UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08228

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 846-7526

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Stockholders.

(a)

Timothy Plan US Small Cap Core ETF

Ticker: TPSC Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan US Small Cap Core ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Small Cap Core ETF	$55	0.52%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan Small Cap Core ETF (TPSC) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

In 2024, TPSC returned 11.57% NAV, underperforming the Russell 3000 Index, which returned 23.81%.

An underweight in Healthcare combined with positive stock selection contributed to relative performance. An underweight to Information Technology along with stock selection within the sector was a detractor to relative performance.

The top three largest contributors to performance were FTAI Aviation, Sprouts Farmers Market, and Brinker International. The largest stock detractors during the quarter were Adient PLC, Par Pacific Holdings, and Jack in the Box.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $16,745	Russell 3000^® Index (regulatory broad based index) - $19,869	Victory US Small Cap Volatility Weighted BRI Index - $17,258
12/19^{Footnote Reference*}	$10,000	$10,000	$10,000
12/19	$10,339	$10,381	$10,344
12/20	$11,372	$12,550	$11,444
12/21	$14,740	$15,770	$14,928
12/22	$12,757	$12,741	$12,996
12/23	$15,008	$16,049	$15,382
12/24	$16,745	$19,869	$17,258

Footnote	Description
Footnote^*	Inception date for the Timothy Plan US Small Cap Core ETF is 12/2/2019.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	11.57%^{Footnote Reference}	10.12%^{Footnote Reference}	10.68%^{Footnote Reference}
Russell 3000^® Index^{Footnote Reference1}	23.81%	13.86%	14.47%
Victory US Small Cap Volatility Weighted BRI Index^{Footnote Reference2}	12.20%	10.78%	11.34%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged Russell 3000^® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	Victory US Small Cap Volatility Weighted BRI Index is an unmanaged, volatility weighted index created by the Fund's Sub-Advisor. A volatility weighted index assigns percentage values to each security in the index based on the volatility of that security in the market. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

FUND STATISTICS

Net Assets	$169,765,980
Number of Portfolio Holdings	461
Net Investment Advisory Fees	$706,972
Portfolio Turnover Rate	44%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Communication Services	1.4%
Consumer Staples	5.2%
Energy	5.8%
Utilities	6.2%
Materials	6.4%
Health Care	6.7%
Information Technology	9.4%
Consumer Discretionary	12.7%
Industrials	20.3%
Financials	25.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

DT Midstream, Inc.	0.5%
IDACORP, Inc.	0.4%
Grand Canyon Education, Inc.	0.4%
Spire, Inc.	0.4%
TXNM Energy, Inc.	0.4%
Federated Hermes, Inc.	0.4%
Madison Square Garden Sports Corp.	0.4%
New Jersey Resources Corp.	0.4%
MDU Resources Group, Inc.	0.4%
The Hanover Insurance Group, Inc.	0.4%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.timothyplan.com/

TPSC — AR (12/24)

Timothy Plan US Large/Mid Cap Core ETF

Ticker: TPLC Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Large/Mid Cap Core ETF	$55	0.52%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan US Large/Mid Cap Core ETF (TPLC) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

In 2024, TPLC returned 13.12% NAV, underperforming the S&P 500^® Index (the “Index”), which returned 25.02%.

An underweight in Real Estate contributed to relative performance, with stock selection in the Energy sector also contributing. An underweight and stock selection in Information Technology was a detractor to relative performance.

The top three largest contributors to performance were Vistra, AppLovin Corp., and Howmet Aerospace. The largest stock detractors to performance during the year were Celanese Corporation, Five Below Inc., and Dollar Tree, Inc.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $17,954	S&P 500^® Index (regulatory broad based index) - $21,907	Victory US Large/Mid Cap Volatility Weighted BRI Index - $18,508
4/19^{Footnote Reference*}	$10,000	$10,000	$10,000
12/19	$10,901	$11,119	$10,939
12/20	$12,500	$13,165	$12,605
12/21	$15,728	$16,944	$15,942
12/22	$13,765	$13,876	$14,038
12/23	$15,871	$17,523	$16,275
12/24	$17,954	$21,907	$18,508

Footnote	Description
Footnote^*	Inception date for the Timothy Plan US Large/Mid Cap Core ETF is 4/30/2019.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	13.12%^{Footnote Reference}	10.49%^{Footnote Reference}	10.87%^{Footnote Reference}
S&P 500^® Index^{Footnote Reference1}	25.02%	14.53%	14.83%
Victory US Large/Mid Cap Volatility Weighted BRI Index^{Footnote Reference2}	13.72%	11.09%	11.47%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The universe for the Victory US Large/Mid Cap Volatility Weighted BRI Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$267,798,092
Number of Portfolio Holdings	287
Net Investment Advisory Fees	$1,252,267
Portfolio Turnover Rate	25%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Communication Services	0.6%
Consumer Staples	4.7%
Materials	6.5%
Energy	7.7%
Consumer Discretionary	8.1%
Utilities	9.2%
Health Care	10.7%
Financials	13.5%
Information Technology	14.1%
Industrials	24.1%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

NiSource, Inc.	0.7%
Republic Services, Inc.	0.6%
Atmos Energy Corp.	0.6%
Entergy Corp.	0.6%
Kinder Morgan, Inc.	0.6%
VeriSign, Inc.	0.6%
Intercontinental Exchange, Inc.	0.6%
Cheniere Energy, Inc.	0.6%
Evergy, Inc.	0.6%
Illinois Tool Works, Inc.	0.6%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

TPLC — AR (12/24)

Timothy Plan High Dividend Stock ETF

Ticker: TPHD Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan High Dividend Stock ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan High Dividend Stock ETF	$55	0.52%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan High Dividend Stock ETF (TPHD) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

In 2024, TPHD returned 11.99% NAV, underperforming the S&P 500^® Index, which returned 25.02%.

An underweight in Healthcare contributed to relative performance. An overweight to Energy was a detractor to relative performance. Stock selection in the Information Technology sector contributed to relative performance.

The top three largest contributors to performance were Vistra Corp., Targa Resources Corp., and Kinder Morgan Inc. The largest stock detractors during the year were Celanese Corporation, Huntington Ingalls Industries, and Franklin Resources Inc.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $16,533	S&P 500^® Index (regulatory broad based index) - $21,907	Victory US Large Cap High Dividend Volatility Weighted BRI Index - $17,039
4/19^{Footnote Reference*}	$10,000	$10,000	$10,000
12/19	$10,900	$11,119	$10,937
12/20	$10,773	$13,165	$10,859
12/21	$13,799	$16,944	$13,987
12/22	$13,540	$13,876	$13,813
12/23	$14,763	$17,523	$15,134
12/24	$16,533	$21,907	$17,039

Footnote	Description
Footnote^*	Inception date for the Timothy Plan High Dividend Stock ETF is 4/30/2019.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	11.99%^{Footnote Reference}	8.69%	9.27%
S&P 500^® Index^{Footnote Reference1}	25.02%	14.53%	14.83%
Victory US Large Cap High Dividend Volatility Weighted BRI Index^{Footnote Reference2}	12.59%	9.27%	9.85%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The Victory US Large Cap High Dividend Volatility Weighted BRI Index is comprised of the 100 highest dividend yielding stocks from the Victory US Large/Mid Cap Volatility Weighted BRI Index with positive earnings in each of the four most recent quarters. The universe of the Index begins with the largest US companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$238,131,671
Number of Portfolio Holdings	101
Net Investment Advisory Fees	$1,219,635
Portfolio Turnover Rate	34%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Health Care	1.2%
Consumer Discretionary	4.9%
Information Technology	5.7%
Consumer Staples	8.0%
Materials	10.6%
Financials	12.3%
Industrials	17.3%
Energy	17.3%
Utilities	22.1%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

NiSource, Inc.	1.6%
Atmos Energy Corp.	1.6%
Entergy Corp.	1.5%
Kinder Morgan, Inc.	1.5%
Evergy, Inc.	1.4%
Illinois Tool Works, Inc.	1.4%
Ameren Corp.	1.4%
Alliant Energy Corp.	1.4%
The Williams Cos., Inc.	1.4%
CMS Energy Corp.	1.4%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

TPHD — AR (12/24)

Timothy Plan International ETF

Ticker: TPIF Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan International ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan International ETF	$63	0.62%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan International ETF (TPIF) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk.

In 2024, TPIF returned 2.77% NAV, underperforming the MSCI EAFE Index (the “Index”), which returned 3.82%.

An overweight in the Healthcare sector was a contributor to relative performance. An overweight in the Materials sector was a detractor to relative performance.

At the country level, stock selection in Japan was a detractor to relative performance. An overweight to Canada contributed to relative performance.

The top three largest contributors to performance were Mitsubishi Heavy Industries, Rheinmetall, and Hitachi. The largest stock detractors during the year were Oriental Land Co., Edenred SA, and Neste Corporation.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $12,063	MSCI EAFE Index (regulatory broad based index) - $13,051	Victory International Volatility Weighted BRI Index - $12,478
12/19^{Footnote Reference*}	$10,000	$10,000	$10,000
12/19	$10,325	$10,360	$10,339
12/20	$11,116	$11,169	$11,221
12/21	$12,266	$12,427	$12,419
12/22	$10,083	$10,631	$10,245
12/23	$11,738	$12,570	$12,054
12/24	$12,063	$13,051	$12,478

Footnote	Description
Footnote^*	Inception date for the Timothy Plan International ETF is 12/2/2019.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	2.77%	3.16%	3.76%
MSCI EAFE Index^{Footnote Reference1}	3.82%	4.73%	5.38%
Victory International Volatility Weighted BRI Index^{Footnote Reference2}	3.52%	3.83%	4.46%

Footnote	Description
Footnote¹	The MSCI EAFE Index is an equity index that captures large-cap and mid-cap representation across Developed markets countries around the world. The index reflects the reinvestment of dividends paid on the stocks constituting the index, net of withholding taxes.
Footnote²	The universe for the Victory International Volatility Weighted BRI Index begins with the largest developed international companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$112,124,993
Number of Portfolio Holdings	362
Net Investment Advisory Fees	$668,453
Portfolio Turnover Rate	35%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Real Estate	2.1%
Communication Services	3.3%
Consumer Staples	5.2%
Energy	6.0%
Information Technology	6.3%
Health Care	6.9%
Consumer Discretionary	6.9%
Utilities	7.5%
Materials	8.1%
Industrials	21.2%
Financials	25.5%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Hydro One Ltd.	0.6%
London Stock Exchange Group PLC	0.6%
United Overseas Bank Ltd.	0.6%
Fortis, Inc.	0.5%
Waste Connections, Inc.	0.5%
Metro, Inc.	0.5%
Oversea-Chinese Banking Corp. Ltd.	0.5%
Pembina Pipeline Corp.	0.5%
DBS Group Holdings Ltd.	0.5%
Wolters Kluwer NV	0.5%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

TPIF — AR (12/24)

Timothy Plan US Large/Mid Cap Core Enhanced ETF

Ticker: TPLE Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core Enhanced ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Large/Mid Cap Core Enhanced ETF	$55	0.52%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan US Large/Mid Cap Core Enhanced ETF (TPLE) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk. In addition, the fund seeks to manage risk during times of significant market decline by employing a rules-based mathematical formula to reduce exposure in the equity markets by moving to cash equivalents.

In 2024, TPLE returned 13.18% NAV, underperforming the S&P 500^® Index (the “Index”), which returned 25.02%.

As a result of tactical allocation, the portfolio was invested in 100% equities for the year.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $10,655	S&P 500^® Index (regulatory broad based index) - $14,089	Victory US Large/Mid Cap Long/Cash Volatility Weighted BRI Index - $10,687
7/21^{Footnote Reference*}	$10,000	$10,000	$10,000
12/21	$10,909	$10,897	$10,935
12/22	$9,646	$8,923	$9,660
12/23	$9,414	$11,269	$9,397
12/24	$10,655	$14,089	$10,687

Footnote	Description
Footnote^*	Inception date for the Timothy Plan US Large/Mid Cap Core Enhanced ETF is 7/28/2021.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	Since Inception
Fund @ Net Asset Value	13.18%^{Footnote Reference}	1.87%
S&P 500^® Index^{Footnote Reference1}	25.02%	10.52%
Victory US Large/Mid Cap Long/Cash Volatility Weighted BRI Index^{Footnote Reference2}	13.72%	1.96%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The universe for the Victory US Large/Mid Cap Long/Cash Volatility Weighted BRI Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$70,383,119
Number of Portfolio Holdings	288
Net Investment Advisory Fees	$362,057
Portfolio Turnover Rate	29%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Communication Services	0.6%
Consumer Staples	4.7%
Materials	6.5%
Energy	7.7%
Consumer Discretionary	8.1%
Utilities	9.2%
Health Care	10.7%
Financials	13.4%
Information Technology	14.1%
Industrials	24.1%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

NiSource, Inc.	0.7%
Republic Services, Inc.	0.6%
Atmos Energy Corp.	0.6%
Entergy Corp.	0.6%
Kinder Morgan, Inc.	0.6%
VeriSign, Inc.	0.6%
Intercontinental Exchange, Inc.	0.6%
Cheniere Energy, Inc.	0.6%
Evergy, Inc.	0.6%
Illinois Tool Works, Inc.	0.6%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

TPLE — AR (12/24)

Timothy Plan High Dividend Stock Enhanced ETF

Ticker: TPHE Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan High Dividend Stock Enhanced ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan High Dividend Stock Enhanced ETF	$55	0.52%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan High Dividend Stock Enhanced ETF (TPHE) seeks a rules-based approach that combines Biblically Responsible Investing (BRI) criteria with volatility weighting in an effort to outperform traditional indexing strategies. The rules-based volatility weighting methodology weights stocks based on volatility, so each stock in the portfolio has an equal contribution to overall risk. In addition, the fund seeks to manage risk during times of significant market decline by employing a rules-based mathematical formula to reduce exposure in the equity markets by moving to cash equivalents.

In 2024, TPHE returned 12.01% NAV, underperforming the S&P^® 500 Index, which returned 25.02%.

As a result of tactical allocation, the portfolio was invested in 100% equities for the year.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $10,766	S&P 500^® Index (regulatory broad based index) - $14,089	Victory US Large Cap High Dividend Long/Cash Volatility Weighted BRI Index - $10,865
7/21^{Footnote Reference*}	$10,000	$10,000	$10,000
12/21	$10,859	$10,897	$10,887
12/22	$9,725	$8,923	$9,773
12/23	$9,612	$11,269	$9,650
12/24	$10,766	$14,089	$10,865

Footnote	Description
Footnote^*	Inception date for the Timothy Plan High Dividend Stock Enhanced ETF is 7/28/2021.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	Since Inception
Fund @ Net Asset Value	12.01%^{Footnote Reference}	2.18%
S&P 500^® Index^{Footnote Reference1}	25.02%	10.52%
Victory US Large Cap High Dividend Long/Cash Volatility Weighted BRI Index^{Footnote Reference2}	12.59%	2.45%

Footnote	Description
Footnote	High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
Footnote¹	The unmanaged S&P 500^® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The Victory Large Cap High Dividend Volatility Long/Cash Weighted BRI Index is comprised of the 100 highest dividend yielding stocks from the Victory US Large/Mid Cap Volatility Weighted BRI Index with positive earnings in each of the four most recent quarters. The universe for the Index begins with the largest US companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$64,550,447
Number of Portfolio Holdings	102
Net Investment Advisory Fees	$350,498
Portfolio Turnover Rate	39%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Health Care	1.2%
Consumer Discretionary	4.9%
Information Technology	5.7%
Consumer Staples	8.0%
Materials	10.6%
Financials	12.3%
Energy	17.2%
Industrials	17.3%
Utilities	22.2%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

NiSource, Inc.	1.6%
Atmos Energy Corp.	1.6%
Entergy Corp.	1.5%
Kinder Morgan, Inc.	1.5%
Evergy, Inc.	1.4%
Illinois Tool Works, Inc.	1.4%
Ameren Corp.	1.4%
Alliant Energy Corp.	1.4%
The Williams Cos., Inc.	1.4%
CMS Energy Corp.	1.4%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

TPHE — AR (12/24)

Timothy Plan Market Neutral ETF

Ticker: TPMN Exchange: NYSE

Annual Shareholder Report — December 31, 2024

The annual shareholder report contains important information about Timothy Plan Market Neutral ETF (the "Fund") for the period of January 1, 2024 to December 31, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan Market Neutral ETF	$65	0.65%

How did the Fund perform last year? What affected the Fund’s performance?

The Timothy Plan Market Neutral ETF (TPMN) pursues its investment objective by implementing a proprietary, "market neutral" investment strategy designed to seek income from its investments while maintaining a low correlation to the foreign and domestic equity and bond markets. The fund is actively managed, meaning that the Sub-Advisor may make changes to the Fund's portfolio at any time. The Fund uses a multi-strategy approach. First, it seeks income from long positions in foreign and domestic dividend producing equity securities of any market capitalization size that satisfy the Biblically Responsible Investing ("BRI") filtering criteria. Second, the Fund seeks to offset market risk by selling short high-correlating equity index futures contracts, such as the S&P 500^® Index, Russell 2000^® or MSCI EAFE + Emerging Markets Indexes, or exchange-traded funds ("ETFs") that track such indexes.

In 2024, TPMN returned 1.39% NAV, outperforming the Bloomberg U.S. Aggregate Bond Index (the “Index”), which returned 1.25%.

The Fund’s total return was driven by a positive contribution from the Global High Dividend Long/Short Portfolio which was enough to offset the negative contribution of Overlay Strategy. Cash has been a positive contributor. In the Global High Dividend Long/Short Portfolio, all sleeves were positive contributors. In the Overlay Strategy, gains from the Nasdaq 100 Index long futures were not enough to offset the negative return of the S&P 500 Index short position, resulting in a negative total contribution.

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

	Fund @ Net Asset Value - $10,693	Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $10,362	Bloomberg U.S. Treasury Bellwethers 3-Month Index - $11,044
1/23^{Footnote Reference*}	$10,000	$10,000	$10,000
12/23	$10,546	$10,234	$10,489
12/24	$10,693	$10,362	$11,044

Footnote	Description
Footnote^*	Inception date for the Timothy Plan Market Neutral ETF is 1/24/2023.

AVERAGE ANNUAL TOTAL RETURN

	1 Year	Since Inception
Fund @ Net Asset Value	1.39%	3.52%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference1}	1.25%	1.86%
Bloomberg U.S. Treasury Bellwethers 3-Month Index^{Footnote Reference2}	5.29%	5.27%

Footnote	Description
Footnote¹	The unmanaged Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed rate taxable bond market. The index includes Treasurys, government-related and corporate securities, and asset backed securities.
Footnote²	The unmanaged Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total return received by investors of 3-month U.S. Treasury securities.

FUND STATISTICS

Net Assets	$41,703,293
Number of Portfolio Holdings	300
Net Investment Advisory Fees	$257,351
Portfolio Turnover Rate	35%

Graphical Presentation of Holdings

(as of 12/31/2024)

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Value	Value
Health Care	1.1%
Communication Services	2.7%
Consumer Staples	5.4%
Materials	7.8%
Consumer Discretionary	7.9%
Industrials	8.2%
Energy	15.2%
Utilities	18.4%
Financials	20.6%

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

TXNM Energy, Inc.	0.8%
DT Midstream, Inc.	0.7%
ACS Actividades de Construccion y Servicios SA	0.7%
Keyera Corp.	0.7%
Pembina Pipeline Corp.	0.6%
Spire, Inc.	0.6%
Intesa Sanpaolo SpA	0.6%
NiSource, Inc.	0.6%
ANZ Group Holdings Ltd.	0.6%
Mediobanca Banca di Credito Finanziario SpA	0.6%

* Does not include futures contracts, money market instruments, and short-term investments.

Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Material Fund Changes

There were no material fund changes during the year ended December 31, 2024.

Additional Information

Additional information about the Fund is available on etf.timothyplan.com including:

Full Financial Statements

Prospectus

Fund Holdings

Proxy Voting

TPMN — AR (12/24)

(b) Not applicable.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Dale Bissonette is an “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. Fees for audit services provided to the Registrant were $92,250 and $92,250 for the fiscal years ended December 31, 2024 and 2023, respectively.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this item were $0 and $0 for the fiscal years ended December 31, 2024 and 2023, respectively. The fees, paid by the Registrant, were payment for the principal accountant performing work relating to assurance and related services.

(c) Tax Fees. Fees for tax services, which consisted of income and excise tax compliance services, were $21,000 and $21,000 for the fiscal years ended December 31, 2024, and 2023, respectively.

(d) All Other Fees. Fees for other services totaled $0 and $0 for the fiscal years ended December 31, 2024, and 2023, respectively.

(e) (1) The Registrant’s Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant’s investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant’s operations and financial reporting.

(2) 100% of services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X for the fiscal years ended December 31, 2024, and 2023

(f) Not applicable

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $21,000 and $21,000 for the years ended December 31, 2024 and 2023, respectively.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section

3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Mr. Dale Bissonette, Mr. John Mulder, Mr. Scott Preissler and Mr. Richard Copeland.

Item 6. Investments.

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report to shareholders filed under Item 7 of the Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Other Information.

(a)

ANNUAL

Full

Financials

December

31,

2024

Listed

and

traded

on:

The

New

York

Stock

Exchange

Ticker

Symbol

TIMOTHY

PLAN

SMALL

CAP

CORE

ETF

TPSC

TIMOTHY

PLAN

LARGE/MID

CAP

CORE

ETF

TPLC

TIMOTHY

PLAN

HIGH

DIVIDEND

STOCK

ETF

TPHD

TIMOTHY

PLAN

INTERNATIONAL

ETF

TPIF

TIMOTHY

PLAN

LARGE/MID

CAP

CORE

ENHANCED

ETF

TPLE

TIMOTHY

PLAN

HIGH

DIVIDEND

STOCK

ENHANCED

ETF

TPHE

TIMOTHY

PLAN

MARKET

NEUTRAL

ETF

TPMN

Table

Contents

•

NOT

FDIC

INSURED

•NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

•

INVESTMENTS

INVOLVE

RISK

•

PRINCIPAL

LOSS

POSSIBLE

Schedule

Portfolio

Investments

Statements

Assets

and

Liabilities

Statements

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Report

Independent

Registered

Public

Accounting

Firm

Other

Information

(Unaudited)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.7%)

Communication

Services

(

Cable

One,

Inc.

782‌

283,178‌

Cogent

Communications

Holdings,

Inc.

4,175‌

321,767‌

Integral

Science

Holding

Corp.(a)

17,188‌

179,443‌

Iridium

Communications,

Inc.

10,252‌

297,513‌

Madison

Square

Garden

Entertainment

Corp.(a)

11,095‌

394,982‌

Madison

Square

Garden

Sports

Corp.(a)

2,863‌

646,122‌

United

States

Cellular

Corp.(a)

3,571‌

223,973‌

2,346,978‌

Consumer

Discretionary

(

Academy

Sports

Outdoors,

Inc.

6,006‌

345,525‌

Acushnet

Holdings

Corp.

6,614‌

470,123‌

Adient

PLC(a)

14,065‌

242,340‌

Adtalem

Global

Education,

Inc.(a)

3,855‌

350,227‌

Arhaus,

Inc.

19,515‌

183,441‌

Asbury

Automotive

Group,

Inc.(a)

1,506‌

366,003‌

Atmus

Filtration

Technologies,

Inc.

9,206‌

360,691‌

Boot

Barn

Holdings,

Inc.(a)

1,760‌

267,203‌

Brinker

International,

Inc.(a)

3,418‌

452,167‌

Brunswick

Corp.

4,296‌

277,865‌

Carter's,

Inc.

7,198‌

390,060‌

Carvana

Co.(a)

716‌

145,606‌

Cava

Group,

Inc.(a)

1,594‌

179,803‌

Cavco

Industries,

Inc.(a)

787‌

351,183‌

Century

Communities,

Inc.

3,145‌

230,717‌

Champion

Homes,

Inc.(a)

2,948‌

259,719‌

Chewy,

Inc.,

Class

A(a)

6,304‌

211,121‌

Columbia

Sportswear

Co.

6,492‌

544,874‌

Dillard's,

Inc.,

Class

807‌

348,414‌

Dorman

Products,

Inc.(a)

3,232‌

418,706‌

Dream

Finders

Homes,

Inc.,

Class

A(a)

6,093‌

141,784‌

Dutch

Bros,

Inc.,

Class

A(a)

7,626‌

399,450‌

Fox

Factory

Holding

Corp.(a)

4,854‌

146,931‌

Frontdoor,

Inc.(a)

7,618‌

416,476‌

Garrett

Motion,

Inc.(a)

40,424‌

365,029‌

Graham

Holdings

Co.,

Class

541‌

471,709‌

Grand

Canyon

Education,

Inc.(a)

4,416‌

723,341‌

Green

Brick

Partners,

Inc.(a)

4,188‌

236,580‌

Group

Automotive,

Inc.

1,043‌

439,604‌

Harley-Davidson,

Inc.

8,818‌

265,686‌

Hilton

Grand

Vacations,

Inc.(a)

9,800‌

381,710‌

Installed

Building

Products,

Inc.

1,066‌

186,816‌

Home

4,099‌

269,386‌

Kontoor

Brands,

Inc.

4,628‌

395,277‌

Laureate

Education,

Inc.(a)

27,424‌

501,585‌

La-Z-Boy,

Inc.

7,836‌

341,415‌

LCI

Industries

2,579‌

266,643‌

LGI

Homes,

Inc.(a)

2,246‌

200,792‌

Life

Time

Group

Holdings,

Inc.(a)

11,500‌

254,380‌

SECURITY

DESCRIPTION

VALUE

($)

Consumer

Discretionary

(12.7%):

(continued)

Lucky

Strike

Entertainment

Corp.

19,249‌

192,682‌

M/I

Homes,

Inc.(a)

1,769‌

235,189‌

Mister

Car

Wash,

Inc.(a)

45,462‌

331,418‌

Modine

Manufacturing

Co.(a)

1,400‌

162,302‌

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

3,286‌

360,573‌

OneSpaWorld

Holdings

Ltd.

22,098‌

439,750‌

Patrick

Industries,

Inc.

4,088‌

339,631‌

Phinia,

Inc.

7,213‌

347,450‌

Polaris,

Inc.

4,366‌

251,569‌

RH(a)

534‌

210,177‌

Sonic

Automotive,

Inc.,

Class

5,748‌

364,136‌

Steven

Madden

Ltd.

9,706‌

412,699‌

Strategic

Education,

Inc.

3,475‌

324,634‌

Stride,

Inc.(a)

5,721‌

594,584‌

The

Buckle,

Inc.

8,639‌

438,948‌

The

Cheesecake

Factory,

Inc.

8,785‌

416,760‌

The

Wendy's

Co.

25,988‌

423,604‌

Topgolf

Callaway

Brands

Corp.(a)

25,208‌

198,135‌

Tri

Pointe

Homes,

Inc.(a)

8,515‌

308,754‌

United

Parks

Resorts,

Inc.(a)

6,685‌

375,630‌

Upbound

Group,

Inc.

12,452‌

363,225‌

Valvoline,

Inc.(a)

10,963‌

396,641‌

Visteon

Corp.(a)

4,226‌

374,931‌

Winnebago

Industries,

Inc.

6,110‌

291,936‌

Worthington

Enterprises,

Inc.

8,493‌

340,654‌

YETI

Holdings,

Inc.(a)

6,031‌

232,254‌

21,528,648‌

Consumer

Staples

(

Cal-Maine

Foods,

Inc.

5,592‌

575,529‌

Central

Garden

Pet

Co.,

Class

A(a)

13,305‌

439,730‌

Edgewell

Personal

Care

Co.

14,581‌

489,922‌

Energizer

Holdings,

Inc.

14,923‌

520,663‌

Flowers

Foods,

Inc.

27,715‌

572,592‌

Freshpet,

Inc.(a)

2,249‌

333,099‌

Grocery

Outlet

Holding

Corp.(a)

17,507‌

273,284‌

Interparfums,

Inc.

2,795‌

367,570‌

Snack

Foods

Corp.

2,389‌

370,606‌

Lancaster

Colony

Corp.

2,404‌

416,229‌

National

Beverage

Corp.

8,208‌

350,235‌

PriceSmart,

Inc.

5,482‌

505,276‌

Seaboard

Corp.

