Shares | | | | | Fair Value | |
| | | | EXCHANGE-TRADED FUNDS — 49.6% | | | | |
| | | | EQUITY - 49.6% | | | | |
| 95,460 | | | Timothy Plan High Dividend Stock Enhanced ETF(a) | | $ | 2,277,676 | |
| 127,144 | | | Timothy Plan International ETF(a) | | | 3,372,177 | |
| 236,400 | | | Timothy Plan Market Neutral ETF(a) | | | 5,543,579 | |
| 186,486 | | | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) | | | 4,510,015 | |
| 75,405 | | | Timothy Plan US Small Cap Core ETF(a) | | | 2,678,944 | |
| | | | | | | 18,382,391 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $18,130,593) | | | 18,382,391 | |
| | | | | | | | |
| | | | OPEN END FUNDS — 49.1% | | | | |
| | | | EQUITY - 12.0% | | | | |
| 348,484 | | | Timothy Plan International Fund, Class A(a) | | | 4,436,204 | |
| | | | | | | | |
| | | | FIXED INCOME - 37.1% | | | | |
| 1,264,140 | | | Timothy Plan Fixed Income Fund, Class A(a) | | | 11,339,335 | |
| 277,308 | | | Timothy Plan High Yield Bond Fund, Class A(a) | | | 2,443,086 | |
| | | | | | | 13,782,421 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $19,826,482) | | | 18,218,625 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 1.4% | | | | |
| | | | MONEY MARKET FUND - 1.4% | | | | |
| 525,638 | | | Fidelity Government Portfolio, CLASS I, 5.20% (Cost $525,638)(b) | | | 525,638 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.1% (Cost $38,482,713) | | $ | 37,126,654 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | | | (45,287 | ) |
| | | | NET ASSETS - 100.0% | | $ | 37,081,367 | |
| | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% | | | | |
| | | | CHEMICALS - 1.5% | | | | |
| 940 | | | Albemarle Corporation | | $ | 89,789 | |
| 1,605 | | | CF Industries Holdings, Inc. | | | 118,963 | |
| 1,853 | | | FMC Corporation | | | 106,640 | |
| 6,014 | | | ICL Group Ltd. | | | 25,740 | |
| 7,069 | | | K+S A.G. | | | 95,225 | |
| 4,962 | | | Mosaic Company (The) | | | 143,402 | |
| 4,653 | | | Nutrien Ltd. | | | 236,884 | |
| 3,601 | | | OCI N.V. | | | 87,913 | |
| 3,097 | | | Sociedad Quimica y Minera de Chile S.A. - ADR | | | 126,203 | |
| 1,308 | | | Yara International ASA | | | 37,686 | |
| | | | | | | 1,068,445 | |
| | | | DATA CENTER REIT - 0.9% | | | | |
| 4,400 | | | Digital Realty Trust, Inc. | | | 669,020 | |
| | | | | | | | |
| | | | ELECTRIC UTILITIES - 0.1% | | | | |
| 1,387 | | | Brookfield Renewable Corporation | | | 39,363 | |
| | | | | | | | |
| | | | FOOD - 1.2% | | | | |
| 2,563 | | | Adecoagro S.A. | | | 24,938 | |
| 853 | | | Cal-Maine Foods, Inc. | | | 52,127 | |
| 4,632 | | | Darling Ingredients, Inc.(a) | | | 170,225 | |
| 1,353 | | | Dole plc | | | 16,561 | |
| 564 | | | Fresh Del Monte Produce, Inc. | | | 12,323 | |
| 2,408 | | | Hormel Foods Corporation | | | 73,420 | |
| 1,385 | | | Ingredion, Inc. | | | 158,860 | |
| 400 | | | MEIJI Holdings Company Ltd. | | | 8,626 | |
| 2,600 | | | Morinaga Milk Industry Company Ltd.(b) | | | 54,484 | |
| 5,082 | | | Mowi ASA(b) | | | 84,588 | |
| 1,100 | | | NH Foods Ltd. | | | 32,891 | |
| 4,300 | | | Nisshin Seifun Group, Inc. | | | 49,438 | |
| 4,700 | | | Nissui Corporation | | | 25,208 | |
| 2,546 | | | Pilgrim’s Pride Corporation(a) | | | 97,996 | |
| 841 | | | Salmar ASA | | | 44,271 | |
| | | | | | | 905,956 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% (Continued) | | | | |
| | | | FORESTRY, PAPER & WOOD PRODUCTS - 0.3% | | | | |
| 2,400 | | | Canfor Corporation(a) | | $ | 25,452 | |
| 128 | | | Louisiana-Pacific Corporation | | | 10,538 | |
| 1,900 | | | Sumitomo Forestry Company Ltd. | | | 60,437 | |
| 1,300 | | | West Fraser Timber Company Ltd. | | | 99,833 | |
| | | | | | | 196,260 | |
| | | | GAS & WATER UTILITIES - 0.7% | | | | |
| 403 | | | American States Water Company | | | 29,246 | |
| 559 | | | American Water Works Company, Inc. | | | 72,200 | |
| 910 | | | California Water Service Group | | | 44,126 | |
| 4,258 | | | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | | | 57,270 | |
| 1,129 | | | Essential Utilities, Inc. | | | 42,146 | |
| 1,154 | | | Severn Trent plc | | | 34,719 | |
| 264 | | | SJW Group | | | 14,314 | |
| 4,078 | | | United Utilities Group plc | | | 50,653 | |
| 5,852 | | | Veolia Environnement S.A. | | | 175,027 | |
| | | | | | | 519,701 | |
| | | | HEALTH CARE FACILITIES & SERVICES - 0.4% | | | | |
| 48,754 | | | Brookdale Senior Living, Inc.(a) | | | 332,990 | |
| | | | | | | | |
| | | | HEALTH CARE REIT - 1.0% | | | | |
| 21,000 | | | American Healthcare REIT, Inc. | | | 306,810 | |
| 27,000 | | | Healthcare Realty Trust, Inc. | | | 444,960 | |
| | | | | | | 751,770 | |
| | | | INDUSTRIAL REIT - 0.5% | | | | |
| 8,100 | | | Rexford Industrial Realty, Inc. | | | 361,179 | |
| | | | | | | | |
| | | | MACHINERY - 1.2% | | | | |
| 748 | | | AGCO Corporation | | | 73,214 | |
| 7,354 | | | CNH Industrial N.V. | | | 74,496 | |
| 1,248 | | | Deere & Company | | | 466,290 | |
| 10,900 | | | Kubota Corporation(b) | | | 152,456 | |
| 1,700 | | | Kurita Water Industries Ltd. | | | 72,062 | |
| 400 | | | Organo Corporation | | | 20,539 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% (Continued) | | | | |
| | | | MACHINERY - 1.2% (Continued) | | | | |
| 840 | | | Weir Group plc (The) | | $ | 21,067 | |
| | | | | | | 880,124 | |
| | | | METALS & MINING - 4.3% | | | | |
| 413 | | | Agnico Eagle Mines Ltd. | | | 27,010 | |
| 2,734 | | | Agnico Eagle Mines Ltd. | | | 178,802 | |
| 8,093 | | | Alamos Gold, Inc., Class A | | | 126,898 | |
| 2,356 | | | Alcoa Corporation | | | 93,722 | |
| 2,139 | | | Anglo American PLC | | | 67,652 | |
| 3,813 | | | Anglogold Ashanti plc | | | 95,821 | |
| 1,391 | | | Antofagasta plc | | | 37,102 | |
| 513 | | | Aurubis A.G. | | | 40,254 | |
| 44,540 | | | B2Gold Corporation | | | 120,258 | |
| 10,928 | | | Barrick Gold Corporation | | | 182,278 | |
| 4,671 | | | BHP Group Ltd. - ADR | | | 266,667 | |
| 300 | | | Cameco Corporation | | | 14,760 | |
| 4,500 | | | Capstone Copper Corporation(a) | | | 31,903 | |
| 8,700 | | | Centerra Gold, Inc. | | | 58,500 | |
| 3,247 | | | Cia de Minas Buenaventura S.A.A - ADR | | | 55,037 | |
| 964 | | | Cleveland-Cliffs, Inc.(a) | | | 14,836 | |
| 400 | | | Dowa Holdings Company Ltd. | | | 14,196 | |
| 1,435 | | | Eldorado Gold Corporation(a) | | | 21,224 | |
| 2,100 | | | Endeavour Mining plc | | | 44,357 | |
| 190 | | | Eramet S.A. | | | 19,163 | |
| 600 | | | First Quantum Minerals Ltd. | | | 7,880 | |
| 951 | | | Franco-Nevada Corporation | | | 112,713 | |
| 3,462 | | | Freeport-McMoRan, Inc. | | | 168,253 | |
| 13,128 | | | Gold Fields Ltd. - ADR | | | 195,607 | |
| 19,422 | | | Hecla Mining Company | | | 94,197 | |
| 5,000 | | | Hudbay Minerals, Inc. | | | 45,242 | |
| 2,500 | | | Ivanhoe Mines Ltd.(a) | | | 32,250 | |
| 6,715 | | | Kinross Gold Corporation | | | 55,869 | |
| 800 | | | Labrador Iron Ore Royalty Corporation | | | 17,015 | |
| 2,800 | | | Lundin Mining Corporation | | | 31,168 | |
| 2,500 | | | Mitsubishi Materials Corporation | | | 45,861 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% (Continued) | | | | |
| | | | METALS & MINING - 4.3% (Continued) | | | | |
| 2,026 | | | MP Materials Corporation(a) | | $ | 25,791 | |
| 19,348 | | | Norsk Hydro ASA | | | 120,516 | |
| 1,459 | | | Osisko Gold Royalties Ltd. | | | 22,731 | |
| 5,864 | | | Pan American Silver Corporation | | | 116,576 | |
| 3,165 | | | Rio Tinto plc - ADR | | | 208,668 | |
| 214 | | | Royal Gold, Inc. | | | 26,784 | |
| 6,049 | | | Sandstorm Gold Ltd. | | | 32,907 | |
| 514 | | | Southern Copper Corporation | | | 55,378 | |
| 7,739 | | | SSR Mining, Inc. | | | 34,903 | |
| 1,400 | | | Sumitomo Metal Mining Company Ltd. | | | 42,453 | |
| 1,143 | | | Teck Resources Ltd., Class B | | | 54,769 | |
| 12,534 | | | Vale S.A. - ADR | | | 140,005 | |
| 1,984 | | | Wheaton Precious Metals Corporation | | | 104,001 | |
| | | | | | | 3,301,977 | |
| | | | OIL & GAS PRODUCERS - 5.7% | | | | |
| 5,196 | | | Aker BP ASA | | | 132,479 | |
| 5,447 | | | APA Corporation | | | 160,360 | |
| 6,300 | | | ARC Resources Ltd. | | | 112,397 | |
| 14,900 | | | Baytex Energy Corporation | | | 51,619 | |
| 6,274 | | | Canadian Natural Resources Ltd. | | | 223,354 | |
| 11,000 | | | Cenovus Energy, Inc. | | | 216,188 | |
| 468 | | | Chord Energy Corporation | | | 78,474 | |
| 735 | | | Civitas Resources, Inc. | | | 50,715 | |
| 2,443 | | | CNX Resources Corporation(a) | | | 59,365 | |
| 2,749 | | | ConocoPhillips | | | 314,432 | |
| 4,962 | | | Coterra Energy, Inc. | | | 132,337 | |
| 4,251 | | | Devon Energy Corporation | | | 201,497 | |
| 1,525 | | | Eni SpA - ADR | | | 46,955 | |
| 1,772 | | | EOG Resources, Inc. | | | 223,042 | |
| 1,232 | | | EQT Corporation | | | 45,559 | |
| 6,311 | | | Equinor ASA - ADR | | | 180,242 | |
| 42 | | | Hess Corporation | | | 6,196 | |
| 900 | | | Imperial Oil Ltd. | | | 61,359 | |
| 8,800 | | | Inpex Corporation(b) | | | 129,484 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% (Continued) | | | | |
| | | | OIL & GAS PRODUCERS - 5.7% (Continued) | | | | |
| 1,313 | | | Kosmos Energy Ltd.(a) | | $ | 7,274 | |
| 1,380 | | | Magnolia Oil & Gas Corporation, Class A | | | 34,969 | |
| 4,038 | | | Marathon Oil Corporation | | | 115,769 | |
| 1,615 | | | Matador Resources Company | | | 96,254 | |
| 6,400 | | | MEG Energy Corporation(a) | | | 136,915 | |
| 2,759 | | | Murphy Oil Corporation | | | 113,781 | |
| 255 | | | Ovintiv, Inc. | | | 11,952 | |
| 2,000 | | | Parex Resources, Inc. | | | 32,042 | |
| 12,064 | | | Petroleo Brasileiro S.A. - ADR | | | 174,807 | |
| 2,000 | | | PrairieSky Royalty Ltd. | | | 38,006 | |
| 546 | | | Range Resources Corporation | | | 18,307 | |
| 18,856 | | | Southwestern Energy Company(a) | | | 126,901 | |
| 6,000 | | | Suncor Energy, Inc. | | | 228,693 | |
| 2,296 | | | TotalEnergies S.E.(b) | | | 153,304 | |
| 2,700 | | | Tourmaline Oil Corporation | | | 122,448 | |
| 5,200 | | | Veren, Inc. | | | 41,008 | |
| 3,900 | | | Vermilion Energy, Inc. | | | 42,928 | |
| 2,239 | | | Viper Energy, Inc. | | | 84,030 | |
| 14,500 | | | Whitecap Resources, Inc. | | | 106,084 | |
| 2,942 | | | Woodside Energy Group Ltd. - ADR | | | 55,339 | |
| | | | | | | 4,166,865 | |
| | | | OIL & GAS SERVICES & EQUIPMENT - 1.2% | | | | |
| 3,881 | | | Baker Hughes Company | | | 136,495 | |
| 2,140 | | | ChampionX Corporation | | | 71,069 | |
| 3,524 | | | Halliburton Company | | | 119,041 | |
| 2,624 | | | Helmerich & Payne, Inc. | | | 94,831 | |
| 6,476 | | | Liberty Oilfield Services, Inc., Class A | | | 135,284 | |
| 969 | | | Noble Corp plc | | | 43,266 | |
| 1,425 | | | NOV, Inc. | | | 27,089 | |
| 8,724 | | | Patterson-UTI Energy, Inc. | | | 90,381 | |
| 3,908 | | | Schlumberger N.V. | | | 184,380 | |
| 4,187 | | | Transocean Ltd.(a) | | | 22,400 | |
| | | | | | | 924,236 | |
| | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% (Continued) | | | | |
| | | | REAL ESTATE INVESTMENT TRUSTS - 14.5% | | | | |
| 16,000 | | | American Homes 4 Rent, Class A | | $ | 594,560 | |
| 3,400 | | | American Tower Corporation, A | | | 660,892 | |
| 16,700 | | | Americold Realty Trust, Inc. | | | 426,518 | |
| 4,000 | | | AvalonBay Communities, Inc. | | | 827,560 | |
| 7,000 | | | Camden Property Trust | | | 763,770 | |
