# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0000916490-26-000002
**Filing Date:** 2026-3
**Character Count:** 227610
**Document Hash:** 4db58f8e2b704d5784d08d89be910633
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000916490-26-000002.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0000916490-26-000002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 26734170

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

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

## Series and Classes Contracts Data

### Timothy Plan US Large/Mid Cap Core ETF (Series ID: S000063763)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000206641 | Timothy Plan US Large/Mid Cap Core ETF | TPLC            |

### Timothy Plan US Small Cap Core ETF (Series ID: S000063764)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000206642 | Timothy Plan US Small Cap Core ETF | TPSC            |

### Timothy Plan International ETF (Series ID: S000063765)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000206643 | Timothy Plan International ETF | TPIF            |

### Timothy Plan High Dividend Stock ETF (Series ID: S000063766)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000206644 | Timothy Plan High Dividend Stock ETF | TPHD            |

?xml version='1.0' encoding='ASCII'?

### 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-08228

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32751

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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: <u>(800) 846-7526</u> 

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

**Item 1. Reports to Stockholders.**

(a) Timothy Plan US Small Cap Core ETF

![Image](i8769b34754fa53c82f4f9e65.jpg)

Ticker: TPSC&nbsp;&nbsp;&nbsp;&nbsp; Exchange: NYSE

#### Annual Shareholder Report — December 31, 2025
The annual shareholder report contains important information about Timothy Plan US Small Cap Core ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| Timothy Plan US Small Cap Core ETF | $54 | 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 2025, TPSC returned 7.22%, underperforming the Russell 2000 Index (the "Index"), which returned 12.81%.

An underweight to Real Estate and an overweight to Materials contributed to relative performance. Stock selection and an underweight to Health Care detracted a combined 246 basis points from relative performance. Stock selection within Materials detracted from relative performance. Not owning Vaxcyte, Inc and Six Flags Entertainment Corp contributed to relative performance. Not owning Echostar Corporation and Guardant Health, Inc detracted from relative performance.

The top three largest contributors to performance were TTM Technologies, Inc, Kratos Defense & Security Solutions, and Coeur Mining, Inc. The largest stock detractors during the year were Flowers Foods, Inc, Simply Good Foods Co, and Freshpet Inc.

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.

# Growth of a $10,000 Investment
![Growth of 10K Chart](i431257162cead373ab7acd40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund @ Net Asset Value - $17,953** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $23,276** | **Russell 2000<sup>®</sup> Index - $16,762** | **Victory US Small Cap Volatility Weighted BRI Index - $18,616** |
| **12/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **12/19** | $10339 | $10381 | $10396 | $10344 |
| **12/20** | $11372 | $12550 | $12471 | $11444 |
| **12/21** | $14740 | $15770 | $14320 | $14928 |
| **12/22** | $12757 | $12741 | $11393 | $12996 |
| **12/23** | $15008 | $16049 | $13322 | $15382 |
| **12/24** | $16745 | $19869 | $14859 | $17258 |
| **12/25** | $17953 | $23276 | $16762 | $18616 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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 | 7.22% | 9.56% | 10.10% |
| Russell 3000<sup>®</sup> Index<sup>Footnote Reference1</sup> | 17.15% | 13.15% | 14.91% |
| Russell 2000<sup>®</sup> Index<sup>Footnote Reference2</sup> | 12.81% | 6.09% | 8.87% |
| Victory US Small Cap Volatility Weighted BRI Index<sup>Footnote Reference3</sup> | 7.87% | 10.22% | 10.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The unmanaged Russell 3000<sup>®</sup> 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. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index that measures the performance of the 2000 smallest US stocks in the Russell3000<sup>®</sup> Index, as measured by market capitalization. |

---

**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. Past performance is not a good predictor of the Fund's future performance. *For current performance, please visit https://etf.timothyplan.com or call 800.846.7526.***

# FUND STATISTICS

---

| | |
|:---|:---|
| Net Assets | $277221264 |
| Number of Portfolio Holdings | 446 |
| Net Investment Advisory Fees | $1109407 |
| Portfolio Turnover Rate | 47% |