162‌

393,605‌

Spectrum

Brands

Holdings,

Inc.

4,324‌

365,335‌

Sprouts

Farmers

Market,

Inc.(a)

2,940‌

373,586‌

The

Andersons,

Inc.

7,661‌

310,424‌

The

Chefs'

Warehouse,

Inc.(a)

8,678‌

427,999‌

The

Simply

Good

Foods

Co.(a)

13,496‌

526,074‌

Utz

Brands,

Inc.

22,325‌

349,609‌

WD-40

Co.

1,796‌

435,853‌

Weis

Markets,

Inc.

7,216‌

488,668‌

8,885,888‌

Energy

(

Archrock,

Inc.

16,291‌

405,483‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Energy

(5.8%):

(continued)

Atlas

Energy

Solutions,

Inc.

15,225‌

337,690‌

Cactus,

Inc.,

Class

5,031‌

293,609‌

California

Resources

Corp.

5,414‌

280,932‌

CNX

Resources

Corp.(a)

11,757‌

431,129‌

CONSOL

Energy,

Inc.

2,595‌

276,835‌

Crescent

Energy

Co.,

Class

22,165‌

323,831‌

CVR

Energy,

Inc.

12,982‌

243,283‌

Dorian

LPG

Ltd.

8,638‌

210,508‌

Midstream,

Inc.

7,985‌

793,949‌

Excelerate

Energy,

Inc.,

Class

12,473‌

377,308‌

Gulfport

Energy

Corp.(a)

2,801‌

515,944‌

Helmerich

Payne,

Inc.

8,633‌

276,429‌

International

Seaways,

Inc.

7,797‌

280,224‌

Kinetik

Holdings,

Inc.

9,143‌

518,499‌

Kodiak

Gas

Services,

Inc.

10,512‌

429,205‌

Kosmos

Energy

Ltd.(a)

57,232‌

195,733‌

Liberty

Energy,

Inc.

14,812‌

294,611‌

Magnolia

Oil

Gas

Corp.,

Class

16,062‌

375,530‌

Northern

Oil

Gas,

Inc.

9,304‌

345,737‌

Oceaneering

International,

Inc.(a)

10,688‌

278,743‌

Patterson-UTI

Energy,

Inc.

34,422‌

284,326‌

Peabody

Energy

Corp.

12,650‌

264,891‌

Energy

Co.

6,749‌

261,591‌

Talos

Energy,

Inc.(a)

25,920‌

251,683‌

Tidewater,

Inc.(a)

3,527‌

192,962‌

Valaris

Ltd.(a)

5,717‌

252,920‌

Viper

Energy,

Inc.

7,485‌

367,289‌

World

Kinect

Corp.

14,119‌

388,414‌

9,749,288‌

Financials

(

Affiliated

Managers

Group,

Inc.

2,822‌

521,844‌

Ameris

Bancorp

6,501‌

406,768‌

Artisan

Partners

Asset

Management,

Inc.,

Class

9,842‌

423,698‌

Assured

Guaranty

Ltd.

5,529‌

497,665‌

Atlantic

Union

Bankshares

Corp.

10,358‌

392,361‌

Axis

Capital

Holdings

Ltd.

6,813‌

603,768‌

Axos

Financial,

Inc.(a)

4,964‌

346,735‌

BancFirst

Corp.

3,753‌

439,777‌

Bank

Hawaii

Corp.

6,042‌

430,432‌

Bank

OZK

7,361‌

327,785‌

BankUnited,

Inc.

8,775‌

334,942‌

Banner

Corp.

6,231‌

416,044‌

BGC

Group,

Inc.,

Class

35,826‌

324,584‌

BOK

Financial

Corp.

4,283‌

455,925‌

Bread

Financial

Holdings,

Inc.

5,014‌

306,155‌

Cadence

Bank

11,379‌

392,007‌

Cathay

General

Bancorp

8,989‌

427,966‌

City

Holding

Co.

4,228‌

500,933‌

CNO

Financial

Group,

Inc.

13,223‌

492,028‌

Cohen

Steers,

Inc.

3,977‌

367,236‌

Columbia

Banking

System,

Inc.

9,994‌

269,938‌

Community

Financial

System,

Inc.

6,331‌

390,496‌

SECURITY

DESCRIPTION

VALUE

($)

Financials

(25.2%):

(continued)

CVB

Financial

Corp.

19,370‌

414,712‌

Donnelley

Financial

Solutions,

Inc.(a)

6,485‌

406,804‌

Enova

International,

Inc.(a)

4,226‌

405,189‌

Enterprise

Financial

Services

Corp.

7,213‌

406,813‌

Euronet

Worldwide,

Inc.(a)

4,703‌

483,656‌

EVERTEC,

Inc.

11,580‌

399,857‌

Financial

Corp.

7,719‌

397,606‌

Federal

Agricultural

Mortgage

Corp.,

Class

2,000‌

393,900‌

Federated

Hermes,

Inc.

15,744‌

647,236‌

First

Bancorp

7,780‌

342,087‌

First

Bancorp

Puerto

Rico

22,219‌

413,051‌

First

Commonwealth

Financial

Corp.

24,129‌

408,263‌

First

Financial

Bancorp

16,743‌

450,052‌

First

Financial

Bankshares,

Inc.

9,973‌

359,527‌

First

Hawaiian,

Inc.

19,656‌

510,073‌

First

Interstate

BancSystem,

Inc.,

Class

11,532‌

374,444‌

First

Merchants

Corp.

10,636‌

424,270‌

FirstCash

Holdings,

Inc.

3,807‌

394,405‌

FNB

Corp.

32,136‌

474,970‌

Fulton

Financial

Corp.

21,554‌

415,561‌

Genworth

Financial,

Inc.(a)

69,430‌

485,316‌

Glacier

Bancorp,

Inc.

6,893‌

346,166‌

Goosehead

Insurance,

Inc.,

Class

A(a)

2,257‌

241,996‌

Hamilton

Lane,

Inc.,

Class

2,235‌

330,892‌

Hancock

Whitney

Corp.

7,285‌

398,635‌

Hilltop

Holdings,

Inc.

14,116‌

404,141‌

Home

Bancshares,

Inc.

17,106‌

484,100‌

Independent

Bank

Corp.

5,769‌

370,312‌

International

Bancshares

Corp.

6,864‌

433,530‌

Jackson

Financial,

Inc.,

Class

3,096‌

269,600‌

Kemper

Corp.

6,869‌

456,376‌

Lakeland

Financial

Corp.

5,540‌

380,930‌

Lazard,

Inc.

6,944‌

357,477‌

Live

Oak

Bancshares,

Inc.

5,884‌

232,712‌

Merchants

Bancorp

6,419‌

234,101‌

Mercury

General

Corp.

5,801‌

385,650‌

MGIC

Investment

Corp.

19,824‌

470,027‌

Moelis

Co.,

Class

5,276‌

389,791‌

Mr.

Cooper

Group,

Inc.(a)

4,580‌

439,726‌

Navient

Corp.

25,978‌

345,248‌

NBT

Bancorp,

Inc.

8,373‌

399,894‌

NMI

Holdings,

Inc.(a)

12,981‌

477,182‌

Northwest

Bancshares,

Inc.

34,600‌

456,374‌

OFG

Bancorp

10,684‌

452,147‌

Palomar

Holdings,

Inc.(a)

3,168‌

334,509‌

Park

National

Corp.

2,193‌

375,946‌

Pathward

Financial,

Inc.

6,298‌

463,407‌

Payoneer

Global,

Inc.(a)

30,000‌

301,200‌

PennyMac

Financial

Services,

Inc.

3,728‌

380,778‌

Piper

Sandler

Cos.

1,409‌

422,630‌

PJT

Partners,

Inc.,

Class

3,046‌

480,689‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Financials

(25.2%):

(continued)

PROG

Holdings,

Inc.

5,564‌

235,135‌

Provident

Financial

Services,

Inc.

17,652‌

333,093‌

Radian

Group,

Inc.

13,698‌

434,501‌

Renasant

Corp.

11,977‌

428,178‌

Rocket

Cos.,

Inc.,

Class

A(a)

13,504‌

152,055‌

Ryan

Specialty

Holdings,

Inc.

5,854‌

375,593‌

S&T

BanCorp,

Inc.

9,214‌

352,159‌

Seacoast

Banking

Corp.

Florida

14,006‌

385,585‌

ServisFirst

Bancshares,

Inc.

3,672‌

311,165‌

Shift4

Payments,

Inc.,

Class

A(a)

2,635‌

273,460‌

Simmons

First

National

Corp.,

Class

16,519‌

366,391‌

SiriusPoint

Ltd.(a)

33,107‌

542,624‌

SLM

Corp.

19,423‌

535,686‌

StepStone

Group,

Inc.,

Class

5,527‌

319,903‌

Stewart

Information

Services

Corp.

6,375‌

430,249‌

Stock

Yards

Bancorp,

Inc.

5,158‌

369,364‌

StoneX

Group,

Inc.(a)

5,067‌

496,414‌

Synovus

Financial

Corp.

8,186‌

419,369‌

Texas

Capital

Bancshares,

Inc.(a)

5,014‌

392,095‌

The

Bancorp,

Inc.(a)

5,279‌

277,834‌

The

Hanover

Insurance

Group,

Inc.

3,984‌

616,165‌

The

Western

Union

Co.

43,270‌

458,662‌

Towne

Bank

13,207‌

449,830‌

Triumph

Financial,

Inc.(a)

3,895‌

353,978‌

UMB

Financial

Corp.

3,708‌

418,485‌

United

Bankshares,

Inc.

11,159‌

419,020‌

United

Community

Banks,

Inc.

14,035‌

453,471‌

Valley

National

Bancorp

28,365‌

256,987‌

Virtu

Financial,

Inc.,

Class

9,558‌

341,029‌

WaFd,

Inc.

10,512‌

338,907‌

Walker

Dunlop,

Inc.

3,495‌

339,749‌

WesBanco,

Inc.

13,079‌

425,591‌

White

Mountains

Insurance

Group

Ltd.

276‌

536,837‌

WSFS

Financial

Corp.

7,379‌

392,046‌

42,824,655‌

Health

Care

(

ACADIA

Pharmaceuticals,

Inc.(a)

16,820‌

308,647‌

Addus

HomeCare

Corp.(a)

3,269‌

409,769‌

ADMA

Biologics,

Inc.(a)

10,908‌

187,072‌

Alkermes

PLC(a)

11,385‌

327,433‌

Astrana

Health,

Inc.(a)

4,978‌

156,956‌

Catalyst

Pharmaceuticals,

Inc.(a)

14,735‌

307,520‌

CONMED

Corp.

4,424‌

302,779‌

Corcept

Therapeutics,

Inc.(a)

5,619‌

283,142‌

CorVel

Corp.(a)

3,745‌

416,669‌

Doximity,

Inc.,

Class

A(a)

4,593‌

245,220‌

Haemonetics

Corp.(a)

5,290‌

413,043‌

Halozyme

Therapeutics,

Inc.(a)

6,896‌

329,698‌

Harmony

Biosciences

Holdings,

Inc.(a)

8,693‌

299,126‌

Integer

Holdings

Corp.(a)

3,179‌

421,281‌

Krystal

Biotech,

Inc.(a)

1,040‌

162,926‌

SECURITY

DESCRIPTION

VALUE

($)

Health

Care

(6.7%):

(continued)

Lantheus

Holdings,

Inc.(a)

1,667‌

149,130‌

LeMaitre

Vascular,

Inc.

3,766‌

346,999‌

Ligand

Pharmaceuticals,

Inc.(a)

2,540‌

272,161‌

MannKind

Corp.(a)

38,357‌

246,636‌

Merit

Medical

Systems,

Inc.(a)

5,920‌

572,582‌

National

HealthCare

Corp.

3,538‌

380,547‌

Option

Care

Health,

Inc.(a)

14,822‌

343,870‌

Patterson

Cos.,

Inc.

17,232‌

531,780‌

Premier,

Inc.,

Class

26,002‌

551,242‌

Prestige

Consumer

Healthcare,

Inc.(a)

7,064‌

551,628‌

Privia

Health

Group,

Inc.(a)

15,798‌

308,851‌

Progyny,

Inc.(a)

11,973‌

206,534‌

Protagonist

Therapeutics,

Inc.(a)

5,122‌

197,709‌

RadNet,

Inc.(a)

4,093‌

285,855‌

Select

Medical

Holdings

Corp.

19,461‌

366,840‌

Sotera

Health

Co.(a)

18,740‌

256,363‌

Supernus

Pharmaceuticals,

Inc.(a)

9,477‌

342,688‌

Therapeutics,

Inc.(a)

8,089‌

243,479‌

TransMedics

Group,

Inc.(a)

1,426‌

88,911‌

UFP

Technologies,

Inc.(a)

758‌

185,339‌

Vericel

Corp.(a)

7,047‌

386,951‌

11,387,376‌

Industrials

(

AAR

Corp.(a)

5,993‌

367,251‌

ABM

Industries,

Inc.

8,802‌

450,486‌

AeroVironment,

Inc.(a)

1,010‌

155,429‌

Air

Lease

Corp.

8,385‌

404,241‌

Alamo

Group,

Inc.

2,382‌

442,838‌

Albany

International

Corp.

5,765‌

461,027‌

Allison

Transmission

Holdings,

Inc.

4,157‌

449,205‌

ArcBest

Corp.

2,410‌

224,901‌

Arcosa,

Inc.

3,590‌

347,297‌

Armstrong

World

Industries,

Inc.

3,390‌

479,109‌

ASGN,

Inc.(a)

4,123‌

343,611‌

AZZ,

Inc.

4,163‌

341,033‌

Blue

Bird

Corp.(a)

4,978‌

192,300‌

Boise

Cascade

Co.

2,011‌

239,027‌

Brady

Corp.,

Class

7,124‌

526,107‌

Casella

Waste

Systems,

Inc.(a)

5,344‌

565,449‌

CBIZ,

Inc.(a)

5,160‌

422,243‌

Chart

Industries,

Inc.(a)

1,794‌

342,367‌

Cimpress

PLC(a)

3,072‌

220,324‌

Construction

Partners,

Inc.,

Class

A(a)

3,881‌

343,313‌

CSW

Industrials,

Inc.

939‌

331,279‌

Dycom

Industries,

Inc.(a)

1,913‌

332,977‌

Enerpac

Tool

Group

Corp.

12,646‌

519,624‌

EnerSys

4,173‌

385,710‌

Enpro,

Inc.

2,067‌

356,454‌

Esab

Corp.

4,061‌

487,076‌

ESCO

Technologies,

Inc.

3,510‌

467,567‌

ExlService

Holdings,

Inc.(a)

11,581‌

513,965‌

Exponent,

Inc.

2,938‌

261,776‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(20.3%):

(continued)

Federal

Signal

Corp.

4,416‌

407,994‌

First

Advantage

Corp.(a)

25,320‌

474,244‌

Flowserve

Corp.

8,808‌

506,636‌

Franklin

Electric

Co.,

Inc.

4,725‌

460,451‌

GATX

Corp.

3,669‌

568,548‌

Gibraltar

Industries,

Inc.(a)

4,869‌

286,784‌

GMS,

Inc.(a)

4,273‌

362,479‌

Granite

Construction,

Inc.

6,032‌

529,067‌

Griffon

Corp.

3,904‌

278,238‌

H&E

Equipment

Services,

Inc.

5,276‌

258,313‌

Hayward

Holdings,

Inc.(a)

20,548‌

314,179‌

Herc

Holdings,

Inc.

1,769‌

334,925‌

Hillman

Solutions

Corp.(a)

35,657‌

347,299‌

HNI

Corp.

8,210‌

413,538‌

Huron

Consulting

Group,

Inc.(a)

4,002‌

497,289‌

ICF

International,

Inc.

2,662‌

317,337‌

IES

Holdings,

Inc.(a)

871‌

175,036‌

Insperity,

Inc.

4,201‌

325,619‌

JBT

Marel

Corp.

3,772‌

479,421‌

Kadant,

Inc.

1,048‌

361,549‌

Kennametal,

Inc.

18,267‌

438,773‌

Kirby

Corp.(a)

3,331‌

352,420‌

Korn

Ferry

5,749‌

387,770‌

Kratos

Defense

Security

Solutions,

Inc.(a)

11,902‌

313,975‌

Leonardo

DRS,

Inc.(a)

13,361‌

431,694‌

ManpowerGroup,

Inc.

6,379‌

368,196‌

MasTec,

Inc.(a)

2,183‌

297,194‌

Masterbrand,

Inc.(a)

17,134‌

250,328‌

Matson,

Inc.

2,910‌

392,384‌

Maximus,

Inc.

6,689‌

499,334‌

MDU

Resources

Group,

Inc.

34,506‌

621,798‌

MillerKnoll,

Inc.

11,014‌

248,806‌

Moog,

Inc.,

Class

1,929‌

379,704‌

MSC

Industrial

Direct

Co.,

Inc.

5,333‌

398,322‌

Mueller

Industries,

Inc.

5,413‌

429,576‌

Mueller

Water

Products,

Inc.,

Class

17,569‌

395,302‌

MYR

Group,

Inc.(a)

2,090‌

310,929‌

OPENLANE,

Inc.(a)

30,158‌

598,335‌

Powell

Industries,

Inc.

465‌

103,067‌

Primoris

Services

Corp.

5,050‌

385,820‌

Resideo

Technologies,

Inc.(a)

13,594‌

313,342‌

REV

Group,

Inc.

8,099‌

258,115‌

Rush

Enterprises,

Inc.,

Class

7,174‌

393,063‌

Ryder

System,

Inc.

2,679‌

420,228‌

Schneider

National,

Inc.,

Class

16,847‌

493,280‌

SkyWest,

Inc.(a)

3,717‌

372,183‌

SPX

Technologies,

Inc.(a)

2,094‌

304,719‌

Standex

International

Corp.

2,310‌

431,947‌

Sterling

Infrastructure,

Inc.(a)

1,363‌

229,597‌

Tecnoglass,

Inc.

3,233‌

256,442‌

Tennant

Co.

4,783‌

389,958‌

Terex

Corp.

5,282‌

244,134‌

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(20.3%):

(continued)

The

Brink's

Co.

4,258‌

395,015‌

Trinity

Industries,

Inc.

9,287‌

325,974‌

UniFirst

Corp.

2,196‌

375,714‌

Valmont

Industries,

Inc.

1,227‌

376,284‌

Verra

Mobility

Corp.(a)

15,360‌

371,405‌

Vestis

Corp.

11,585‌

176,555‌

Vicor

Corp.(a)

5,272‌

254,743‌

VSE

Corp.

3,656‌

347,686‌

Watts

Water

Technologies,

Inc.,

Class

2,313‌

470,233‌

Werner

Enterprises,

Inc.

12,906‌

463,584‌

Zurn

Elkay

Water

Solutions

Corp.

11,922‌

444,691‌

34,385,551‌

Information

Technology

(

ACI

Worldwide,

Inc.(a)

8,277‌

429,659‌

Advanced

Energy

Industries,

Inc.

2,986‌

345,271‌

Agilysys,

Inc.(a)

2,638‌

347,451‌

Alarm.com

Holdings,

Inc.(a)

7,926‌

481,901‌

Allegro

MicroSystems,

Inc.(a)

10,734‌

234,645‌

Altair

Engineering,

Inc.,

Class

A(a)

3,883‌

423,674‌

Appfolio,

Inc.,

Class

A(a)

1,069‌

263,744‌

Axcelis

Technologies,

Inc.(a)

2,210‌

154,413‌

Badger

Meter,

Inc.

1,661‌

352,331‌

Belden,

Inc.

2,823‌

317,898‌

Blackbaud,

Inc.(a)

4,952‌

366,052‌

BlackLine,

Inc.(a)

5,406‌

328,469‌

Calix,

Inc.(a)

6,671‌

232,618‌

Cirrus

Logic,

Inc.(a)

2,400‌

238,992‌

Clear

Secure,

Inc.,

Class

7,209‌

192,048‌

Commvault

Systems,

Inc.(a)

1,853‌

279,636‌

Crane

NXT

Co.

7,424‌

432,225‌

Diebold

Nixdorf,

Inc.(a)

5,758‌

247,824‌

DigitalOcean

Holdings,

Inc.(a)

5,299‌

180,537‌

Diodes,

Inc.(a)

4,120‌

254,080‌

Dolby

Laboratories,

Inc.,

Class

7,645‌

597,075‌

DXC

Technology

Co.(a)

14,441‌

288,531‌

ePlus,

Inc.(a)

3,254‌

240,406‌

FormFactor,

Inc.(a)

4,454‌

195,976‌

Harmonic,

Inc.(a)

17,986‌

237,955‌

Impinj,

Inc.(a)

846‌

122,890‌

InterDigital,

Inc.

2,750‌

532,730‌

IPG

Photonics

Corp.(a)

4,312‌

313,569‌

Itron,

Inc.(a)

2,571‌

279,159‌

LiveRamp

Holdings,

Inc.(a)

11,783‌

357,850‌

MARA

Holdings,

Inc.(a)

7,024‌

117,792‌

N-able,

Inc.(a)

37,970‌

354,640‌

Napco

Security

Technologies

Inc.

5,647‌

200,807‌

OSI

Systems,

Inc.(a)

2,715‌

454,572‌

Connection,

Inc.

5,600‌

387,912‌

Pegasystems,

Inc.

2,917‌

271,864‌

Plexus

Corp.(a)

2,755‌

431,102‌

Power

Integrations,

Inc.

4,682‌

288,879‌

Progress

Software

Corp.

6,275‌

408,816‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2024

SECURITY

DESCRIPTION

VALUE

($)

Information

Technology

(9.4%):

(continued)

Riot

Platforms,

Inc.(a)

15,796‌

161,277‌

Rogers

Corp.(a)

3,509‌

356,550‌

SolarWinds

Corp.

26,340‌

375,345‌

Sprinklr,

Inc.,

Class

A(a)

43,105‌

364,237‌

Synaptics,

Inc.(a)

3,746‌

285,895‌

Teradata

Corp.(a)

8,527‌

265,616‌

TTM

Technologies,

Inc.(a)

15,961‌

395,035‌

Veeco

Instruments,

Inc.(a)

7,707‌

206,548‌

Verint

Systems,

Inc.(a)

10,576‌

290,311‌

Vertex,

Inc.,

Class

A(a)

5,661‌

302,014‌

Vishay

Intertechnology,

Inc.

20,724‌

351,065‌

Vontier

Corp.

12,419‌

452,921‌

15,992,807‌

Materials

(

Alpha

Metallurgical

Resources,

Inc.(a)

893‌

178,707‌

Ashland,

Inc.

4,678‌

334,290‌

ATI,

Inc.(a)

4,791‌

263,697‌

Avient

Corp.

8,054‌

329,086‌

Balchem

Corp.

2,903‌

473,174‌

Cabot

Corp.

3,082‌

281,417‌

Carpenter

Technology

Corp.

1,701‌

288,677‌

Element

Solutions,

Inc.

15,360‌

390,605‌

Greif,

Inc.,

Class

7,685‌

469,707‌

H.B.

Fuller

Co.

6,731‌

454,208‌

Hawkins,

Inc.

2,312‌

283,613‌

Innospec,

Inc.

3,857‌

424,501‌

Knife

River

Corp.(a)

4,026‌

409,203‌

Louisiana-Pacific

Corp.

3,094‌

320,384‌

Materion

Corp.

2,867‌

283,489‌

Minerals

Technologies,

Inc.

5,990‌

456,498‌

NewMarket

Corp.

908‌

479,742‌

Pactiv

Evergreen,

Inc.

22,209‌

387,991‌

Quaker

Chemical

Corp.

2,806‌

394,973‌

Sealed

Air

Corp.

11,062‌

374,227‌

Sensient

Technologies

Corp.

6,150‌

438,249‌

Silgan

Holdings,

Inc.

10,541‌

548,659‌

Sonoco

Products

Co.

11,022‌

538,425‌

Stepan

Co.

5,660‌

366,202‌

Summit

Materials,

Inc.,

Class

A(a)

9,328‌

471,997‌

Sylvamo

Corp.

3,150‌

248,913‌

The

Chemours

Co.

8,987‌

151,880‌

United

States

Lime

Minerals,

Inc.

3,026‌

401,671‌

Warrior

Met

Coal,

Inc.

3,764‌

204,159‌

Worthington

Steel,

Inc.

6,836‌

217,522‌

10,865,866‌

Real

Estate

(

Newmark

Group,

Inc.,

Class

22,381‌

286,701‌

The

St.

Joe

Co.

7,010‌

314,959‌

601,660‌

Utilities

(

American

States

Water

Co.

6,647‌

516,605‌

Avista

Corp.

14,652‌

536,703‌

Black

Hills

Corp.

9,923‌

580,694‌

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(6.2%):

(continued)

California

Water

Service

Group

9,952‌

451,124‌

Chesapeake

Utilities

Corp.

4,803‌

582,844‌

Clearway

Energy,

Inc.,

Class

13,898‌

361,348‌

IDACORP,

Inc.

6,650‌

726,712‌

MGE

Energy,

Inc.

4,206‌

395,196‌

National

Fuel

Gas

Co.

9,694‌

588,232‌

New

Jersey

Resources

Corp.

13,709‌

639,525‌

Northwestern

Energy

Group,

Inc.

11,371‌

607,894‌

ONE

Gas,

Inc.

7,704‌

533,502‌

Ormat

Technologies,

Inc.

5,651‌

382,686‌

Otter

Tail

Corp.

5,330‌

393,567‌

Portland

General

Electric

Co.

13,693‌

597,289‌

SJW

Group

8,848‌

435,498‌

Southwest

Gas

Holdings,

Inc.

6,491‌

458,978‌

Spire,

Inc.

10,029‌

680,267‌

TXNM

Energy,

Inc.

13,824‌

679,726‌

UGI

Corp.

15,271‌

431,100‌

10,579,490‌

Total

Common

Stocks

(Cost

$150,953,924)

169,148,207‌

Total

Investments

(Cost

$150,953,924)

—

99.7%(b)

169,148,207‌

Other

assets

excess

liabilities

—

0.3%

617,773‌

NET

ASSETS

100.00%

169,765,980‌

(a)

Non-income

producing

security.

(b)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

2000

Index

3/21/25

587,859‌

562,450‌

(

25,409‌

)

(

25,409‌

)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.5%)

Communication

Services

(

Live

Nation

Entertainment,

Inc.(a)

8,001‌

1,036,129‌

The

Trade

Desk,

Inc.,

Class

A(a)

4,741‌

557,210‌

1,593,339‌

Consumer

Discretionary

(

Aptiv

PLC(a)

9,626‌

582,181‌

Burlington

Stores,

Inc.(a)

2,699‌

769,377‌

CarMax,

Inc.(a)

10,208‌

834,606‌

Carvana

Co.(a)

1,529‌

310,937‌

Cava

Group,

Inc.(a)

3,401‌

383,633‌

Chewy,

Inc.,

Class

A(a)

13,442‌

450,173‌

Chipotle

Mexican

Grill,

Inc.(a)

14,287‌

861,506‌

Coupang,

Inc.(a)

25,706‌

565,018‌

Deckers

Outdoor

Corp.(a)

3,920‌

796,113‌

Domino's

Pizza,

Inc.

1,986‌

833,643‌

Horton,

Inc.

4,003‌

559,699‌

Floor

Decor

Holdings,

Inc.,

Class

A(a)

5,945‌

592,717‌

Garmin

Ltd.

5,616‌

1,158,356‌

Genuine

Parts

Co.

7,623‌

890,061‌

Lennar

Corp.,

Class

4,509‌

614,892‌

NVR,

Inc.(a)

109‌

891,500‌

O'Reilly

Automotive,

Inc.(a)

1,075‌

1,274,735‌

Penske

Automotive

Group,

Inc.

6,492‌

989,641‌

Pool

Corp.

2,272‌

774,616‌

PulteGroup,

Inc.

5,829‌

634,778‌

Ross

Stores,

Inc.

8,424‌

1,274,298‌

Service

Corp.

International

16,277‌

1,299,230‌

Tesla,

Inc.(a)

1,968‌

794,757‌

Texas

Roadhouse,

Inc.

5,643‌

1,018,167‌

Toll

Brothers,

Inc.

4,624‌

582,393‌

TopBuild

Corp.(a)

1,612‌

501,880‌

Tractor

Supply

Co.