| 8,700 | | | Crown Castle, Inc. | | | 849,990 | |
| 1,475 | | | Equinix, Inc. | | | 1,115,985 | |
| 12,800 | | | Highwoods Properties, Inc. | | | 336,256 | |
| 15,000 | | | InvenTrust Properties Corporation | | | 371,400 | |
| 14,500 | | | Plymouth Industrial REIT, Inc. | | | 310,010 | |
| 378 | | | PotlatchDeltic Corporation | | | 14,889 | |
| 7,000 | | | Prologis, Inc. | | | 786,170 | |
| 2,650 | | | Public Storage | | | 762,273 | |
| 1,623 | | | Rayonier, Inc. | | | 47,213 | |
| 3,065 | | | SBA Communications Corporation, A | | | 601,660 | |
| 6,000 | | | Sun Communities, Inc. | | | 722,040 | |
| 16,900 | | | Ventas, Inc. | | | 866,294 | |
| 6,500 | | | Welltower, Inc. | | | 677,625 | |
| 1,049 | | | Weyerhaeuser Company | | | 29,781 | |
| | | | | | | 10,764,886 | |
| | | | RENEWABLE ENERGY - 0.1% | | | | |
| 266 | | | Enphase Energy, Inc.(a) | | | 26,523 | |
| 223 | | | First Solar, Inc.(a) | | | 50,277 | |
| | | | | | | 76,800 | |
| | | | RESIDENTIAL REIT - 0.8% | | | | |
| 3,500 | | | Equity Residential | | | 242,690 | |
| 10,000 | | | Invitation Homes, Inc. | | | 358,900 | |
| | | | | | | 601,590 | |
| | | | RETAIL REIT - 1.1% | | | | |
| 15,000 | | | Brixmor Property Group, Inc. | | | 346,350 | |
| 10,300 | | | NNN REIT, Inc. | | | 438,780 | |
| | | | | | | 785,130 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 37.7% (Continued) | | | | |
| | | | SELF-STORAGE REIT - 0.7% | | | | |
| 3,500 | | | Extra Space Storage, Inc. | | $ | 543,935 | |
| | | | | | | | |
| | | | SEMICONDUCTORS - 0.1% | | | | |
| 7,600 | | | SUMCO Corporation | | | 109,394 | |
| | | | | | | | |
| | | | STEEL - 1.1% | | | | |
| 2,219 | | | ArcelorMittal S.A. - ADR | | | 50,882 | |
| 1,737 | | | ATI, Inc.(a) | | | 96,317 | |
| 44,353 | | | Gerdau S.A. - ADR | | | 146,365 | |
| 3,200 | | | JFE Holdings, Inc.(b) | | | 46,061 | |
| 5,000 | | | Nippon Steel Corporation(b) | | | 105,708 | |
| 1,061 | | | Nucor Corporation | | | 167,722 | |
| 1,078 | | | POSCO - ADR | | | 70,868 | |
| 60 | | | Reliance, Inc. | | | 17,136 | |
| 59 | | | Steel Dynamics, Inc. | | | 7,641 | |
| 1,095 | | | Ternium S.A. - ADR | | | 41,117 | |
| 1,847 | | | United States Steel Corporation | | | 69,817 | |
| | | | | | | 819,634 | |
| | | | WHOLESALE - CONSUMER STAPLES - 0.3% | | | | |
| 2,104 | | | Bunge Global S.A. | | | 224,644 | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $27,377,017) | | | 28,043,899 | |
| | | | | | | | |
| | | | EXCHANGE-TRADED FUNDS — 19.3% | | | | |
| | | | EQUITY - 19.3% | | | | |
| 611,600 | | | Timothy Plan Market Neutral ETF (Cost $15,212,535)(b) | | | 14,342,020 | |
| | | | | | | | |
| | | | PRECIOUS METALS - PHYSICAL HOLDING — 19.2% | | | | |
| | | | PRECIOUS METAL - 19.2% | | | | |
| 6,143 | | | GOLD BARS - XAU BGN CURNCY (Cost $7,240,877) (a) | | | 14,286,728 | |
| | | | | | | | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | U.S. GOVERNMENT & AGENCIES — 21.6% | | | | | | | | |
| | | | U.S. TREASURY INFLATION PROTECTED — 21.6% | | | | | | | | |
| 1,060,000 | | | United States Treasury Inflation Indexed Bonds | | 2.3750 | | 01/15/25 | | | 1,747,397 | |
| 1,455,000 | | | United States Treasury Inflation Indexed Bonds | | 2.0000 | | 01/15/26 | | | 2,270,836 | |
| 1,450,000 | | | United States Treasury Inflation Indexed Bonds | | 2.3750 | | 01/15/27 | | | 2,253,925 | |
| 1,625,000 | | | United States Treasury Inflation Indexed Bonds | | 0.5000 | | 01/15/28 | | | 1,946,566 | |
| 655,000 | | | United States Treasury Inflation Indexed Bonds | | 1.7500 | | 01/15/28 | | | 964,850 | |
| 1,230,000 | | | United States Treasury Inflation Indexed Bonds | | 0.8750 | | 01/15/29 | | | 1,447,867 | |
| 1,060,000 | | | United States Treasury Inflation Indexed Bonds | | 2.5000 | | 01/15/29 | | | 1,576,060 | |
| 2,456,700 | | | United States Treasury Inflation Indexed Bonds | | 0.1250 | | 01/15/31 | | | 2,616,757 | |
| 235,000 | | | United States Treasury Inflation Indexed Bonds | | 2.1250 | | 02/15/41 | | | 335,446 | |
| 1,345,000 | | | United States Treasury Inflation Indexed Bonds | | 0.1250 | | 02/15/51 | | | 946,766 | |
| | | | | | | | | | | 16,106,470 | |
| | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $17,920,544) | | | 16,106,470 | |
| | | | | | | | | | | | |
| | | | SHORT-TERM INVESTMENTS — 2.1% | | | | | | | | |
| | | | MONEY MARKET FUND - 2.1% | | | | | | | | |
| 1,584,289 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $1,584,289) (c) | | | 1,584,289 | |
| | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.9% (Cost $69,335,262) | | $ | 74,363,406 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1% | | | 87,394 | |
| | | | NET ASSETS - 100.0% | | | | | | $ | 74,450,800 | |
| | | | | | | | | | | | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 27.3% | | | | | | | | |
| | | | CHEMICALS — 2.0% | | | | | | | | |
| 1,570,000 | | | Nutrien Ltd. | | 4.0000 | | 12/15/26 | | $ | 1,519,574 | |
| 805,000 | | | Nutrien Ltd. | | 2.9500 | | 05/13/30 | | | 713,500 | |
| | | | | | | | | | | 2,233,074 | |
| | | | COMMERCIAL SUPPORT SERVICES — 0.8% | | | | | | | | |
| 450,000 | | | Republic Services, Inc. | | 5.0000 | | 04/01/34 | | | 441,554 | |
| 450,000 | | | Waste Management, Inc. | | 4.6250 | | 02/15/33 | | | 435,694 | |
| | | | | | | | | | | 877,248 | |
| | | | ELECTRIC UTILITIES — 3.4% | | | | | | | | |
| 2,205,000 | | | American Electric Power Company, Inc. | | 3.2000 | | 11/13/27 | | | 2,066,065 | |
| 1,000,000 | | | Electricite de France S.A.(a) | | 5.7000 | | 05/23/28 | | | 1,010,948 | |
| 405,000 | | | National Rural Utilities Cooperative Finance | | 5.0500 | | 09/15/28 | | | 406,310 | |
| 442,000 | | | WEC Energy Group, Inc. | | 3.5500 | | 06/15/25 | | | 433,176 | |
| | | | | | | | | | | 3,916,499 | |
| | | | GAS & WATER UTILITIES — 1.8% | | | | | | | | |
| 2,185,000 | | | NiSource, Inc. | | 3.4900 | | 05/15/27 | | | 2,085,793 | |
| | | | | | | | | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES — 0.8% | | | | | | | | |
| 1,000,000 | | | Cboe Global Markets, Inc. | | 3.6500 | | 01/12/27 | | | 965,235 | |
| | | | | | | | | | | | |
| | | | MACHINERY — 1.5% | | | | | | | | |
| 900,000 | | | Caterpillar Financial Services Corporation | | 4.3500 | | 05/15/26 | | | 888,233 | |
| 900,000 | | | John Deere Capital Corporation | | 3.9000 | | 06/07/32 | | | 835,237 | |
| | | | | | | | | | | 1,723,470 | |
| | | | METALS & MINING — 1.6% | | | | | | | | |
| 1,430,000 | | | BHP Billiton Finance USA Ltd. | | 5.2500 | | 09/08/33 | | | 1,433,952 | |
| 450,000 | | | Rio Tinto Finance USA plc | | 5.0000 | | 03/09/33 | | | 449,203 | |
| | | | | | | | | | | 1,883,155 | |
| | | | OIL & GAS PRODUCERS — 6.7% | | | | | | | | |
| 1,815,000 | | | Columbia Pipelines Holding Company, LLC(a) | | 6.0420 | | 08/15/28 | | | 1,857,787 | |
| 1,125,000 | | | Energy Transfer, L.P. | | 5.7500 | | 02/15/33 | | | 1,137,497 | |
| 1,980,000 | | | Energy Transfer, L.P. | | 6.2500 | | 04/15/49 | | | 1,980,225 | |
| 450,000 | | | Enterprise Products Operating, LLC | | 5.3500 | | 01/31/33 | | | 454,729 | |
| 2,240,000 | | | Phillips 66 Company | | 3.6050 | | 02/15/25 | | | 2,211,486 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 27.3% (Continued) | | | | | | | | |
| | | | OIL & GAS PRODUCERS — 6.7% (Continued) | | | | | | | | |
| | | | | | | | | | $ | 7,641,724 | |
| | | | REAL ESTATE INVESTMENT TRUSTS — 3.1% | | | | | | | | |
| 1,520,000 | | | Digital Realty Trust, L.P. | | 3.7000 | | 08/15/27 | | | 1,451,828 | |
| 2,200,000 | | | Healthpeak Properties, Inc. | | 3.5000 | | 07/15/29 | | | 2,035,405 | |
| | | | | | | | | | | 3,487,233 | |
| | | | RETAIL - CONSUMER STAPLES — 1.3% | | | | | | | | |
| 1,575,000 | | | Dollar General Corporation | | 4.1250 | | 05/01/28 | | | 1,517,134 | |
| | | | | | | | | | | | |
| | | | RETAIL - DISCRETIONARY — 1.6% | | | | | | | | |
| 1,795,000 | | | Tractor Supply Company | | 5.2500 | | 05/15/33 | | | 1,783,319 | |
| | | | | | | | | | | | |
| | | | TRANSPORTATION & LOGISTICS — 2.7% | | | | | | | | |
| 1,000,000 | | | Canadian Pacific Railway Company | | 2.9000 | | 02/01/25 | | | 983,614 | |
| 2,190,000 | | | CSX Corporation | | 3.2500 | | 06/01/27 | | | 2,090,051 | |
| | | | | | | | | | | 3,073,665 | |
| | | | TOTAL CORPORATE BONDS (Cost $32,298,420) | | | | | | | 31,187,549 | |
| | | | | | | | | | | | |
| | | | NON U.S. GOVERNMENT & AGENCIES — 3.4% | | | | | | | | |
| | | | LOCAL AUTHORITY — 1.9% | | | | | | | | |
| 2,235,000 | | | Province of Ontario Canada | | 2.5000 | | 04/27/26 | | | 2,140,237 | |
| | | | | | | | | | | | |
| | | | SOVEREIGN — 1.5% | | | | | | | | |
| 1,800,000 | | | Israel Government International Bond | | 5.5000 | | 03/12/34 | | | 1,719,900 | |
| | | | | | | | | | | | |
| | | | TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,012,210) | | | | | | | 3,860,137 | |
| | | | | | | | | | | | |
| | | | U.S. GOVERNMENT & AGENCIES — 66.8% | | | | | | | | |
| | | | AGENCY FIXED RATE — 36.3% | | | | | | | | |
| 1,137,248 | | | Fannie Mae Pool FM5537 | | 2.0000 | | 01/01/36 | | | 1,008,686 | |
| 849,389 | | | Fannie Mae Pool MA4316 | | 2.5000 | | 04/01/36 | | | 769,883 | |
| 643,928 | | | Fannie Mae Pool MA4366 | | 2.5000 | | 06/01/41 | | | 561,722 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | U.S. GOVERNMENT & AGENCIES — 66.8% (Continued) | | | | | | | | |
| | | | AGENCY FIXED RATE — 36.3% (Continued) | | | | | | | | |
| 377,239 | | | Fannie Mae Pool MA4475 | | 2.5000 | | 10/01/41 | | $ | 326,782 | |
| 1,090,680 | | | Fannie Mae Pool MA4617 | | 3.0000 | | 04/01/42 | | | 967,124 | |
| 887,094 | | | Fannie Mae Pool FM4053 | | 2.5000 | | 08/01/50 | | | 740,115 | |
| 1,197,373 | | | Fannie Mae Pool CA8897 | | 3.0000 | | 02/01/51 | | | 1,036,352 | |
| 780,857 | | | Fannie Mae Pool MA4258 | | 3.5000 | | 02/01/51 | | | 699,730 | |
| 417,274 | | | Fannie Mae Pool FM6550 | | 2.0000 | | 03/01/51 | | | 333,570 | |
| 741,054 | | | Fannie Mae Pool CB0855 | | 3.0000 | | 06/01/51 | | | 636,225 | |
| 1,417,944 | | | Fannie Mae Pool FS3744 | | 2.0000 | | 07/01/51 | | | 1,123,270 | |
| 460,245 | | | Fannie Mae Pool FS1807 | | 3.5000 | | 07/01/51 | | | 413,539 | |
| 1,298,051 | | | Fannie Mae Pool FS6141 | | 2.0000 | | 01/01/52 | | | 1,029,602 | |
| 320,773 | | | Fannie Mae Pool BU1322 | | 2.5000 | | 02/01/52 | | | 263,815 | |
| 891,317 | | | Fannie Mae Pool CB3486 | | 3.5000 | | 05/01/52 | | | 791,329 | |
| 481,592 | | | Fannie Mae Pool FS1704 | | 4.0000 | | 05/01/52 | | | 446,705 | |
| 811,720 | | | Fannie Mae Pool BV9960 | | 4.0000 | | 06/01/52 | | | 748,615 | |
| 1,649,803 | | | Fannie Mae Pool FS3392 | | 4.0000 | | 09/01/52 | | | 1,515,436 | |
| 864,468 | | | Fannie Mae Pool FS3159 | | 4.5000 | | 10/01/52 | | | 821,912 | |
| 809,304 | | | Fannie Mae Pool FS4075 | | 5.0000 | | 04/01/53 | | | 790,615 | |
| 1,217,573 | | | Fannie Mae Pool FS5044 | | 4.5000 | | 06/01/53 | | | 1,164,519 | |
| 957,242 | | | Fannie Mae Pool FS5850 | | 6.0000 | | 09/01/53 | | | 963,405 | |
| 1,129,486 | | | Fannie Mae Pool MA5246 | | 5.5000 | | 01/01/54 | | | 1,115,986 | |
| 1,162,777 | | | Fannie Mae Pool FS6787 | | 6.0000 | | 01/01/54 | | | 1,173,270 | |
| 1,109,688 | | | Fannie Mae Pool CB7980 | | 5.5000 | | 02/01/54 | | | 1,101,004 | |
| 52,664 | | | Ginnie Mae I Pool 723248 | | 5.0000 | | 10/15/39 | | | 52,855 | |
