 | NS      | $227083.62    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Forestry Co Ltd.                                      | SUMITOMO FOREST           | CUSIP: J77454122<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     13800 | NS      | $164396.82    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA                                         | YARA INTL ASA             | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      2722 | NS      | $99437.13     | 0.11%             |  |  |  | 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      | $78999.51     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corporation                                 | MAGNOLIA OIL-A            | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3174 | NS      | $75763.38     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                                  | ICL GROUP LTD             | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |      6014 | NS      | $37407.08     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living Inc.                                   | BROOKDALE SR              | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |     48754 | NS      | $412946.38    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumco Corp.                                                    | SUMCO CORP                | CUSIP: J76896109<br>LEI: 353800SUSRUOM0V6KU92 | Long             | EC               | CORP              | JP        |     10900 | NS      | $116249.17    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Athabasca Oil Corp.                                            | ATHABASCA OIL CO          | CUSIP: 04682R107<br>LEI: 549300STK2KBVO6WED71 | Long             | EC               | CORP              | CA        |      7400 | NS      | $35419.17     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Limited                             | CAN NATURAL RES           | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      6274 | NS      | $200517.04    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group                                 | CALIF WATER SRVC          | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |      1570 | NS      | $72047.30     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co.                                      | AMER STATES WATE          | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       826 | NS      | $60562.32     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                                | DEERE & CO                | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       826 | NS      | $377696.76    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                                                  | SM ENERGY CO              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      4459 | NS      | $111341.23    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                            | NEWMONT CORP              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      2236 | NS      | $188517.16    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                             | COTERRA ENERGY I          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      6726 | NS      | $159069.90    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Company                                           | HECLA MINING CO           | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     13716 | NS      | $165963.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                                               | WELLTOWER INC             | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |      4100 | NS      | $730374.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                        | BLACK STONE MINE          | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1128 | NS      | $14821.92     | 0.02%             |  |  |  | No            |                  1 | 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      | $831018.11    | 0.96%             | 2028-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc.                                 | REXFORD INDUSTRI          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     20000 | NS      | $822200.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc.                                             | SUNCOR ENERGY             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      7400 | NS      | $309731.57    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                                           | SCHLUMBERGER LTD          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      5873 | NS      | $201855.01    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                                                    | H2O AMERICA               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       903 | NS      | $43976.10     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                           | STEEL DYNAMICS            | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       476 | NS      | $66368.68     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                             | LUNDIN MINING CO          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |     18100 | NS      | $270046.35    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd.                                   | KURITA WATER IND          | CUSIP: J37221116<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |      2400 | NS      | $81949.87     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                                     | PILGRIM'S PRIDE           | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      2546 | NS      | $103673.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                                              | ALCOA CORP                | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      4251 | NS      | $139815.39    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                                          | AMERICAN HOMES-A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     26000 | NS      | $864500.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                   | TII 0 1/8 02/15/51        | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3847200 | PA      | $2646623.60   | 3.06%             | 2051-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | AGNICO EAGLE MIN          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      1434 | NS      | $241567.86    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                                      | DIGITAL REALTY            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      6300 | NS      | $1089144.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Prairiesky Royalty Ltd.                                        | PRAIRIESKY ROYAL          | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |      3500 | NS      | $64946.64     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                                     | AMERICOLD REALTY          | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     26000 | NS      | $318240.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                                 | ALBEMARLE CORP            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       940 | NS      | $76215.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                                       | DOLE PLC                  | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |      3957 | NS      | $53182.08     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd.                                             | ARC RESOURCES LT          | CUSIP: 00208D408<br>LEI: FIR47I6FEYKYNJBYW622 | Long             | EC               | CORP              | CA        |      6300 | NS      | $114911.78    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                                             | LIBERTY ENERGY I          | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12047 | NS      | $148659.98    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                                     | HARMONY GOLD-ADR          | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      2145 | NS      | $38931.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                                   | NNN REIT INC              | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     11000 | NS      | $468270.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fugro N.V.                                                     | FUGRO NV                  | CUSIP: N3385Q312<br>LEI: 7245000R8GNBSDTSZ396 | Long             | EC               | CORP              | NL        |      2945 | NS      | $31410.34     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** TIMOTHY PLAN

**Signature:** Arthur D. Ally

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

**Title:** President & Treasurer