17,398‌

923,138‌

Wingstop,

Inc.

1,692‌

480,866‌

21,642,911‌

Consumer

Staples

(

Bunge

Global

10,444‌

812,126‌

Casey's

General

Stores,

Inc.

2,079‌

823,762‌

Coca-Cola

Consolidated,

Inc.

553‌

696,775‌

Costco

Wholesale

Corp.

1,440‌

1,319,429‌

Dollar

General

Corp.

6,166‌

467,506‌

Hormel

Foods

Corp.

27,577‌

865,091‌

Kenvue,

Inc.

41,844‌

893,369‌

Kimberly

Clark

Corp.

9,258‌

1,213,168‌

McCormick

Co.,

Inc.

13,406‌

1,022,073‌

Sysco

Corp.

16,498‌

1,261,437‌

The

Campbell's

Co.

25,157‌

1,053,575‌

The

J.M.

Smucker

Co.

9,448‌

1,040,414‌

U.S.

Foods

Holding

Corp.(a)

16,630‌

1,121,860‌

12,590,585‌

Energy

(

Baker

Hughes

Co.

25,338‌

1,039,365‌

Cheniere

Energy,

Inc.

7,224‌

1,552,221‌

SECURITY

DESCRIPTION

VALUE

($)

Energy

(7.7%):

(continued)

ConocoPhillips

11,051‌

1,095,928‌

Coterra

Energy,

Inc.

45,025‌

1,149,938‌

Devon

Energy

Corp.

23,651‌

774,097‌

Diamondback

Energy,

Inc.

4,673‌

765,578‌

EOG

Resources,

Inc.

8,689‌

1,065,098‌

EQT

Corp.

21,003‌

968,448‌

Halliburton

Co.

30,452‌

827,990‌

Kinder

Morgan,

Inc.

60,180‌

1,648,932‌

Occidental

Petroleum

Corp.

21,778‌

1,076,051‌

ONEOK,

Inc.

13,373‌

1,342,649‌

Ovintiv,

Inc.

20,409‌

826,564‌

Permian

Resources

Corp.

58,915‌

847,198‌

Phillips

Co.

7,256‌

826,676‌

Schlumberger

21,840‌

837,346‌

Targa

Resources

Corp.

6,981‌

1,246,108‌

Texas

Pacific

Land

Corp.

553‌

611,596‌

The

Williams

Cos.,

Inc.

27,220‌

1,473,146‌

Valero

Energy

Corp.

6,083‌

745,715‌

20,720,644‌

Financials

(

Aflac,

Inc.

10,875‌

1,124,910‌

American

Financial

Group,

Inc.

10,365‌

1,419,279‌

Arch

Capital

Group

Ltd.

11,779‌

1,087,791‌

Arthur

Gallagher

Co.

5,202‌

1,476,588‌

Block,

Inc.(a)

7,607‌

646,519‌

Blue

Owl

Capital,

Inc.

37,991‌

883,671‌

Brown

Brown,

Inc.

14,284‌

1,457,254‌

Cboe

Global

Markets,

Inc.

5,800‌

1,133,320‌

Cincinnati

Financial

Corp.

8,846‌

1,271,170‌

Coinbase

Global,

Inc.,

Class

A(a)

1,827‌

453,644‌

Corebridge

Financial,

Inc.

27,787‌

831,665‌

East

West

BanCorp,

Inc.

10,322‌

988,435‌

Equitable

Holdings,

Inc.

24,649‌

1,162,693‌

Everest

Group

Ltd.

2,817‌

1,021,050‌

Fidelity

National

Information

Services,

Inc.

13,393‌

1,081,753‌

First

Citizens

BancShares,

Inc.,

Class

412‌

870,564‌

Interactive

Brokers

Group,

Inc.

6,972‌

1,231,743‌

Intercontinental

Exchange,

Inc.

10,487‌

1,562,668‌

Jack

Henry

Associates,

Inc.

7,323‌

1,283,722‌

Jefferies

Financial

Group,

Inc.

16,009‌

1,255,106‌

Kinsale

Capital

Group,

Inc.

1,214‌

564,668‌

LPL

Financial

Holdings,

Inc.

3,189‌

1,041,240‌

Markel

Group,

Inc.(a)

800‌

1,380,984‌

Morningstar,

Inc.

3,478‌

1,171,251‌

MSCI,

Inc.

1,406‌

843,614‌

Nasdaq,

Inc.

18,280‌

1,413,227‌

Principal

Financial

Group,

Inc.

14,401‌

1,114,781‌

Reinsurance

Group

America,

Inc.

5,288‌

1,129,675‌

RenaissanceRe

Holdings

Ltd.

4,263‌

1,060,677‌

Robinhood

Markets,

Inc.,

Class

A(a)

17,221‌

641,655‌

Rocket

Cos.,

Inc.,

Class

A(a)

28,781‌

324,074‌

Ryan

Specialty

Holdings,

Inc.

12,482‌

800,845‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Financials

(13.5%):

(continued)

Tradeweb

Markets,

Inc.,

Class

9,412‌

1,232,219‌

W.R.

Berkley

Corp.

19,391‌

1,134,761‌

36,097,216‌

Health

Care

(

Agilent

Technologies,

Inc.

6,705‌

900,750‌

Align

Technology,

Inc.(a)

3,036‌

633,036‌

Avantor,

Inc.(a)

30,693‌

646,701‌

BioMarin

Pharmaceutical,

Inc.(a)

10,571‌

694,832‌

Cardinal

Health,

Inc.

10,707‌

1,266,317‌

Cencora,

Inc.

6,325‌

1,421,101‌

Danaher

Corp.

4,060‌

931,973‌

DaVita,

Inc.(a)

5,519‌

825,366‌

Dexcom,

Inc.(a)

5,925‌

460,787‌

Edwards

Lifesciences

Corp.(a)

7,939‌

587,724‌

HealthCare

Technologies,

Inc.

8,851‌

691,971‌

HCA

Healthcare,

Inc.

2,768‌

830,815‌

Humana,

Inc.

2,760‌

700,240‌

IDEXX

Laboratories,

Inc.(a)

1,965‌

812,410‌

Incyte

Corp.(a)

14,779‌

1,020,786‌

Insulet

Corp.(a)

2,736‌

714,287‌

Intuitive

Surgical,

Inc.(a)

2,160‌

1,127,434‌

IQVIA

Holdings,

Inc.(a)

3,651‌

717,458‌

Mettler-Toledo

International,

Inc.(a)

519‌

635,090‌

Neurocrine

Biosciences,

Inc.(a)

6,204‌

846,846‌

Regeneron

Pharmaceuticals,

Inc.(a)

1,318‌

938,851‌

ResMed,

Inc.

2,568‌

587,276‌

Revvity,

Inc.

7,525‌

839,865‌

Sarepta

Therapeutics,

Inc.(a)

4,035‌

490,616‌

Solventum

Corp.(a)

10,088‌

666,413‌

STERIS

PLC

5,167‌

1,062,129‌

Stryker

Corp.

3,759‌

1,353,428‌

Teleflex,

Inc.

4,113‌

732,032‌

Tenet

Healthcare

Corp.(a)

4,814‌

607,671‌

United

Therapeutics

Corp.(a)

2,527‌

891,627‌

Universal

Health

Services,

Inc.,

Class

4,442‌

796,984‌

Veeva

Systems,

Inc.,

Class

A(a)

4,166‌

875,901‌

Waters

Corp.(a)

2,465‌

914,466‌

West

Pharmaceutical

Services,

Inc.

2,286‌

748,802‌

Zoetis,

Inc.

4,970‌

809,762‌

28,781,747‌

Industrials

(

A.O.

Smith

Corp.

12,555‌

856,377‌

Advanced

Drainage

Systems,

Inc.

4,485‌

518,466‌

AECOM

10,610‌

1,133,360‌

Allegion

PLC

8,014‌

1,047,269‌

AMETEK,

Inc.

6,907‌

1,245,056‌

Axon

Enterprise,

Inc.(a)

1,583‌

940,809‌

Builders

FirstSource,

Inc.(a)

2,841‌

406,064‌

Carlisle

Cos.,

Inc.

1,998‌

736,942‌

Carrier

Global

Corp.

10,546‌

719,870‌

Caterpillar,

Inc.

2,406‌

872,801‌

Robinson

Worldwide,

Inc.

6,577‌

679,536‌

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(24.1%):

(continued)

Cintas

Corp.

6,658‌

1,216,417‌

Clean

Harbors,

Inc.(a)

3,987‌

917,568‌

Comfort

Systems

USA,

Inc.

1,292‌

547,885‌

Copart,

Inc.(a)

22,072‌

1,266,712‌

CSX

Corp.

39,410‌

1,271,761‌

Curtiss-Wright

Corp.

3,407‌

1,209,042‌

Deere

Co.

2,700‌

1,143,990‌

Dover

Corp.

6,379‌

1,196,700‌

EMCOR

Group,

Inc.

1,672‌

758,921‌

Equifax,

Inc.

3,056‌

778,822‌

Expeditors

International

Washington,

Inc.

9,737‌

1,078,567‌

Fastenal

Co.

14,845‌

1,067,504‌

Fortive

Corp.

14,026‌

1,051,950‌

Vernova,

Inc.

1,872‌

615,757‌

General

Dynamics

Corp.

5,167‌

1,361,453‌

Graco,

Inc.

15,087‌

1,271,683‌

HEICO

Corp.

4,652‌

1,105,966‌

Howmet

Aerospace,

Inc.

6,952‌

760,340‌

Hubbell,

Inc.

1,796‌

752,326‌

Huntington

Ingalls

Industries,

Inc.

4,135‌

781,391‌

IDEX

Corp.

6,083‌

1,273,111‌

Illinois

Tool

Works,

Inc.

6,091‌

1,544,434‌

Ingersoll

Rand,

Inc.

9,162‌

828,794‌

ITT,

Inc.

6,157‌

879,712‌

J.B.

Hunt

Transport

Services,

Inc.

5,368‌

916,103‌

Leidos

Holdings,

Inc.

8,177‌

1,177,979‌

Lennox

International,

Inc.

1,456‌

887,141‌

Masco

Corp.

11,837‌

859,011‌

Norfolk

Southern

Corp.

3,723‌

873,788‌

Old

Dominion

Freight

Line,

Inc.

3,835‌

676,494‌

Otis

Worldwide

Corp.

12,642‌

1,170,776‌

PACCAR,

Inc.

9,316‌

969,050‌

Parker-Hannifin

Corp.

1,446‌

919,699‌

Paychex,

Inc.

10,348‌

1,450,997‌

Quanta

Services,

Inc.

2,358‌

745,246‌

Republic

Services,

Inc.

8,479‌

1,705,805‌

Rockwell

Automation,

Inc.

2,664‌

761,345‌

Rollins,

Inc.

23,850‌

1,105,447‌

Snap-on,

Inc.

3,724‌

1,264,223‌

SS&C

Technologies

Holdings,

Inc.

18,406‌

1,394,807‌

Tetra

Tech,

Inc.

20,195‌

804,569‌

Textron,

Inc.

12,248‌

936,849‌

Trane

Technologies

PLC

2,586‌

955,139‌

TransDigm

Group,

Inc.

814‌

1,031,566‌

U-Haul

Holding

Co.

13,898‌

890,167‌

Union

Pacific

Corp.

5,929‌

1,352,049‌

United

Rentals,

Inc.

822‌

579,050‌

Verisk

Analytics,

Inc.

4,809‌

1,324,543‌

Vertiv

Holdings

Co.,

Class

3,872‌

439,898‌

Waste

Management,

Inc.

6,372‌

1,285,806‌

Watsco,

Inc.

1,804‌

854,898‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(24.1%):

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

6,224‌

1,180,008‌

Grainger,

Inc.

1,092‌

1,151,023‌

Xylem,

Inc.

8,635‌

1,001,833‌

64,502,665‌

Information

Technology

(

Akamai

Technologies,

Inc.(a)

8,614‌

823,929‌

Amphenol

Corp.,

Class

14,157‌

983,204‌

Analog

Devices,

Inc.

3,203‌

680,509‌

AppLovin

Corp.,

Class

A(a)

2,678‌

867,217‌

Arista

Networks,

Inc.(a)

5,690‌

628,916‌

Bentley

Systems,

Inc.,

Class

16,310‌

761,677‌

Broadcom,

Inc.

2,778‌

644,052‌

Cadence

Design

Systems,

Inc.(a)

2,713‌

815,148‌

CDW

Corp.

4,507‌

784,398‌

Cognizant

Technology

Solutions

Corp.,

Class

16,564‌

1,273,772‌

Corpay,

Inc.(a)

2,810‌

950,960‌

Crowdstrike

Holdings,

Inc.,

Class

A(a)

1,585‌

542,324‌

Datadog,

Inc.,

Class

A(a)

5,296‌

756,745‌

DocuSign,

Inc.(a)

11,126‌

1,000,673‌

Dynatrace,

Inc.(a)

14,712‌

799,597‌

Enphase

Energy,

Inc.(a)

4,080‌

280,214‌

Entegris,

Inc.

5,484‌

543,245‌

EPAM

Systems,

Inc.(a)

2,836‌

663,114‌

F5,

Inc.(a)

4,298‌

1,080,818‌

Fair

Isaac

Corp.(a)

393‌

782,436‌

First

Solar,

Inc.(a)

2,184‌

384,908‌

Fortinet,

Inc.(a)

7,450‌

703,876‌

Gartner,

Inc.(a)

2,052‌

994,132‌

Jabil,

Inc.

4,885‌

702,952‌

Keysight

Technologies,

Inc.(a)

4,882‌

784,196‌

KLA

Corp.

707‌

445,495‌

Manhattan

Associates,

Inc.(a)

2,628‌

710,191‌

Microchip

Technology,

Inc.

8,419‌

482,830‌

Monolithic

Power

Systems,

Inc.

512‌

302,950‌

NetApp,

Inc.

6,052‌

702,516‌

NVIDIA

Corp.

3,239‌

434,965‌

NXP

Semiconductors

2,874‌

597,361‌

Semiconductor

Corp.(a)

7,201‌

454,023‌

Palantir

Technologies,

Inc.,

Class

A(a)

9,178‌

694,132‌

Palo

Alto

Networks,

Inc.(a)

2,851‌

518,768‌

PTC,

Inc.(a)

6,574‌

1,208,761‌

Pure

Storage,

Inc.,

Class

A(a)

9,084‌

558,030‌

Roper

Technologies,

Inc.

2,512‌

1,305,863‌

Seagate

Technology

Holdings

PLC

7,230‌

624,021‌

ServiceNow,

Inc.(a)

744‌

788,729‌

Skyworks

Solutions,

Inc.

6,720‌

595,930‌

Super

Micro

Computer,

Inc.(a)

4,827‌

147,127‌

Synopsys,

Inc.(a)

1,329‌

645,043‌

Connectivity

PLC

8,132‌

1,162,632‌

Teledyne

Technologies,

Inc.(a)

2,387‌

1,107,878‌

Teradyne,

Inc.

4,084‌

514,257‌

SECURITY

DESCRIPTION

VALUE

($)

Information

Technology

(14.1%):

(continued)

Trimble,

Inc.(a)

15,942‌

1,126,462‌

Tyler

Technologies,

Inc.(a)

1,759‌

1,014,310‌

VeriSign,

Inc.(a)

7,630‌

1,579,105‌

Zebra

Technologies

Corp.(a)

2,059‌

795,227‌

37,749,618‌

Materials

(

Avery

Dennison

Corp.

6,326‌

1,183,784‌

Celanese

Corp.

6,572‌

454,848‌

Industries

Holdings,

Inc.

10,289‌

877,857‌

Eastman

Chemical

Co.

9,903‌

904,342‌

Freeport-McMoRan,

Inc.

13,410‌

510,653‌

International

Paper

Co.

17,016‌

915,801‌

Linde

PLC

3,617‌

1,514,329‌

LyondellBasell

Industries

NV,

Class

13,866‌

1,029,828‌

Martin

Marietta

Materials,

Inc.

1,965‌

1,014,923‌

Nucor

Corp.

5,996‌

699,793‌

Packaging

Corp.

America

6,097‌

1,372,618‌

PPG

Industries,

Inc.

10,494‌

1,253,508‌

Reliance,

Inc.

3,169‌

853,285‌

RPM

International,

Inc.

8,788‌

1,081,451‌

Steel

Dynamics,

Inc.

6,787‌

774,193‌

The

Sherwin-Williams

Co.

3,207‌

1,090,156‌

Vulcan

Materials

Co.

4,301‌

1,106,346‌

Westlake

Corp.

6,238‌

715,187‌

17,352,902‌

Real

Estate

(

CoStar

Group,

Inc.(a)

11,458‌

820,278‌

Utilities

(

Alliant

Energy

Corp.

25,256‌

1,493,640‌

Ameren

Corp.

17,064‌

1,521,085‌

American

Electric

Power

Co.,

Inc.

13,963‌

1,287,807‌

American

Water

Works

Co.,

Inc.

8,975‌

1,117,298‌

Atmos

Energy

Corp.

12,034‌

1,675,975‌

CenterPoint

Energy,

Inc.

41,633‌

1,321,015‌

CMS

Energy

Corp.

21,998‌

1,466,167‌

Consolidated

Edison,

Inc.

14,884‌

1,328,099‌

Constellation

Energy

Corp.

1,708‌

382,097‌

DTE

Energy

Co.

10,724‌

1,294,923‌

Entergy

Corp.

21,796‌

1,652,573‌

Evergy,

Inc.

25,194‌

1,550,691‌

NextEra

Energy,

Inc.

11,808‌

846,516‌

NiSource,

Inc.

47,823‌

1,757,973‌

NRG

Energy,

Inc.

7,884‌

711,294‌

Public

Service

Enterprise

Group,

Inc.

16,969‌

1,433,711‌

The

AES

Corp.

39,173‌

504,156‌

The

Southern

Co.

16,892‌

1,390,549‌

Vistra

Corp.

3,487‌

480,753‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2024

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(9.2%):

(continued)

WEC

Energy

Group,

Inc.

15,391‌

1,447,370‌

24,663,692‌

Total

Common

Stocks

(Cost

$232,489,844)

266,515,597‌

Total

Investments

(Cost

$232,489,844)

—

99.5%(b)

266,515,597‌

Other

assets

excess

liabilities

—

0.5%

1,282,495‌

NET

ASSETS

100.00%

267,798,092‌

(a)

Non-income

producing

security.

(b)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

3/21/25

1,226,115‌

1,187,150‌

(

38,965‌

)

(

38,965‌

)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

High

Dividend

Stock

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.4%)

Consumer

Discretionary

(

Garmin

Ltd.

12,440‌

2,565,874‌

Genuine

Parts

Co.

16,886‌

1,971,609‌

Penske

Automotive

Group,

Inc.

14,382‌

2,192,392‌

Service

Corp.

International

36,058‌

2,878,150‌

Tractor

Supply

Co.

38,540‌

2,044,933‌

11,652,958‌

Consumer

Staples

(

Bunge

Global

23,136‌

1,799,055‌

Dollar

General

Corp.

13,661‌

1,035,777‌

Hormel

Foods

Corp.

61,085‌

1,916,236‌

Kenvue,

Inc.

92,702‌

1,979,188‌

Kimberly

Clark

Corp.

20,507‌

2,687,237‌

McCormick

Co.,

Inc.

29,698‌

2,264,176‌

Sysco

Corp.

36,544‌

2,794,154‌

The

Campbell's

Co.

55,726‌

2,333,805‌

The

J.M.

Smucker

Co.

20,930‌

2,304,812‌

19,114,440‌

Energy

(

Baker

Hughes

Co.

56,125‌

2,302,247‌

ConocoPhillips

24,482‌

2,427,880‌

Coterra

Energy,

Inc.

99,737‌

2,547,283‌

Devon

Energy

Corp.

52,391‌

1,714,757‌

Diamondback

Energy,

Inc.

10,352‌

1,695,968‌

EOG

Resources,

Inc.

19,246‌

2,359,175‌

EQT

Corp.

46,524‌

2,145,222‌

Halliburton

Co.

67,454‌

1,834,074‌

Kinder

Morgan,

Inc.

133,307‌

3,652,612‌

Occidental

Petroleum

Corp.

48,243‌

2,383,687‌

ONEOK,

Inc.

29,623‌

2,974,149‌

Ovintiv,

Inc.

45,210‌

1,831,005‌

Permian

Resources

Corp.

130,508‌

1,876,705‌

Phillips

Co.

16,073‌

1,831,197‌

Schlumberger

48,378‌

1,854,813‌

Targa

Resources

Corp.

15,463‌

2,760,145‌

The

Williams

Cos.,

Inc.

60,293‌

3,263,057‌

Valero

Energy

Corp.

13,473‌

1,651,655‌

41,105,631‌

Financials

(

Aflac,

Inc.

24,090‌

2,491,870‌

American

Financial

Group,

Inc.

22,944‌

3,141,722‌

Blue

Owl

Capital,

Inc.

84,170‌

1,957,794‌

Cincinnati

Financial

Corp.

19,593‌

2,815,514‌

Corebridge

Financial,

Inc.

61,552‌

1,842,251‌

East

West

BanCorp,

Inc.

22,867‌

2,189,744‌

Equitable

Holdings,

Inc.

54,602‌

2,575,576‌

Everest

Group

Ltd.

6,238‌

2,261,026‌

Fidelity

National

Information

Services,

Inc.

29,669‌

2,396,365‌

Jefferies

Financial

Group,

Inc.

35,467‌

2,780,613‌

Principal

Financial

Group,

Inc.

31,896‌

2,469,069‌

Reinsurance

Group

America,

Inc.

11,715‌

2,502,676‌

29,424,220‌

SECURITY

DESCRIPTION

VALUE

($)

Health

Care

(

Cardinal

Health,

Inc.

23,714‌

2,804,655‌

Industrials

(

A.O.

Smith

Corp.

27,812‌

1,897,057‌

Robinson

Worldwide,

Inc.

14,570‌

1,505,372‌

CSX

Corp.

87,299‌

2,817,139‌

Deere

Co.

5,980‌

2,533,726‌

Fastenal

Co.

32,882‌

2,364,545‌

General

Dynamics

Corp.

11,446‌

3,015,907‌

Huntington

Ingalls

Industries,

Inc.

9,159‌

1,730,776‌

Illinois

Tool

Works,

Inc.

13,491‌

3,420,778‌

Masco

Corp.

26,219‌

1,902,713‌

Norfolk

Southern

Corp.

8,245‌

1,935,101‌

Otis

Worldwide

Corp.

28,005‌

2,593,543‌

Paychex,

Inc.

22,921‌

3,213,983‌

Rockwell

Automation,

Inc.

5,903‌

1,687,018‌

Snap-on,

Inc.

8,247‌

2,799,692‌

Union

Pacific

Corp.

13,136‌

2,995,533‌

Waste

Management,

Inc.

14,114‌

2,848,064‌

Watsco,

Inc.

3,998‌

1,894,612‌

41,155,559‌

Information

Technology

(

Analog

Devices,

Inc.

7,093‌

1,506,979‌

Cognizant

Technology

Solutions

Corp.,

Class

36,686‌

2,821,153‌

Microchip

Technology,

Inc.

18,651‌

1,069,635‌

NetApp,

Inc.

13,407‌

1,556,285‌

NXP

Semiconductors

6,366‌

1,323,173‌

Seagate

Technology

Holdings

PLC

16,016‌

1,382,341‌

Skyworks

Solutions,

Inc.

14,883‌

1,319,824‌

Connectivity

PLC

18,015‌

2,575,604‌

13,554,994‌

Materials

(

Avery

Dennison

Corp.

14,011‌

2,621,878‌

Celanese

Corp.

14,555‌

1,007,352‌

Industries

Holdings,

Inc.

22,791‌

1,944,528‌

Eastman

Chemical

Co.

21,939‌

2,003,469‌

International

Paper

Co.

37,692‌

2,028,583‌

LyondellBasell

Industries

NV,

Class

30,715‌

2,281,203‌

Nucor

Corp.

13,281‌

1,550,026‌

Packaging

Corp.

America

13,504‌

3,040,156‌

PPG

Industries,

Inc.

23,245‌

2,776,615‌

Reliance,

Inc.

7,021‌

1,890,474‌

RPM

International,

Inc.

19,467‌

2,395,609‌

Steel

Dynamics,

Inc.

15,036‌

1,715,157‌

25,255,050‌

Utilities

(

Alliant

Energy

Corp.

55,944‌

3,308,528‌

Ameren

Corp.

37,796‌

3,369,136‌

American

Electric

Power

Co.,

Inc.

30,929‌

2,852,582‌

American

Water

Works

Co.,

Inc.

19,880‌

2,474,861‌

Atmos

Energy

Corp.

26,661‌

3,713,078‌

CenterPoint

Energy,

Inc.

92,221‌

2,926,172‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

High

Dividend

Stock

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2024

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(22.1%):

(continued)

CMS

Energy

Corp.

48,727‌

3,247,655‌

Consolidated

Edison,

Inc.

32,970‌

2,941,913‌

DTE

Energy

Co.

23,755‌

2,868,416‌

Entergy

Corp.

48,282‌

3,660,741‌

Evergy,

Inc.

55,806‌

3,434,859‌

NextEra

Energy,

Inc.

26,158‌

1,875,267‌

NiSource,

Inc.

105,932‌

3,894,060‌

NRG

Energy,

Inc.

17,467‌

1,575,873‌

Public

Service

Enterprise

Group,

Inc.

37,586‌

3,175,641‌

The

AES

Corp.

86,774‌

1,116,781‌

The

Southern

Co.

37,418‌

3,080,250‌

WEC

Energy

Group,

Inc.

34,092‌

3,206,012‌

52,721,825‌

Total

Common

Stocks

(Cost

$225,985,430)

236,789,332‌

Total

Investments

(Cost

$225,985,430)

—

99.4%(a)

236,789,332‌

Other

assets

excess

liabilities

—

0.6%

1,342,339‌

NET

ASSETS

100.00%

238,131,671‌

(a)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

3/21/25

1,220,077‌

1,187,150‌

(

32,927‌

)

(

32,927‌

)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.0%)

Australia

(

7.7%

Communication

Services

(

0.7%

REA

Group

Ltd.

1,988‌

287,012‌

Telstra

Group

Ltd.

190,903‌

473,705‌

760,717‌

Consumer

Discretionary

(

0.3%

Wesfarmers

Ltd.

8,213‌

363,530‌

Consumer

Staples

(

0.7%

Coles

Group

Ltd.

(a)

39,222‌

458,472‌

Woolworths

Group

Ltd.

19,498‌

367,873‌

826,345‌

Energy

(

0.5%

Santos

Ltd.

77,157‌

318,935‌

Woodside

Energy

Group

Ltd.

18,761‌

285,589‌

604,524‌

Financials

(

2.0%

ANZ

Group

Holdings

Ltd.

(a)

21,347‌

377,000‌

Commonwealth

Bank

Australia

4,371‌

414,507‌

Insurance

Australia

Group

Ltd.

75,461‌

395,042‌

National

Australia

Bank

Ltd.

16,386‌

376,182‌

Suncorp

Group

Ltd.

30,201‌

355,266‌

Westpac

Banking

Corp.

18,097‌

361,933‌

2,279,930‌

Health

Care

(

0.9%

Cochlear

Ltd.

1,597‌

286,466‌

CSL

Ltd.

2,335‌

406,855‌

Pro

Medicus

Ltd.

1,684‌

260,640‌

953,961‌

Industrials

(

1.1%

Brambles

Ltd.

26,086‌

310,573‌

Computershare

Ltd.

21,168‌

444,703‌

Reece

Ltd.

14,251‌

197,358‌

SGH

Ltd.

(a)

10,116‌

288,639‌

1,241,273‌

Information

Technology

(

0.2%

WiseTech

Global

Ltd.

(a)

2,249‌

168,477‌

Materials

(

1.0%

BHP

Group

Ltd.

12,881‌

315,244‌

Fortescue

Ltd.

18,760‌

211,859‌

Northern

Star

Resources

Ltd.

(a)

27,492‌

262,666‌

Rio

Tinto

Ltd.

4,497‌

326,861‌

1,116,630‌

Utilities

(

0.3%

Origin

Energy

Ltd.