| 221,414 | | | Ginnie Mae I Pool 783060 | | 4.0000 | | 08/15/40 | | | 210,785 | |
| 120,986 | | | Ginnie Mae I Pool 783403 | | 3.5000 | | 09/15/41 | | | 111,660 | |
| 94,266 | | | Ginnie Mae II Pool 4520 | | 5.0000 | | 08/20/39 | | | 94,393 | |
| 124,806 | | | Ginnie Mae II Pool 4947 | | 5.0000 | | 02/20/41 | | | 124,032 | |
| 227,707 | | | Ginnie Mae II Pool MA3376 | | 3.5000 | | 01/20/46 | | | 208,121 | |
| 145,602 | | | Ginnie Mae II Pool MA3596 | | 3.0000 | | 04/20/46 | | | 129,125 | |
| 387,732 | | | Ginnie Mae II Pool MA3663 | | 3.5000 | | 05/20/46 | | | 354,141 | |
| 139,913 | | | Ginnie Mae II Pool MA3736 | | 3.5000 | | 06/20/46 | | | 127,770 | |
| 239,718 | | | Ginnie Mae II Pool MA4004 | | 3.5000 | | 10/20/46 | | | 218,911 | |
| 160,664 | | | Ginnie Mae II Pool MA4509 | | 3.0000 | | 06/20/47 | | | 142,131 | |
| 193,400 | | | Ginnie Mae II Pool MA4652 | | 3.5000 | | 08/20/47 | | | 176,209 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | U.S. GOVERNMENT & AGENCIES — 66.8% (Continued) | | | | | | | | |
| | | | AGENCY FIXED RATE — 36.3% (Continued) | | | | | | | | |
| 237,435 | | | Ginnie Mae II Pool MA4719 | | 3.5000 | | 09/20/47 | | $ | 216,258 | |
| 243,340 | | | Ginnie Mae II Pool MA4778 | | 3.5000 | | 10/20/47 | | | 221,286 | |
| 193,936 | | | Ginnie Mae II Pool MA4901 | | 4.0000 | | 12/20/47 | | | 182,185 | |
| 165,844 | | | Ginnie Mae II Pool MA4963 | | 4.0000 | | 01/20/48 | | | 155,743 | |
| 158,920 | | | Ginnie Mae II Pool MA6092 | | 4.5000 | | 08/20/49 | | | 152,509 | |
| 170,729 | | | Ginnie Mae II Pool MA6156 | | 4.5000 | | 09/20/49 | | | 163,987 | |
| 614,009 | | | Ginnie Mae II Pool BN2662 | | 3.0000 | | 10/20/49 | | | 537,003 | |
| 155,619 | | | Ginnie Mae II Pool MA6221 | | 4.5000 | | 10/20/49 | | | 150,157 | |
| 159,036 | | | Ginnie Mae II Pool MA6477 | | 4.5000 | | 02/20/50 | | | 153,422 | |
| 243,685 | | | Ginnie Mae II Pool MA6478 | | 5.0000 | | 02/20/50 | | | 241,502 | |
| 255,468 | | | Ginnie Mae II Pool MA6544 | | 4.5000 | | 03/20/50 | | | 246,385 | |
| 177,814 | | | Ginnie Mae II Pool MA6545 | | 5.0000 | | 03/20/50 | | | 176,239 | |
| 1,030,101 | | | Ginnie Mae II Pool MA6598 | | 2.5000 | | 04/20/50 | | | 872,445 | |
| 257,198 | | | Ginnie Mae II Pool MA6600 | | 3.5000 | | 04/20/50 | | | 233,468 | |
| 217,397 | | | Ginnie Mae II Pool MA6601 | | 4.0000 | | 04/20/50 | | | 203,545 | |
| 196,855 | | | Ginnie Mae II Pool MA6603 | | 5.0000 | | 04/20/50 | | | 195,066 | |
| 922,098 | | | Ginnie Mae II Pool MA7255 | | 2.5000 | | 03/20/51 | | | 778,942 | |
| 682,670 | | | Ginnie Mae II Pool MA7418 | | 2.5000 | | 06/20/51 | | | 575,696 | |
| 1,138,248 | | | Ginnie Mae II Pool MA7419 | | 3.0000 | | 06/20/51 | | | 995,713 | |
| 1,032,254 | | | Ginnie Mae II Pool MA7472 | | 2.5000 | | 07/20/51 | | | 870,496 | |
| 1,203,978 | | | Ginnie Mae II Pool CE1974 | | 3.0000 | | 08/20/51 | | | 1,065,047 | |
| 1,040,933 | | | Ginnie Mae II Pool CE1990 | | 2.5000 | | 09/20/51 | | | 877,086 | |
| 1,211,950 | | | Ginnie Mae II Pool MA7705 | | 2.5000 | | 11/20/51 | | | 1,022,025 | |
| 1,299,966 | | | Ginnie Mae II Pool MA7768 | | 3.0000 | | 12/20/51 | | | 1,136,352 | |
| 990,764 | | | Ginnie Mae II Pool MA7829 | | 3.5000 | | 01/20/52 | | | 892,841 | |
| 969,021 | | | Ginnie Mae II Pool MA7939 | | 4.0000 | | 03/20/52 | | | 897,655 | |
| 1,078,933 | | | Ginnie Mae II Pool MA7987 | | 2.5000 | | 04/20/52 | | | 909,867 | |
| 1,066,341 | | | Ginnie Mae II Pool MA8098 | | 3.0000 | | 06/20/52 | | | 931,385 | |
| 1,039,183 | | | Ginnie Mae II Pool MA8268 | | 4.5000 | | 09/20/52 | | | 991,073 | |
| 1,072,002 | | | Ginnie Mae II Pool MA8800 | | 5.0000 | | 04/20/53 | | | 1,046,084 | |
| 1,137,865 | | | Ginnie Mae II Pool MA8943 | | 3.0000 | | 06/20/53 | | | 994,116 | |
| 1,010,671 | | | Ginnie Mae II Pool MA9017 | | 5.5000 | | 07/20/53 | | | 1,004,800 | |
| | | | | | | | | | | 41,583,722 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | U.S. GOVERNMENT & AGENCIES — 66.8% (Continued) | | | | | | | | |
| | | | U.S. TREASURY BILLS & NOTES— 30.5% | | | | | | | | |
| 1,805,000 | | | United States Treasury Note, Series BL-2024 | | 4.5000 | | 11/30/24 | | $ | 1,798,991 | |
| 3,790,000 | | | United States Treasury Note | | 4.8750 | | 04/30/26 | | | 3,796,070 | |
| 5,615,000 | | | United States Treasury Note | | 4.6250 | | 04/30/29 | | | 5,683,871 | |
| 1,400,000 | | | United States Treasury Note | | 4.6250 | | 04/30/31 | | | 1,424,391 | |
| 10,120,000 | | | United States Treasury Note | | 4.3750 | | 05/15/34 | | | 10,146,090 | |
| 3,430,000 | | | United States Treasury Note | | 4.5000 | | 02/15/44 | | | 3,380,694 | |
| 8,435,000 | | | United States Treasury Note | | 4.6250 | | 05/15/54 | | | 8,604,359 | |
| | | | | | | | | | | 34,834,466 | |
| | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $80,663,397) | | | | | | | 76,418,188 | |
| | | | | | | | | | | | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | | |
| | | | CORPORATE BONDS — 10.9% | | | | | | | | |
| | | | CHEMICALS — 0.8% | | | | | | | | |
| 85,000 | | | Nutrien Ltd. | | 4.0000 | | 12/15/26 | | | 82,235 | |
| 60,000 | | | Nutrien Ltd. | | 2.9500 | | 05/13/30 | | | 53,137 | |
| | | | | | | | | | | 135,372 | |
| | | | COMMERCIAL SUPPORT SERVICES — 0.5% | | | | | | | | |
| 35,000 | | | Republic Services, Inc. | | 5.0000 | | 04/01/34 | | | 34,325 | |
| 50,000 | | | Waste Management, Inc. | | 4.6250 | | 02/15/33 | | | 48,372 | |
| | | | | | | | | | | 82,697 | |
| | | | ELECTRIC UTILITIES — 1.2% | | | | | | | | |
| 135,000 | | | American Electric Power Company, Inc. | | 3.2000 | | 11/13/27 | | | 126,432 | |
| 70,000 | | | National Rural Utilities Cooperative Finance | | 5.0500 | | 09/15/28 | | | 70,190 | |
| 22,000 | | | WEC Energy Group, Inc. | | 3.5500 | | 06/15/25 | | | 21,553 | |
| | | | | | | | | | | 218,175 | |
| | | | GAS & WATER UTILITIES — 0.7% | | | | | | | | |
| 130,000 | | | NiSource, Inc. | | 3.4900 | | 05/15/27 | | | 124,044 | |
| | | | | | | | | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES — 0.3% | | | | | | | | |
| 55,000 | | | Cboe Global Markets, Inc. | | 3.6500 | | 01/12/27 | | | 53,068 | |
| | | | | | | | | | | | |
| | | | MACHINERY — 0.6% | | | | | | | | |
| 55,000 | | | Caterpillar Financial Services Corporation | | 4.3500 | | 05/15/26 | | | 54,257 | |
| 55,000 | | | John Deere Capital Corporation | | 3.9000 | | 06/07/32 | | | 51,010 | |
| | | | | | | | | | | 105,267 | |
| | | | METALS & MINING — 0.8% | | | | | | | | |
| 85,000 | | | BHP Billiton Finance USA Ltd. | | 5.2500 | | 09/08/33 | | | 85,201 | |
| 70,000 | | | Rio Tinto Finance USA plc | | 5.0000 | | 03/09/33 | | | 69,825 | |
| | | | | | | | | | | 155,026 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 10.9% (Continued) | | | | | | | | |
| | | | OIL & GAS PRODUCERS — 2.9% | | | | | | | | |
| 115,000 | | | Columbia Pipelines Holding Company, LLC(b) | | 6.0420 | | 08/15/28 | | $ | 117,670 | |
| 70,000 | | | Energy Transfer, L.P. | | 5.7500 | | 02/15/33 | | | 70,734 | |
| 120,000 | | | Energy Transfer, L.P. | | 6.2500 | | 04/15/49 | | | 119,906 | |
| 70,000 | | | Enterprise Products Operating, LLC | | 5.3500 | | 01/31/33 | | | 70,700 | |
| 115,000 | | | Phillips 66 Company | | 3.6050 | | 02/15/25 | | | 113,516 | |
| | | | | | | | | | | 492,526 | |
| | | | REAL ESTATE INVESTMENT TRUSTS — 1.1% | | | | | | | | |
| 95,000 | | | Digital Realty Trust, L.P. | | 3.7000 | | 08/15/27 | | | 90,695 | |
| 120,000 | | | Healthpeak Properties, Inc. | | 3.5000 | | 07/15/29 | | | 110,922 | |
| | | | | | | | | | | 201,617 | |
| | | | RETAIL - CONSUMER STAPLES — 0.5% | | | | | | | | |
| 95,000 | | | Dollar General Corporation | | 4.1250 | | 05/01/28 | | | 91,457 | |
| | | | | | | | | | | | |
| | | | RETAIL - DISCRETIONARY — 0.6% | | | | | | | | |
| 110,000 | | | Tractor Supply Company | | 5.2500 | | 05/15/33 | | | 109,227 | |
| | | | | | | | | | | | |
| | | | TRANSPORTATION & LOGISTICS — 0.9% | | | | | | | | |
| 55,000 | | | Canadian Pacific Railway Company | | 2.9000 | | 02/01/25 | | | 54,088 | |
| 130,000 | | | CSX Corporation | | 3.2500 | | 06/01/27 | | | 124,009 | |
| | | | | | | | | | | 178,097 | |
| | | | TOTAL CORPORATE BONDS (Cost $1,972,712) | | | | | | | 1,946,573 | |
| | | | | | | | | | | | |
| | | | NON U.S. GOVERNMENT & AGENCIES — 1.8% | | | | | | | | |
| | | | LOCAL AUTHORITY — 0.7% | | | | | | | | |
| 135,000 | | | Province of Ontario Canada | | 2.5000 | | 04/27/26 | | | 129,209 | |
| | | | | | | | | | | | |
| | | | SOVEREIGN — 1.1% | | | | | | | | |
| 200,000 | | | Israel Government International Bond | | 5.5000 | | 03/12/34 | | | 190,100 | |
| | | | | | | | | | | | |
| | | | TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $324,324) | | | | | | | 319,309 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | U.S. GOVERNMENT & AGENCIES — 36.6% | | | | | | | | |
| | | | AGENCY FIXED RATE — 14.5% | | | | | | | | |
| 101,089 | | | Fannie Mae Pool FM5537 | | 2.0000 | | 01/01/36 | | $ | 89,606 | |
| 65,932 | | | Fannie Mae Pool MA4316 | | 2.5000 | | 04/01/36 | | | 59,729 | |
| 19,445 | | | Fannie Mae Pool MA4475 | | 2.5000 | | 10/01/41 | | | 16,835 | |
| 58,059 | | | Fannie Mae Pool MA4617 | | 3.0000 | | 04/01/42 | | | 51,455 | |
| 44,197 | | | Fannie Mae Pool FM4053 | | 2.5000 | | 08/01/50 | | | 36,853 | |
| 48,872 | | | Fannie Mae Pool CA8897 | | 3.0000 | | 02/01/51 | | | 42,277 | |
| 7,259 | | | Fannie Mae Pool MA4258 | | 3.5000 | | 02/01/51 | | | 6,502 | |
| 19,318 | | | Fannie Mae Pool FM6550 | | 2.0000 | | 03/01/51 | | | 15,433 | |
| 36,391 | | | Fannie Mae Pool CB0855 | | 3.0000 | | 06/01/51 | | | 31,226 | |
| 59,848 | | | Fannie Mae Pool FS3744 | | 2.0000 | | 07/01/51 | | | 47,378 | |
| 98,343 | | | Fannie Mae Pool FS1807 | | 3.5000 | | 07/01/51 | | | 88,325 | |
| 30,759 | | | Fannie Mae Pool BU1322 | | 2.5000 | | 02/01/52 | | | 25,283 | |
| 96,596 | | | Fannie Mae Pool CB3486 | | 3.5000 | | 05/01/52 | | | 85,722 | |
| 67,004 | | | Fannie Mae Pool FS1704 | | 4.0000 | | 05/01/52 | | | 62,124 | |
| 158,635 | | | Fannie Mae Pool FS3392 | | 4.0000 | | 09/01/52 | | | 145,654 | |
| 91,965 | | | Fannie Mae Pool FS3159 | | 4.5000 | | 10/01/52 | | | 87,402 | |
| 86,386 | | | Fannie Mae Pool FS4075 | | 5.0000 | | 04/01/53 | | | 84,358 | |
| 96,124 | | | Fannie Mae Pool FS5044 | | 4.5000 | | 06/01/53 | | | 91,898 | |
| 97,111 | | | Fannie Mae Pool FS5850 | | 6.0000 | | 09/01/53 | | | 97,699 | |
| 96,495 | | | Fannie Mae Pool CB7980 | | 5.5000 | | 02/01/54 | | | 95,717 | |
| 45,606 | | | Ginnie Mae I Pool 723248 | | 5.0000 | | 10/15/39 | | | 45,754 | |
| 46,224 | | | Ginnie Mae I Pool 783403 | | 3.5000 | | 09/15/41 | | | 42,643 | |
| 40,508 | | | Ginnie Mae II Pool MA3376 | | 3.5000 | | 01/20/46 | | | 37,008 | |
| 30,280 | | | Ginnie Mae II Pool MA3596 | | 3.0000 | | 04/20/46 | | | 26,839 | |
| 25,849 | | | Ginnie Mae II Pool MA3663 | | 3.5000 | | 05/20/46 | | | 23,599 | |
| 33,685 | | | Ginnie Mae II Pool MA3736 | | 3.5000 | | 06/20/46 | | | 30,748 | |
| 11,388 | | | Ginnie Mae II Pool MA4509 | | 3.0000 | | 06/20/47 | | | 10,069 | |
| 32,106 | | | Ginnie Mae II Pool MA4652 | | 3.5000 | | 08/20/47 | | | 29,240 | |
| 30,219 | | | Ginnie Mae II Pool MA4719 | | 3.5000 | | 09/20/47 | | | 27,512 | |
| 57,692 | | | Ginnie Mae II Pool MA4778 | | 3.5000 | | 10/20/47 | | | 52,440 | |