53,829‌

363,073‌

8,678,460‌

Austria

(

0.9%

Energy

(

0.3%

OMV

9,009‌

348,406‌

SECURITY

DESCRIPTION

VALUE

($)

Austria

(0.9%):

(continued)

Financials

(

0.4%

Erste

Group

Bank

7,043‌

435,186‌

Utilities

(

0.2%

Verbund

3,937‌

285,429‌

1,069,021‌

Belgium

(

1.5%

Consumer

Discretionary

(

0.4%

D'ieteren

Group

2,441‌

406,273‌

Financials

(

0.8%

Groupe

Bruxelles

Lambert

7,395‌

505,877‌

KBC

Group

4,981‌

384,539‌

890,416‌

Health

Care

(

0.3%

UCB

1,840‌

366,274‌

1,662,963‌

Canada

(

12.3%

Consumer

Discretionary

(

0.6%

Dollarama,

Inc.

3,373‌

329,204‌

Magna

International,

Inc.

7,350‌

307,234‌

636,438‌

Consumer

Staples

(

1.0%

George

Weston

Ltd.

3,306‌

514,174‌

Metro,

Inc.

9,669‌

606,457‌

1,120,631‌

Energy

(

2.6%

ARC

Resources

Ltd.

17,463‌

316,747‌

Cameco

Corp.

3,756‌

193,144‌

Canadian

Natural

Resources

Ltd.

8,887‌

274,407‌

Cenovus

Energy,

Inc.

16,994‌

257,635‌

Imperial

Oil

Ltd.

4,539‌

279,768‌

Pembina

Pipeline

Corp.

15,276‌

564,467‌

Suncor

Energy,

Inc.

8,609‌

307,332‌

Energy

Corp.

7,695‌

358,650‌

Tourmaline

Oil

Corp.

6,829‌

316,054‌

2,868,204‌

Financials

(

2.4%

Brookfield

Corp.

6,441‌

370,247‌

Fairfax

Financial

Holdings

Ltd.

264‌

367,355‌

Great-West

Lifeco,

Inc.

15,797‌

523,929‌

Intact

Financial

Corp.

2,656‌

483,653‌

National

Bank

Canada

5,651‌

515,207‌

Power

Corp.

Canada

14,499‌

452,331‌

2,712,722‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Canada

(12.3%):

(continued)

Industrials

(

1.9%

Canadian

National

Railway

Co.

4,214‌

427,967‌

Canadian

Pacific

Kansas

City

Ltd.

5,162‌

373,799‌

TFI

International,

Inc.

2,586‌

349,478‌

Waste

Connections,

Inc.

3,536‌

606,678‌

WSP

Global,

Inc.

2,408‌

423,800‌

2,181,722‌

Information

Technology

(

0.5%

Constellation

Software,

Inc.

114‌

352,550‌

Shopify,

Inc.,

Class

(a)

2,012‌

214,162‌

566,712‌

Materials

(

1.5%

Agnico

Eagle

Mines

Ltd.

3,887‌

304,134‌

Barrick

Gold

Corp.

13,335‌

206,803‌

Ivanhoe

Mines

Ltd.

(a)

13,431‌

159,419‌

Kinross

Gold

Corp.

23,095‌

214,512‌

Nutrien

Ltd.

6,694‌

299,560‌

Teck

Resources

Ltd.,

Class

4,715‌

191,185‌

Wheaton

Precious

Metals

Corp.

4,824‌

271,558‌

1,647,171‌

Utilities

(

1.8%

Brookfield

Renewable

Corp.

(a)

8,833‌

244,470‌

Emera,

Inc.

14,039‌

524,814‌

Fortis,

Inc.

14,719‌

611,679‌

Hydro

One

Ltd.

20,836‌

641,766‌

2,022,729‌

13,756,329‌

Chile

(

0.2%

Materials

(

0.2%

Antofagasta

PLC

9,125‌

181,607‌

Denmark

(

2.1%

Consumer

Discretionary

(

0.3%

Pandora

A/S

2,056‌

376,176‌

Financials

(

0.7%

Danske

Bank

A/S

12,379‌

350,315‌

Tryg

A/S

21,103‌

444,159‌

794,474‌

Health

Care

(

0.5%

Coloplast

A/S,

Class

2,629‌

287,148‌

Genmab

A/S

(a)

1,353‌

280,539‌

567,687‌

Industrials

(

0.3%

DSV

A/S

1,344‌

285,489‌

Materials

(

0.3%

Novonesis

(Novozymes),

Class

5,400‌

305,856‌

2,329,682‌

SECURITY

DESCRIPTION

VALUE

($)

Finland

(

1.3%

Energy

(

0.1%

Neste

Oyj

10,761‌

135,135‌

Financials

(

0.4%

Sampo

Oyj,

Class

11,004‌

448,808‌

Industrials

(

0.2%

Wartsila

OYJ

Abp

14,052‌

249,013‌

Materials

(

0.3%

UPM-Kymmene

Oyj

10,457‌

287,654‌

Utilities

(

0.3%

Fortum

Oyj

23,133‌

323,804‌

1,444,414‌

France

(

6.3%

Communication

Services

(

0.3%

Bollore

59,866‌

368,299‌

Consumer

Discretionary

(

0.7%

Cie

Generale

des

Etablissements

Michelin

SCA

12,226‌

402,667‌

Hermes

International

SCA

132‌

317,446‌

720,113‌

Consumer

Staples

(

0.3%

Carrefour

21,703‌

308,620‌

Energy

(

0.3%

TotalEnergies

6,388‌

353,099‌

Financials

(

0.9%

Amundi

5,009‌

333,058‌

Credit

Agricole

24,776‌

341,028‌

Societe

Generale

12,093‌

340,172‌

1,014,258‌

Health

Care

(

0.4%

BioMerieux

2,872‌

307,864‌

Sartorius

Stedim

Biotech

874‌

170,812‌

478,676‌

Industrials

(

2.1%

Aeroports

Paris

2,552‌

295,235‌

Bouygues

11,580‌

342,292‌

Bureau

Veritas

11,580‌

351,887‌

Legrand

3,390‌

330,177‌

Safran

1,804‌

396,288‌

Thales

2,013‌

289,067‌

Vinci

3,405‌

351,739‌

2,356,685‌

Information

Technology

(

0.3%

Dassault

Systemes

8,977‌

311,466‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

France

(6.3%):

(continued)

Materials

(

0.3%

Air

Liquide

2,175‌

353,486‌

Utilities

(

0.7%

Engie

26,501‌

420,215‌

Veolia

Environnement

12,547‌

352,293‌

772,508‌

7,037,210‌

Germany

(

5.4%

Consumer

Discretionary

(

0.2%

Continental

3,811‌

255,848‌

Financials

(

1.7%

Commerzbank

13,077‌

212,977‌

Deutsche

Boerse

2,205‌

507,899‌

Hannover

Rueck

1,438‌

359,526‌

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen,

Class

787‌

397,033‌

Talanx

4,549‌

387,042‌

1,864,477‌

Health

Care

(

0.3%

Fresenius

Medical

Care

6,585‌

301,175‌

Industrials

(

1.5%

Brenntag

4,874‌

292,179‌

Deutsche

Post

9,101‌

320,292‌

Knorr-Bremse

4,009‌

292,102‌

Rational

316‌

269,680‌

Rheinmetall

490‌

311,905‌

Siemens

Energy

(a)

4,974‌

259,536‌

1,745,694‌

Information

Technology

(

0.4%

Infineon

Technologies

6,497‌

211,289‌

Nemetschek

2,622‌

254,181‌

465,470‌

Materials

(

0.7%

Heidelberg

Materials

3,181‌

393,042‌

Symrise

3,376‌

358,918‌

751,960‌

Utilities

(

0.6%

E.ON

29,834‌

347,460‌

RWE

9,681‌

289,068‌

636,528‌

6,021,152‌

Hong

Kong

(

3.0%

Financials

(

0.5%

AIA

Group

Ltd.

30,586‌

221,723‌

Hang

Seng

Bank

Ltd.

25,079‌

308,547‌

530,270‌

SECURITY

DESCRIPTION

VALUE

($)

Hong

Kong

(3.0%):

(continued)

Industrials

(

0.5%

Hutchison

Holdings

Ltd.

65,744‌

351,305‌

Techtronic

Industries

Co.

Ltd.

15,404‌

203,300‌

554,605‌

Real

Estate

(

0.9%

Henderson

Land

Development

Co.

Ltd.

89,061‌

270,632‌

Sun

Hung

Kai

Properties

Ltd.

33,667‌

323,604‌

Swire

Pacific

Ltd.,

Class

43,071‌

390,703‌

984,939‌

Utilities

(

1.1%

CLP

Holdings

Ltd.

50,968‌

428,540‌

Hong

Kong

China

Gas

Co.

Ltd.

472,082‌

377,476‌

Power

Assets

Holdings

Ltd.

65,035‌

453,865‌

1,259,881‌

3,329,695‌

Ireland

(

1.3%

Consumer

Staples

(

0.3%

Kerry

Group

PLC,

Class

4,368‌

421,857‌

Financials

(

0.5%

AIB

Group

PLC

55,674‌

307,336‌

Bank

Ireland

Group

PLC

24,950‌

227,554‌

534,890‌

Industrials

(

0.5%

Kingspan

Group

PLC

3,774‌

275,370‌

Ryanair

Holdings

PLC,

ADR

6,086‌

265,289‌

540,659‌

1,497,406‌

Israel

(

0.9%

Financials

(

0.7%

Bank

Hapoalim

32,485‌

393,850‌

Bank

Leumi

Le-Israel

30,395‌

362,901‌

756,751‌

Information

Technology

(

0.2%

Nice

Ltd.

(a)

1,359‌

232,514‌

989,265‌

Italy

(

4.6%

Communication

Services

(

0.4%

Infrastrutture

Wireless

Italiane

SpA

39,168‌

398,158‌

Consumer

Discretionary

(

0.2%

Moncler

SpA

4,817‌

254,338‌

Energy

(

0.4%

Eni

SpA

28,585‌

387,536‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Italy

(4.6%):

(continued)

Financials

(

1.7%

Generali

17,114‌

483,360‌

Intesa

Sanpaolo

SpA

84,881‌

339,601‌

Mediobanca

Banca

Credito

Finanziario

SpA

24,336‌

354,758‌

Poste

Italiane

SpA

31,363‌

442,414‌

UniCredit

SpA

6,617‌

264,021‌

1,884,154‌

Health

Care

(

0.3%

Recordati

Industria

Chimica

Farmaceutica

SpA

6,749‌

353,691‌

Industrials

(

0.5%

Leonardo

SpA

11,388‌

305,833‌

Prysmian

SpA

4,396‌

280,734‌

586,567‌

Utilities

(

1.1%

Enel

SpA

60,343‌

430,356‌

Snam

SpA

90,636‌

401,490‌

Terna

Rete

Elettrica

Nazionale

53,786‌

424,481‌

1,256,327‌

5,120,771‌

Japan

(

16.5%

Communication

Services

(

0.1%

Nexon

Co.

Ltd.

9,100‌

137,457‌

Consumer

Discretionary

(

2.1%

Asics

Corp.

8,800‌

173,953‌

Denso

Corp.

16,400‌

230,838‌

Fast

Retailing

Co.

Ltd.

800‌

273,667‌

Nitori

Holdings

Co.

Ltd.

1,700‌

201,357‌

Oriental

Land

Co.

Ltd.

12,100‌

263,181‌

Pan

Pacific

International

Holdings

Corp.

9,900‌

271,585‌

Sekisui

House

Ltd.

10,200‌

245,194‌

Shimano,

Inc.

1,800‌

244,721‌

Sumitomo

Electric

Industries

Ltd.

14,500‌

262,987‌

Suzuki

Motor

Corp.

19,900‌

226,409‌

2,393,892‌

Consumer

Staples

(

1.2%

Aeon

Co.

Ltd.

16,100‌

378,119‌

Ajinomoto

Co.,

Inc.

8,000‌

328,075‌

Kao

Corp.

7,900‌

320,760‌

Unicharm

Corp.

32,700‌

270,716‌

1,297,670‌

Energy

(

0.4%

ENEOS

Holdings,

Inc.

40,500‌

212,707‌

Inpex

Corp.

16,900‌

211,666‌

424,373‌

SECURITY

DESCRIPTION

VALUE

($)

Japan

(16.5%):

(continued)

Financials

(

2.4%

Dai-ichi

Life

Holdings,

Inc.

8,800‌

236,878‌

Daiwa

Securities

Group,

Inc.

28,300‌

188,511‌

Japan

Exchange

Group,

Inc.

20,800‌

234,005‌

Japan

Post

Bank

Co.

Ltd.

27,700‌

263,126‌

Japan

Post

Holdings

Co.

Ltd.

26,500‌

251,054‌

MS&AD

Insurance

Group

Holdings,

Inc.

7,900‌

173,184‌

ORIX

Corp.

10,300‌

223,113‌

Resona

Holdings,

Inc.

28,600‌

208,051‌

Sompo

Holdings,

Inc.

9,600‌

251,334‌

Sumitomo

Mitsui

Financial

Group,

Inc.

11,200‌

267,951‌

Sumitomo

Mitsui

Trust

Group,

Inc.

10,300‌

241,706‌

Tokio

Marine

Holdings,

Inc.

5,100‌

185,679‌

2,724,592‌

Health

Care

(

1.8%

Chugai

Pharmaceutical

Co.

Ltd.

5,200‌

231,328‌

Daiichi

Sankyo

Co.

Ltd.

6,800‌

188,099‌

Eisai

Co.

Ltd.

7,200‌

198,111‌

Hoya

Corp.

1,600‌

201,513‌

Kyowa

Kirin

Co.

Ltd.

13,200‌

199,305‌

Olympus

Corp.

14,700‌

221,486‌

Shionogi

Co.

Ltd.

21,500‌

303,238‌

Sysmex

Corp.

14,600‌

270,647‌

Terumo

Corp.

11,900‌

231,601‌

2,045,328‌

Industrials

(

4.0%

Central

Japan

Railway

Co.

16,600‌

312,839‌

Daikin

Industries

Ltd.

1,800‌

213,488‌

East

Japan

Railway

Co.

17,300‌

307,338‌

FANUC

Corp.

9,500‌

252,098‌

Hitachi

Ltd.

7,100‌

177,669‌

ITOCHU

Corp.

5,000‌

248,904‌

Komatsu

Ltd.

8,800‌

243,310‌

Kubota

Corp.

19,700‌

230,270‌

Marubeni

Corp.

14,400‌

218,979‌

Mitsubishi

Corp.

12,600‌

208,545‌

Mitsubishi

Electric

Corp.

12,200‌

208,361‌

Mitsubishi

Heavy

Industries

Ltd.

11,000‌

155,425‌

Mitsui

OSK

Lines

Ltd.

7,100‌

248,565‌

NIDEC

Corp.

12,900‌

234,091‌

Nippon

Yusen

6,900‌

231,257‌

Secom

Co.

Ltd.

9,500‌

324,194‌

SMC

Corp.

600‌

237,132‌

Toyota

Industries

Corp.

2,600‌

212,604‌

Toyota

Tsusho

Corp.

11,800‌

212,105‌

4,477,174‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Japan

(16.5%):

(continued)

Information

Technology

(

2.5%

Advantest

Corp.

2,900‌

169,543‌

Canon,

Inc.

7,900‌

259,149‌

Disco

Corp.

600‌

162,957‌

FUJIFILM

Holdings

Corp.

9,900‌

208,219‌

Fujitsu

Ltd.

10,900‌

193,953‌

Keyence

Corp.

500‌

205,396‌

Kyocera

Corp.

28,400‌

284,397‌

Lasertec

Corp.

800‌

77,213‌

Murata

Manufacturing

Co.

Ltd.

12,500‌

203,354‌

NEC

Corp.

2,200‌

191,852‌

Nomura

Research

Institute

Ltd.

8,100‌

239,865‌

Obic

Co.

Ltd.

9,900‌

295,307‌

TDK

Corp.

15,200‌

200,229‌

Tokyo

Electron

Ltd.

900‌

138,349‌

2,829,783‌

Materials

(

1.0%

Nippon

Paint

Holdings

Co.

Ltd.

37,500‌

243,954‌

Nippon

Sanso

Holdings

Corp.

5,700‌

160,280‌

Nippon

Steel

Corp.

15,900‌

321,577‌

Nitto

Denko

Corp.

11,900‌

202,708‌

Shin-Etsu

Chemical

Co.

Ltd.

5,400‌

181,773‌

1,110,292‌

Real

Estate

(

0.9%

Daiwa

House

Industry

Co.

Ltd.

11,000‌

339,656‌

Mitsubishi

Estate

Co.

Ltd.

15,000‌

209,798‌

Mitsui

Fudosan

Co.

Ltd.

22,800‌

184,046‌

Sumitomo

Realty

Development

Co.

Ltd.

6,500‌

204,093‌

937,593‌

Utilities

(

0.1%

The

Kansai

Electric

Power

Co.,

Inc.

12,600‌

140,432‌

18,518,586‌

Luxembourg

(

0.5%

Energy

(

0.3%

Tenaris

20,015‌

374,583‌

Health

Care

(

0.2%

Eurofins

Scientific

3,866‌

197,438‌

572,021‌

Netherlands

(

3.0%

Consumer

Discretionary

(

0.2%

Prosus

(a)

7,120‌

282,800‌

Financials

(

1.5%

ABN

AMRO

Bank

19,625‌

302,649‌

Adyen

(a)

123‌

183,061‌

Euronext

4,137‌

464,032‌

ING

Groep

20,233‌

317,054‌

Group

9,008‌

392,496‌

1,659,292‌

SECURITY

DESCRIPTION

VALUE

($)

Netherlands

(3.0%):

(continued)

Industrials

(

0.8%

Ferrovial

9,859‌

414,565‌

Wolters

Kluwer

3,186‌

529,279‌

943,844‌

Information

Technology

(

0.2%

ASM

International

328‌

189,830‌

Materials

(

0.3%

Akzo

Nobel

5,271‌

316,414‌

3,392,180‌

New

Zealand

(

0.5%

Health

Care

(

0.2%

Fisher

Paykel

Healthcare

Corp.

Ltd.

13,078‌

280,878‌

Information

Technology

(

0.3%

Xero

Ltd.

(a)

2,703‌

281,936‌

562,814‌

Norway

(

1.6%

Communication

Services

(

0.4%

Telenor

ASA

36,494‌

407,043‌

Energy

(

0.5%

Aker

ASA

13,167‌

256,572‌

Equinor

ASA

12,561‌

293,010‌

549,582‌

Financials

(

0.3%

DNB

Bank

ASA

17,670‌

352,393‌

Industrials

(

0.2%

Kongsberg

Gruppen

ASA

2,523‌

283,847‌

Materials

(

0.2%

Norsk

Hydro

ASA

35,172‌

193,336‌

1,786,201‌

Portugal

(

0.7%

Consumer

Staples

(

0.3%

Jeronimo

Martins

SGPS

13,767‌

263,069‌

Energy

(

0.2%

Galp

Energia

SGPS

14,160‌

233,915‌

Utilities

(

0.2%

EDP

81,053‌

259,479‌

756,463‌

Russian

Federation

(

0.0%

Materials

(

0.0%

Evraz

PLC

(a)(b)(c)

38,723‌

—‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Singapore

(

3.3%

Communication

Services

(

0.4%

Singapore

Telecommunications

Ltd.

187,600‌

423,210‌

Consumer

Staples

(

0.3%

Wilmar

International

Ltd.

163,000‌

370,102‌

Financials

(

1.6%

DBS

Group

Holdings

Ltd.

16,940‌

542,457‌

Oversea-Chinese

Banking

Corp.

Ltd.

48,300‌

590,440‌

United

Overseas

Bank

Ltd.

23,900‌

635,968‌

1,768,865‌

Industrials

(

0.7%

Singapore

Airlines

Ltd.

79,600‌

375,466‌

Singapore

Technologies

Engineering

Ltd.

142,000‌

484,670‌

860,136‌

Real

Estate

(

0.3%

CapitaLand

Investment

Ltd.

156,300‌

299,938‌

3,722,251‌

South

Korea

(

2.6%

Communication

Services

(

0.2%

NAVER

Corp.

(a)

2,011‌

271,768‌

Consumer

Discretionary

(

0.5%

Hyundai

Mobis

Co.

Ltd.

1,509‌

242,477‌

Kia

Corp.

2,723‌

186,307‌

Electronics,

Inc.

3,190‌

180,979‌

609,763‌

Financials

(

0.9%

Hana

Financial

Group,

Inc.

4,364‌

168,416‌

Financial

Group,

Inc.

2,745‌

154,614‌

Meritz

Financial

Group,

Inc.

(a)

3,155‌

222,938‌

Samsung

Fire

Marine

Insurance

Co.

Ltd.

699‌

170,262‌

Samsung

Life

Insurance

Co.

Ltd.

2,523‌

162,509‌

Shinhan

Financial

Group

Co.

Ltd.

4,763‌

154,203‌

1,032,942‌

Health

Care

(

0.2%

Celltrion,

Inc.

1,842‌

234,624‌

Industrials

(

0.3%

Hanwha

Aerospace

Co.

Ltd.

521‌

115,577‌

Samsung

C&T

Corp.

2,091‌

163,098‌

278,675‌

Information

Technology

(

0.2%

Samsung

SDI

Co.

Ltd.

649‌

109,137‌

Hynix,

Inc.

1,200‌

141,785‌

250,922‌

Materials

(

0.3%

Chem

Ltd.

(a)

839‌

142,513‌

POSCO

Holdings,

Inc.

904‌

155,703‌

298,216‌

2,976,910‌

SECURITY

DESCRIPTION

VALUE

($)

Spain

(

3.0%

Consumer

Discretionary

(

0.6%

Amadeus

Group

5,122‌

361,792‌

Industria

Diseno

Textil

6,403‌

329,192‌

690,984‌

Energy

(

0.4%

Repsol

33,037‌

399,990‌

Financials

(

0.5%

Banco

Sabadell

135,388‌

263,195‌

CaixaBank

54,042‌

293,066‌

556,261‌

Industrials

(

0.7%

ACS

Actividades

Construccion

Servicios

(a)

8,101‌

406,422‌

Aena

SME

1,964‌

401,534‌

807,956‌

Utilities

(

0.8%

Endesa

18,796‌

404,330‌

Iberdrola

33,707‌

464,308‌

868,638‌

3,323,829‌

Sweden

(

5.2%

Consumer

Staples

(

0.4%

Essity

AB,

Class

15,508‌

414,700‌

Financials

(

2.0%

EQT

7,404‌

204,954‌

Industrivarden

AB,

Class

11,728‌

370,255‌

Investor

AB,

Class

14,718‌

389,582‌

Lundbergforetagen

AB,

Class

7,896‌

357,744‌

Skandinaviska

Enskilda

Banken

AB,

Class

22,582‌

309,285‌

Svenska

Handelsbanken

AB,

Class

28,671‌

296,099‌

Swedbank

AB,

Class

15,670‌

309,350‌

2,237,269‌

Health

Care

(

0.2%

Swedish

Orphan

Biovitrum

(a)

9,531‌

273,573‌

Industrials

(

2.3%

Alfa

Laval

8,136‌

340,364‌

Assa

Abloy

AB,

Class

12,627‌

373,172‌

Atlas

Copco

AB,

Class

17,421‌

266,012‌

Epiroc

AB,

Class

15,339‌

267,096‌

Indutrade

9,330‌

233,716‌

Lifco

AB,

Class

10,132‌

293,756‌

Saab

AB,

Class

10,644‌

224,953‌

Sandvik

16,494‌

295,785‌

Volvo

AB,

Class

12,269‌

298,018‌

2,592,872‌

Information

Technology

(

0.3%

Hexagon

AB,

Class

33,820‌

322,972‌

5,841,386‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Switzerland

(

7.6%

Communication

Services

(

0.4%

Swisscom

AG,

Registered

883‌

491,042‌

Consumer

Discretionary

(

0.5%

Cie

Financiere

Richemont

SA,

Registered

2,064‌

313,741‌

The

Swatch

Group

1,349‌

245,354‌

559,095‌

Consumer

Staples

(

0.3%

Chocoladefabriken

Lindt

Spruengli

33‌

366,303‌

Financials

(

1.4%

Julius

Baer

Group

Ltd.

5,015‌

324,272‌

Partners

Group

Holding

231‌

313,195‌

Swiss

Life

Holding

594‌

458,071‌

Swiss

2,880‌

416,508‌

1,512,046‌

Health

Care

(

1.3%

Alcon

4,387‌

371,870‌

Lonza

Group

AG,

Registered

441‌

260,458‌

Sandoz

Group

7,302‌

299,179‌

Sonova

Holding

984‌

321,384‌

Straumann

Holding

AG,

Class

1,637‌

206,159‌

1,459,050‌

Industrials

(

1.9%

ABB

Ltd.,

Registered

6,926‌

374,624‌

Geberit

AG,

Registered

713‌

404,442‌

Kuehne

Nagel

International

AG,

Class

1,273‌

291,589‌

Schindler

Holding

1,891‌

521,942‌

SGS

SA,

Registered

(a)

3,176‌

318,160‌

VAT

Group

532‌

201,025‌

2,111,782‌

Information

Technology

(

0.5%

Logitech

International

SA,

Class

3,758‌

310,847‌

STMicroelectronics

8,396‌

211,089‌

521,936‌

Materials

(

1.3%

EMS-Chemie

Holding

547‌

368,707‌

Givaudan

SA,

Registered

85‌

371,594‌

Holcim

4,341‌

418,022‌

Sika

AG,

Registered

1,435‌

341,350‌

1,499,673‌

8,520,927‌

United

Kingdom

(

6.4%

Communication

Services

(

0.4%

Informa

PLC

47,885‌

478,544‌

Consumer

Discretionary

(

0.3%

PLC

2,865‌

340,611‌

Consumer

Staples

(

0.4%

Haleon

PLC

96,084‌

453,895‌

SECURITY

DESCRIPTION

VALUE

($)

United

Kingdom

(6.4%):

(continued)

Financials

(

2.2%

Group

PLC

8,161‌

364,068‌

Admiral

Group

PLC

11,292‌

373,710‌

Legal

General

Group

PLC

135,800‌

390,618‌

Lloyds

Banking

Group

PLC

464,591‌

318,563‌

London

Stock

Exchange

Group

PLC

4,534‌

640,450‌

Wise

PLC,

Class

(a)

29,155‌

389,020‌

2,476,429‌

Health

Care

(

0.3%

Smith

Nephew

PLC

26,920‌

334,061‌

Industrials

(

1.4%

Ashtead

Group

PLC

3,743‌

232,617‌

Bunzl

PLC

9,816‌

404,971‌

International

Consolidated

Airlines

Group

109,975‌

415,584‌

Rentokil

Initial

PLC

41,201‌

206,699‌

Rolls-Royce

Holdings

PLC

(a)

38,189‌

271,799‌

1,531,670‌

Information

Technology

(

0.7%

Halma

PLC

10,034‌

337,728‌

The

Sage

Group

PLC

28,116‌

448,006‌

785,734‌

Materials

(

0.4%

Anglogold

Ashanti

PLC

7,411‌

171,046‌

Rio

Tinto

PLC

5,528‌

326,805‌

497,851‌

Utilities

(

0.3%

SSE

PLC

(a)

16,886‌

339,026‌

7,237,821‌

United

States

(

0.6%

Industrials

(

0.3%

Global,

Inc.

4,069‌

367,294‌

Materials

(

0.3%

CRH

PLC

3,577‌

331,951‌

699,245‌

Total

Common

Stocks

(Cost

$102,257,918)

111,028,609‌

SECURITY

DESCRIPTION

VALUE

($)

Warrant

(0.0%)

Canada

(

0.0%

Information

Technology

(

0.0%

Constellation

Software,

Inc.

(a)(c)

141‌

—‌

Total

Warrant

(Cost

$–)

—‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

International

ETF

See

notes

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

12/4/2019

247,473

Percentages

indicated

are

based

net

assets

December

31,

2024.

VALUE

($)

Total

Investments

(Cost

102,257,918

)—

99.0%

(d)

111,028,609‌

Other

assets

excess

liabilities

—

1.0%

1,096,384‌

NET

ASSETS

100.00%

112,124,993‌

(a)

Non-income

producing

security.

(b)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

December

31,

2024.