| 21,826 | | | Ginnie Mae II Pool MA6092 | | 4.5000 | | 08/20/49 | | | 20,937 | |
| 16,799 | | | Ginnie Mae II Pool MA6156 | | 4.5000 | | 09/20/49 | | | 16,129 | |
| 42,981 | | | Ginnie Mae II Pool BN2662 | | 3.0000 | | 10/20/49 | | | 37,570 | |
| 17,983 | | | Ginnie Mae II Pool MA6221 | | 4.5000 | | 10/20/49 | | | 17,344 | |
Principal | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | (%) | | Maturity | | Fair Value | |
| | | | U.S. GOVERNMENT & AGENCIES — 36.6% (Continued) | | | | | | | | |
| | | | AGENCY FIXED RATE — 14.5% (Continued) | | | | | | | | |
| 15,748 | | | Ginnie Mae II Pool MA6478 | | 5.0000 | | 02/20/50 | | $ | 15,601 | |
| 19,778 | | | Ginnie Mae II Pool MA6544 | | 4.5000 | | 03/20/50 | | | 19,067 | |
| 12,533 | | | Ginnie Mae II Pool MA6545 | | 5.0000 | | 03/20/50 | | | 12,417 | |
| 19,977 | | | Ginnie Mae II Pool MA6600 | | 3.5000 | | 04/20/50 | | | 18,126 | |
| 18,116 | | | Ginnie Mae II Pool MA6601 | | 4.0000 | | 04/20/50 | | | 16,955 | |
| 23,505 | | | Ginnie Mae II Pool MA6603 | | 5.0000 | | 04/20/50 | | | 23,282 | |
| 44,362 | | | Ginnie Mae II Pool MA7255 | | 2.5000 | | 03/20/51 | | | 37,454 | |
| 36,120 | | | Ginnie Mae II Pool MA7418 | | 2.5000 | | 06/20/51 | | | 30,443 | |
| 54,508 | | | Ginnie Mae II Pool MA7419 | | 3.0000 | | 06/20/51 | | | 47,656 | |
| 48,797 | | | Ginnie Mae II Pool MA7472 | | 2.5000 | | 07/20/51 | | | 41,128 | |
| 61,219 | | | Ginnie Mae II Pool CE1974 | | 3.0000 | | 08/20/51 | | | 54,126 | |
| 71,643 | | | Ginnie Mae II Pool CE1990 | | 2.5000 | | 09/20/51 | | | 60,333 | |
| 127,604 | | | Ginnie Mae II Pool MA7768 | | 3.0000 | | 12/20/51 | | | 111,484 | |
| 53,891 | | | Ginnie Mae II Pool MA7829 | | 3.5000 | | 01/20/52 | | | 48,544 | |
| 70,701 | | | Ginnie Mae II Pool MA7939 | | 4.0000 | | 03/20/52 | | | 65,467 | |
| 126,220 | | | Ginnie Mae II Pool MA8098 | | 3.0000 | | 06/20/52 | | | 110,186 | |
| 112,842 | | | Ginnie Mae II Pool MA8800 | | 5.0000 | | 04/20/53 | | | 110,070 | |
| 100,114 | | | Ginnie Mae II Pool MA9017 | | 5.5000 | | 07/20/53 | | | 99,493 | |
| | | | | | | | | | | 2,601,140 | |
| | | | U.S. TREASURY BILLS & NOTES — 22.1% | | | | | | | | |
| 270,000 | | | United States Treasury Note Series BL-2024 | | 4.5000 | | 11/30/24 | | | 269,096 | |
| 480,000 | | | United States Treasury Note | | 4.8750 | | 04/30/26 | | | 480,713 | |
| 295,000 | | | United States Treasury Note | | 4.6250 | | 04/30/29 | | | 298,572 | |
| 710,000 | | | United States Treasury Note | | 4.6250 | | 04/30/31 | | | 722,203 | |
| 1,260,000 | | | United States Treasury Note | | 4.3750 | | 05/15/34 | | | 1,263,150 | |
| 315,000 | | | United States Treasury Note | | 4.5000 | | 02/15/44 | | | 310,373 | |
| 595,000 | | | United States Treasury Note | | 4.6250 | | 05/15/54 | | | 606,900 | |
| | | | | | | | | | | 3,951,007 | |
| | | | TOTAL U.S. GOVERNMENT & AGENCIES (Cost $6,783,239) | | | | | | | 6,552,147 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% | | | | | | | | | | |
| | | | AEROSPACE & DEFENSE — 1.4% | | | | | | | | | | |
| 1,000,000 | | | TransDigm, Inc.(a) | | | | 6.3750 | | 03/01/29 | | $ | 1,006,290 | |
| 1,250,000 | | | TransDigm, Inc.(a) | | | | 6.8750 | | 12/15/30 | | | 1,277,186 | |
| | | | | | | | | | | | | 2,283,476 | |
| | | | ASSET MANAGEMENT — 1.0% | | | | | | | | | | |
| 1,600,000 | | | AG TTMT Escrow Issuer, LLC(a) | | | | 8.6250 | | 09/30/27 | | | 1,660,283 | |
| | | | | | | | | | | | | | |
| | | | AUTOMOTIVE — 1.9% | | | | | | | | | | |
| 2,250,000 | | | Adient Global Holdings Ltd.(a) | | | | 8.2500 | | 04/15/31 | | | 2,350,625 | |
| 1,000,000 | | | Goodyear Tire & Rubber Company (The) | | | | 5.6250 | | 04/30/33 | | | 904,612 | |
| | | | | | | | | | | | | 3,255,237 | |
| | | | BIOTECH & PHARMA — 0.2% | | | | | | | | | | |
| 439,000 | | | Bausch Health Americas, Inc.(a) | | | | 8.5000 | | 01/31/27 | | | 305,801 | |
| | | | | | | | | | | | | | |
| | | | CHEMICALS — 5.8% | | | | | | | | | | |
| 2,000,000 | | | Avient Corporation(a) | | | | 7.1250 | | 08/01/30 | | | 2,040,568 | |
| 2,500,000 | | | Axalta Coating Systems, LLC(a) | | | | 3.3750 | | 02/15/29 | | | 2,240,685 | |
| 3,000,000 | | | Chemours Company (The)(a) | | | | 4.6250 | | 11/15/29 | | | 2,593,988 | |
| 1,360,000 | | | INEOS Finance plc(a) | | | | 7.5000 | | 04/15/29 | | | 1,375,664 | |
| 2,000,000 | | | Polar US Borrower, LLC / Schenectady International(a) | | | | 6.7500 | | 05/15/26 | | | 572,270 | |
| 1,000,000 | | | WR Grace Holdings, LLC(a) | | | | 7.3750 | | 03/01/31 | | | 1,014,846 | |
| | | | | | | | | | | | | 9,838,021 | |
| | | | COMMERCIAL SUPPORT SERVICES — 7.9% | | | | | | | | | | |
| 1,360,000 | | | Allied Universal Holdco, LLC(a) | | | | 7.8750 | | 02/15/31 | | | 1,364,892 | |
| 125,000 | | | Allied Universal Holdco, LLC/Allied Universal(a) | | | | 4.6250 | | 06/01/28 | | | 114,035 | |
| 1,625,000 | | | Clean Harbors, Inc.(a) | | | | 6.3750 | | 02/01/31 | | | 1,630,548 | |
| 1,625,000 | | | Covanta Holding Corporation(a) | | | | 4.8750 | | 12/01/29 | | | 1,484,826 | |
| 2,250,000 | | | Covanta Holding Corporation | | | | 5.0000 | | 09/01/30 | | | 2,039,017 | |
| 3,255,000 | | | Enviri Corporation(a) | | | | 5.7500 | | 07/31/27 | | | 3,094,149 | |
| 500,000 | | | GFL Environmental, Inc.(a) | | | | 6.7500 | | 01/15/31 | | | 510,689 | |
| 1,000,000 | | | VT Topco, Inc.(a) | | | | 8.5000 | | 08/15/30 | | | 1,052,849 | |
| 1,200,000 | | | Waste Pro USA, Inc.(a) | | | | 5.5000 | | 02/15/26 | | | 1,184,574 | |
| 1,000,000 | | | Williams Scotsman, Inc.(a) | | | | 6.6250 | | 06/15/29 | | | 1,009,912 | |
| | | | | | | | | | | | | 13,485,491 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% (Continued) | | | | | | | | | | |
| | | | CONSTRUCTION MATERIALS — 0.5% | | | | | | | | | | |
| 500,000 | | | Cemex S.A.B. de C.V.(a) | | | | 5.2000 | | 09/17/30 | | $ | 483,347 | |
| 500,000 | | | Cemex S.A.B. de C.V.(a) | | | | 3.8750 | | 07/11/31 | | | 441,234 | |
| | | | | | | | | | | | | 924,581 | |
| | | | CONSUMER SERVICES — 2.3% | | | | | | | | | | |
| 2,592,000 | | | PROG Holdings, Inc.(a) | | | | 6.0000 | | 11/15/29 | | | 2,464,535 | |
| 1,500,000 | | | Upbound Group, Inc.(a) | | | | 6.3750 | | 02/15/29 | | | 1,440,241 | |
| | | | | | | | | | | | | 3,904,776 | |
| | | | CONTAINERS & PACKAGING — 9.0% | | | | | | | | | | |
| 875,000 | | | Ardagh Metal Packaging Finance USA, LLC / Ardagh(a) | | | | 6.0000 | | 06/15/27 | | | 860,718 | |
| 2,500,000 | | | Ardagh Metal Packaging Finance USA, LLC / Ardagh(a) | | | | 4.0000 | | 09/01/29 | | | 2,118,620 | |
| 1,000,000 | | | Canpack S.A. / Canpack US, LLC(a) | | | | 3.8750 | | 11/15/29 | | | 897,710 | |
| 1,000,000 | | | Graham Packaging Company, Inc.(a) | | | | 7.1250 | | 08/15/28 | | | 945,670 | |
| 1,250,000 | | | Graphic Packaging International, LLC(a) | | | | 3.7500 | | 02/01/30 | | | 1,118,663 | |
| 1,250,000 | | | LABL, Inc.(a) | | | | 5.8750 | | 11/01/28 | | | 1,142,107 | |
| 625,000 | | | LABL, Inc.(a) | | | | 9.5000 | | 11/01/28 | | | 630,758 | |
| 1,000,000 | | | LABL, Inc.(a) | | | | 8.2500 | | 11/01/29 | | | 857,628 | |
| 3,300,000 | | | Mauser Packaging Solutions Holding Company(a) | | | | 7.8750 | | 04/15/27 | | | 3,371,776 | |
| 1,500,000 | | | Pactiv Evergreen Group Issuer, LLC / Pactiv(a) | | | | 4.3750 | | 10/15/28 | | | 1,402,126 | |
| 1,750,000 | | | TriMas Corporation(a) | | | | 4.1250 | | 04/15/29 | | | 1,604,895 | |
| | | | | | | | | | | | | 14,950,671 | |
| | | | ELECTRIC UTILITIES — 1.3% | | | | | | | | | | |
| 2,000,000 | | | Vistra Corporation(a),(b) | | H15T5Y + 5.740% | | 7.0000 | | 06/15/70 | | | 1,984,533 | |
| 250,000 | | | Vistra Operations Company, LLC(a) | | | | 4.3750 | | 05/01/29 | | | 232,981 | |
| | | | | | | | | | | | | 2,217,514 | |
| | | | ELECTRICAL EQUIPMENT — 2.6% | | | | | | | | | | |
| 500,000 | | | BWX Technologies, Inc.(a) | | | | 4.1250 | | 06/30/28 | | | 467,126 | |
| 500,000 | | | BWX Technologies, Inc.(a) | | | | 4.1250 | | 04/15/29 | | | 462,891 | |
| 700,000 | | | Gates Corporation (The)(a) | | | | 6.8750 | | 07/01/29 | | | 713,174 | |
| 1,360,000 | | | WESCO Distribution, Inc.(a) | | | | 6.3750 | | 03/15/29 | | | 1,366,701 | |
| 1,360,000 | | | WESCO Distribution, Inc.(a) | | | | 6.6250 | | 03/15/32 | | | 1,376,346 | |
| | | | | | | | | | | | | 4,386,238 | |
| | | | FOOD — 0.9% | | | | | | | | | | |
| 1,600,000 | | | Darling Ingredients, Inc.(a) | | | | 6.0000 | | 06/15/30 | | | 1,574,202 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% (Continued) | | | | | | | | | | |
| | | | FORESTRY, PAPER & WOOD PRODUCTS — 1.5% | | | | | | | | | | |
| 2,500,000 | | | Schweitzer-Mauduit International, Inc.(a) | | | | 6.8750 | | 10/01/26 | | $ | 2,486,935 | |
| | | | | | | | | | | | | | |
| | | | HEALTH CARE FACILITIES & SERVICES — 4.7% | | | | | | | | | | |
| 1,000,000 | | | Catalent Pharma Solutions, Inc.(a) | | | | 3.1250 | | 02/15/29 | | | 957,869 | |
| 335,000 | | | Concentra Escrow Issuer Corporation(a) | | | | 6.8750 | | 07/15/32 | | | 339,860 | |
| 750,000 | | | HealthEquity, Inc.(a) | | | | 4.5000 | | 10/01/29 | | | 702,014 | |
| 500,000 | | | Heartland Dental, LLC / Heartland Dental Finance(a) | | | | 10.5000 | | 04/30/28 | | | 531,355 | |
| 250,000 | | | LifePoint Health, Inc.(a) | | | | 5.3750 | | 01/15/29 | | | 219,958 | |
| 2,000,000 | | | LifePoint Health, Inc.(a) | | | | 9.8750 | | 08/15/30 | | | 2,135,567 | |
| 625,000 | | | LifePoint Health, Inc.(a) | | | | 11.0000 | | 10/15/30 | | | 689,437 | |
| 1,250,000 | | | Pediatrix Medical Group, Inc.(a) | | | | 5.3750 | | 02/15/30 | | | 1,106,388 | |
| 500,000 | | | Star Parent, Inc.(a) | | | | 9.0000 | | 10/01/30 | | | 526,275 | |
| 750,000 | | | Tenet Healthcare Corporation | | | | 6.1250 | | 10/01/28 | | | 746,735 | |
| | | | | | | | | | | | | 7,955,458 | |
| | | | HOME CONSTRUCTION — 4.2% | | | | | | | | | | |
| 500,000 | | | Ashton Woods USA, LLC / Ashton Woods Finance(a) | | | | 6.6250 | | 01/15/28 | | | 500,019 | |
| 1,250,000 | | | Ashton Woods USA, LLC / Ashton Woods Finance(a) | | | | 4.6250 | | 08/01/29 | | | 1,128,526 | |
| 500,000 | | | Ashton Woods USA, LLC / Ashton Woods Finance(a) | | | | 4.6250 | | 04/01/30 | | | 447,525 | |
| 3,042,000 | | | Interface, Inc.(a) | | | | 5.5000 | | 12/01/28 | | | 2,868,075 | |
| 680,000 | | | STL Holding Company, LLC(a) | | | | 8.7500 | | 02/15/29 | | | 710,413 | |
| 1,523,000 | | | Weekley Homes, LLC / Weekley Finance Corporation(a) | | | | 4.8750 | | 09/15/28 | | | 1,415,946 | |
| | | | | | | | | | | | | 7,070,504 | |
| | | | HOUSEHOLD PRODUCTS — 0.6% | | | | | | | | | | |
| 1,000,000 | | | Energizer Holdings, Inc.(a) | | | | 6.5000 | | 12/31/27 | | | 999,821 | |
| | | | | | | | | | | | | | |
| | | | INDUSTRIAL SUPPORT SERVICES — 0.3% | | | | | | | | | | |
| 500,000 | | | BCPE Empire Holdings, Inc.(a) | | | | 7.6250 | | 05/01/27 | | | 484,857 | |
| | | | | | | | | | | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES — 0.8% | | | | | | | | | | |
| 1,250,000 | | | Aretec Group, Inc.(a) | | | | 10.0000 | | 08/15/30 | | | 1,361,699 | |
| | | | | | | | | | | | | | |
| | | | INSURANCE — 3.0% | | | | | | | | | | |
| 1,000,000 | | | Acrisure, LLC / Acrisure Finance, Inc.(a) | | | | 8.2500 | | 02/01/29 | | | 1,005,513 | |
| 1,000,000 | | | Acrisure, LLC / Acrisure Finance, Inc.(a) | | | | 7.5000 | | 11/06/30 | | | 1,002,621 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% (Continued) | | | | | | | | | | |