(c)

Security

was

fair

valued

based

upon

procedures

approved

the

Board

Trustees

and

represents

0.00%

the

Fund's

net

asset

December

31,

2024.

This

security

classified

Level

within

the

fair

value

hierarchy.

(d)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Mini

MSCI

EAFE

Index

3/21/25

806,134‌

793,625‌

(12,509‌)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.4%)

Communication

Services

(

Live

Nation

Entertainment,

Inc.(a)

2,102‌

272,209‌

The

Trade

Desk,

Inc.,

Class

A(a)

1,245‌

146,325‌

418,534‌

Consumer

Discretionary

(

Aptiv

PLC(a)

2,528‌

152,893‌

Burlington

Stores,

Inc.(a)

708‌

201,822‌

CarMax,

Inc.(a)

2,681‌

219,199‌

Carvana

Co.(a)

402‌

81,751‌

Cava

Group,

Inc.(a)

894‌

100,843‌

Chewy,

Inc.,

Class

A(a)

3,531‌

118,253‌

Chipotle

Mexican

Grill,

Inc.(a)

3,753‌

226,306‌

Coupang,

Inc.(a)

6,751‌

148,387‌

Deckers

Outdoor

Corp.(a)

1,029‌

208,980‌

Domino's

Pizza,

Inc.

522‌

219,115‌

Horton,

Inc.

1,052‌

147,091‌

Floor

Decor

Holdings,

Inc.,

Class

A(a)

1,562‌

155,731‌

Garmin

Ltd.

1,475‌

304,234‌

Genuine

Parts

Co.

2,003‌

233,870‌

Lennar

Corp.,

Class

1,184‌

161,462‌

NVR,

Inc.(a)

28‌

229,009‌

O'Reilly

Automotive,

Inc.(a)

282‌

334,396‌

Penske

Automotive

Group,

Inc.

1,705‌

259,910‌

Pool

Corp.

597‌

203,541‌

PulteGroup,

Inc.

1,531‌

166,726‌

Ross

Stores,

Inc.

2,213‌

334,761‌

Service

Corp.

International

4,275‌

341,230‌

Tesla,

Inc.(a)

517‌

208,785‌

Texas

Roadhouse,

Inc.

1,482‌

267,397‌

Toll

Brothers,

Inc.

1,215‌

153,029‌

TopBuild

Corp.(a)

423‌

131,697‌

Tractor

Supply

Co.

4,570‌

242,484‌

Wingstop,

Inc.

444‌

126,185‌

5,679,087‌

Consumer

Staples

(

Bunge

Global

2,743‌

213,296‌

Casey's

General

Stores,

Inc.

546‌

216,342‌

Coca-Cola

Consolidated,

Inc.

145‌

182,699‌

Costco

Wholesale

Corp.

378‌

346,350‌

Dollar

General

Corp.

1,620‌

122,828‌

Hormel

Foods

Corp.

7,243‌

227,213‌

Kenvue,

Inc.

10,992‌

234,679‌

Kimberly

Clark

Corp.

2,432‌

318,689‌

McCormick

Co.,

Inc.

3,521‌

268,441‌

Sysco

Corp.

4,333‌

331,301‌

The

Campbell's

Co.

6,608‌

276,743‌

The

J.M.

Smucker

Co.

2,482‌

273,318‌

U.S.

Foods

Holding

Corp.(a)

4,368‌

294,665‌

3,306,564‌

Energy

(

Baker

Hughes

Co.

6,655‌

272,988‌

Cheniere

Energy,

Inc.

1,897‌

407,608‌

SECURITY

DESCRIPTION

VALUE

($)

Energy

(7.7%):

(continued)

ConocoPhillips

2,903‌

287,890‌

Coterra

Energy,

Inc.

11,826‌

302,036‌

Devon

Energy

Corp.

6,212‌

203,319‌

Diamondback

Energy,

Inc.

1,228‌

201,183‌

EOG

Resources,

Inc.

2,282‌

279,728‌

EQT

Corp.

5,517‌

254,389‌

Halliburton

Co.

7,999‌

217,493‌

Kinder

Morgan,

Inc.

15,807‌

433,112‌

Occidental

Petroleum

Corp.

5,720‌

282,625‌

ONEOK,

Inc.

3,512‌

352,605‌

Ovintiv,

Inc.

5,361‌

217,120‌

Permian

Resources

Corp.

15,475‌

222,530‌

Phillips

Co.

1,905‌

217,037‌

Schlumberger

5,737‌

219,957‌

Targa

Resources

Corp.

1,834‌

327,369‌

Texas

Pacific

Land

Corp.

145‌

160,364‌

The

Williams

Cos.,

Inc.

7,149‌

386,904‌

Valero

Energy

Corp.

1,598‌

195,899‌

5,442,156‌

Financials

(

Aflac,

Inc.

2,856‌

295,425‌

American

Financial

Group,

Inc.

2,634‌

360,674‌

Arch

Capital

Group

Ltd.

3,094‌

285,731‌

Arthur

Gallagher

Co.

1,366‌

387,739‌

Block,

Inc.(a)

1,998‌

169,810‌

Blue

Owl

Capital,

Inc.

9,980‌

232,135‌

Brown

Brown,

Inc.

3,752‌

382,779‌

Cboe

Global

Markets,

Inc.

1,523‌

297,594‌

Cincinnati

Financial

Corp.

2,323‌

333,815‌

Coinbase

Global,

Inc.,

Class

A(a)

479‌

118,936‌

Corebridge

Financial,

Inc.

7,298‌

218,429‌

East

West

BanCorp,

Inc.

2,712‌

259,701‌

Equitable

Holdings,

Inc.

6,474‌

305,379‌

Everest

Group

Ltd.

740‌

268,220‌

Fidelity

National

Information

Services,

Inc.

3,518‌

284,149‌

First

Citizens

BancShares,

Inc.,

Class

108‌

228,206‌

Interactive

Brokers

Group,

Inc.

1,831‌

323,483‌

Intercontinental

Exchange,

Inc.

2,754‌

410,374‌

Jack

Henry

Associates,

Inc.

1,923‌

337,102‌

Jefferies

Financial

Group,

Inc.

4,206‌

329,750‌

Kinsale

Capital

Group,

Inc.

318‌

147,911‌

LPL

Financial

Holdings,

Inc.

837‌

273,289‌

Markel

Group,

Inc.(a)

210‌

362,508‌

Morningstar,

Inc.

913‌

307,462‌

MSCI,

Inc.

369‌

221,404‌

Nasdaq,

Inc.

4,802‌

371,243‌

Principal

Financial

Group,

Inc.

3,782‌

292,765‌

Reinsurance

Group

America,

Inc.

1,389‌

296,732‌

RenaissanceRe

Holdings

Ltd.

1,120‌

278,667‌

Robinhood

Markets,

Inc.,

Class

A(a)

4,524‌

168,564‌

Rocket

Cos.,

Inc.,

Class

A(a)

7,561‌

85,137‌

Ryan

Specialty

Holdings,

Inc.

3,278‌

210,316‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Financials

(13.4%):

(continued)

Tradeweb

Markets,

Inc.,

Class

2,472‌

323,634‌

W.R.

Berkley

Corp.

5,093‌

298,042‌

9,467,105‌

Health

Care

(

Agilent

Technologies,

Inc.

1,761‌

236,573‌

Align

Technology,

Inc.(a)

797‌

166,182‌

Avantor,

Inc.(a)

8,061‌

169,845‌

BioMarin

Pharmaceutical,

Inc.(a)

2,777‌

182,532‌

Cardinal

Health,

Inc.

2,812‌

332,575‌

Cencora,

Inc.

1,661‌

373,193‌

Danaher

Corp.

1,067‌

244,930‌

DaVita,

Inc.(a)

1,450‌

216,848‌

Dexcom,

Inc.(a)

1,557‌

121,088‌

Edwards

Lifesciences

Corp.(a)

2,085‌

154,353‌

HealthCare

Technologies,

Inc.

2,325‌

181,769‌

HCA

Healthcare,

Inc.

727‌

218,209‌

Humana,

Inc.

725‌

183,940‌

IDEXX

Laboratories,

Inc.(a)

516‌

213,335‌

Incyte

Corp.(a)

3,881‌

268,061‌

Insulet

Corp.(a)

719‌

187,709‌

Intuitive

Surgical,

Inc.(a)

568‌

296,473‌

IQVIA

Holdings,

Inc.(a)

959‌

188,453‌

Mettler-Toledo

International,

Inc.(a)

137‌

167,644‌

Neurocrine

Biosciences,

Inc.(a)

1,629‌

222,359‌

Regeneron

Pharmaceuticals,

Inc.(a)

346‌

246,466‌

ResMed,

Inc.

675‌

154,366‌

Revvity,

Inc.

1,976‌

220,541‌

Sarepta

Therapeutics,

Inc.(a)

1,060‌

128,885‌

Solventum

Corp.(a)

2,650‌

175,059‌

STERIS

PLC

1,357‌

278,945‌

Stryker

Corp.

987‌

355,369‌

Teleflex,

Inc.

1,080‌

192,218‌

Tenet

Healthcare

Corp.(a)

1,264‌

159,555‌

United

Therapeutics

Corp.(a)

664‌

234,286‌

Universal

Health

Services,

Inc.,

Class

1,167‌

209,383‌

Veeva

Systems,

Inc.,

Class

A(a)

1,094‌

230,014‌

Waters

Corp.(a)

647‌

240,024‌

West

Pharmaceutical

Services,

Inc.

600‌

196,536‌

Zoetis,

Inc.

1,305‌

212,624‌

7,560,342‌

Industrials

(

A.O.

Smith

Corp.

3,298‌

224,957‌

Advanced

Drainage

Systems,

Inc.

1,178‌

136,177‌

AECOM

2,786‌

297,601‌

Allegion

PLC

2,105‌

275,081‌

AMETEK,

Inc.

1,814‌

326,992‌

Axon

Enterprise,

Inc.(a)

415‌

246,643‌

Builders

FirstSource,

Inc.(a)

745‌

106,483‌

Carlisle

Cos.,

Inc.

524‌

193,272‌

Carrier

Global

Corp.

2,771‌

189,148‌

Caterpillar,

Inc.

632‌

229,264‌

Robinson

Worldwide,

Inc.

1,728‌

178,537‌

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(24.1%):

(continued)

Cintas

Corp.

1,749‌

319,542‌

Clean

Harbors,

Inc.(a)

1,047‌

240,957‌

Comfort

Systems

USA,

Inc.

340‌

144,180‌

Copart,

Inc.(a)

5,797‌

332,690‌

CSX

Corp.

10,351‌

334,027‌

Curtiss-Wright

Corp.

896‌

317,963‌

Deere

Co.

709‌

300,403‌

Dover

Corp.

1,676‌

314,418‌

EMCOR

Group,

Inc.

439‌

199,262‌

Equifax,

Inc.

803‌

204,645‌

Expeditors

International

Washington,

Inc.

2,557‌

283,239‌

Fastenal

Co.

3,899‌

280,377‌

Fortive

Corp.

3,684‌

276,300‌

Vernova,

Inc.

492‌

161,834‌

General

Dynamics

Corp.

1,357‌

357,556‌

Graco,

Inc.

3,963‌

334,041‌

HEICO

Corp.

1,222‌

290,518‌

Howmet

Aerospace,

Inc.

1,826‌

199,710‌

Hubbell,

Inc.

471‌

197,297‌

Huntington

Ingalls

Industries,

Inc.

1,086‌

205,221‌

IDEX

Corp.

1,598‌

334,445‌

Illinois

Tool

Works,

Inc.

1,600‌

405,696‌

Ingersoll

Rand,

Inc.

2,406‌

217,647‌

ITT,

Inc.

1,618‌

231,180‌

J.B.

Hunt

Transport

Services,

Inc.

1,409‌

240,460‌

Leidos

Holdings,

Inc.

2,148‌

309,441‌

Lennox

International,

Inc.

382‌

232,753‌

Masco

Corp.

3,108‌

225,548‌

Norfolk

Southern

Corp.

977‌

229,302‌

Old

Dominion

Freight

Line,

Inc.

1,007‌

177,635‌

Otis

Worldwide

Corp.

3,321‌

307,558‌

PACCAR,

Inc.

2,447‌

254,537‌

Parker-Hannifin

Corp.

380‌

241,691‌

Paychex,

Inc.

2,718‌

381,118‌

Quanta

Services,

Inc.

619‌

195,635‌

Republic

Services,

Inc.

2,227‌

448,028‌

Rockwell

Automation,

Inc.

700‌

200,053‌

Rollins,

Inc.

6,264‌

290,336‌

Snap-on,

Inc.

978‌

332,011‌

SS&C

Technologies

Holdings,

Inc.

4,834‌

366,321‌

Tetra

Tech,

Inc.

5,305‌

211,351‌

Textron,

Inc.

3,217‌

246,068‌

Trane

Technologies

PLC

679‌

250,789‌

TransDigm

Group,

Inc.

213‌

269,931‌

U-Haul

Holding

Co.

3,651‌

233,847‌

Union

Pacific

Corp.

1,558‌

355,286‌

United

Rentals,

Inc.

215‌

151,455‌

Verisk

Analytics,

Inc.

1,263‌

347,868‌

Vertiv

Holdings

Co.,

Class

1,017‌

115,541‌

Waste

Management,

Inc.

1,674‌

337,796‌

Watsco,

Inc.

474‌

224,624‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(24.1%):

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

1,634‌

309,790‌

Grainger,

Inc.

287‌

302,512‌

Xylem,

Inc.

2,268‌

263,133‌

16,939,721‌

Information

Technology

(

Akamai

Technologies,

Inc.(a)

2,263‌

216,456‌

Amphenol

Corp.,

Class

3,718‌

258,215‌

Analog

Devices,

Inc.

841‌

178,679‌

AppLovin

Corp.,

Class

A(a)

703‌

227,652‌

Arista

Networks,

Inc.(a)

1,492‌

164,911‌

Bentley

Systems,

Inc.,

Class

4,284‌

200,063‌

Broadcom,

Inc.

730‌

169,243‌

Cadence

Design

Systems,

Inc.(a)

712‌

213,928‌

CDW

Corp.

1,183‌

205,889‌

Cognizant

Technology

Solutions

Corp.,

Class

4,350‌

334,515‌

Corpay,

Inc.(a)

739‌

250,092‌

Crowdstrike

Holdings,

Inc.,

Class

A(a)

416‌

142,339‌

Datadog,

Inc.,

Class

A(a)

1,391‌

198,760‌

DocuSign,

Inc.(a)

2,922‌

262,805‌

Dynatrace,

Inc.(a)

3,864‌

210,008‌

Enphase

Energy,

Inc.(a)

1,072‌

73,625‌

Entegris,

Inc.

1,441‌

142,745‌

EPAM

Systems,

Inc.(a)

744‌

173,962‌

F5,

Inc.(a)

1,129‌

283,910‌

Fair

Isaac

Corp.(a)

103‌

205,066‌

First

Solar,

Inc.(a)

574‌

101,162‌

Fortinet,

Inc.(a)

1,956‌

184,803‌

Gartner,

Inc.(a)

539‌

261,129‌

Jabil,

Inc.

1,283‌

184,624‌

Keysight

Technologies,

Inc.(a)

1,282‌

205,928‌

KLA

Corp.

186‌

117,202‌

Manhattan

Associates,

Inc.(a)

690‌

186,466‌

Microchip

Technology,

Inc.

2,212‌

126,858‌

Monolithic

Power

Systems,

Inc.

135‌

79,879‌

NetApp,

Inc.

1,590‌

184,567‌

NVIDIA

Corp.

851‌

114,281‌

NXP

Semiconductors

755‌

156,927‌

Semiconductor

Corp.(a)

1,892‌

119,291‌

Palantir

Technologies,

Inc.,

Class

A(a)

2,411‌

182,344‌

Palo

Alto

Networks,

Inc.(a)

748‌

136,106‌

PTC,

Inc.(a)

1,727‌

317,543‌

Pure

Storage,

Inc.,

Class

A(a)

2,386‌

146,572‌

Roper

Technologies,

Inc.

660‌

343,101‌

Seagate

Technology

Holdings

PLC

1,899‌

163,903‌

ServiceNow,

Inc.(a)

195‌

206,723‌

Skyworks

Solutions,

Inc.

1,765‌

156,520‌

Super

Micro

Computer,

Inc.(a)

1,268‌

38,649‌

Synopsys,

Inc.(a)

349‌

169,391‌

Connectivity

PLC

2,136‌

305,384‌

Teledyne

Technologies,

Inc.(a)

627‌

291,009‌

Teradyne,

Inc.

1,072‌

134,986‌

SECURITY

DESCRIPTION

VALUE

($)

Information

Technology

(14.1%):

(continued)

Trimble,

Inc.(a)

4,187‌

295,853‌

Tyler

Technologies,

Inc.(a)

462‌

266,408‌

VeriSign,

Inc.(a)

2,005‌

414,955‌

Zebra

Technologies

Corp.(a)

541‌

208,945‌

9,914,372‌

Materials

(

Avery

Dennison

Corp.

1,662‌

311,010‌

Celanese

Corp.

1,726‌

119,456‌

Industries

Holdings,

Inc.

2,703‌

230,620‌

Eastman

Chemical

Co.

2,602‌

237,615‌

Freeport-McMoRan,

Inc.

3,522‌

134,118‌

International

Paper

Co.

4,469‌

240,522‌

Linde

PLC

950‌

397,736‌

LyondellBasell

Industries

NV,

Class

3,642‌

270,491‌

Martin

Marietta

Materials,

Inc.

516‌

266,514‌

Nucor

Corp.

1,574‌

183,702‌

Packaging

Corp.

America

1,601‌

360,433‌

PPG

Industries,

Inc.

2,756‌

329,204‌

Reliance,

Inc.

833‌

224,294‌

RPM

International,

Inc.

2,308‌

284,022‌

Steel

Dynamics,

Inc.

1,783‌

203,387‌

The

Sherwin-Williams

Co.

842‌

286,221‌

Vulcan

Materials

Co.

1,130‌

290,670‌

Westlake

Corp.

1,638‌

187,797‌

4,557,812‌

Real

Estate

(

CoStar

Group,

Inc.(a)

3,009‌

215,414‌

Utilities

(

Alliant

Energy

Corp.

6,633‌

392,276‌

Ameren

Corp.

4,482‌

399,525‌

American

Electric

Power

Co.,

Inc.

3,667‌

338,207‌

American

Water

Works

Co.,

Inc.

2,357‌

293,423‌

Atmos

Energy

Corp.

3,161‌

440,232‌

CenterPoint

Energy,

Inc.

10,935‌

346,968‌

CMS

Energy

Corp.

5,778‌

385,104‌

Consolidated

Edison,

Inc.

3,909‌

348,800‌

Constellation

Energy

Corp.

449‌

100,446‌

DTE

Energy

Co.

2,817‌

340,153‌

Entergy

Corp.

5,726‌

434,145‌

Evergy,

Inc.

6,617‌

407,276‌

NextEra

Energy,

Inc.

3,102‌

222,382‌

NiSource,

Inc.

12,561‌

461,742‌

NRG

Energy,

Inc.

2,071‌

186,846‌

Public

Service

Enterprise

Group,

Inc.

4,457‌

376,572‌

The

AES

Corp.

10,289‌

132,419‌

The

Southern

Co.

4,436‌

365,172‌

Vistra

Corp.

916‌

126,289‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2024.

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(9.2%):

(continued)

WEC

Energy

Group,

Inc.

4,042‌

380,110‌

6,478,087‌

Total

Common

Stocks

(Cost

$63,276,160)

69,979,194‌

Investment

Companies

(0.5%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.33%(b)

338,346‌

Total

Investment

Companies

(Cost

$338,346)

338,346‌

Total

Investments

(Cost

$63,614,506)

—

99.9%(c)

70,317,540‌

Other

assets

excess

liabilities

—

0.1%

65,579‌

NET

ASSETS

100.00%

70,383,119‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

the

7-Day

effective

yield

December

31,

2024.

(c)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

3/21/25

306,424‌

296,787‌

(

9,637‌

)

(

9,637‌

)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.4%)

Consumer

Discretionary

(

Garmin

Ltd.

3,367‌

694,477‌

Genuine

Parts

Co.

4,570‌

533,593‌

Penske

Automotive

Group,

Inc.

3,892‌

593,297‌

Service

Corp.

International

9,759‌

778,963‌

Tractor

Supply

Co.

10,430‌

553,416‌

3,153,746‌

Consumer

Staples

(

Bunge

Global

6,262‌

486,933‌

Dollar

General

Corp.

3,697‌

280,307‌

Hormel

Foods

Corp.

16,533‌

518,640‌

Kenvue,

Inc.

25,090‌

535,671‌

Kimberly

Clark

Corp.

5,550‌

727,272‌

McCormick

Co.,

Inc.

8,037‌

612,741‌

Sysco

Corp.

9,891‌

756,266‌

The

Campbell's

Co.

15,083‌

631,676‌

The

J.M.

Smucker

Co.

5,665‌

623,830‌

5,173,336‌

Energy

(

Baker

Hughes

Co.

15,191‌

623,135‌

ConocoPhillips

6,627‌

657,200‌

Coterra

Energy,

Inc.

26,994‌

689,427‌

Devon

Energy

Corp.

14,180‌

464,111‌

Diamondback

Energy,

Inc.

2,802‌

459,052‌

EOG

Resources,

Inc.

5,209‌

638,519‌

EQT

Corp.

12,592‌

580,617‌

Halliburton

Co.

18,257‌

496,408‌

Kinder

Morgan,

Inc.

36,313‌

994,976‌

Occidental

Petroleum

Corp.

13,057‌

645,146‌

ONEOK,

Inc.

8,018‌

805,007‌

Ovintiv,

Inc.

12,237‌

495,598‌

Permian

Resources

Corp.

35,322‌

507,930‌

Phillips

Co.

4,350‌

495,596‌

Schlumberger

13,094‌

502,024‌

Targa

Resources

Corp.

4,186‌

747,201‌

The

Williams

Cos.,

Inc.

16,424‌

888,867‌

Valero

Energy

Corp.

3,647‌

447,086‌

11,137,900‌

Financials

(

Aflac,

Inc.

6,520‌

674,429‌

American

Financial

Group,

Inc.

6,211‌

850,472‌

Blue

Owl

Capital,

Inc.

22,779‌

529,839‌

Cincinnati

Financial

Corp.

5,303‌

762,041‌

Corebridge

Financial,

Inc.

16,660‌

498,634‌

East

West

BanCorp,

Inc.

6,189‌

592,659‌

Equitable

Holdings,

Inc.

14,778‌

697,078‌

Everest

Group

Ltd.

1,689‌

612,195‌

Fidelity

National

Information

Services,

Inc.

8,031‌

648,664‌

Jefferies

Financial

Group,

Inc.

9,598‌

752,483‌

Principal

Financial

Group,

Inc.

8,634‌

668,358‌

Reinsurance

Group

America,

Inc.

3,171‌

677,421‌

7,964,273‌

SECURITY

DESCRIPTION

VALUE

($)

Health

Care

(

Cardinal

Health,

Inc.

6,419‌

759,175‌

Industrials

(

A.O.

Smith

Corp.

7,527‌

513,417‌

Robinson

Worldwide,

Inc.

3,943‌

407,391‌

CSX

Corp.

23,781‌

767,413‌

Deere

Co.

1,619‌

685,970‌

Fastenal

Co.

8,900‌

639,999‌

General

Dynamics

Corp.

3,118‌

821,562‌

Huntington

Ingalls

Industries,

Inc.

2,479‌

468,457‌

Illinois

Tool

Works,

Inc.

3,675‌

931,833‌

Masco

Corp.

7,097‌

515,029‌

Norfolk

Southern

Corp.

2,231‌

523,616‌

Otis

Worldwide

Corp.

7,579‌

701,891‌

Paychex,

Inc.

6,244‌

875,534‌

Rockwell

Automation,

Inc.

1,597‌

456,407‌

Snap-on,

Inc.

2,232‌

757,719‌

Union

Pacific

Corp.

3,556‌

810,910‌

Waste

Management,

Inc.

3,821‌

771,039‌

Watsco,

Inc.

1,082‌

512,749‌

11,160,936‌

Information

Technology

(

Analog

Devices,

Inc.

1,920‌

407,923‌

Cognizant

Technology

Solutions

Corp.,

Class

9,929‌

763,540‌

Microchip

Technology,

Inc.

5,048‌

289,503‌

NetApp,

Inc.

3,629‌

421,254‌

NXP

Semiconductors

1,723‌

358,125‌

Seagate

Technology

Holdings

PLC

4,335‌

374,154‌

Skyworks

Solutions,

Inc.

4,029‌

357,292‌

Connectivity

PLC

4,875‌

696,979‌

3,668,770‌

Materials

(

Avery

Dennison

Corp.

3,792‌

709,597‌

Celanese

Corp.

3,939‌

272,618‌

Industries

Holdings,

Inc.

6,168‌

526,254‌

Eastman

Chemical

Co.

5,938‌

542,258‌

International

Paper

Co.

10,202‌

549,072‌

LyondellBasell

Industries

NV,

Class

8,313‌

617,407‌

Nucor

Corp.

3,595‌

419,572‌

Packaging

Corp.

America

3,655‌

822,850‌

PPG

Industries,

Inc.

6,291‌

751,460‌

Reliance,

Inc.

1,900‌

511,594‌

RPM

International,

Inc.

5,269‌

648,403‌

Steel

Dynamics,

Inc.

4,070‌

464,265‌

6,835,350‌

Utilities

(

Alliant

Energy

Corp.

15,239‌

901,234‌

Ameren

Corp.

10,295‌

917,696‌

American

Electric

Power

Co.,

Inc.

8,371‌

772,057‌

American

Water

Works

Co.,

Inc.

5,381‌

669,881‌

Atmos

Energy

Corp.

7,261‌

1,011,239‌

CenterPoint

Energy,

Inc.

24,960‌

791,981‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2024

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(22.2%):

(continued)

CMS

Energy

Corp.

13,273‌

884,645‌

Consolidated

Edison,

Inc.

8,923‌

796,199‌

DTE

Energy

Co.

6,429‌

776,302‌

Entergy

Corp.

13,152‌

997,185‌

Evergy,

Inc.

15,202‌

935,683‌

NextEra

Energy,

Inc.

7,080‌

507,565‌

NiSource,

Inc.

28,856‌

1,060,747‌

NRG

Energy,

Inc.

4,727‌

426,470‌

Public

Service

Enterprise

Group,

Inc.

10,238‌

865,009‌

The

AES

Corp.

23,485‌

302,252‌

The

Southern

Co.

10,193‌

839,088‌

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(22.2%):

(continued)

WEC

Energy

Group,

Inc.

9,287‌

873,350‌

14,328,583‌

Total

Common

Stocks

(Cost

$60,828,307)

64,182,069‌

Investment

Companies

(0.4%)

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.33%(a)

244,270‌

Total

Investment

Companies

(Cost

$244,270)

244,270‌

Total

Investments

(Cost

$61,072,577)

—

99.8%(b)

64,426,339‌

Other

assets

excess

liabilities

—

0.2%

124,108‌

NET

ASSETS

100.00%

64,550,447‌

(a)

Rate

disclosed

the

7-Day

effective

yield

December

31,

2024.

(b)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

3/21/25

306,424‌

296,787‌

(

9,637‌

)

(

9,637‌

)

Schedule

Portfolio

Investments

December

31,

2024

Timothy

Plan

Market

Neutral

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(87.3%)

Communication

Services

(

Cable

One,

Inc.

281‌

101,756‌

Gray

Television,

Inc.

26,593‌

83,768‌

Infrastrutture

Wireless

Italiane

SpA

5,928‌

60,261‌

John

Wiley

Sons,

Inc.,

Class

2,102‌

91,878‌

Uplus

Corp.

5,049‌

35,437‌

Playtika

Holding

Corp.

8,103‌

56,235‌

Telecom

Co.

Ltd.

1,433‌

53,745‌

Spark

New

Zealand

Ltd.

58,106‌

95,871‌

Tele2

AB,

Class

20,816‌

205,658‌

Telenor

ASA

21,512‌

239,938‌

Telstra

Group

Ltd.

33,792‌

83,851‌

1,108,398‌

Consumer

Discretionary

(

Barratt

Redrow

PLC

27,612‌

152,108‌

Bath

Body

Works,

Inc.

2,227‌

86,341‌

Bloomin'

Brands,

Inc.

6,653‌

81,233‌

Canadian

Tire

Corp

Ltd.,

Class

A(a)

413‌

43,452‌

Carter's,

Inc.

1,947‌

105,508‌

Dillard's,

Inc.,

Class

162‌

69,942‌

Dine

Brands

Global,

Inc.

4,103‌

123,500‌

Ethan

Allen

Interiors,

Inc.

4,289‌

120,564‌

Garmin

Ltd.

428‌

88,279‌

H&R

Block,

Inc.

2,139‌

113,025‌

Haverty

Furniture

Cos.,

Inc.

4,089‌

91,021‌

Jack

the

Box,

Inc.

2,019‌

84,071‌

LCI

Industries

1,094‌

113,109‌

Lear

Corp.

959‌

90,817‌

LKQ

Corp.

2,121‌

77,947‌

Magna

International,

Inc.

2,649‌

110,730‌

Mazda

Motor

Corp.

7,200‌

49,585‌

Monro,

Inc.

3,868‌

95,926‌

Movado

Group,

Inc.

5,948‌

117,057‌

Newell

Brands,

Inc.

6,079‌

60,547‌

Oxford

Industries,

Inc.

1,028‌

80,986‌

Papa

John's

International,

Inc.

2,620‌

107,603‌

Persimmon

PLC

3,420‌

51,284‌

Polaris,

Inc.

1,391‌

80,149‌

Porsche

Automobil

Holding

SE,

Preference

5,661‌

213,124‌

Smith

Wesson

Brands,

Inc.

7,187‌

72,625‌

Stellantis

8,119‌

105,867‌

Strategic

Education,

Inc.

1,103‌

103,042‌

Taylor

Wimpey

PLC

99,234‌

151,663‌

The

Buckle,

Inc.

2,405‌

122,198‌

The

Wendy's

Co.

6,890‌

112,307‌

Upbound

Group,

Inc.

4,477‌

130,594‌

Vail

Resorts,

Inc.

456‌

85,477‌

3,291,681‌

Consumer

Staples

(

B&G

Foods,

Inc.

15,706‌

108,214‌

Bunge

Global

1,204‌

93,623‌

Cal-Maine

Foods,

Inc.

1,537‌

158,188‌

SECURITY

DESCRIPTION

VALUE

($)

Consumer

Staples

(5.4%):

(continued)

Dollar

General

Corp.

918‌

69,603‌

Energizer

Holdings,

Inc.

5,769‌

201,280‌

Flowers

Foods,

Inc.

7,703‌

159,144‌

Fresh

Del

Monte

Produce,

Inc.

3,669‌

121,847‌

Hormel

Foods

Corp.

2,402‌

75,351‌

Ingredion,

Inc.

1,001‌

137,697‌

Sainsbury

PLC

39,282‌

134,528‌

Kenvue,

Inc.

3,607‌

77,009‌

Kesko

Oyj,

Class

4,356‌

82,019‌

Skin

Enterprises,

Inc.,

Class

14,458‌

99,616‌

Reynolds

Consumer

Products,

Inc.

7,041‌

190,037‌

Salmar

ASA

1,240‌

58,908‌

SpartanNash

Co.

7,335‌

134,377‌

The

Campbell's

Co.

3,052‌

127,818‌

The

J.M.

Smucker

Co.

1,289‌

141,945‌

Kellogg

Co.

5,143‌

92,523‌

2,263,727‌

Energy

(

Aker

ASA

7,062‌

137,610‌

Ampol

Ltd.

7,799‌

136,046‌

Antero

Midstream

Corp.

13,699‌

206,718‌

APA

Corp.

4,140‌

95,593‌

Ardmore

Shipping

Corp.

6,362‌

77,298‌

Atlas

Energy

Solutions,

Inc.

1,816‌

40,279‌

Berry

Corp.

35,731‌

147,569‌

Chord

Energy

Corp.

913‌

106,748‌

Civitas

Resources,

Inc.

3,326‌

152,564‌

Coterra

Energy,

Inc.

5,161‌

131,812‌

Crescent

Energy

Co.,

Class

10,763‌

157,247‌

Devon

Energy

Corp.

2,286‌

74,821‌

DHT

Holdings,

Inc.

13,476‌

125,192‌

Midstream,

Inc.

3,063‌

304,554‌

Eni

SpA

9,865‌

133,743‌

Equinor

ASA

5,008‌

116,821‌

FLEX

LNG

Ltd.

6,488‌

148,835‌

FutureFuel

Corp.

14,623‌

77,356‌

Golar

LNG

Ltd.

1,190‌

50,361‌

Granite

Ridge

Resources,

Inc.

11,404‌

73,670‌

Hyundai

Co.

Ltd.

1,918‌

103,211‌

Sinclair

Corp.

2,352‌

82,438‌

Keyera

Corp.

9,774‌

298,939‌

Kinder

Morgan,

Inc.

7,947‌

217,748‌

Kinetik

Holdings,

Inc.

3,924‌

222,530‌

Noble

Corp.

PLC

4,305‌

135,177‌

Nordic

American

Tankers

Ltd.

64,753‌

161,882‌

Northern

Oil

Gas,

Inc.

3,509‌

130,394‌

OMV

3,232‌

124,991‌

ONEOK,

Inc.

1,799‌

180,620‌

Ovintiv,

Inc.

1,640‌

66,420‌

Patterson-UTI

Energy,

Inc.

16,575‌

136,909‌

Pembina

Pipeline

Corp.

7,202‌

266,123‌

Phillips

Co.

880‌

100,258‌

Repsol

10,446‌

126,473‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Market

Neutral

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Energy

(15.2%):

(continued)

Riley

Exploration

Permian,

Inc.

3,489‌

111,369‌

Santos

Ltd.

17,934‌

74,132‌

SFL

Corp.

Ltd.

17,560‌

179,463‌

Sitio

Royalties

Corp.,

Class

7,787‌

149,355‌

Suncor

Energy,

Inc.

1,063‌

37,948‌

Energy

Corp.

4,479‌

208,758‌

Tenaris

4,908‌

91,854‌

The

Williams

Cos.,

Inc.

3,176‌

171,885‌

TotalEnergies

1,121‌

61,964‌

VAALCO

Energy,

Inc.

14,428‌

63,050‌

Valero

Energy

Corp.

853‌

104,569‌

Vitesse

Energy,

Inc.

6,081‌

152,025‌

Woodside

Energy

Group

Ltd.

5,170‌

78,700‌

6,334,022‌

Financials

(

ABN

AMRO

Bank

7,683‌

118,484‌

Ageas

3,647‌

177,151‌

A-Mark

Precious

Metals,

Inc.

3,018‌

82,693‌

ANZ

Group

Holdings

Ltd.(a)

13,854‌

244,669‌

Artisan

Partners

Asset

Management,

Inc.,

Class

4,839‌

208,319‌

Axis

Capital

Holdings

Ltd.

900‌

79,758‌

Banco

Latinoamericano

Comercio

Exterior

SA,

Class

3,177‌

113,006‌

Bank

Hawaii

Corp.

1,163‌

82,852‌

Bank

OZK

2,671‌

118,940‌

BankUnited,

Inc.

3,021‌

115,312‌

Blue

Owl

Capital,

Inc.

7,176‌

166,914‌

Columbia

Banking

System,

Inc.

3,328‌

89,889‌

Credit

Agricole

5,461‌

75,168‌

Dime

Community

Bancshares,

Inc.

2,414‌

74,194‌

First

American

Financial

Corp.

608‌

37,964‌

First

Bancorp

Puerto

Rico

4,542‌

84,436‌

First

Busey

Corp.

2,774‌

65,383‌

First

Financial

Bancorp

4,882‌

131,228‌

First

Hawaiian,

Inc.

4,069‌

105,591‌

First

Interstate

BancSystem,

Inc.,

Class

4,723‌

153,356‌

FNB

Corp.

14,389‌

212,669‌

Generali

7,365‌

208,014‌

Glacier

Bancorp,

Inc.

2,710‌

136,096‌

Great-West

Lifeco,

Inc.

2,414‌

80,064‌

Sustainable

Infrastructure

Capital,

Inc.

2,256‌

60,529‌

Hana

Financial

Group,

Inc.

1,747‌

67,421‌

Hanmi

Financial

Corp.

5,122‌

120,982‌

Hope

Bancorp,

Inc.

13,778‌

169,332‌

Industrial

Bank

Korea

6,667‌

64,912‌

Intesa

Sanpaolo

SpA

63,829‌

255,374‌

Invesco

Ltd.

7,330‌

128,128‌

Janus

Henderson

Group

PLC

5,408‌

230,002‌

Jefferies

Financial

Group,

Inc.

3,090‌

242,256‌

KBC

Group

1,768‌

136,492‌

SECURITY

DESCRIPTION

VALUE

($)

Financials

(20.6%):

(continued)

Lazard,

Inc.

2,751‌

141,621‌

Legal

General

Group

PLC

20,203‌

58,112‌

Mediobanca

Banca

Credito

Finanziario

SpA

16,680‌

243,152‌

MGIC

Investment

Corp.

1,748‌

41,445‌

Investment

Securities

Co.

Ltd.

2,416‌

22,899‌

Group

3,812‌

166,096‌

Northwest

Bancshares,

Inc.

15,353‌

202,506‌

OceanFirst

Financial

Corp.

4,451‌

80,563‌

Old

Republic

International

Corp.

6,159‌

222,894‌

OneMain

Holdings,

Inc.

3,300‌

172,029‌

Pacific

Premier

Bancorp,

Inc.

5,150‌

128,338‌

Patria

Investments

Ltd.,

Class

9,883‌

114,939‌

Popular,

Inc.

1,460‌

137,328‌

Poste

Italiane

SpA

12,853‌

181,308‌

Power

Corp.

Canada

7,061‌

220,285‌

Principal

Financial

Group,

Inc.

903‌

69,901‌

Prosperity

Bancshares,

Inc.

1,775‌

133,746‌

Safety

Insurance

Group,

Inc.

1,660‌

136,784‌

Schroders

PLC

8,882‌

35,977‌

Shinhan

Financial

Group

Co.

Ltd.

933‌

30,206‌

Societe

Generale

1,530‌

43,038‌

Southside

Bancshares,

Inc.

3,788‌

120,307‌

Svenska

Handelsbanken

AB,

Class

5,748‌

59,362‌

Swedbank

AB,

Class

2,113‌

41,714‌

Swiss

1,351‌

195,383‌

Synovus

Financial

Corp.

2,903‌

148,721‌

TFS

Financial

Corp.

5,708‌

71,693‌

The

Bank

Butterfield

Son

Ltd.

5,618‌

205,338‌

The

Western

Union

Co.

13,049‌

138,319‌

UWM

Holdings

Corp.

6,197‌

36,376‌

Valley

National

Bancorp

9,326‌

84,494‌

Virtus

Investment

Partners,

Inc.

426‌

93,967‌

WesBanco,

Inc.

3,206‌

104,323‌

Westpac

Banking

Corp.

7,215‌

144,297‌

Woori

Financial

Group,

Inc.

7,926‌

82,771‌

XP,

Inc.,

Class

3,012‌

35,692‌

8,583,502‌

Health

Care

(

Baxter

International,

Inc.

3,084‌

89,929‌

Embecta

Corp.

4,847‌

100,091‌

Ono

Pharmaceutical

Co.

Ltd.

13,200‌

137,135‌

Premier,

Inc.,

Class

5,866‌

124,359‌

451,514‌

Industrials

(

ACCO

Brands

Corp.

11,711‌

61,483‌

ACS

Actividades

Construccion

Servicios

SA(a)

6,596‌

302,252‌

Adecco

Group

3,736‌

92,082‌

AGCO

Corp.

1,269‌

118,626‌

Bouygues

6,237‌

184,359‌

CNH

Industrial

7,317‌

82,902‌

Costamare,

Inc.

7,438‌

95,578‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Market

Neutral

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(8.2%):

(continued)

Deluxe

Corp.

7,508‌

169,606‌

Deutsche

Post

2,457‌

86,469‌

Doosan

Bobcat,

Inc.

1,211‌

34,475‌

Douglas

Dynamics,

Inc.

3,602‌

85,115‌

Eiffage

533‌

46,768‌

Ennis,

Inc.

3,775‌

79,615‌

Genco

Shipping

Trading

Ltd.

8,247‌

114,963‌

Golden

Ocean

Group

Ltd.

11,396‌

102,108‌

Holdings

Corp.(a)

2,792‌

74,552‌

HNI

Corp.

2,555‌

128,695‌

Insteel

Industries,

Inc.

2,830‌

76,438‌

Komatsu

Ltd.

1,400‌

38,708‌

Kuehne

Nagel

International

AG,

Class

452‌

103,534‌

ManpowerGroup,

Inc.

1,462‌

84,387‌

Matthews

International

Corp.,

Class

5,014‌

138,788‌

MSC

Industrial

Direct

Co.,

Inc.

1,134‌

84,698‌

National

Presto

Industries,

Inc.

1,480‌

145,662‌

Paychex,

Inc.

377‌

52,863‌

Randstad

1,785‌

75,262‌

Resources

Connection,

Inc.

16,239‌

138,519‌

Robert

Half,

Inc.

1,722‌

121,332‌

Ryder

System,

Inc.

532‌

83,450‌

Teleperformance

402‌

34,607‌

Transurban

Group(a)

7,733‌

64,074‌

Trinity

Industries,

Inc.

4,553‌

159,810‌

Vinci

360‌

37,188‌

Volvo

AB,

Class

2,247‌

54,580‌

Watsco,

Inc.

162‌

76,770‌

3,430,318‌

Materials

(

Amcor

PLC

11,566‌

108,836‌

Anglo

American

PLC

1,401‌

41,456‌

Ardagh

Metal

Packaging

36,292‌

109,239‌

Arkema

1,566‌

119,291‌

BHP

Group

Ltd.

4,065‌

99,485‌

Boliden

3,761‌

105,607‌

CRH

PLC

1,100‌

101,772‌

Eastman

Chemical

Co.

2,129‌

194,420‌

Evonik

Industries

11,075‌

191,900‌

FMC

Corp.

1,168‌

56,776‌

Fortescue

Ltd.

7,992‌

90,255‌

Huntsman

Corp.

6,093‌

109,857‌

International

Paper

Co.

1,559‌

83,905‌

JFE

Holdings,

Inc.

13,100‌

148,169‌

Kaiser

Aluminum

Corp.

1,482‌

104,140‌

LyondellBasell

Industries

NV,

Class

1,932‌

143,490‌

Mitsui

Chemicals,

Inc.

3,300‌

72,783‌

Newmont

Corp.

1,192‌

44,366‌

Nippon

Steel

Corp.

5,600‌

113,260‌

Norsk

Hydro

ASA

12,315‌

67,694‌

Nutrien

Ltd.

1,915‌

85,697‌

SECURITY

DESCRIPTION

VALUE

($)

Materials

(7.8%):

(continued)

Packaging

Corp.

America

943‌

212,298‌

Ramaco

Resources,

Inc.,

Class

5,557‌

57,015‌

Rio

Tinto

PLC

1,560‌

92,224‌

Ryerson

Holding

Corp.

5,259‌

97,344‌

Sonoco

Products

Co.

3,017‌

147,380‌

Southern

Copper

Corp.

527‌

48,026‌

SunCoke

Energy,

Inc.

13,584‌

145,349‌

The

Mosaic

Co.

3,721‌

91,462‌

The

Scotts

Miracle-Gro

Co.

1,345‌

89,227‌

UPM-Kymmene

Oyj

3,370‌

92,703‌

3,265,426‌

Utilities

(

Alliant

Energy

Corp.

3,051‌

180,436‌

American

Electric

Power

Co.,

Inc.

1,333‌

122,943‌

APA

Group(a)

11,827‌

51,010‌

Avista

Corp.

5,711‌

209,194‌

Black

Hills

Corp.

3,577‌

209,326‌

Brookfield

Infrastructure

Corp.(a)

2,796‌

111,868‌

Canadian

Utilities

Ltd.,

Class

1,936‌

46,942‌

Clearway

Energy,

Inc.,

Class

2,709‌

70,434‌

CMS

Energy

Corp.

3,168‌

211,147‌

Consolidated

Edison,

Inc.

2,373‌

211,743‌

DTE

Energy

Co.

1,993‌

240,655‌

EDP

36,980‌

118,386‌

Emera,

Inc.

6,161‌

230,314‌

Endesa

9,828‌

211,415‌

Enel

SpA

33,892‌

241,712‌

Engie

14,995‌

237,769‌

Entergy

Corp.

2,160‌

163,771‌

Evergy,

Inc.

2,675‌

164,646‌

Eversource

Energy

2,338‌

134,271‌

Fortum

Oyj

9,688‌

135,608‌

IDACORP,

Inc.

1,464‌

159,986‌

National

Fuel

Gas

Co.

2,460‌

149,273‌

New

Jersey

Resources

Corp.

3,149‌

146,901‌

NextEra

Energy,

Inc.

1,508‌

108,109‌

NiSource,

Inc.

6,674‌

245,336‌

Northwest

Natural

Holding

Co.

3,884‌

153,651‌

Northwestern

Energy

Group,

Inc.

4,394‌

234,903‌

OGE

Energy

Corp.

3,251‌

134,104‌

ONE

Gas,

Inc.

2,830‌

195,977‌

Origin

Energy

Ltd.

12,527‌

84,494‌

Pinnacle

West

Capital

Corp.

2,417‌

204,889‌

Portland

General

Electric

Co.

5,290‌

230,750‌

Public

Service

Enterprise

Group,

Inc.

2,497‌

210,972‌

Redeia

Corp.

14,123‌

241,349‌

RWE

1,963‌

58,614‌

Snam

SpA

27,690‌

122,658‌

Southwest

Gas

Holdings,

Inc.

2,472‌

174,795‌

Spire,

Inc.

3,810‌

258,432‌

SSE

PLC(a)

7,278‌

146,123‌

The

Southern

Co.

2,550‌

209,916‌

TXNM

Energy,

Inc.

6,445‌

345,566‌

Schedule

Portfolio

Investments

continued

December

31,

2024

Timothy

Plan

Market

Neutral

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2024

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(18.4%):

(continued)

UGI

Corp.

4,650‌

131,269‌

United

Utilities

Group

PLC

6,140‌

80,813‌

Veolia

Environnement

5,718‌

160,549‌

WEC

Energy

Group,

Inc.

1,752‌

164,758‌

7,657,777‌

Total

Common

Stocks

(Cost

$34,170,350)

36,386,365‌

Total

Investments

(Cost

$34,170,350)

—

87.3%(b)

36,386,365‌

Other

assets

excess

liabilities

—

12.7%

5,316,928‌

NET

ASSETS

100.00%

41,703,293‌

(a)

Non-income

producing

security.

(b)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Short

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

2000

Index

3/21/25

(

10,460,047‌

)

(

9,899,120‌

)

560,927‌

Mini

MSCI

EAFE

Index

3/21/25

(

10,168,270‌

)

(

9,863,625‌

)

304,645‌

S&P

500

Index

E-mini

3/21/25

176

(

53,880,208‌

)

(

52,234,600‌

)

1,645,608‌

2,511,180‌

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

NASDAQ

100

Mini

Future

Index

3/21/25

37,061,342‌

35,660,520‌

(

1,400,822‌

)

(

1,400,822‌

)

Total

Net

Futures

Contracts

1,110,358‌

Statements

Assets

and

Liabilities

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

ASSETS:

Investments,

value

(Cost

$150,953,924

and

$232,489,844)

169,148,207‌

266,515,597‌

Cash

368,478‌

918,826‌

Deposits

with

broker

for

futures

contracts

152,270‌

341,598‌

Interest

and

dividends

receivable

172,784‌

145,109‌

Variation

margin

receivable

open

futures

contracts

376‌

—‌

Reclaims

receivable

—‌

1,386‌

Total

Assets

169,842,115‌

267,922,516‌

LIABILITIES:

Variation

margin

payable

open

futures

contracts

—‌

4,600‌

Accrued

expenses

and

other

payables:

—‌

Investment

advisory

fees

76,135‌

119,824‌

Total

Liabilities

76,135‌

124,424‌

Net

Assets

169,765,980‌

267,798,092‌

NET

ASSETS

CONSIST

OF:

Capital

171,732,714‌

261,641,470‌

Total

distributable

earnings/(loss)

(

1,966,734‌

)

6,156,622‌

Net

Assets

169,765,980‌

267,798,092‌

Outstanding

(unlimited

authorized,

par

value):

4,350,000‌

6,250,000‌

Net

asset

value

per

39.03‌

42.85‌

Statements

Assets

and

Liabilities

continued

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

ASSETS:

Investments,

value

(Cost

$225,985,430

and

$102,257,918)

236,789,332‌

111,028,609‌

Foreign

currency,

value

(Cost

$—

and

$30,016)

—‌

29,709‌

Cash

820,635‌

628,973‌

Deposits

with

broker

for

futures

contracts

404,920‌

80,661‌

Interest

and

dividends

receivable

226,242‌

62,590‌

Reclaims

receivable

3,050‌

354,432‌

Total

Assets

238,244,179‌

112,184,974‌

LIABILITIES:

Variation

margin

payable

open

futures

contracts

4,600‌

879‌

Accrued

expenses

and

other

payables:

—‌

Investment

advisory

fees

107,908‌

59,102‌

Total

Liabilities

112,508‌

59,981‌

Net

Assets

238,131,671‌

112,124,993‌

NET

ASSETS

CONSIST

OF:

Capital

254,620,920‌

113,960,442‌

Total

distributable

earnings/(loss)

(

16,489,249‌

)

(

1,835,449‌

)

Net

Assets

238,131,671‌

112,124,993‌

Outstanding

(unlimited

authorized,

par

value):

6,550,000‌

4,250,000‌

Net

asset

value

per

36.36‌

26.38‌

Statements

Assets

and

Liabilities

continued

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

ASSETS:

Investments,

value

(Cost

$63,614,506

and

$61,072,577)

70,317,540‌

64,426,339‌

Deposits

with

broker

for

futures

contracts

58,600‌

91,303‌

Interest

and

dividends

receivable

39,881‌

62,338‌

Reclaims

receivable

373‌

852‌

Total

Assets

70,416,394‌

64,580,832‌

LIABILITIES:

Variation

margin

payable

open

futures

contracts

1,150‌

Accrued

expenses

and

other

payables:

—‌

Investment

advisory

fees

32,125‌

29,235‌

Total

Liabilities

33,275‌

30,385‌

Net

Assets

70,383,119‌

64,550,447‌

NET

ASSETS

CONSIST

OF:

Capital

78,461,038‌

74,896,682‌

Total

distributable

earnings/(loss)

(

8,077,919‌

)

(

10,346,235‌

)

Net

Assets

70,383,119‌

64,550,447‌

Outstanding

(unlimited

authorized,

par

value):

2,750,000‌

2,600,000‌

Net

asset

value

per

25.59‌

24.83‌

Statements

Assets

and

Liabilities

continued

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Market

Neutral

ETF

ASSETS:

Investments,

value

(Cost

$34,170,350)

36,386,365‌

Foreign

currency,

value

(Cost

$6,647)

6,647‌

Cash

2,501,676‌

Deposits

with

broker

for

futures

contracts

3,255,505‌

Interest

and

dividends

receivable

54,112‌

Variation

margin

receivable

open

futures

contracts

212,405‌

Reclaims

receivable

53,907‌

Total

Assets

42,470,617‌

LIABILITIES:

Payable

for

investments

purchased

416,726‌

Variation

margin

payable

open

futures

contracts

328,020‌

Accrued

expenses

and

other

payables:

—‌

Investment

advisory

fees

22,578‌

Total

Liabilities

767,324‌

Net

Assets

41,703,293‌

NET

ASSETS

CONSIST

OF:

Capital

45,884,713‌

Total

distributable

earnings/(loss)

(

4,181,420‌

)

Net

Assets

41,703,293‌

Outstanding

(unlimited

authorized,

par

value):

1,770,000‌

Net

asset

value

per

23.56‌

Statements

Operations

For

the

Year

Ended

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

Investment

Income:

Dividend

income

2,093,354‌

3,398,828‌

Interest

income

5,744‌

13,396‌

Foreign

tax

withholding

(

3,145‌

)

(

1,113‌

)

Total

Income

2,095,953‌

3,411,111‌

Expenses:

Investment

advisory

fees

706,972‌

1,252,267‌

Total

Expenses

706,972‌

1,252,267‌

Net

Investment

Income

(Loss)

1,388,981‌

2,158,844‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

(

7,247,287‌

)

(

7,798,604‌

)

Net

realized

gains

(losses)

from

in-kind

transactions

15,468,001‌

31,917,550‌

Net

realized

gains

(losses)

from

futures

contracts

99,994‌

168,354‌

Net

change

unrealized

appreciation/depreciation

investments

5,520,963‌

2,239,157‌

Net

change

unrealized

appreciation/depreciation

futures

contracts

(

47,199‌

)

(

63,416‌

)

Net

realized/unrealized

gains

investments

13,794,472‌

26,463,041‌

Change

net

assets

resulting

from

operations

15,183,453‌

28,621,885‌

Statements

Operations

continued

For

the

Year

Ended

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

Investment

Income:

Dividend

income

6,260,993‌

3,763,264‌

Interest

income

15,311‌

4,674‌

Foreign

tax

withholding

(

3,325‌

)

(

576,639‌

)

Total

Income

6,272,979‌

3,191,299‌

Expenses:

Investment

advisory

fees

1,219,635‌

668,453‌

Total

Expenses

1,219,635‌

668,453‌

Net

Investment

Income

(Loss)

5,053,344‌

2,522,846‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

and

foreign

currency

transactions

(

7,575,111‌

)

1,298,483‌

Net

realized

gains

(losses)

from

in-kind

transactions

33,080,075‌

—‌

Net

realized

gains

(losses)

from

futures

contracts

204,919‌

(

11,800‌

)

Net

change

unrealized

appreciation/depreciation

investments

and

foreign

currency

translations

(

5,033,820‌

)

(

955,069‌

)

Net

change

unrealized

appreciation/depreciation

futures

contracts

(

56,628‌

)

(

25,958‌

)

Net

realized/unrealized

gains

investments

20,619,435‌

305,656‌

Change

net

assets

resulting

from

operations

25,672,779‌

2,828,502‌

Statements

Operations

continued

For

the

Year

Ended

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

Investment

Income:

Dividend

income

990,201‌

1,815,914‌

Interest

income

2,642‌

3,210‌

Foreign

tax

withholding

(

356‌

)

(

593‌

)

Total

Income

992,487‌

1,818,531‌

Expenses:

Investment

advisory

fees

362,057‌

350,498‌

Total

Expenses

362,057‌

350,498‌

Net

Investment

Income

(Loss)

630,430‌

1,468,033‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

(

284,921‌

)

1,004,544‌

Net

realized

gains

(losses)

from

in-kind

transactions

6,015,369‌

5,318,966‌

Net

realized

gains

(losses)

from

futures

contracts

52,568‌

45,927‌

Net

change

unrealized

appreciation/depreciation

investments

1,663,014‌

(

270,038‌

)

Net

change

unrealized

appreciation/depreciation

futures

contracts

(

11,345‌

)

(

11,779‌

)

Net

realized/unrealized

gains

investments

7,434,685‌

6,087,620‌

Change

net

assets

resulting

from

operations

8,065,115‌

7,555,653‌

Statements

Operations

continued

For

the

Year

Ended

December

31,

2024

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Market

Neutral

ETF

Investment

Income:

Dividend

income

1,775,411‌

Interest

income

178,333‌

Foreign

tax

withholding

(

136,543‌

)

Total

Income

1,817,201‌

Expenses:

Investment

advisory

fees

257,351‌

Total

Expenses

257,351‌

Net

Investment

Income

(Loss)

1,559,850‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

and

foreign

currency

transactions

653,916‌

Net

realized

gains

(losses)

from

in-kind

transactions

235,569‌

Net

realized

gains

(losses)

from

futures

contracts

(

4,525,522‌

)

Net

change

unrealized

appreciation/depreciation

investments

and

foreign

currency

translations

406,205‌

Net

change

unrealized

appreciation/depreciation

futures

contracts

2,397,115‌

Net

realized/unrealized

losses

investments

(

832,717‌

)