| | | | INSURANCE — 3.0% (Continued) | | | | | | | | | | |
| 1,325,000 | | | Baldwin Insurance Group Holdings, LLC / Baldwin(a) | | | | 7.1250 | | 05/15/31 | | $ | 1,342,159 | |
| 1,250,000 | | | HUB International Ltd.(a) | | | | 7.2500 | | 06/15/30 | | | 1,282,110 | |
| 500,000 | | | HUB International Ltd.(a) | | | | 7.3750 | | 01/31/32 | | | 507,304 | |
| | | | | | | | | | | | | 5,139,707 | |
| | | | LEISURE FACILITIES & SERVICES — 1.6% | | | | | | | | | | |
| 1,000,000 | | | Brinker International, Inc.(a) | | | | 8.2500 | | 07/15/30 | | | 1,051,344 | |
| 1,500,000 | | | Raising Cane’s Restaurants, LLC(a) | | | | 9.3750 | | 05/01/29 | | | 1,622,313 | |
| | | | | | | | | | | | | 2,673,657 | |
| | | | MACHINERY — 0.9% | | | | | | | | | | |
| 1,000,000 | | | Esab Corporation(a) | | | | 6.2500 | | 04/15/29 | | | 1,007,355 | |
| 500,000 | | | SPX FLOW, Inc.(a) | | | | 8.7500 | | 04/01/30 | | | 513,950 | |
| | | | | | | | | | | | | 1,521,305 | |
| | | | MEDICAL EQUIPMENT & DEVICES — 3.2% | | | | | | | | | | |
| 750,000 | | | Bausch & Lomb Escrow Corporation(a) | | | | 8.3750 | | 10/01/28 | | | 768,750 | |
| 1,000,000 | | | Medline Borrower, L.P.(a) | | | | 3.8750 | | 04/01/29 | | | 921,570 | |
| 1,500,000 | | | Medline Borrower, L.P.(a) | | | | 5.2500 | | 10/01/29 | | | 1,432,695 | |
| 2,250,000 | | | Sotera Health Holdings, LLC(a) | | | | 7.3750 | | 06/01/31 | | | 2,256,617 | |
| | | | | | | | | | | | | 5,379,632 | |
| | | | METALS & MINING — 1.5% | | | | | | | | | | |
| 750,000 | | | Arsenal AIC Parent, LLC(a) | | | | 8.0000 | | 10/01/30 | | | 788,141 | |
| 2,000,000 | | | Kaiser Aluminum Corporation(a) | | | | 4.5000 | | 06/01/31 | | | 1,773,057 | |
| | | | | | | | | | | | | 2,561,198 | |
| | | | OIL & GAS PRODUCERS — 6.3% | | | | | | | | | | |
| 1,322,000 | | | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(a) | | | | 5.5000 | | 06/15/31 | | | 1,254,121 | |
| 1,000,000 | | | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC | | | | 7.5000 | | 12/15/33 | | | 1,038,033 | |
| 500,000 | | | Energy Transfer, L.P. | | | | 5.7500 | | 04/01/25 | | | 498,844 | |
| 500,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 7.7500 | | 02/01/28 | | | 505,673 | |
| 100,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 8.2500 | | 01/15/29 | | | 103,281 | |
| 750,000 | | | Genesis Energy, L.P. / Genesis Energy Finance | | | | 8.8750 | | 04/15/30 | | | 789,682 | |
| 1,500,000 | | | Global Partners, L.P. / GLP Finance Corporation | | | | 7.0000 | | 08/01/27 | | | 1,507,268 | |
| 500,000 | | | Global Partners, L.P. / GLP Finance Corporation(a) | | | | 8.2500 | | 01/15/32 | | | 514,353 | |
| 1,250,000 | | | ITT Holdings, LLC(a) | | | | 6.5000 | | 08/01/29 | | | 1,134,258 | |
| 2,000,000 | | | NuStar Logistics, L.P. B | | | | 5.6250 | | 04/28/27 | | | 1,984,316 | |
| 1,250,000 | | | Permian Resources Operating, LLC(a) | | | | 5.8750 | | 07/01/29 | | | 1,231,733 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% (Continued) | | | | | | | | | | |
| | | | OIL & GAS PRODUCERS — 6.3% (Continued) | | | | | | | | | | |
| 100,000 | | | Permian Resources Operating, LLC(a) | | | | 7.0000 | | 01/15/32 | | $ | 102,797 | |
| | | | | | | | | | | | | 10,664,359 | |
| | | | REAL ESTATE INVESTMENT TRUSTS — 2.0% | | | | | | | | | | |
| 1,320,000 | | | Diversified Healthcare Trust | | | | 9.7500 | | 06/15/25 | | | 1,319,511 | |
| 750,000 | | | Service Properties Trust | | | | 5.5000 | | 12/15/27 | | | 696,401 | |
| 1,375,000 | | | Service Properties Trust(a) | | | | 8.6250 | | 11/15/31 | | | 1,434,996 | |
| | | | | | | | | | | | | 3,450,908 | |
| | | | REAL ESTATE OWNERS & DEVELOPERS — 2.8% | | | | | | | | | | |
| 1,500,000 | | | Greystar Real Estate Partners, LLC(a) | | | | 7.7500 | | 09/01/30 | | | 1,581,144 | |
| 3,499,000 | | | Howard Hughes Corporation (The)(a) | | | | 4.3750 | | 02/01/31 | | | 3,017,062 | |
| | | | | | | | | | | | | 4,598,206 | |
| | | | REAL ESTATE SERVICES — 0.8% | | | | | | | | | | |
| 1,345,000 | | | Newmark Group, Inc.(a) | | | | 7.5000 | | 01/12/29 | | | 1,383,778 | |
| | | | | | | | | | | | | | |
| | | | RETAIL - CONSUMER STAPLES — 0.6% | | | | | | | | | | |
| 1,250,000 | | | Ingles Markets, Inc.(a) | | | | 4.0000 | | 06/15/31 | | | 1,088,017 | |
| | | | | | | | | | | | | | |
| | | | RETAIL - DISCRETIONARY — 5.3% | | | | | | | | | | |
| 1,550,000 | | | Beacon Roofing Supply, Inc.(a) | | | | 4.1250 | | 05/15/29 | | | 1,414,426 | |
| 500,000 | | | Builders FirstSource, Inc.(a) | | | | 6.3750 | | 03/01/34 | | | 495,931 | |
| 68,000 | | | Champions Financing, Inc.(a) | | | | 8.7500 | | 02/15/29 | | | 69,794 | |
| 65,000 | | | Cougar JV Subsidiary, LLC(a) | | | | 8.0000 | | 05/15/32 | | | 67,263 | |
| 3,162,000 | | | Ken Garff Automotive, LLC(a) | | | | 4.8750 | | 09/15/28 | | | 2,936,486 | |
| 1,500,000 | | | Lithia Motors, Inc.(a) | | | | 3.8750 | | 06/01/29 | | | 1,349,075 | |
| 750,000 | | | Lithia Motors, Inc.(a) | | | | 4.3750 | | 01/15/31 | | | 668,211 | |
| 500,000 | | | Sally Holdings, LLC / Sally Capital, Inc. | | | | 6.7500 | | 03/01/32 | | | 494,446 | |
| 1,550,000 | | | Sonic Automotive, Inc.(a) | | | | 4.8750 | | 11/15/31 | | | 1,366,972 | |
| | | | | | | | | | | | | 8,862,604 | |
| | | | SEMICONDUCTORS — 0.4% | | | | | | | | | | |
| 750,000 | | | Entegris Escrow Corporation(a) | | | | 4.7500 | | 04/15/29 | | | 718,237 | |
| | | | | | | | | | | | | | |
| | | | SOFTWARE — 0.6% | | | | | | | | | | |
| 1,000,000 | | | UKG, Inc.(a) | | | | 6.8750 | | 02/01/31 | | | 1,013,217 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% (Continued) | | | | | | | | | | |
| | | | SPECIALTY FINANCE — 15.0% | | | | | | | | | | |
| 2,500,000 | | | Air Lease Corporation(b) | | H15T5Y + 4.076% | | 4.6500 | | 06/15/70 | | $ | 2,379,253 | |
| 290,000 | | | Bread Financial Holdings, Inc.(a) | | | | 7.0000 | | 01/15/26 | | | 289,910 | |
| 1,250,000 | | | Bread Financial Holdings, Inc.(a) | | | | 9.7500 | | 03/15/29 | | | 1,314,588 | |
| 1,000,000 | | | Burford Capital Global Finance, LLC(a) | | | | 6.2500 | | 04/15/28 | | | 967,999 | |
| 3,710,000 | | | Burford Capital Global Finance, LLC(a) | | | | 9.2500 | | 07/01/31 | | | 3,909,178 | |
| 1,000,000 | | | Freedom Mortgage Corporation(a) | | | | 6.6250 | | 01/15/27 | | | 966,743 | |
| 1,000,000 | | | Freedom Mortgage Corporation(a) | | | | 12.0000 | | 10/01/28 | | | 1,075,162 | |
| 2,000,000 | | | Freedom Mortgage Holdings, LLC(a) | | | | 9.1250 | | 05/15/31 | | | 1,948,500 | |
| 2,955,000 | | | ILFC E-Capital Trust I(a),(b) | | TSFR3M + 1.812% | | 7.1590 | | 12/21/65 | | | 2,414,695 | |
| 1,500,000 | | | ILFC E-Capital Trust II(a),(b) | | TSFR3M + 2.062% | | 7.4090 | | 12/21/65 | | | 1,250,412 | |
| 1,250,000 | | | Ladder Capital Finance Holdings LLLP / Ladder(a) | | | | 4.2500 | | 02/01/27 | | | 1,185,231 | |
| 750,000 | | | Ladder Capital Finance Holdings LLLP / Ladder(a) | | | | 7.0000 | | 07/15/31 | | | 756,593 | |
| 500,000 | | | Nationstar Mortgage Holdings, Inc. (a) | | | | 6.0000 | | 01/15/27 | | | 495,050 | |
| 1,250,000 | | | Nationstar Mortgage Holdings, Inc.(a) | | | | 5.5000 | | 08/15/28 | | | 1,202,352 | |
| 1,500,000 | | | OneMain Finance Corporation | | | | 9.0000 | | 01/15/29 | | | 1,583,622 | |
| 1,500,000 | | | Rithm Capital Corporation(a) | | | | 6.2500 | | 10/15/25 | | | 1,494,875 | |
| 2,000,000 | | | Rithm Capital Corporation(a) | | | | 8.0000 | | 04/01/29 | | | 1,943,282 | |
| | | | | | | | | | | | | 25,177,445 | |
| | | | STEEL — 2.1% | | | | | | | | | | |
| 1,000,000 | | | Commercial Metals Company | | | | 4.3750 | | 03/15/32 | | | 905,607 | |
| 2,804,000 | | | TMS International Corporation(a) | | | | 6.2500 | | 04/15/29 | | | 2,577,523 | |
| | | | | | | | | | | | | 3,483,130 | |
| | | | TECHNOLOGY HARDWARE — 1.4% | | | | | | | | | | |
| 550,000 | | | Ciena Corporation(a) | | | | 4.0000 | | 01/31/30 | | | 498,344 | |
| 1,000,000 | | | TTM Technologies, Inc.(a) | | | | 4.0000 | | 03/01/29 | | | 917,980 | |
| 1,000,000 | | | Zebra Technologies Corporation(a) | | | | 6.5000 | | 06/01/32 | | | 1,013,316 | |
| | | | | | | | | | | | | 2,429,640 | |
| | | | TECHNOLOGY SERVICES — 0.5% | | | | | | | | | | |
| 250,000 | | | GTCR W-2 Merger Sub, LLC(a) | | | | 7.5000 | | 01/15/31 | | | 260,899 | |
| 500,000 | | | Insight Enterprises, Inc.(a) | | | | 6.6250 | | 05/15/32 | | | 508,259 | |
| | | | | | | | | | | | | 769,158 | |
| | | | WHOLESALE - CONSUMER STAPLES — 1.7% | | | | | | | | | | |
| 1,000,000 | | | KeHE Distributors, LLC / KeHE Finance Corp (a) | | | | 9.0000 | | 02/15/29 | | | 1,026,331 | |
| 2,000,000 | | | United Natural Foods, Inc.(a) | | | | 6.7500 | | 10/15/28 | | | 1,807,487 | |
Principal | | | | | | | Coupon Rate | | | | | |
Amount ($) | | | | | Spread | | (%) | | Maturity | | Fair Value | |
| | | | CORPORATE BONDS — 96.6% (Continued) | | | | | | | | | | |
| | | | WHOLESALE - CONSUMER STAPLES — 1.7% (Continued) | | | | | | | | $ | 2,833,818 | |
| | | | | | | | | | | | | | |
| | | | TOTAL CORPORATE BONDS (Cost $163,283,600) | | | | | | | | | 162,893,581 | |
| | | | | | | | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 2.5% | | | | | | | | | | |
| | | | MONEY MARKET FUND - 2.5% | | | | | | | | | | |
| 4,252,787 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $4,252,787)(c) | | | | | | | | | 4,252,787 | |
| | | | | | | | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.1% (Cost $167,536,387) | | | | | | | | $ | 167,146,368 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9% | | | | | | | | | 1,596,632 | |
| | | | NET ASSETS - 100.0% | | | | | | | | $ | 168,743,000 | |
| | | | | | | | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 96.9% | | | | |
| | | | AEROSPACE & DEFENSE - 4.2% | | | | |
| 82,000 | | | Safran S.A. - ADR | | $ | 4,366,500 | |
| 85,000 | | | Thales S.A. - ADR | | | 2,705,550 | |
| | | | | | | 7,072,050 | |
| | | | APPAREL & TEXTILE PRODUCTS - 1.7% | | | | |
| 182,000 | | | Cie Financiere Richemont S.A. - ADR | | | 2,839,200 | |
| | | | | | | | |
| | | | AUTOMOTIVE - 1.1% | | | | |
| 43,800 | | | Magna International, Inc. | | | 1,835,220 | |
| | | | | | | | |
| | | | BANKING - 11.4% | | | | |
| 40,522 | | | DBS Group Holdings Ltd. - ADR | | | 4,261,293 | |
| 64,000 | | | DNB Bank ASA - ADR | | | 1,262,080 | |
| 41,900 | | | HDFC Bank Ltd. - ADR | | | 2,695,427 | |
| 112,100 | | | ICICI Bank Ltd. - ADR | | | 3,229,601 | |
| 294,000 | | | Itau Unibanco Holding S.A. - ADR | | | 1,716,960 | |
| 66,700 | | | KBC Group N.V. - ADR | | | 2,355,844 | |
| 280,000 | | | Sumitomo Mitsui Financial Group, Inc. - ADR | | | 3,754,800 | |
| | | | | | | 19,276,005 | |
| | | | BIOTECH & PHARMA - 1.2% | | | | |
| 4,900 | | | Argenx S.E. - ADR(a) | | | 2,107,196 | |
| | | | | | | | |
| | | | CHEMICALS - 2.3% | | | | |
| 109,362 | | | Air Liquide S.A. - ADR | | | 3,788,300 | |
| | | | | | | | |
| | | | CONSTRUCTION MATERIALS - 2.6% | | | | |
| 58,000 | | | CRH plc | | | 4,348,840 | |
| | | | | | | | |
| | | | DIVERSIFIED INDUSTRIALS - 1.5% | | | | |
| 11,000 | | | Hitachi Ltd. - ADR | | | 2,476,980 | |
| | | | | | | | |
| | | | ELECTRIC UTILITIES - 2.7% | | | | |
| 438,000 | | | Enel - Societa per Azioni - ADR | | | 3,017,820 | |