Change

net

assets

resulting

from

operations

727,133‌

Statements

Changes

Net

Assets

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

1,388,981‌

941,090‌

2,158,844‌

2,121,169‌

Net

realized

gains

(losses)

8,320,708‌

(

1,176,390‌

)

24,287,300‌

2,796,523‌

Net

change

unrealized

appreciation/depreciation

5,473,764‌

12,553,275‌

2,175,741‌

23,954,965‌

Change

net

assets

resulting

from

operations

15,183,453‌

12,317,975‌

28,621,885‌

28,872,657‌

Distributions

Shareholders:

Distributions

(

1,405,308‌

)

(

1,014,568‌

)

(

2,166,878‌

)

(

2,035,463‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

1,405,308‌

)

(

1,014,568‌

)

(

2,166,878‌

)

(

2,035,463‌

)

Change

net

assets

resulting

from

capital

transactions

53,511,526‌

19,751,180‌

4,392,539‌

31,053,472‌

Change

net

assets

67,289,671‌

31,054,587‌

30,847,546‌

57,890,666‌

Net

Assets:

Beginning

period

102,476,309‌

71,421,722‌

236,950,546‌

179,059,880‌

End

period

169,765,980‌

102,476,309‌

267,798,092‌

236,950,546‌

Capital

Transactions:

Proceeds

from

issued

105,385,140‌

52,216,218‌

104,545,272‌

75,986,933‌

Cost

redeemed

(

51,873,614‌

)

(

32,465,038‌

)

(

100,152,733‌

)

(

44,933,461‌

)

Change

net

assets

resulting

from

capital

transactions

53,511,526‌

19,751,180‌

4,392,539‌

31,053,472‌

Transactions:

Issued

2,850,000‌

1,600,000‌

2,500,000‌

2,150,000‌

Redeemed

(

1,400,000‌

)

(

1,050,000‌

)

(

2,450,000‌

)

(

1,300,000‌

)

Change

1,450,000‌

550,000‌

50,000‌

850,000‌

Statements

Changes

Net

Assets

continued

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

5,053,344‌

4,642,065‌

2,522,846‌

2,257,286‌

Net

realized

gains

(losses)

25,709,883‌

857,330‌

1,286,683‌

(

2,510,198‌

)

Net

change

unrealized

appreciation/depreciation

(

5,090,448‌

)

12,686,240‌

(

981,027‌

)

13,166,040‌

Change

net

assets

resulting

from

operations

25,672,779‌

18,185,635‌

2,828,502‌

12,913,128‌

Distributions

Shareholders:

Distributions

(

4,895,565‌

)

(

4,513,975‌

)

(

3,111,526‌

)

(

2,243,745‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

4,895,565‌

)

(

4,513,975‌

)

(

3,111,526‌

)

(

2,243,745‌

)

Change

net

assets

resulting

from

capital

transactions

(

11,443,891‌

)

36,140,658‌

14,606,623‌

10,256,927‌

Change

net

assets

9,333,323‌

49,812,318‌

14,323,599‌

20,926,310‌

Net

Assets:

Beginning

period

228,798,348‌

178,986,030‌

97,801,394‌

76,875,084‌

End

period

238,131,671‌

228,798,348‌

112,124,993‌

97,801,394‌

Capital

Transactions:

Proceeds

from

issued

138,750,959‌

92,478,496‌

14,606,623‌

16,109,565‌

Cost

redeemed

(

150,194,850‌

)

(

56,337,838‌

)

—‌

(

5,852,638‌

)

Change

net

assets

resulting

from

capital

transactions

(

11,443,891‌

)

36,140,658‌

14,606,623‌

10,256,927‌

Transactions:

Issued

3,850,000‌

3,000,000‌

550,000‌

650,000‌

Redeemed

(

4,200,000‌

)

(

1,850,000‌

)

—‌

(

250,000‌

)

Change

(

350,000‌

)

1,150,000‌

550,000‌

400,000‌

Statements

Changes

Net

Assets

continued

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

630,430‌

1,027,288‌

1,468,033‌

1,826,942‌

Net

realized

gains

(losses)

5,783,016‌

(

7,677,050‌

)

6,369,437‌

(

6,820,555‌

)

Net

change

unrealized

appreciation/depreciation

1,651,669‌

5,067,239‌

(

281,817‌

)

3,940,819‌

Change

net

assets

resulting

from

operations

8,065,115‌

(

1,582,523‌

)

7,555,653‌

(

1,052,794‌

)

Distributions

Shareholders:

Distributions

(

633,632‌

)

(

957,342‌

)

(

1,413,960‌

)

(

1,717,979‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

633,632‌

)

(

957,342‌

)

(

1,413,960‌

)

(

1,717,979‌

)

Change

net

assets

resulting

from

capital

transactions

4,774,464‌

(

9,342,524‌

)

(

8,355,308‌

)

1,480,043‌

Change

net

assets

12,205,947‌

(

11,882,389‌

)

(

2,213,615‌

)

(

1,290,730‌

)

Net

Assets:

Beginning

period

58,177,172‌

70,059,561‌

66,764,062‌

68,054,792‌

End

period

70,383,119‌

58,177,172‌

64,550,447‌

66,764,062‌

Capital

Transactions:

Proceeds

from

issued

24,141,386‌

3,153,818‌

17,354,716‌

16,781,494‌

Cost

redeemed

(

19,366,922‌

)

(

12,496,342‌

)

(

25,710,024‌

)

(

15,301,451‌

)

Change

net

assets

resulting

from

capital

transactions

4,774,464‌

(

9,342,524‌

)

(

8,355,308‌

)

1,480,043‌

Transactions:

Issued

950,000‌

150,000‌

700,000‌

750,000‌

Redeemed

(

750,000‌

)

(

550,000‌

)

(

1,050,000‌

)

(

700,000‌

)

Change

200,000‌

(

400,000‌

)

(

350,000‌

)

50,000‌

Statements

Changes

Net

Assets

continued

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Market

Neutral

ETF

For

the

Year

Ended

December

31,

2024

For

the

Period

January

25,

2023

(a)

through

December

31,

2023

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

1,559,850‌

1,871,463‌

Net

realized

gains

(losses)

(

3,636,037‌

)

(

346,591‌

)

Net

change

unrealized

appreciation/depreciation

2,803,320‌

520,739‌

Change

net

assets

resulting

from

operations

727,133‌

2,045,611‌

Distributions

Shareholders:

Distributions

(

1,688,176‌

)

(

3,362,437‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

1,688,176‌

)

(

3,362,437‌

)

Change

net

assets

resulting

from

capital

transactions

8,257,471‌

35,723,691‌

Change

net

assets

7,296,428‌

34,406,865‌

Net

Assets:

Beginning

period

34,406,865‌

—‌

End

period

41,703,293‌

34,406,865‌

Capital

Transactions:

Proceeds

from

issued

9,680,975‌

76,207,397‌

Cost

redeemed

(

1,423,504‌

)

(

40,483,706‌

)

Change

net

assets

resulting

from

capital

transactions

8,257,471‌

35,723,691‌

Transactions:

Issued

410,000‌

3,050,000‌

Redeemed

(

60,000‌

)

(

1,630,000‌

)

Change

350,000‌

1,420,000‌

(a)

Commencement

operations.

Financial

Highlights

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

Period

35.34‌

30.39‌

35.49‌

27.71‌

25.55‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.38‌

0.36‌

0.34‌

0.40‌

0.32‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

3.69‌

4.97‌

(

5.11‌

)

7.78‌

2.15‌

Total

from

Investment

Activities

4.07‌

5.33‌

(

4.77‌

)

8.18‌

2.47‌

Distributions

Shareholders:

Net

Investment

Income

(

0.38‌

)

(

0.38‌

)

(

0.33‌

)

(

0.40‌

)

(

0.31‌

)

Total

Distributions

(

0.38‌

)

(

0.38‌

)

(

0.33‌

)

(

0.40‌

)

(

0.31‌

)

Net

Asset

Value,

End

Period

39.03‌

35.34‌

30.39‌

35.49‌

27.71‌

Total

Return

(b)

.57‌

.64‌

(

.45‌

)

.62‌

.99‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.52‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.02‌

.13‌

.09‌

.20‌

.45‌

Net

Assets,

End

Period

(000's)

169,766‌

102,476‌

71,422‌

56,792‌

31,869‌

Portfolio

Turnover

(c)

44‌

60‌

59‌

57‌

78‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Large/Mid

Cap

Core

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

Period

38.22‌

33.47‌

38.65‌

30.93‌

27.23‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.37‌

0.36‌

0.35‌

0.24‌

0.23‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

4.64‌

4.73‌

(

5.17‌

)

7.72‌

3.72‌

Total

from

Investment

Activities

5.01‌

5.09‌

(

4.82‌

)

7.96‌

3.95‌

Distributions

Shareholders:

Net

Investment

Income

(

0.38‌

)

(

0.34‌

)

(

0.36‌

)

(

0.24‌

)

(

0.25‌

)

Total

Distributions

(

0.38‌

)

(

0.34‌

)

(

0.36‌

)

(

0.24‌

)

(

0.25‌

)

Net

Asset

Value,

End

Period

42.85‌

38.22‌

33.47‌

38.65‌

30.93‌

Total

Return

(b)

.12‌

.30‌

(

.48‌

)

.82‌

.67‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.52‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.90‌

.03‌

.02‌

.69‌

.88‌

Net

Assets,

End

Period

(000's)

267,798‌

236,951‌

179,060‌

168,140‌

163,904‌

Portfolio

Turnover

(c)

25‌

30‌

26‌

27‌

45‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

Period

33.16‌

31.13‌

32.49‌

25.88‌

26.89‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.77‌

0.75‌

0.73‌

0.61‌

0.57‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

3.19‌

2.01‌

(

1.35‌

)

6.60‌

(

0.96‌

)

Total

from

Investment

Activities

3.96‌

2.76‌

(

0.62‌

)

7.21‌

(

0.39‌

)

Distributions

Shareholders:

Net

Investment

Income

(

0.76‌

)

(

0.73‌

)

(

0.74‌

)

(

0.60‌

)

(

0.62‌

)

Total

Distributions

(

0.76‌

)

(

0.73‌

)

(

0.74‌

)

(

0.60‌

)

(

0.62‌

)

Net

Asset

Value,

End

Period

36.36‌

33.16‌

31.13‌

32.49‌

25.88‌

Total

Return

(b)

.99‌

.03‌

(

.88‌

)

.10‌

(

.17‌

)

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.52‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.15‌

.39‌

.32‌

.07‌

.45‌

Net

Assets,

End

Period

(000's)

238,132‌

228,798‌

178,986‌

131,582‌

122,911‌

Portfolio

Turnover

(c)

34‌

41‌

42‌

43‌

68‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

International

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

For

the

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

Period

26.43‌

23.30‌

29.06‌

26.98‌

25.58‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.63‌

0.64‌

0.66‌

0.56‌

0.47‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

0.11‌

3.12‌

(

5.82‌

)

2.21‌

1.40‌

Total

from

Investment

Activities

0.74‌

3.76‌

(

5.16‌

)

2.77‌

1.87‌

Distributions

Shareholders:

Net

Investment

Income

(

0.79‌

)

(

0.63‌

)

(

0.60‌

)

(

0.69‌

)

(

0.47‌

)

Total

Distributions

(

0.79‌

)

(

0.63‌

)

(

0.60‌

)

(

0.69‌

)

(

0.47‌

)

Net

Asset

Value,

End

Period

26.38‌

26.43‌

23.30‌

29.06‌

26.98‌

Total

Return

(b)

.77‌

.41‌

(

.80‌

)

.34‌

.66‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.62‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.34‌

.60‌

.72‌

.94‌

.98‌

Net

Assets,

End

Period

(000's)

112,125‌

97,801‌

76,875‌

82,827‌

71,500‌

Portfolio

Turnover

(c)

35‌

34‌

39‌

42‌

63‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

period

July

29,

2021

(a)

December

31,

2021

Net

Asset

Value,

Beginning

Period

22.81‌

23.75‌

27.19‌

25.00‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.23‌

0.38‌

0.25‌

0.11‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

2.77‌

(

0.96‌

)

(

3.40‌

)

2.16‌

Total

from

Investment

Activities

3.00‌

(

0.58‌

)

(

3.15‌

)

2.27‌

Distributions

Shareholders:

Net

Investment

Income

(

0.22‌

)

(

0.36‌

)

(

0.28‌

)

(

0.08‌

)

Return

Capital

—‌

(

0.01‌

)

—‌

Total

Distributions

(

0.22‌

)

(

0.36‌

)

(

0.29‌

)

(

0.08‌

)

Net

Asset

Value,

End

Period

25.59‌

22.81‌

23.75‌

27.19‌

Total

Return

(c)(d)

.18‌

(

.40‌

)

(

.58‌

)

.09‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

(e)

.52‌

(f)

.52‌

.51‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

(e)

.91‌

.69‌

.05‌

.00‌

Net

Assets,

End

Period

(000's)

70,383‌

58,177‌

70,060‌

69,327‌

Portfolio

Turnover

(c)(g)

29‌

(h)

302‌

(i)

155‌

(i)

13‌

Table

Line

(a)

Commencement

operations.

(b)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Excludes

impact

in-kind

transactions.

(h)

Portfolio

turnover

decreased

significantly

due

changes

the

volume

and

timing

purchases

and

sales

portfolio

holdings

during

the

year.

(i)

Portfolio

turnover

increased

significantly

due

changes

the

volume

and

timing

purchases

and

sales

portfolio

holdings

during

the

year.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

period

July

29,

2021

(a)

December

31,

2021

Net

Asset

Value,

Beginning

Period

22.63‌

23.47‌

26.90‌

25.00‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.53‌

0.60‌

0.28‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

2.18‌

(

0.88‌

)

(

3.37‌

)

1.86‌

Total

from

Investment

Activities

2.71‌

(

0.28‌

)

(

2.77‌

)

2.14‌

Distributions

Shareholders:

Net

Investment

Income

(

0.51‌

)

(

0.56‌

)

(

0.66‌

)

(

0.24‌

)

Total

Distributions

(

0.51‌

)

(

0.56‌

)

(

0.66‌

)

(

0.24‌

)

Net

Asset

Value,

End

Period

24.83‌

22.63‌

23.47‌

26.90‌

Total

Return

(c)(d)

.01‌

(

.17‌

)

(

.44‌

)

.59‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

(e)

.52‌

(f)

.52‌

.51‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

(e)

.18‌

.60‌

.39‌

.50‌

Net

Assets,

End

Period

(000's)

64,550‌

66,764‌

68,055‌

47,081‌

Portfolio

Turnover

(c)(g)

39‌

(h)

209‌

191‌

(i)

16‌

Table

Line

(a)

Commencement

operations.

(b)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Does

not

include

acquired

fund

fees

and

expenses,

any.

(g)

Excludes

impact

in-kind

transactions.

(h)

Portfolio

turnover

decreased

significantly

due

changes

the

volume

and

timing

purchases

and

sales

portfolio

holdings

during

the

year.

(i)

Portfolio

turnover

increased

significantly

due

changes

the

volume

and

timing

purchases

and

sales

portfolio

holdings

during

the

year.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Market

Neutral

ETF

For

the

Year

Ended

December

31,

2024

For

the

period

January

25,

2023

(a)

December

31,

2023

Net

Asset

Value,

Beginning

Period

24.23‌

25.00‌

Investment

Activities:

Net

Investment

Income

(Loss)

(b)

0.93‌

1.01‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

(

0.62‌

)

0.31‌

Total

from

Investment

Activities

0.31‌

1.32‌

Distributions

Shareholders:

Net

Investment

Income

(

0.98‌

)

(

1.06‌

)

Net

Realized

Gains

From

Investments

—‌

(

1.03‌

)

Total

Distributions

(

0.98‌

)

(

2.09‌

)

Net

Asset

Value,

End

Period

23.56‌

24.23‌

Total

Return

(c)(d)

.39‌

.46‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

(e)

.65‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

(e)

.94‌

.37‌

Net

Assets,

End

Period

(000's)

41,703‌

34,407‌

Portfolio

Turnover

(c)(f)

35‌

(g)

112‌

Table

Line

(a)

Commencement

operations.

(b)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

impact

in-kind

transactions.

(g)

Portfolio

turnover

decreased

significantly

due

changes

the

volume

and

timing

purchases

and

sales

portfolio

holdings

during

the

year.

Notes

Financial

Statements

December

31,

2024

Timothy

Plan

ORGANIZATION:

The

Timothy

Plan

(the

“Trust”)

was

organized

pursuant

trust

agreement

dated

December

16,

1993

Delaware

business

trust.

The

Trust

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

investment

company

and

thus

determined

investment

company

for

accounting

purposes.

The

Trust

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—

Investment

Companies.”

The

Trust

comprised

multiple

series

funds,

seven

which

are

exchange-traded

funds

(“ETFs”),

and

are

authorized

issue

unlimited

number

shares,

which

are

units

beneficial

interest

with

par

value.

Each

ETF

classified

diversified

under

the

1940

Act.

The

accompanying

financial

statements

are

those

the

Timothy

Plan

Small

Cap

Core

ETF

(“US

Small

Cap

Core

ETF”),

Timothy

Plan

Large/Mid

Cap

Core

ETF

(“US

Large/Mid

Cap

Core

ETF”),

Timothy

Plan

High

Dividend

Stock

ETF

(“High

Dividend

Stock

ETF”),

Timothy

Plan

International

ETF

(“International

ETF”),

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

(“US

Large/Mid

Cap

Core

Enhanced

ETF”),

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

(“High

Dividend

Stock

Enhanced

ETF”)

and

Timothy

Plan

Market

Neutral

ETF

(“Market

Neutral

ETF”)

(individually,

“Fund”

and

collectively,

the

“Funds”).

The

Funds,

except

for

the

Market

Neutral

ETF,

seek

provide

investment

results

that

track

the

performance

underlying

index,

before

fees

and

expenses.

The

underlying

indices

for

the

Small

Cap

Core

ETF,

Large/Mid

Cap

Core

ETF,

High

Dividend

Stock

ETF,

International

ETF,

Large/Mid

Cap

Core

Enhanced

ETF,

and

High

Dividend

Stock

Enhanced

ETF

are

the

Victory

Small

Cap

Volatility

Weighted

BRI

Index,

Victory

Large/Mid

Cap

Volatility

Weighted

BRI

Index,

Victory

Large

Cap

High

Dividend

Volatility

Weighted

BRI

Index,

Victory

International

Volatility

Weighted

BRI

Index,

Victory

Large/Mid

Cap

Long/Cash

Volatility

Wtd

BRI

Index,

and

Victory

Large

Cap

High

Div

Long/Cash

Vol

Wtd

BRI

Index

(individually,

“Index”

and

collectively,

the

“Indices”),

respectively.

The

Market

Neutral

ETF

seeks

provide

high

current

income

and

low

correlation

stocks

and

bonds.

Under

the

Trust’s

organizational

documents,

its

officers

and

Board

Trustees

(the

“Board”)

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Funds.

addition,

the

normal

course

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

unknown,

this

would

involve

future

claims

that

may

made

against

the

Funds.

However,

based

experience,

the

Funds

expect

that

risk

loss

remote.

SIGNIFICANT

ACCOUNTING

POLICIES:

The

following

summary

significant

accounting

policies

followed

the

Trust

the

preparation

its

financial

statements.

The

policies

are

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“GAAP”).

The

preparation

financial

statements

accordance

with

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

investment

companies.

the

Funds

are

listed

and

traded

the

New

York

Stock

Exchange

(“NYSE”

the

“Exchange”).

The

Funds’

are

offered

net

asset

value

(“NAV”)

only

aggregations

50,000

(each

“Creation

Unit”).

The

Funds

will

issue

and

redeem

Creation

Units

principally

exchange

for

basket

securities

included

the

respective

Fund’s

Index

(the

“Deposit

Securities”),

together

with

the

deposit

specified

cash

payment

(the

“Cash

Component”),

plus

transaction

fees

(“Transaction

Fees”)

further

described

below.

trade

the

Exchange

market

prices

that

may

below,

at,

above

NAV.

Fund

may

only

purchased

redeemed

certain

financial

institutions

(“Authorized

Participants”).

Authorized

Participant

either

(

)

broker-dealer

other

participant

the

clearing

process

through

the

Continuous

Net

Settlement

System

(“Clearing

Process”)

the

National

Securities

Clearing

Corporation

(“NSCC”)

(ii)

DTC

participant

and,

each

case,

must

have

executed

Participant

Agreement

with

the

Distributor.

Most

retail

investors

not

qualify

Authorized

Participants

nor

have

the

resources

buy

and

sell

whole

Creation

Units.

Therefore,

they

are

unable

purchase

redeem

the

directly

from

Fund.

The

Funds

reserve

the

right

offer

creations

and

redemptions

for

cash.

addition,

may

issued

advance

receipt

Deposit

Securities

subject

various

conditions,

including

requirement

maintain

deposit

with

the

Trust

cash

equal

105%

the

market

value

the

missing

Deposit

Securities.

each

instance

such

cash

creations

redemptions,

transaction

fees

may

imposed

and

may

higher

than

the

transaction

fees

associated

with

in-kind

creations

redemptions.

Transaction

Fees

include

fixed

fee

(“Fixed

Fee”)

payable

the

Custodian

(“Citibank

N.A.”),

which

imposed

each

creation

and

redemption

transaction

regardless

the

number

Creation

Units

involved

the

transaction.

Transaction

Fees

may

also

include

additional

variable

charge

(“Variable

Charge”)

for

purchases

and

redemptions

Creation

Units

for

cash

involving

cash-in-lieu,

compensate

each

Fund

and

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

its

ongoing

shareholders

for

brokerage

and

market

impact

expenses

relating

Creation

Unit

transactions.

Under

certain

circumstances,

the

Transaction

Fees

may

waived

adjusted.

such

cases,

the

Authorized

Participant

will

reimburse

each

Fund

for,

among

other

things,

any

difference

between

the

market

value

which

the

securities

and/or

financial

instruments

were

purchased

each

Fund

and

the

cash-in-lieu

amount,

applicable

registration

fees,

brokerage

commissions

and

certain

taxes

and

other

costs

and

expenses

the

execution

trades

resulting

from

such

transaction

(up

the

maximum

amount

shown

below).

addition,

purchasers

Creation

Units

are

responsible

for

the

costs

transferring

the

Deposit

Securities

the

account

each

Fund.

Variable

fees

received

each

Fund

are

displayed

the

Capital

Transaction

section

the

Statements

Changes

Net

Assets

increase

Paid-In-Capital.

Investors

who

use

the

services

broker,

other

such

intermediary

may

charged

fee

for

such

services.

The

Transaction

Fees

for

each

Fund

are

listed

below:

percentage

the

amount

invested.

Investment

Valuation:

The

Funds

record

investments

fair

value.

Fair

value

defined

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

observable

inputs

and

minimize

the

use

unobservable

inputs

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

the

three

broad

levels

listed

below:

Level

—

quoted

prices

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities

interest

rates

applicable

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

determining

the

fair

value

investments)

Changes

valuation

techniques

may

result

transfers

out

assigned

level

within

the

disclosure

hierarchy.

The

inputs

methodologies

used

for

valuation

techniques

are

not

necessarily

indication

the

risk

associated

with

entering

into

those

investments.

Portfolio

securities

listed

traded

securities

exchanges

including,

common

stocks,

warrants

and

American

Depositary

Receipts

(“ADRs”),

are

valued

the

closing

price

the

exchange

system

where

the

security

principally

traded,

available,

the

Nasdaq

Official

Closing

Price.

there

have

been

sales

for

that

day

the

exchange

system,

then

security

valued

the

last

available

bid

quotation

the

exchange

system

where

the

security

principally

traded.

each

these

situations,

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Futures

contracts

are

valued

the

settlement

price

established

each

day

the

board

trade

exchange

which

they

are

traded.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Investments

open-end

investment

companies

are

valued

net

asset

value.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Investments

for

which

there

are

such

quotations,

for

which

quotations

not

appear

reliable,

are

valued

fair

value

accordance

with

procedures

established

valuation

designee

and

under

the

general

supervision

and

oversight

the

Trust’s

Board.

These

valuations

Fee

for

In-Kind

and

Cash

Purchases

and

Redemptions

Maximum

Additional

Variable

Charge

for

Cash

Purchases

and

Redemptions*

Small

Cap

Core

ETF

$250

2.00%

Large/Mid

Cap

Core

ETF

$500

2.00%

High

Dividend

Stock

ETF

$250

2.00%

International

ETF

$4,500

2.00%

Large/Mid

Cap

Core

Enhanced

ETF

$500

2.00%

High

Dividend

Stock

Enhanced

ETF

$250

2.00%

Market

Neutral

ETF

$250

2.00%

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

are

typically

categorized

Level

the

fair

value

hierarchy,

based

the

observability

inputs

used

determine

the

fair

value.

summary

the

valuations

December

31,

2024

based

upon

the

three

levels

defined

above,

included

the

table

below

while

the

breakdown,

category,

investments

disclosed

the

Schedules

Portfolio

Investments:

Small

Cap

Core

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

169,148,207

–

169,148,207

Total

Investment

Securities

169,148,207

–

169,148,207

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(25,409)

–

(25,409)

Total

(25,409)

–

(25,409)

Large/Mid

Cap

Core

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

266,515,597

–

266,515,597

Total

Investment

Securities

266,515,597

–

266,515,597

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(38,965)

–

(38,965)

Total

(38,965)

–

(38,965)

High

Dividend

Stock

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

236,789,332

–

236,789,332

Total

Investment

Securities

236,789,332

–

236,789,332

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(32,927)

–

(32,927)

Total

(32,927)

–

(32,927)

International

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

111,028,609

–

–(a)

111,028,609

Warrants

–

–(a)

–

Total

Investment

Securities

111,028,609

–

111,028,609

Other

Financial

Instruments*

Liabilities:

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

December

31,

2024

there

were

transfers

into/out

Level

Management

has

determined

that

the

amount

Level

securities

compared

total

net

assets

not

material;

therefore,

additional

disclosures

are

necessary

for

the

period

ended

December

31,

2024

Futures

Contracts

(12,509)

–

(12,509)

Total

(12,509)

–

(12,509)

Large/Mid

Cap

Core

Enhanced

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

69,979,194

–

69,979,194

Investment

Companies

338,346

–

338,346

Total

Investment

Securities

70,317,540

–

70,317,540

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(9,637)

–

(9,637)

Total

(9,637)

–

(9,637)

High

Dividend

Stock

Enhanced

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

64,182,069

–

64,182,069

Investment

Companies

244,270

–

244,270

Total

Investment

Securities

64,426,339

–

64,426,339

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(9,637)

–

(9,637)

Total

(9,637)

–

(9,637)

Market

Neutral

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

36,386,365

–

36,386,365

Total

Investment

Securities

36,386,365

–

36,386,365

Other

Financial

Instruments*

Assets:

Futures

Contracts

2,511,180

–

2,511,180

Liabilities:

Futures

Contracts

(1,400,822)

–

(1,400,822)

Total

1,110,358

–

1,110,358

Futures

Contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

investment.

(a)

Zero

market

value.

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

Real

Estate

Investment

Trusts

(“REITs”):

The

Funds

may

invest

REITs

which

report

information

the

source

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

income-producing

real

estate

real

estate

loans

interests

(such

mortgages).

Certain

distributions

received

from

REITs

during

the

year

are

recorded

realized

gains

return

capital

estimated

the

Funds

when

such

information

becomes

known.

Investment

Companies:

The

Funds

may

invest

portfolios

open-end

investment

companies.

These

investment

companies

value

securities

their

portfolios

for

which

market

quotations

are

readily

available

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

their

fair

value

the

methods

established

the

board

directors

the

underlying

funds.

Investment

Transactions

and

Income:

Changes

holdings

investments

are

accounted

for

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

trade

date

the

last

business

day

the

reporting

period.

Interest

income

recognized

accrual

basis

and

includes,

where

applicable,

the

amortization

premiums

accretion

discounts.

Dividend

income

recorded

the

ex-dividend

date.

Non-cash

dividends

included

income,

any,

are

recorded

the

fair

value

the

securities

received.

Gains

losses

realized

sales

securities

are

determined

comparing

the

identified

cost

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

interest,

dividends

and

gains

result

certain

investments

ADRs

the

Funds

have

been

provided

for

accordance

with

each

investment’s

applicable

country’s

tax

rules

and

rates.

Futures

Contracts:

During

the

period

ended

December

31,

2024

the

Funds

used

futures

contracts

provide

market

exposure

the

Funds’

cash

balances.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

futures

contract,

and

maintain

the

Fund’s

open

positions

futures

contracts,

the

Fund

would

required

deposit

with

its

custodian

futures

broker

segregated

account

the

name

the

futures

broker

amount

cash,

U.S.

government

securities,

suitable

money

market

instruments,

other

liquid

securities,

known

“initial

margin.”

The

margin

required

for

particular

futures

contract

set

the

exchange

which

the

contract

traded,

and

may

significantly

modified

from

time

the

exchange

during

the

term

the

contract.

Futures

contracts

are

customarily

purchased

and

sold

margins

that

may

range

upward

from

less

than

the

value

the

contract

being

traded.

Deposits

for

futures

for

the

Funds

are

reported

Deposit

with

broker

for

futures

contracts

the

Statements

Assets

and

Liabilities.

the

price

open

futures

contract

changes

(by

increase

underlying

instrument

index

the

case

sale

decrease

the

case

purchase)

that

the

loss

the

futures

contract

reaches

point

which

the

margin

deposit

does

not

satisfy

margin

requirements,

the

broker

will

require

increase

the

margin.

However,

the

value

position

increases

because

favorable

price

changes

the

futures

contract

that

the

margin

deposit

exceeds

the

required

margin,

the

broker

will

pay

the

excess

Fund.

These

subsequent

payments,

called

“Variation

Margin,”

and

from

the

futures

broker,

are

made

daily

basis

the

price

the

underlying

assets

fluctuate

making

the

long

and

short

positions

the

futures

contract

less

valuable,

process

known

“marking

the

market.”

The

Funds

recorded

payable

receivable

variation

margin.

The

Funds

expect

earn

interest

income

its

margin

deposits.

Gains

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

are

closed.

Futures

contracts

involve,

varying

degrees,

elements

market

risk

(generally

equity

price

risk

stock

futures,

interest

rate

risk

bond

futures,

and

foreign

currency

risk

currency

futures)

and

exposure

loss

excess

the

variation

margin

disclosed

the

Statements

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

futures

contracts

are

the

imperfect

correlation

between

the

change

fair

value

the

underlying

securities

and

the

prices

futures

contracts,

the

possibility

illiquid

market,

and

the

inability

the

counterparty

meet

the

terms

the

contract.

Realized

and

unrealized

gains

and

losses

are

reported

“Net

realized

gains/(losses)

from

futures

transactions”

and

“Net

change

unrealized

appreciation/depreciation

futures

contracts”,

respectively,

the

Statements

Operations.

Average

Notional

Value

The

table

below

summarizes

the

monthly

average

notional

value

futures

contracts

for

the

period

ended

December

31,

2024

Average

Notional

Value

Fund

Long

Short

Small

Cap

Core

ETF

546,465

—

Large/Mid

Cap

Core

ETF

939,489

—

High

Dividend

Stock

ETF

1,097,145

—

International

ETF

607,316

—

Large/Mid

Cap

Core

Enhanced

ETF

274,691

—

High

Dividend

Stock

Enhanced

ETF

274,691

—

Market

Neutral

ETF

33,602,453

69,949,382

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

Summary

Derivative

Instruments

The

following

summary

the

fair

values

derivative

instruments

Statements

Assets

and

Liabilities,

categorized

risk

exposure,

December

31,

2024

Includes

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

reported

the

Schedules

Portfolio

Investments.

Only

current

day’s

variation

margin

for

futures

contracts

reported

within

the

Statements

Assets

and

Liabilities.

The

following

summary

the

effect

derivative

instruments

the

Statements

Operations,

categorized

risk

exposure,

for

the

period

ended

December

31,

2024

Foreign

Currency

Translations:

The

accounting

records

the

Funds

are

maintained

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

Fund

denominated

foreign

currency

are

translated

into

U.S.

dollars

current

exchange

rates.

Purchases

and

sales

securities,

income

receipts

and

expense

payments

are

translated

into

U.S.

dollars

the

exchange

rates

the

date

the

transactions.

The

Funds

not

isolate

the

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

disclosed

net

change

unrealized

appreciation/depreciation

investments

and

foreign

currency

translations

the

Statements

Operations.

Any

realized

gains

losses

from

these

fluctuations

are

disclosed

net

realized

gains

losses

from

investment

transactions

and

foreign

currency

transactions

the

Statements

Operations.

Foreign

Taxes:

The

Funds

may

subject

foreign

taxes

foreign

income

received

portion

which

may

reclaimable),

capital

gains

the

sale

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

the

Funds

invest.

Dividends

Shareholders:

Dividends

from

net

investment

income,

any,

are

declared

and

paid

monthly

the

Funds.

Distributable

net

realized

gains,

any,

are

declared

and

distributed

least

annually

each

Fund.

The

amounts

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

are

determined

accordance

with

federal

Assets

Liabilities

Fund

Variation

Margin

Receivable

Open

Futures

Contracts*

Variation

Margin

Payable

Open

Futures

Contracts*

Equity

Risk

Exposure

–

Small

Cap

Core

ETF

–

(25,409)

Large/Mid

Cap

Core

ETF

–

(38,965)

High

Dividend

Stock

ETF

–

(32,927)

International

ETF

–

(12,509)

Large/Mid

Cap

Core

Enhanced

ETF

–

(9,637)

High

Dividend

Stock

Enhanced

ETF

–

(9,637)

Market

Neutral

ETF

2,511,180

(1,400,822)

Fund

Net

realized

gains

(losses)

from

futures

transactions

Net

Change

unrealized

appreciation

(depreciation)

futures

transactions

Equity

Risk

Exposure:

–

Small

Cap

Core

ETF

99,994

(47,199)

Large/Mid

Cap

Core

ETF

168,354

(63,416)

High

Dividend

Stock

ETF

204,919

(56,628)

International

ETF

(11,800

)

(25,958)

Large/Mid

Cap

Core

Enhanced

ETF

52,568

(11,345)

High

Dividend

Stock

Enhanced

ETF

45,927

(11,779)

Market

Neutral

ETF

(4,525,522)

2,397,115

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

income

tax

regulations,

which

may

differ

from

GAAP.

the

extent

these

“book/tax”

differences

are

permanent

nature

(i.e.,

that

they

result

from

other

than

timing

recognition

“temporary

difference”),

such

amounts

are

reclassified

within

the

components

net

assets

based

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

not

require

reclassification.

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

distributions

capital.

Net

investment

losses

incurred

Fund

may

reclassified

offset

capital

the

accompanying

Statements

Assets

and

Liabilities.

Federal

Income

Taxes:

the

policy

each

Fund

continue

qualify

regulated

investment

company

complying

with

the

provisions

available

certain

investment

companies,

defined

applicable

sections

the

Internal

Revenue

Code,

and

make

distributions

net

investment

income

and

net

realized

gains

sufficient

relieve

from

all,

substantially

all,

federal

income

taxes.

Accordingly,

provision

for

federal

income

taxes

required

the

financial

statements.

The

Funds

identifies

its

major

tax

jurisdiction

U.S.

Federal.

and

during

the

period

ended

December

31,

2024

the

Funds

did

not

have

liability

for

any

unrecognized

tax

benefits.

The

Funds

recognize

interest

and

penalties,

any,

unrecognized

tax

benefits

income

tax

expense

the

Statements

Operations.

During

the

period,

the

Funds

did

not

incur

any

interest

penalties.

For

the

current

open

tax

year,

management

the

Funds

has

concluded

that

there

are

significant

uncertain

tax

positions

that

would

require

recognition

the

financial

statements.

Further,

management

the

Funds

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

any

unrecognized

tax

benefits

will

significantly

change

over

the

fiscal

year.

PURCHASES

AND

SALES

SECURITIES:

Purchases

and

sales

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

in-kind

transactions

associated

with

purchases

and

sales for

the

period

ended

December

31,

2024,

were

follows:

For

the

period

ended

December

31,

2024

there

were

purchases

sales

U.S.

Government

Securities.

FEES

AND

TRANSACTIONS

WITH

AFFILIATES

AND

OTHER

PARTIES:

Timothy

Partners,

Ltd

(“TPL”

the

“Advisor”),

Florida

limited

partnership,

serves

the

Funds’

investment

advisor

pursuant

Investment

Advisory

Agreement.

Subject

always

the

supervision

and

approval

the

Board,

the

Advisor

responsible

for

the

overall

management

the

Funds.

The

Advisor

has

arranged

for

distribution,

custody,

fund

administration,

transfer

agency

and

all

other

services

necessary

for

the

Funds

operate.

The

Advisor

receives

fee

for

its

services,

(the

“Management

Fee”).

From

the

Management

Fee,

the

Advisor

obligated

pay

arrange

for

the

payment

substantially

all

expenses

the

Funds,

including

the

cost

transfer

agency,

custody,

fund

administration

and

accounting,

legal,

audit,

independent

trustees

and

other

services,

except

for

interest

expenses,

distribution

fees

expenses,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes

and

extraordinary

expenses

such

litigation

and

other

expenses

not

incurred

the

ordinary

course

the

Fund’s

business.

The

Advisor’s

Management

Fee

designed

cause

substantially

all

the

Funds’

expenses

paid

and

compensate

the

Advisor

for

providing

services

for

the

Funds.

Small

Cap

Core

ETF,

Large/Mid

Cap

Core

ETF,

High

Dividend

Stock

ETF,

High

Dividend

Stock

Enhanced

ETF,

and

Large/Mid

Cap

Core

Enhanced

ETF

pay

Management

Fee

equivalent

0.52%,

International

ETF

pays

Management

Fee

equivalent

0.62%,

and

Market

Neutral

ETF

pays

Management

Fee

equivalent

0.65%

the

Fund’s

average

daily

net

assets,

computed

daily

and

paid

monthly.

Victory

Capital

Management,

Inc.,

New

York

corporation,

serves

the

Funds’

sub-advisor

pursuant

written

sub-advisory

agreement

with

the

Advisor

and

receives

fees

from

the

Advisor

for

these

services.

Citibank,

N.A.

serves

the

Funds’

Custodian

and

Transfer

Agent

pursuant

Global

Custodial

and

Agency

Services

Agreement

with

the

Trust.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”),

affiliate

Citibank,

N.A.,

acts

the

Funds’

administrator

and

fund

accountant

pursuant

Services

Agreement

with

the

Trust.

Excluding

in-kind

transactions

Associated

with

in-kind

transactions

Fund

Purchases

Sales

Purchases

Sales

Small

Cap

Core

ETF

60,485,205

60,153,676

104,720,834

51,639,466

Large/Mid

Cap

Core

ETF

61,352,978

61,600,432

104,244,001

99,742,886

High

Dividend

Stock

ETF

80,111,967

79,909,442

138,042,955

149,434,941

International

ETF

37,311,983

37,328,382

13,603,769

—

Large/Mid

Cap

Core

Enhanced

ETF

20,224,219

20,185,709

24,122,623

19,345,055

High

Dividend

Stock

Enhanced

ETF

26,001,955

25,715,505

17,238,152

25,618,208

Market

Neutral

ETF

12,397,080

15,198,755

8,261,794

1,210,090

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

Foreside

Fund

Services,

LLC

(“Foreside”)

serves

the

Funds’

distributor.

Drake

Compliance

LLC

provides

compliance

services

the

Trust.

Certain

officers

and/or

interested

trustees

the

Funds

are

also

officers

and/or

employees

the

Advisor.

INVESTMENT

RISKS:

The

risks

below

are

presented

order

intended

facilitate

readability.

Their

order

does

not

imply

that

the

realization

one

risk

likely

occur

frequently

than

another

risk,

nor

does

imply

that

the

realization

one

risk

likely

have

greater

adverse

impact

than

another

risk.

Each

Fund

may

subject

other

risks

addition

these

identified

risks.

ETF

Risk

The

NAV

Fund

can

fluctuate

down,

and

you

could

lose

money

investing

Fund

the

prices

the

securities

owned

the

Fund

decline.

addition,

Fund

may

subject

the

following

risks:

(1)

the

market

price

Fund’s

may

trade

above

below

its

NAV;

(2)

active

trading

market

for

Fund’s

may

not

develop

maintained;

(3)

trading

Fund’s

may

halted

the

listing

exchange’s

officials

deem

such

action

appropriate,

the

are

delisted

from

the

exchange,

the

activation

market-wide

“circuit

breakers”

(which

are

tied

large

decreases

stock

prices)

halts

stock

trading

generally.

Excluded

Security

Risk

Because

the

Index

omits

Excluded

Securities,

the

Funds

may

riskier

than

other

funds

that

invest

broader

array

securities.

Biblically

Responsible

Investing

(“BRI”)

may

not

successful.

Because

the

Index

reconstituted

only

prescribed

times

during

the

year,

the

Funds

may

temporarily

hold

securities

that

not

comply

with

the

BRI

screening

criteria

the

application

the

criteria

the

nature

company’s

business

changes

between

these

dates.

Equity

Securities

Risk

The

value

the

equity

securities

which

the

Funds

invest

may

decline

response

developments

affecting

individual

companies

and/or

general

economic

conditions

the

United

States

abroad.

company’s

earnings

dividends

may

not

increase

expected

(or

may

decline)

because

poor

management,

competitive

pressures,

reliance

particular

suppliers

geographical

regions,

labor

problems

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

natural

disasters,

military

confrontations

wars,

terrorism,

public

health

crises,

other

events,

conditions

and

factors.

Price

changes

may

temporary

last

for

extended

periods.

Foreign

Securities

Risk

Foreign

securities

(including

depositary

receipts)

are

subject

political,

regulatory,

and

economic

risks

not

present

domestic

investments.

Foreign

securities

could

affected

factors

not

present

the

U.S.

including

expropriation,

confiscation

property,

and

difficulties

enforcing

contracts.

Compared

U.S.

companies,

there

generally

less

publicly

available

information

about

foreign

companies

and

there

may

less

governmental

regulation

and

supervision

foreign

companies.

Foreign

securities

generally

experience

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

the

depositary

bank

and

the

risk

illiquid

market.

addition,

the

extent

investments

are

made

limited

number

countries,

events

those

countries

will

have

significant

impact

the

Funds.

Fluctuations

the

exchange

rates

between

the

U.S.

dollar

and

foreign

currencies,

currency

exchange

control

regulations,

and

restrictions

prohibitions

the

repatriation

foreign

currencies

may

negatively

affect

investment.

Market

Risk

The

prices

the

securities,

particularly

the

common

stocks,

which

the

Funds

invest,

may

decline

for

number

reasons.

The

price

declines

common

stocks,

particular,

may

steep,

sudden,

and/or

prolonged.

Adverse

market

conditions,

sometimes

response

general

economic

industry

news,

may

cause

the

prices

Fund’s

holdings

fall

part

broad

market

decline.

addition,

certain

unanticipated

events,

such

natural

disasters,

terrorist

attacks,

and

other

geopolitical

events,

can

have

dramatic

adverse

effect

securities

held

Fund.

FEDERAL

INCOME

TAX

INFORMATION:

December

31,

2024,

the

Statements

Assets

and

Liabilities,

result

permanent

book-to-tax

differences

primarily

attributable

the

accounting

for

applicable

in-kind

redemptions

and

designation

dividends

paid

were

reclassified

between

the

individual

components

total

distributable

earnings

(loss)

follows:

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

The

tax

characteristics

distributions

paid

shareholders

during

the

year/period

ended

December

31,

2024

were

follows:

The

tax

characteristics

distributions

paid

shareholders

during

the

year/period

ended

December

31,

2023

were

follows:

December

31,

2024,

the

components

accumulated

earnings/(deficit)

tax

basis

were

follows:

Fund

Total

Accumulated

Earnings/(Loss)

Capital

Small

Cap

Core

ETF

(15,423,273)

15,423,273

Large/Mid

Cap

Core

ETF

(31,979,636)

31,979,636

High

Dividend

Stock

ETF

(33,270,062)

33,270,062

Large/Mid

Cap

Core

Enhanced

ETF

(5,572,923)

5,572,923

High

Dividend

Stock

Enhanced

ETF

(4,718,422)

4,718,422

Market

Neutral

ETF

(121,065)

121,065

Year

Ended

December

31,

2024

Distributions

Paid

From:

Fund

Ordinary

Income

Total

Taxable

Distributions

Total

Distributions

Paid

Small

Cap

Core

ETF

1,405,308

Large/Mid

Cap

Core

ETF

2,166,878

High

Dividend

Stock

ETF

4,895,565

International

ETF

3,111,526

Large/Mid

Cap

Core

Enhanced

ETF

633,632

High

Dividend

Stock

Enhanced

ETF

1,413,960

Market

Neutral

ETF

1,688,176

Total

distributions

paid

may

differ

from

the

Statement

Changes

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

Year

Ended

December

31,

2023

Distributions

Paid

From:

Fund

Ordinary

Income

Net

Long-Term

Gains

Total

Taxable

Distributions

Total

Distributions

Paid

Small

Cap

Core

ETF

1,014,568

—

1,014,568

Large/Mid

Cap

Core

ETF

2,035,463

—

2,035,463

High

Dividend

Stock

ETF

4,513,975

—

4,513,975

International

ETF

2,243,745

—

2,243,745

Large/Mid

Cap

Core

Enhanced

ETF

957,342

—

957,342

High

Dividend

Stock

Enhanced

ETF

1,717,979

—

1,717,979

Market

Neutral

ETF

2,475,678

886,759

3,362,437

Total

distributions

paid

may

differ

from

the

Statement

Changes

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

December

31,

2024

the

Funds

had

net

capital

loss

carry

forwards

(“CLCFs”)

for

federal

income

tax

purposes

which

are

available

reduce

the

future

capital

gain

distributions

shareholders.

CLCFs

not

subject

expiration:

During

the

tax

year

ended

December

31,

2024,

International

ETF

Fund

utilized

capital

loss

carryforwards

the

amount

$1,068,183.

December

31,

2024

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation

and

net

unrealized

appreciation

(depreciation)

for

investments

were

follows:

New

Accounting

Pronouncement:

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

Reportable

Segment

Disclosures.

Adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

fund’s

financial

position

the

results

its

operations.

Fund

Undistributed

Ordinary

Income

Accumulated

Earnings

Other

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Qualified

Late-

Year

Losses

Unrealized

Appreciation

(Depreciation)

Total

Accumulated

Earnings/

(Deficit)

Small

Cap

Core

ETF

11,894

—

(20,137,995)

—

18,159,367

(1,966,734)

Large/Mid

Cap

Core

ETF

85,225

—

(27,955,160)

—

34,026,557

6,156,622

High

Dividend

Stock

ETF

303,106

—

(27,605,040)

—

10,812,685

(16,489,249)

International

ETF

223,980

(13,709)

(9,787,280)

—

7,741,560

(1,835,449)

Large/Mid

Cap

Core

Enhanced

ETF

69,919

—

(12,487,686)

—

4,339,848

(8,077,919)

High

Dividend

Stock

Enhanced

ETF

169,464

—

(11,807,388)

—

1,291,689

(10,346,235)

Market

Neutral

ETF

—

(2,314)

(6,159,219)

(494)

1,980,607

(4,181,420)

Qualified

late-year

losses

are

comprised

post-October

capital

losses

incurred

after

October

and

certain

late-year

ordinary

losses.

Late-year

ordinary

losses

represent

ordinary

losses

incurred

after

December

and

specified

losses

incurred

after

October

31.

These

losses

are

deemed

arise

the

first

day

the

Fund’s

taxable

year.

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

attributable

primarily

tax

deferral

losses

wash

sales,

futures

mark

market,

return

capital

from

underlying

investments

and

passive

foreign

investment

company

mark

market.

Fund

Short-Term

Amount

Long-Term

Amount

Total

Small

Cap

Core

ETF

(12,849,415)

(7,288,580)

(20,137,995)

Large/Mid

Cap

Core

ETF

(13,673,827)

(14,281,333)

(27,955,160)

High

Dividend

Stock

ETF

(15,152,605)

(12,452,435)

(27,605,040)

International

ETF

(4,111,567)

(5,675,713)

(9,787,280)

Large/Mid

Cap

Core

Enhanced

ETF

(9,724,185)

(2,763,501)

(12,487,686)

High

Dividend

Stock

Enhanced

ETF

(11,217,103)

(590,285)

(11,807,388)

Market

Neutral

ETF

(2,435,242)

(3,723,977)

(6,159,219)

Fund

Cost

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Small

Cap

Core

ETF

150,988,840

24,003,355

(5,843,988)

18,159,367

Large/Mid

Cap

Core

ETF

232,489,040

42,868,914

(8,842,357)

34,026,557

High

Dividend

Stock

ETF

225,976,647

22,400,740

(11,588,055)

10,812,685

International

ETF

103,287,049

15,005,571

(7,264,011)

7,741,560

Large/Mid

Cap

Core

Enhanced

ETF

65,977,692

9,354,103

(5,014,255)

4,339,848

High

Dividend

Stock

Enhanced

ETF

63,134,650

6,622,283

(5,330,594)

1,291,689

Market

Neutral

ETF

34,404,664

3,861,770

(1,881,163)

1,980,607

Notes

Financial

Statements

continued

December

31,

2024

Timothy

Plan

The

management

committee

the

Funds’

adviser

acts

each

fund’s

Chief

Operating

Decision

Maker

(“CODM”).

Each

Fund

represents

single

operating

segment,

the

CODM

monitors

the

operating

results

each

Fund

whole

and

the

Fund’s

long-term

strategic

asset

allocation

pre-determined

accordance

with

the

terms

its

prospectus,

based

defined

investment

strategy.

The

financial

information

the

form

the

funds’

portfolio

composition,

total

returns,

expense

ratios,

and

changes

net

assets,

which

are

used

the

CODM

assess

the

segment’s

performance

versus

each

Fund’s

comparative

benchmarks

and

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

consistent

with

that

presented

within

each

Fund’s

financial

statements.

Segment

assets

are

reflected

the

accompanying

statements

Assets

and

Liabilities

“total

assets”

and

significant

segment

expenses

are

listed

the

accompanying

Statements

Operations.

SUBSEQUENT

EVENTS:

Management

has

evaluated

subsequent

events

through

the

date

these

financial

statements

were

issued.

Distributions

Subsequent

December

31,

2024,

the

Funds

paid

distribution

from

ordinary

income

for

the

following

amounts:

Fund

1/9/2025

2/7/2025

Small

Cap

Core

ETF

—

160,685

Large/Mid

Cap

Core

ETF

15,885

248,395

High

Dividend

Stock

ETF

38,933

617,065

International

ETF

5,206

245,284

Large/Mid

Cap

Core

Enhanced

ETF

4,408

116,641

High

Dividend

Stock

Enhanced

ETF

10,709

258,440

Market

Neutral

ETF

20,482

55,246

Report

Independent

Registered

Public

Accounting

Firm

Timothy

Plan

See

notes

financial

statements.

the

Shareholders

and

Board

Trustees

The

Timothy

Plan

Opinion

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

portfolio

investments,

The

Timothy

Plan

comprising

the

funds

listed

below

(the

“Funds”)

December

31,

2024,

the

statements

operations,

the

statements

changes

net

assets,

and

the

financial

highlights

for

each

the

periods

indicated

below

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

December

31,

2024,

the

results

their

operations,

the

changes

net

assets,

and

the

financial

highlights

for

each

the

periods

indicated

below

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

December

31,

2024,

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

Fund

Name

Statements

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

For

the

year

ended

December

31,

2024

For

the

years

ended

December

31,

2024

and

2023

For

the

years

ended

December

31,

2024,

2023,

2022,

2021

and

2020

Timothy

Plan

Large/Mid

Cap

Core

Enhanced

ETF

Timothy

Plan

High

Dividend

Stock

Enhanced

ETF

For

the

year

ended

December

31,

2024

For

the

years

ended

December

31,

2024

and

2023

For

the

years

ended

December

31,

2024,

2023

and

2022,

and

for

the

period

July

29,

2021

(commencement

operations)

through

December

31,

2021

Timothy

Plan

Market

Neutral

ETF

For

the

year

ended

December

31,

2024

For

the

year

ended

December

31,

2024

and

for

the

period

January

25,

2023

(commencement

operations)

through

December

31,

2023

Report

Independent

Registered

Public

Accounting

Firm

continued

Timothy

Plan

See

notes

financial

statements.

have

served

the

Funds’

auditor

one

investment

companies

advised

Timothy

Partners,

Ltd.,

since

2005.

COHEN

COMPANY,

LTD.

Cleveland,

Ohio

February

26,

2025

Other

Information

(Unaudited)

December

31,

2024

Timothy

Plan

Additional

Federal

Income

Tax

Information:

For

the

fiscal

year

ended

December

31,

2024

the

Funds

hereby

designate

the

maximum

amount

allowable

their

net

taxable

income

qualified

dividends

taxed

individual

net

capital

gain

rates.

Shareholders

will

notified

via

IRS

Form

1099

the

amounts

for

use

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

The

following

Fund

intends

elect

pass

through

shareholders

the

income

tax

credit

for

taxes

paid

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

outstanding

December

31,

2024

were

follows:

Premium/Discount

Information

The

Funds’

website

https://timothyplan.com

shows

the

day’s

closing

NAV

and

closing

market

price

for

each

Fund’s

ETF

Shares.

The

website

also

discloses,

the

Premium/Discount

section

each

Fund’s

page,

how

frequently

each

Fund’s

ETF

traded

premium

discount

NAV

(based

closing

NAVs

and

market

prices)

and

the

magnitudes

such

premiums

and

discounts.

Amount

Small

Cap

Core

ETF

100%

Large/Mid

Cap

Core

ETF

100%

High

Dividend

Stock

ETF

100%

Large/Mid

Cap

Core

Enhanced

ETF

97%

High

Dividend

Stock

Enhanced

ETF

99%

Market

Neutral

ETF

57%

Foreign

Source

Income

Foreign

Tax

Expense

International

ETF

0.88

0.12

Visit

our

website

etf.timothyplan.com

Call

Timothy

Plan

800.846.7526

Timothy

Plan

1055

Maitland

Center

Commons

Maitland,

Florida

32751

PAST

PERFORMANCE

DOES

NOT

GUARANTEE

FUTURE

RESULTS,

AND

YOU

MAY

LOSE

MONEY.

You

should

consider

the

Fund’s

investment

objectives,

risks,

charges,

and

expenses.

This

and

other

important

information

can

found

the

Fund’s

prospectus.

obtain

copy,

visit

timothyplan.com

call

800.846.7526.

Read

the

prospectus

carefully

before

investing

sending

money.

ETFs

distributed

Foreside

Fund

Services,

LLC,

member

FINRA

and

SIPC.

Timothy

Partners,

Ltd.

not

affiliated

with

Foreside

Fund

Services,

LLC.

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The Code of Ethics is attached hereto

(a)(2) Not applicable.

(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Timothy Plan

By (Signature and Title) /s/ Arthur D. Ally

Arthur D. Ally, Principal Executive Officer and Principal Financial Officer

Date March 7, 2025________________________

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Arthur D. Ally

Arthur D. Ally, Principal Executive Officer and Principal Financial Officer

Date March 7, 2025________________________

Timothy Plan US Small Cap Core ETF (TPSC) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

FORM N-CSR

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

Graphical Presentation of Holdings

(as of 12/31/2024)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

Material Fund Changes

Additional Information

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

Graphical Presentation of Holdings

(as of 12/31/2024)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

Material Fund Changes

Additional Information

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

Graphical Presentation of Holdings

(as of 12/31/2024)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

Material Fund Changes

Additional Information

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

Graphical Presentation of Holdings

(as of 12/31/2024)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

Material Fund Changes

Additional Information

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

Graphical Presentation of Holdings

(as of 12/31/2024)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

Material Fund Changes

Additional Information

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

Graphical Presentation of Holdings

(as of 12/31/2024)

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

Material Fund Changes

Additional Information

What were the Fund's costs for the last year

How did the Fund perform last year? What affected the Fund’s performance?

Growth of a $10,000 Investment

The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares.

AVERAGE ANNUAL TOTAL RETURN

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top Sectors^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}

Top 10 Holdings^{Footnote Reference*} (% of Net Assets)^{Footnote Reference}