| 30,200 | | | Iberdrola SA - ADR | | | 1,580,064 | |
| | | | | | | 4,597,884 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 96.9% (Continued) | | | | |
| | | | ELECTRICAL EQUIPMENT - 2.6% | | | | |
| 78,000 | | | ABB Ltd. - ADR | | $ | 4,345,380 | |
| | | | | | | | |
| | | | ENGINEERING & CONSTRUCTION - 2.8% | | | | |
| 63,000 | | | Cellnex Telecom S.A. - ADR | | | 1,018,080 | |
| 139,000 | | | Vinci S.A. - ADR | | | 3,659,870 | |
| | | | | | | 4,677,950 | |
| | | | FOOD - 0.5% | | | | |
| 53,000 | | | Mowi ASA - ADR | | | 879,270 | |
| | | | | | | | |
| | | | HEALTH CARE FACILITIES & SERVICES - 2.7% | | | | |
| 14,400 | | | ICON plc(a) | | | 4,513,968 | |
| | | | | | | | |
| | | | HOUSEHOLD PRODUCTS - 3.7% | | | | |
| 137,000 | | | Beiersdorf A.G. - ADR | | | 4,005,880 | |
| 340,000 | | | Unicharm Corporation - ADR | | | 2,210,000 | |
| | | | | | | 6,215,880 | |
| | | | INDUSTRIAL SUPPORT SERVICES - 1.6% | | | | |
| 10,000 | | | Ashtead Group plc - ADR | | | 2,676,700 | |
| | | | | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES - 5.3% | | | | |
| 190,500 | | | Deutsche Boerse A.G. - ADR | | | 3,891,915 | |
| 169,000 | | | London Stock Exchange Group plc - ADR | | | 5,080,140 | |
| | | | | | | 8,972,055 | |
| | | | INSURANCE - 5.5% | | | | |
| 62,000 | | | AIA Group Ltd. - ADR | | | 1,675,860 | |
| 62,400 | | | Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR | | | 3,124,368 | |
| 120,000 | | | Tokio Marine Holdings, Inc. - ADR | | | 4,520,400 | |
| | | | | | | 9,320,628 | |
| | | | INTERNET MEDIA & SERVICES - 1.9% | | | | |
| 448,181 | | | Prosus N.V. - ADR | | | 3,200,012 | |
| | | | | | | | |
| | | | MACHINERY - 4.5% | | | | |
| 244,000 | | | Atlas Copco A.B. - ADR | | | 3,928,400 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 96.9% (Continued) | | | | |
| | | | MACHINERY - 4.5% (Continued) | | | | |
| 68,150 | | | Techtronic Industries Company Ltd. - ADR | | $ | 3,895,454 | |
| | | | | | | 7,823,854 | |
| | | | MEDICAL EQUIPMENT & DEVICES - 6.7% | | | | |
| 62,500 | | | Alcon, Inc. | | | 5,567,500 | |
| 36,500 | | | Hoya Corporation - ADR | | | 4,272,325 | |
| 66,400 | | | Smith & Nephew plc - ADR | | | 1,645,392 | |
| | | | | | | 11,485,217 | |
| | | | METALS & MINING - 1.0% | | | | |
| 26,300 | | | Rio Tinto plc - ADR | | | 1,733,959 | |
| | | | | | | | |
| | | | OIL & GAS PRODUCERS - 5.8% | | | | |
| 137,600 | | | Canadian Natural Resources Ltd. | | | 4,898,560 | |
| 135,000 | | | Equinor ASA - ADR | | | 3,855,600 | |
| 81,500 | | | Petroleo Brasileiro S.A. - ADR | | | 1,180,935 | |
| | | | | | | 9,935,095 | |
| | | | SEMICONDUCTORS - 8.4% | | | | |
| 7,400 | | | ASM International N.V. - ADR | | | 5,654,488 | |
| 6,000 | | | NXP Semiconductors N.V. | | | 1,614,540 | |
| 27,900 | | | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | | | 4,849,299 | |
| 19,200 | | | Tokyo Electron Ltd. - ADR | | | 2,102,400 | |
| | | | | | | 14,220,727 | |
| | | | SOFTWARE - 1.8% | | | | |
| 17,400 | | | Nice Ltd. - ADR(a) | | | 2,992,278 | |
| | | | | | | | |
| | | | SPECIALTY FINANCE - 2.6% | | | | |
| 39,500 | | | ORIX Corporation - ADR | | | 4,396,350 | |
| | | | | | | | |
| | | | TECHNOLOGY HARDWARE - 2.4% | | | | |
| 347,028 | | | FUJIFILM Holdings Corporation - ADR | | | 4,074,109 | |
| | | | | | | | |
| | | | TECHNOLOGY SERVICES - 3.4% | | | | |
| 66,000 | | | Amadeus IT Group S.A. - ADR | | | 4,411,440 | |
| 71,000 | | | Infosys Ltd. - ADR | | | 1,322,020 | |
| | | | | | | 5,733,460 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 96.9% (Continued) | | | | |
| | | | TRANSPORTATION & LOGISTICS - 2.9% | | | | |
| 61,800 | | | Canadian Pacific Kansas City Ltd. | | $ | 4,865,514 | |
| | | | | | | | |
| | | | WHOLESALE - CONSUMER STAPLES - 2.1% | | | | |
| 36,100 | | | ITOCHU Corporation - ADR | | | 3,550,435 | |
| | | | | | | | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $119,763,873) | | | 163,954,516 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 2.9% | | | | |
| | | | MONEY MARKET FUND - 2.9% | | | | |
| 4,905,317 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $4,905,317)(b) | | | 4,905,317 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.8% (Cost $124,669,190) | | $ | 168,859,833 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2% | | | 398,331 | |
| | | | NET ASSETS - 100.0% | | $ | 169,258,164 | |
| | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 97.9% | | | | |
| | | | AEROSPACE & DEFENSE - 6.3% | | | | |
| 20,701 | | | Elbit Systems Ltd. | | $ | 3,656,418 | |
| 94,000 | | | Leonardo DRS, Inc.(a) | | | 2,397,940 | |
| | | | | | | 6,054,358 | |
| | | | APPAREL & TEXTILE PRODUCTS - 2.5% | | | | |
| 23,816 | | | Delta Galil Ltd. | | | 1,001,717 | |
| 20,000 | | | Fox Wizel Ltd. | | | 1,352,403 | |
| | | | | | | 2,354,120 | |
| | | | BANKING - 16.9% | | | | |
| 92,000 | | | Bank Hapoalim BM - ADR | | | 3,910,000 | |
| 508,000 | | | Bank Leumi Le-Israel BM(b) | | | 4,130,737 | |
| 55,300 | | | First International Bank Of Israel Ltd. | | | 2,091,601 | |
| 602,000 | | | Israel Discount Bank Ltd., Class A | | | 2,996,048 | |
| 95,000 | | | Mizrahi Tefahot Bank Ltd. | | | 3,210,701 | |
| | | | | | | 16,339,087 | |
| | | | BIOTECH & PHARMA - 0.7% | | | | |
| 45,000 | | | Enlight Renewable Energy Ltd.(a) | | | 713,349 | |
| | | | | | | | |
| | | | CHEMICALS - 1.3% | | | | |
| 287,902 | | | ICL Group Ltd. | | | 1,232,221 | |
| | | | | | | | |
| | | | ELECTRIC UTILITIES - 2.0% | | | | |
| 26,700 | | | Ormat Technologies, Inc. | | | 1,914,416 | |
| | | | | | | | |
| | | | ELECTRICAL EQUIPMENT - 3.2% | | | | |
| 24,300 | | | Camtek Ltd. | | | 3,043,332 | |
| | | | | | | | |
| | | | HEALTH CARE FACILITIES & SERVICES - 1.8% | | | | |
| 12,769 | | | Danel Adir Yeoshua Ltd. | | | 1,045,398 | |
| 1,575,013 | | | Novolog Ltd. | | | 620,744 | |
| | | | | | | 1,666,142 | |
| | | | HOME & OFFICE PRODUCTS - 0.4% | | | | |
| 116,585 | | | Maytronics Ltd. | | | 432,929 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 97.9% (Continued) | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES - 3.0% | | | | |
| 400,194 | | | Tel Aviv Stock Exchange Ltd. | | $ | 2,861,936 | |
| | | | | | | | |
| | | | INSURANCE - 4.0% | | | | |
| 132,000 | | | Harel Insurance Investments & Financial Services | | | 1,056,909 | |
| 1,048,628 | | | Migdal Insurance & Financial Holdings Ltd. | | | 1,169,586 | |
| 182,400 | | | Phoenix Holdings Ltd. (The) | | | 1,661,915 | |
| | | | | | | 3,888,410 | |
| | | | INTERNET MEDIA & SERVICES - 0.4% | | | | |
| 15,000 | | | Fiverr International Ltd.(a) | | | 351,450 | |
| | | | | | | | |
| | | | LEISURE FACILITIES & SERVICES - 1.4% | | | | |
| 12,800 | | | Fattal Holdings 1998 Ltd.(a) | | | 1,314,411 | |
| | | | | | | | |
| | | | MEDICAL EQUIPMENT & DEVICES - 0.6% | | | | |
| 30,500 | | | Inmode Ltd.(a) | | | 556,320 | |
| | | | | | | | |
| | | | OIL & GAS PRODUCERS - 7.7% | | | | |
| 350,000 | | | Delek Drilling, L.P. | | | 834,327 | |
| 104,968 | | | Energean plc | | | 1,308,335 | |
| 102,000 | | | Energean plc | | | 1,266,253 | |
| 5,600 | | | Israel Corp Ltd. (The) | | | 1,249,043 | |
| 1,100,000 | | | Isramco Negev 2, L.P. | | | 430,036 | |
| 2,350,000 | | | Oil Refineries Ltd. | | | 541,518 | |
| 8,000 | | | Paz Oil Company Ltd. | | | 721,282 | |
| 1,600,000 | | | Ratio Energies Finance, L.P. | | | 1,098,874 | |
| | | | | | | 7,449,668 | |
| | | | REAL ESTATE INVESTMENT TRUSTS - 2.1% | | | | |
| 7,500 | | | Big Shopping Centers Ltd.(a) | | | 720,699 | |
| 369,000 | | | Reit 1 Ltd. | | | 1,359,499 | |
| | | | | | | 2,080,198 | |
| | | | REAL ESTATE OWNERS & DEVELOPERS - 9.1% | | | | |
| 237,000 | | | Amot Investments Ltd. | | | 957,918 | |
| 42,000 | | | Azrieli Group Ltd. | | | 2,458,482 | |
| 40,000 | | | Elco Ltd. | | | 1,042,723 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 97.9% (Continued) | | | | |
| | | | REAL ESTATE OWNERS & DEVELOPERS - 9.1% (Continued) | | | | |
| 160,000 | | | Gav-Yam Lands Corp Ltd. | | $ | 1,048,868 | |
| 24,380 | | | Melisron Ltd. | | | 1,609,158 | |
| 703,430 | | | Mivne Real Estate KD Ltd. | | | 1,643,293 | |
| | | | | | | 8,760,442 | |
| | | | RENEWABLE ENERGY - 1.2% | | | | |
| 296,360 | | | Energix-Renewable Energies Ltd. | | | 1,110,711 | |
| | | | | | | | |
| | | | RETAIL - CONSUMER STAPLES - 2.4% | | | | |
| 18,700 | | | Rami Levy Chain Stores Hashikma Marketing 2006 | | | 982,672 | |
| 210,000 | | | Shufersal Ltd. | | | 1,373,858 | |
| | | | | | | 2,356,530 | |
| | | | SEMICONDUCTORS - 8.6% | | | | |
| 24,000 | | | Nova Ltd.(a) | | | 5,628,720 | |
| 66,223 | | | Tower Semiconductor Ltd.(a) | | | 2,603,226 | |
| | | | | | | 8,231,946 | |
| | | | SOFTWARE - 19.2% | | | | |
| 14,100 | | | CyberArk Software Ltd.(a) | | | 3,855,221 | |
| 29,935 | | | Hilan Ltd. | | | 1,544,521 | |
| 46,800 | | | Mobileye Global, Inc., Class A(a) | | | 1,314,378 | |
| 6,500 | | | Monday.com Ltd.(a) | | | 1,564,940 | |
| 21,100 | | | Nice Ltd. - ADR(a) | | | 3,628,567 | |
| 34,000 | | | Oddity Tech Ltd.(a) | | | 1,334,840 | |
| 41,000 | | | One Software Technologies Ltd. | | | 495,953 | |
| 55,300 | | | Sapiens International Corp N.V. | | | 1,876,329 | |
| 46,200 | | | Varonis Systems, Inc.(a) | | | 2,216,214 | |
| 21,500 | | | Verint Systems, Inc.(a) | | | 692,300 | |
| | | | | | | 18,523,263 | |
| | | | TECHNOLOGY HARDWARE - 0.4% | | | | |
| 36,000 | | | AudioCodes Ltd. | | | 373,680 | |
| | | | | | | | |
| | | | TECHNOLOGY SERVICES - 1.8% | | | | |
| 72,783 | | | Magic Software Enterprises Ltd. | | | 700,900 | |
| 56,210 | | | Matrix IT Ltd. | | | 1,015,368 | |
| | | | | | | 1,716,268 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 97.9% (Continued) | | | | |
| | | | WHOLESALE - DISCRETIONARY - 0.9% | | | | |
| 17,300 | | | Tadiran Group Ltd. | | $ | 903,605 | |
| | | | | | | | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $57,772,903) | | | 94,228,792 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 2.2% | | | | |
| | | | MONEY MARKET FUND - 2.2% | | | | |
| 2,092,849 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $2,092,849)(b) | | | 2,092,849 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.1% (Cost $59,865,752) | | $ | 96,321,641 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | | | (65,552 | ) |
| | | | NET ASSETS - 100.0% | | $ | 96,256,089 | |
| | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 82.0% | | | | |
| | | | AEROSPACE & DEFENSE - 2.0% | | | | |
| 3,295 | | | TransDigm Group, Inc. | | $ | 4,209,725 | |
| | | | | | | | |
| | | | AUTOMOTIVE - 0.2% | | | | |
| 2,574 | | | Tesla, Inc.(a) | | | 509,343 | |
| | | | | | | | |
| | | | BIOTECH & PHARMA - 2.5% | | | | |
| 3,193 | | | Regeneron Pharmaceuticals, Inc.(a) | | | 3,355,939 | |
| 10,848 | | | Zoetis, Inc. | | | 1,880,609 | |
| | | | | | | 5,236,548 | |
| | | | CHEMICALS - 3.6% | | | | |
| 11,762 | | | Linde plc | | | 5,161,284 | |
| 8,605 | | | Sherwin-Williams Company (The) | | | 2,567,990 | |
| | | | | | | 7,729,274 | |
| | | | COMMERCIAL SUPPORT SERVICES - 3.1% | | | | |
| 4,027 | | | Cintas Corporation | | | 2,819,947 | |
| 17,443 | | | Waste Management, Inc. | | | 3,721,290 | |
| | | | | | | 6,541,237 | |
| | | | CONSTRUCTION MATERIALS - 1.1% | | | | |
| 4,168 | | | Martin Marietta Materials, Inc. | | | 2,258,222 | |
| | | | | | | | |
| | | | ELECTRICAL EQUIPMENT - 3.5% | | | | |
| 88,384 | | | Amphenol Corporation, Class A | | | 5,954,429 | |
| 19,355 | | | Fortive Corporation | | | 1,434,206 | |
| | | | | | | 7,388,635 | |
| | | | FORESTRY, PAPER & WOOD PRODUCTS - 0.5% | | | | |
| 13,111 | | | Trex Company, Inc.(a) | | | 971,787 | |
| | | | | | | | |
| | | | HEALTH CARE FACILITIES & SERVICES - 1.2% | | | | |
| 8,034 | | | HCA Healthcare, Inc. | | | 2,581,164 | |
| | | | | | | | |
| | | | INDUSTRIAL REIT - 0.9% | | | | |
| 16,352 | | | Prologis, Inc. | | | 1,836,492 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 82.0% (Continued) | | | | |
| | | | INFRASTRUCTURE REIT - 1.4% | | | | |
| 8,728 | | | American Tower Corporation, A | | $ | 1,696,549 | |
| 13,435 | | | Crown Castle, Inc. | | | 1,312,600 | |
| | | | | | | 3,009,149 | |
| | | | INSTITUTIONAL FINANCIAL SERVICES - 1.3% | | | | |
| 20,674 | | | Intercontinental Exchange, Inc. | | | 2,830,064 | |
| | | | | | | | |
| | | | INSURANCE - 2.6% | | | | |
| 20,537 | | | Arthur J Gallagher & Company | | | 5,325,449 | |
| | | | | | | | |
| | | | LEISURE FACILITIES & SERVICES - 2.3% | | | | |
| 78,050 | | | Chipotle Mexican Grill, Inc.(a) | | | 4,889,833 | |
| | | | | | | | |
| | | | MACHINERY - 1.1% | | | | |
| 6,946 | | | Caterpillar, Inc. | | | 2,313,713 | |
| | | | | | | | |
| | | | MEDICAL EQUIPMENT & DEVICES - 6.6% | | | | |
| 17,047 | | | Danaher Corporation | | | 4,259,193 | |
| 9,677 | | | Intuitive Surgical, Inc.(a) | | | 4,304,813 | |
| 11,660 | | | Stryker Corporation | | | 3,967,315 | |
| 4,216 | | | West Pharmaceutical Services, Inc. | | | 1,388,708 | |
| | | | | | | 13,920,029 | |
| | | | OIL & GAS PRODUCERS - 1.3% | | | | |
| 23,967 | | | ConocoPhillips | | | 2,741,345 | |
| | | | | | | | |
| | | | RETAIL - CONSUMER STAPLES - 3.4% | | | | |
| 8,493 | | | Costco Wholesale Corporation | | | 7,218,965 | |
| | | | | | | | |
| | | | RETAIL - DISCRETIONARY - 3.9% | | | | |
| 3,787 | | | Burlington Stores, Inc.(a) | | | 908,880 | |
| 13,700 | | | Lowe’s Companies, Inc. | | | 3,020,302 | |
| 4,029 | | | O’Reilly Automotive, Inc.(a) | | | 4,254,865 | |
| | | | | | | 8,184,047 | |
| | | | SEMICONDUCTORS - 20.3% | | | | |
| 25,095 | | | Advanced Micro Devices, Inc.(a) | | | 4,070,660 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 82.0% (Continued) | | | | |
| | | | SEMICONDUCTORS - 20.3% (Continued) | | | | |
| 17,926 | | | Analog Devices, Inc. | | $ | 4,091,789 | |
| 5,880 | | | Broadcom, Inc. | | | 9,440,516 | |
| 4,099 | | | KLA Corporation | | | 3,379,666 | |
| 162,890 | | | NVIDIA Corporation | | | 20,123,432 | |
| 7,643 | | | NXP Semiconductors N.V. | | | 2,056,655 | |
| | | | | | | 43,162,718 | |
| | | | SOFTWARE - 13.4% | | | | |
| 15,523 | | | Cadence Design Systems, Inc.(a) | | | 4,777,203 | |
| 6,274 | | | Crowdstrike Holdings, Inc., Class A(a) | | | 2,404,134 | |
| 14,033 | | | Datadog, Inc., Class A(a) | | | 1,819,940 | |
| 27,791 | | | DocuSign, Inc.(a) | | | 1,486,819 | |
| 3,090 | | | HubSpot, Inc.(a) | | | 1,822,451 | |
| 1,782 | | | MongoDB, Inc.(a) | | | 445,429 | |
| 7,688 | | | ServiceNow, Inc.(a) | | | 6,047,919 | |
| 7,988 | | | Synopsys, Inc.(a) | | | 4,753,339 | |
| 9,727 | | | Tyler Technologies, Inc.(a) | | | 4,890,541 | |
| | | | | | | 28,447,775 | |
| | | | TECHNOLOGY HARDWARE - 2.5% | | | | |
| 12,459 | | | Arista Networks, Inc.(a) | | | 4,366,631 | |
| 18,074 | | | Ciena Corporation(a) | | | 870,805 | |
| | | | | | | 5,237,436 | |
| | | | TECHNOLOGY SERVICES - 1.1% | | | | |
| 10,016 | | | CDW Corporation | | | 2,241,981 | |
| | | | | | | | |
| | | | TRANSPORTATION & LOGISTICS - 1.4% | | | | |
| 29,514 | | | Canadian Pacific Kansas City Ltd. | | | 2,323,638 | |
| 3,764 | | | Old Dominion Freight Line, Inc. | | | 664,722 | |
| | | | | | | 2,988,360 | |
| | | | TRANSPORTATION EQUIPMENT - 0.8% | | | | |
| 16,681 | | | PACCAR, Inc. | | | 1,717,142 | |
| | | | | | | | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $118,721,010) | | | 173,490,433 | |
Shares | | | | | Fair Value | |
| | | | EXCHANGE-TRADED FUNDS — 11.1% | | | | |
| | | | EQUITY - 11.1% | | | | |
| 791,000 | | | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) | | $ | 19,129,702 | |
| 109,000 | | | Timothy Plan US Large/Mid Cap Core ETF(b) | | | 4,422,839 | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $23,130,928) | | | 23,552,541 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 6.9% | | | | |
| | | | MONEY MARKET FUND - 6.9% | | | | |
| 14,530,576 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $14,530,576)(c) | | | 14,530,576 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.0% (Cost $156,382,514) | | $ | 211,573,550 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% | | | (60,308 | ) |
| | | | NET ASSESTS – 100.0% | | $ | 211,513,242 | |
| | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 79.0% | | | | |
| | | | AEROSPACE & DEFENSE - 2.0% | | | | |
| 23,125 | | | General Dynamics Corporation | | $ | 6,709,488 | |
| | | | | | | | |
| | | | BANKING - 3.3% | | | | |
| 179,501 | | | Atlantic Union Bankshares Corporation | | | 5,896,609 | |
| 52,269 | | | Cullen/Frost Bankers, Inc. | | | 5,312,098 | |
| | | | | | | 11,208,707 | |
| | | | CHEMICALS - 2.0% | | | | |
| 22,268 | | | Sherwin-Williams Company (The) | | | 6,645,440 | |
| | | | | | | | |
| | | | COMMERCIAL SUPPORT SERVICES - 2.1% | | | | |
| 39,871 | | | Waste Connections, Inc. | | | 6,991,779 | |
| | | | | | | | |
| | | | CONTAINERS & PACKAGING - 1.2% | | | | |
| 55,114 | | | Crown Holdings, Inc. | | | 4,099,930 | |
| | | | | | | | |
| | | | ELECTRIC UTILITIES - 6.1% | | | | |
| 120,525 | | | CMS Energy Corporation | | | 7,174,853 | |
| 94,157 | | | NextEra Energy, Inc. | | | 6,667,257 | |
| 88,274 | | | WEC Energy Group, Inc. | | | 6,925,978 | |
| | | | | | | 20,768,088 | |
| | | | ELECTRICAL EQUIPMENT - 4.1% | | | | |
| 18,431 | | | Hubbell, Inc. | | | 6,736,161 | |
| 29,706 | | | Littelfuse, Inc. | | | 7,592,556 | |
| | | | | | | 14,328,717 | |
| | | | FOOD - 3.9% | | | | |
| 56,816 | | | JM Smucker Co./The | | | 6,195,217 | |
| 102,319 | | | McCormick & Company, Inc. | | | 7,258,510 | |
| | | | | | | 13,453,727 | |
| | | | HEALTH CARE FACILITIES & SERVICES - 1.8% | | | | |
| 19,366 | | | HCA Healthcare, Inc. | | | 6,221,908 | |
| | | | | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES - 1.9% | | | | |
| 47,052 | | | Intercontinental Exchange, Inc. | | | 6,440,948 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 79.0% (Continued) | | | | |
| | | | INSURANCE - 2.3% | | | | |
| 30,074 | | | Arthur J Gallagher & Company | | $ | 7,798,489 | |
| | | | | | | | |
| | | | LEISURE FACILITIES & SERVICES - 4.8% | | | | |
| 140,600 | | | Chipotle Mexican Grill, Inc.(a) | | | 8,808,590 | |
| 14,596 | | | Domino’s Pizza, Inc. | | | 7,536,353 | |
| | | | | | | 16,344,943 | |
| | | | MEDICAL EQUIPMENT & DEVICES - 5.6% | | | | |
| 28,024 | | | Danaher Corporation | | | 7,001,797 | |
| 65,307 | | | Revvity, Inc. | | | 6,848,092 | |
| 23,046 | | | STERIS plc | | | 5,059,519 | |
| | | | | | | 18,909,408 | |
| | | | OIL & GAS PRODUCERS - 3.7% | | | | |
| 57,825 | | | ConocoPhillips | | | 6,614,024 | |
| 48,266 | | | EOG Resources, Inc. | | | 6,075,241 | |
| | | | | | | 12,689,265 | |
| | | | REAL ESTATE INVESTMENT TRUSTS - 2.1% | | | | |
| 63,296 | | | Prologis, Inc. | | | 7,108,774 | |
| | | | | | | | |
| | | | RETAIL - CONSUMER STAPLES - 4.5% | | | | |
| 9,508 | | | Costco Wholesale Corporation | | | 8,081,705 | |
| 53,583 | | | Dollar General Corporation | | | 7,085,280 | |
| | | | | | | 15,166,985 | |
| | | | RETAIL - DISCRETIONARY - 4.3% | | | | |
| 28,619 | | | Lowe’s Companies, Inc. | | | 6,309,345 | |
| 8,006 | | | O’Reilly Automotive, Inc.(a) | | | 8,454,816 | |
| | | | | | | 14,764,161 | |
| | | | SEMICONDUCTORS - 10.6% | | | | |
| 4,103 | | | Broadcom, Inc. | | | 6,587,490 | |
| 96,066 | | | Marvell Technology, Inc. | | | 6,715,013 | |
| 80,875 | | | Microchip Technology, Inc. | | | 7,400,062 | |
| 10,218 | | | Monolithic Power Systems, Inc. | | | 8,395,925 | |
| 57,440 | | | NVIDIA Corporation | | | 7,096,138 | |
| | | | | | | 36,194,628 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 79.0% (Continued) | | | | |
| | | | SOFTWARE - 8.4% | | | | |
| 24,878 | | | Cadence Design Systems, Inc.(a) | | $ | 7,656,204 | |
| 11,229 | | | Synopsys, Inc.(a) | | | 6,681,929 | |
| 14,719 | | | Tyler Technologies, Inc.(a) | | | 7,400,419 | |
| 252,214 | | | Verra Mobility Corporation(a) | | | 6,860,221 | |
| | | | | | | 28,598,773 | |
| | | | TECHNOLOGY SERVICES - 2.2% | | | | |
| 17,562 | | | CACI International, Inc., Class A(a) | | | 7,553,943 | |
| | | | | | | | |
| | | | TRANSPORTATION & LOGISTICS - 2.1% | | | | |
| 31,118 | | | Union Pacific Corporation | | | 7,040,759 | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $195,737,100) | | | 269,038,860 | |
| | | | | | | | |
| | | | EXCHANGE-TRADED FUNDS — 16.2% | | | | |
| | | | EQUITY - 16.2% | | | | |
| 868,000 | | | Timothy Plan High Dividend Stock Enhanced ETF(b) | | | 20,710,480 | |
| 182,500 | | | Timothy Plan High Dividend Stock ETF(b) | | | 6,384,817 | |
| 969,000 | | | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) | | | 23,434,490 | |
| 118,000 | | | Timothy Plan US Large/Mid Cap Core ETF(b) | | | 4,788,027 | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $54,059,654) | | | 55,317,814 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 4.9% | | | | |
| | | | MONEY MARKET FUND - 4.9% | | | | |
| 16,709,134 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $16,709,134)(c) | | | 16,709,134 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.1% (Cost $266,505,888) | | $ | 341,065,808 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% | | | (187,251 | ) |
| | | | NET ASSETS - 100.0% | | $ | 340,878,557 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 87.5% | | | | |
| | | | AEROSPACE & DEFENSE - 6.3% | | | | |
| 45,134 | | | AAR Corporation(a) | | $ | 3,281,241 | |
| 43,466 | | | Barnes Group, Inc. | | | 1,799,927 | |
| 91,167 | | | Kratos Defense & Security Solutions, Inc.(a) | | | 1,824,252 | |
| 59,300 | | | Mercury Systems, Inc.(a) | | | 1,600,507 | |
| 18,374 | | | Moog, Inc., Class A | | | 3,073,970 | |
| | | | | | | 11,579,897 | |
| | | | BANKING - 13.8% | | | | |
| 95,144 | | | Atlantic Union Bankshares Corporation | | | 3,125,480 | |
| 47,338 | | | Bank of NT Butterfield & Son Ltd. (The) | | | 1,662,511 | |
| 37,278 | | | Banner Corporation | | | 1,850,480 | |
| 31,949 | | | City Holding Company | | | 3,394,581 | |
| 103,603 | | | First Bancorp | | | 3,307,008 | |
| 48,180 | | | National Bank Holdings Corporation, Class A | | | 1,881,429 | |
| 116,243 | | | Provident Financial Services, Inc. | | | 1,668,087 | |
| 108,247 | | | Renasant Corporation | | | 3,305,863 | |
| 141,436 | | | Seacoast Banking Corporation of Florida | | | 3,343,547 | |
| 77,296 | | | Veritex Holdings, Inc. | | | 1,630,173 | |
| | | | | | | 25,169,159 | |
| | | | BIOTECH & PHARMA - 1.8% | | | | |
| 48,117 | | | Prestige Consumer Healthcare, Inc.(a) | | | 3,312,855 | |
| | | | | | | | |
| | | | CHEMICALS - 5.5% | | | | |
| 40,015 | | | Avient Corporation | | | 1,746,655 | |
| 162,714 | | | Ecovyst, Inc.(a) | | | 1,459,545 | |
| 20,870 | | | Hawkins, Inc. | | | 1,899,170 | |
| 13,197 | | | Innospec, Inc. | | | 1,631,017 | |
| 36,326 | | | Stepan Company | | | 3,049,930 | |
| | | | | | | 9,786,317 | |
| | | | COMMERCIAL SUPPORT SERVICES - 1.2% | | | | |
| 260,813 | | | Legalzoom.com, Inc.(a) | | | 2,188,221 | |
| | | | | | | | |
| | | | ELECTRIC UTILITIES - 3.5% | | | | |
| 87,741 | | | Avista Corporation | | | 3,036,716 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 87.5% (Continued) | | | | |
| | | | ELECTRIC UTILITIES - 3.5% (Continued) | | | | |
| 65,557 | | | Northwestern Energy Group, Inc. | | $ | 3,283,095 | |
| | | | | | | 6,319,811 | |
| | | | FOOD - 1.8% | | | | |
| 19,920 | | | J & J Snack Foods Corporation | | | 3,234,410 | |
| | | | | | | | |
| | | | FORESTRY, PAPER & WOOD PRODUCTS - 1.7% | | | | |
| 26,159 | | | Boise Cascade Company | | | 3,118,676 | |
| | | | | | | | |
| | | | HOME CONSTRUCTION - 1.8% | | | | |
| 39,922 | | | Century Communities, Inc. | | | 3,260,031 | |
| | | | | | | | |
| | | | HOUSEHOLD PRODUCTS - 0.9% | | | | |
| 48,757 | | | Central Garden & Pet Company, Class A(a) | | | 1,610,444 | |
| | | | | | | | |
| | | | INDUSTRIAL INTERMEDIATE PROD - 1.3% | | | | |
| 29,841 | | | AZZ, Inc. | | | 2,305,217 | |
| | | | | | | | |
| | | | INSTITUTIONAL FINANCIAL SERVICES - 4.1% | | | | |
| 29,767 | | | Moelis & Company, Class A | | | 1,692,552 | |
| 124,401 | | | Perella Weinberg Partners LP | | | 2,021,516 | |
| 15,836 | | | Piper Sandler Cos | | | 3,644,972 | |
| | | | | | | 7,359,040 | |
| | | | INSURANCE - 2.7% | | | | |
| 37,645 | | | AMERISAFE, Inc. | | | 1,652,239 | |
| 93,269 | | | BRP Group, Inc., Class A(a) | | | 3,308,251 | |
| | | | | | | 4,960,490 | |
| | | | LEISURE FACILITIES & SERVICES - 2.0% | | | | |
| 58,298 | | | Chuy’s Holdings, Inc.(a) | | | 1,511,084 | |
| 46,892 | | | Papa John’s International, Inc. | | | 2,202,986 | |
| | | | | | | 3,714,070 | |
| | | | MACHINERY - 1.7% | | | | |
| 17,334 | | | Alamo Group, Inc. | | | 2,998,782 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 87.5% (Continued) | | | | |
| | | | MEDICAL EQUIPMENT & DEVICES - 4.9% | | | | |
| 111,763 | | | Avanos Medical, Inc.(a) | | $ | 2,226,319 | |
| 46,481 | | | CONMED Corporation | | | 3,222,063 | |
| 40,254 | | | Merit Medical Systems, Inc.(a) | | | 3,459,832 | |
| | | | | | | 8,908,214 | |
| | | | METALS & MINING - 1.6% | | | | |
| 157,702 | | | Constellium S.E.(a) | | | 2,972,683 | |
| | | | | | | | |
| | | | OFFICE REIT - 1.9% | | | | |
| 137,064 | | | COPT Defense Properties | | | 3,430,713 | |
| | | | | | | | |
| | | | OIL & GAS PRODUCERS - 7.1% | | | | |
| 77,541 | | | Laredo Petroleum, Inc.(a) | | | 3,475,387 | |
| 82,611 | | | Northern Oil and Gas, Inc. | | | 3,070,651 | |
| 142,836 | | | Sitio Royalties Corporation, Class A | | | 3,372,358 | |
| 71,661 | | | SM Energy Company | | | 3,097,905 | |
| | | | | | | 13,016,301 | |
| | | | OIL & GAS SERVICES & EQUIPMENT - 0.9% | | | | |
| 50,277 | | | Thermon Group Holdings, Inc.(a) | | | 1,546,521 | |
| | | | | | | | |
| | | | REAL ESTATE INVESTMENT TRUSTS - 6.1% | | | | |
| 156,764 | | | Plymouth Industrial REIT, Inc. | | | 3,351,614 | |
| 73,944 | | | PotlatchDeltic Corporation | | | 2,912,654 | |
| 261,884 | | | Summit Hotel Properties, Inc. | | | 1,568,685 | |
| 172,771 | | | Urban Edge Properties | | | 3,191,080 | |
| | | | | | | 11,024,033 | |
| | | | RETAIL - DISCRETIONARY - 5.3% | | | | |
| 55,500 | | | Academy Sports & Outdoors, Inc. | | | 2,955,375 | |
| 11,907 | | | Boot Barn Holdings, Inc.(a) | | | 1,535,170 | |
| 40,456 | | | GMS, Inc.(a) | | | 3,261,158 | |
| 32,560 | | | Sonic Automotive, Inc., Class A | | | 1,773,543 | |
| | | | | | | 9,525,246 | |
| | | | RETAIL REIT - 1.8% | | | | |
| 131,274 | | | Four Corners Property Trust, Inc. | | | 3,238,530 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 87.5% (Continued) | | | | |
| | | | SOFTWARE - 2.0% | | | | |
| 132,033 | | | Verra Mobility Corporation(a) | | $ | 3,591,298 | |
| | | | | | | | |
| | | | TECHNOLOGY HARDWARE - 1.4% | | | | |
| 373,135 | | | Viavi Solutions, Inc.(a) | | | 2,563,437 | |
| | | | | | | | |
| | | | TELECOMMUNICATIONS - 0.9% | | | | |
| 28,734 | | | Cogent Communications Holdings, Inc. | | | 1,621,747 | |
| | | | | | | | |
| | | | TRANSPORTATION & LOGISTICS - 1.8% | | | | |
| 30,524 | | | ArcBest Corporation | | | 3,268,510 | |
| | | | | | | | |
| | | | TRANSPORTATION EQUIPMENT - 1.7% | | | | |
| 55,610 | | | Blue Bird Corporation(a) | | | 2,994,599 | |
| | | | | | | | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $154,768,810) | | | 158,619,252 | |
| | | | | | | | |
| | | | EXCHANGE-TRADED FUNDS — 11.4% | | | | |
| | | | EQUITY - 11.4% | | | | |
| 580,000 | | | Timothy Plan US Small Cap Core ETF(b) | | | 20,605,892 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $14,834,080) | | | 20,605,892 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 1.1% | | | | |
| | | | MONEY MARKET FUND - 1.1% | | | | |
| 2,079,845 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $2,079,845)(c) | | | 2,079,845 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.0% (Cost $171,682,735) | | $ | 181,304,989 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0% | | | 36,945 | |
| | | | NET ASSETS – 100% | | $ | 181,341,934 | |
| | | | | | | | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 98.5% | | | | |
| | | | AEROSPACE & DEFENSE - 1.8% | | | | |
| 999 | | | TransDigm Group, Inc. | | $ | 1,276,332 | |
| | | | | | | | |
| | | | APPAREL & TEXTILE PRODUCTS - 3.7% | | | | |
| 2,686 | | | Deckers Outdoor Corporation(a) | | | 2,599,914 | |
| | | | | | | | |
| | | | BIOTECH & PHARMA - 0.9% | | | | |
| 13,759 | | | Ionis Pharmaceuticals, Inc.(a) | | | 655,754 | |
| | | | | | | | |
| | | | COMMERCIAL SUPPORT SERVICES - 3.8% | | | | |
| 11,751 | | | Clean Harbors, Inc.(a) | | | 2,657,489 | |
| | | | | | | | |
| | | | DATA CENTER REIT - 2.2% | | | | |
| 9,963 | | | Digital Realty Trust, Inc. | | | 1,514,874 | |
| | | | | | | | |
| | | | ELECTRICAL EQUIPMENT - 7.2% | | | | |
| 34,452 | | | Amphenol Corporation, Class A | | | 2,321,031 | |
| 5,731 | | | Trane Technologies PLC | | | 1,885,098 | |
| 9,247 | | | Vertiv Holdings Company | | | 800,513 | |
| | | | | | | 5,006,642 | |
| | | | ENGINEERING & CONSTRUCTION - 6.2% | | | | |
| 8,655 | | | Comfort Systems USA, Inc. | | | 2,632,159 | |
| 6,800 | | | Quanta Services, Inc. | | | 1,727,812 | |
| | | | | | | 4,359,971 | |
| | | | HEALTH CARE FACILITIES & SERVICES - 8.7% | | | | |
| 19,897 | | | Cardinal Health, Inc. | | | 1,956,273 | |
| 4,904 | | | ICON plc(a) | | | 1,537,257 | |
| 12,451 | | | IQVIA Holdings, Inc.(a) | | | 2,632,639 | |
| | | | | | | 6,126,169 | |
| | | | HOME CONSTRUCTION - 10.1% | | | | |
| 56,707 | | | AZEK Company, Inc. (The)(a) | | | 2,389,066 | |
| 15,326 | | | Lennar Corporation, Class A | | | 2,296,908 | |
| 21,203 | | | Toll Brothers, Inc. | | | 2,442,161 | |
| | | | | | | 7,128,135 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 98.5% (Continued) | | | | |
| | | | INDUSTRIAL SUPPORT SERVICES - 2.4% | | | | |
| 2,655 | | | United Rentals, Inc. | | $ | 1,717,068 | |
| | | | | | | | |
| | | | INSURANCE - 2.0% | | | | |
| 24,129 | | | Kemper Corporation | | | 1,431,574 | |
| | | | | | | | |
| | | | LEISURE FACILITIES & SERVICES - 3.8% | | | | |
| 5,146 | | | Domino’s Pizza, Inc. | | | 2,657,034 | |
| | | | | | | | |
| | | | MACHINERY - 3.0% | | | | |
| 4,156 | | | Parker-Hannifin Corporation | | | 2,102,146 | |
| | | | | | | | |
| | | | MEDICAL EQUIPMENT & DEVICES - 6.0% | | | | |
| 25,810 | | | Avantor, Inc.(a) | | | 547,172 | |
| 11,356 | | | DexCom, Inc.(a) | | | 1,287,543 | |
| 10,069 | | | GE HealthCare Technologies, Inc. | | | 784,576 | |
| 4,741 | | | West Pharmaceutical Services, Inc. | | | 1,561,639 | |
| | | | | | | 4,180,930 | |
| | | | OIL & GAS PRODUCERS - 4.6% | | | | |
| 11,039 | | | Cheniere Energy, Inc. | | | 1,929,948 | |
| 6,698 | | | Diamondback Energy, Inc. | | | 1,340,873 | |
| | | | | | | 3,270,821 | |
| | | | RENEWABLE ENERGY - 1.1% | | | | |
| 3,363 | | | First Solar, Inc.(a) | | | 758,222 | |
| | | | | | | | |
| | | | RETAIL - DISCRETIONARY - 7.9% | | | | |
| 14,273 | | | Burlington Stores, Inc.(a) | | | 3,425,520 | |
| 14,539 | | | Ross Stores, Inc. | | | 2,112,807 | |
| | | | | | | 5,538,327 | |
| | | | SEMICONDUCTORS - 7.7% | | | | |
| 35,677 | | | Marvell Technology, Inc. | | | 2,493,822 | |
| 3,578 | | | Monolithic Power Systems, Inc. | | | 2,939,971 | |
| | | | | | | 5,433,793 | |
| | | | SOFTWARE - 7.9% | | | | |
| 5,582 | | | Crowdstrike Holdings, Inc., Class A(a) | | | 2,138,967 | |
Shares | | | | | Fair Value | |
| | | | COMMON STOCKS — 98.5% (Continued) | | | | |
| | | | SOFTWARE - 7.9% (Continued) | | | | |
| 7,895 | | | Manhattan Associates, Inc.(a) | | $ | 1,947,539 | |
| 1,818 | | | MongoDB, Inc.(a) | | | 454,427 | |
| 5,208 | | | Zscaler, Inc.(a) | | | 1,000,926 | |
| | | | | | | 5,541,859 | |
| | | | TECHNOLOGY HARDWARE - 5.7% | | | | |
| 6,308 | | | Arista Networks, Inc.(a) | | | 2,210,828 | |
| 16,994 | | | Seagate Technology Holdings PLC | | | 1,754,970 | |
| | | | | | | 3,965,798 | |
| | | | TECHNOLOGY SERVICES - 1.8% | | | | |
| 2,619 | | | MSCI, Inc. | | | 1,261,703 | |
| | | | | | | | |
| | | | TOTAL COMMON STOCKS (Cost $56,762,691) | | | 69,184,555 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 1.5% | | | | |
| | | | MONEY MARKET FUND - 1.5% | | | | |
| 1,030,571 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $1,030,571)(b) | | | 1,030,571 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.0% (Cost $57,793,262) | | $ | 70,215,126 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% | | | (29,235 | ) |
| | | | NET ASSETS | | $ | 70,185,891 | |
Shares | | | | | Fair Value | |
| | | | EXCHANGE-TRADED FUNDS — 67.0% | | | | |
| | | | EQUITY - 67.0% | | | | |
| 112,706 | | | Timothy Plan High Dividend Stock Enhanced ETF(a) | | $ | 2,689,165 | |
| 198,656 | | | Timothy Plan International ETF(a) | | | 5,268,855 | |
| 206,600 | | | Timothy Plan Market Neutral ETF(a) | | | 4,844,770 | |
| 204,739 | | | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) | | | 4,951,449 | |
| 114,923 | | | Timothy Plan US Small Cap Core ETF(a) | | | 4,082,915 | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $21,199,318) | | | 21,837,154 | |
| | | | | | | | |
| | | | OPEN END FUNDS — 31.6% | | | | |
| | | | EQUITY - 13.4% | | | | |
| 344,278 | | | Timothy Plan International Fund, Class A(a) | | | 4,382,664 | |
| | | | | | | | |
| | | | FIXED INCOME - 18.2% | | | | |
| 441,814 | | | Timothy Plan Fixed Income Fund, Class A(a) | | | 3,963,074 | |
| 223,695 | | | Timothy Plan High Yield Bond Fund, Class A(a) | | | 1,970,749 | |
| | | | | | | 5,933,823 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $10,597,171) | | | 10,316,487 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENT — 1.4% | | | | |
| | | | MONEY MARKET FUND - 1.4% | | | | |
| 447,909 | | | Fidelity Government Portfolio, Class I, 5.20% (Cost $447,909)(b) | | | 447,909 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.0% (Cost $32,244,398) | | $ | 32,601,550 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0% | | | 13,839 | |
| | | | NET ASSETS - 100.0% | | $ | 32,615,389 | |
| | | | | | | | |