---

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i18bfdf3a6c96138e700629b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.8% |
| Communication Services | 1.2% |
| Energy | 4.2% |
| Consumer Staples | 5.0% |
| Materials | 5.4% |
| Utilities | 6.8% |
| Health Care | 6.9% |
| Information Technology | 10.4% |
| Consumer Discretionary | 12.5% |
| Industrials | 21.3% |
| Financials | 25.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Black Hills Corp. | 0.5% |
| New Jersey Resources Corp. | 0.5% |
| UGI Corp. | 0.4% |
| Avista Corp. | 0.4% |
| Portland General Electric Co. | 0.4% |
| IDACORP, Inc. | 0.4% |
| Spire, Inc. | 0.4% |
| Enact Holdings, Inc. | 0.4% |
| Essent Group Ltd. | 0.4% |
| Balchem Corp. | 0.4% |

---

\* Does not include futures contracts, money market instruments, short-term investments, or other assets in excess of liabilities.

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

# Additional Information
Additional information about the Fund is available on etf.timothyplan.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800.846.7526 or visit timothyplan.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.timothyplan.com/](ie3248b76723c20323cb8c241.jpg)

TPSC — AR (12/25)

Timothy Plan US Large/Mid Cap Core ETF

![Image](i8769b34754fa53c82f4f9e65.jpg)

Ticker: TPLC&nbsp;&nbsp;&nbsp;&nbsp; Exchange: NYSE

#### Annual Shareholder Report — December 31, 2025
The annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| Timothy Plan US Large/Mid Cap Core ETF | $54 | 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 2025, TPLC returned 7.09% NAV, underperforming the S&P 500<sup>®</sup> Index (the "Index"), which returned 17.88%.

An underweight to Utilities and an overweight to Industrials contributed to relative performance. Stock selection within Information Technology detracted from relative performance. Not owning BRI excluded Apple Inc. and Amazon contributed to relative performance. Not holding BRI excluded Alphabet Inc and Micron Technology detracted from relative performance.

The top three largest contributors to performance were O'Reilly Automotive Inc, Western Digital Corp, and Seagate Technology Holdings. The largest stock detractors to performance during the year were ServiceNow, Coca-Cola, and Gartner, Inc.

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.

# Growth of a $10,000 Investment
![Growth of 10K Chart](i72174e3695d29bed41797c3f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ Net Asset Value - $19,227** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $25,824** | **Victory US Large/Mid Cap Volatility Weighted BRI Index - $19,928** |
| **4/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/19** | $10901 | $11119 | $10939 |
| **12/20** | $12500 | $13165 | $12605 |
| **12/21** | $15728 | $16944 | $15942 |
| **12/22** | $13765 | $13876 | $14038 |
| **12/23** | $15871 | $17523 | $16275 |
| **12/24** | $17954 | $21907 | $18508 |
| **12/25** | $19227 | $25824 | $19928 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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 | 7.09% | 8.99% | 10.30% |
| S&P 500<sup>®</sup> Index<sup>Footnote Reference1</sup> | 17.88% | 14.42% | 15.28% |
| Victory US Large/Mid Cap Volatility Weighted BRI Index<sup>Footnote Reference2</sup> | 7.67% | 9.59% | 10.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The unmanaged S&P 500<sup>®</sup> Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;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. |

---

**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. Past performance is not a good predictor of the Fund's future performance. *For current performance, please visit https://etf.timothyplan.com or call 800.846.7526.***

# FUND STATISTICS

---

| | |
|:---|:---|
| Net Assets | $317707093 |
| Number of Portfolio Holdings | 272 |
| Net Investment Advisory Fees | $1550912 |
| Portfolio Turnover Rate | 38% |

---

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i4827c543ac566126bca353ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 5.4% |
| Consumer Discretionary | 6.4% |
| Energy | 7.0% |
| Materials | 7.0% |
| Health Care | 10.0% |
| Utilities | 10.4% |
| Financials | 13.1% |
| Information Technology | 14.7% |
| Industrials<sup>Footnote Reference\*\*</sup> | 25.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| CenterPoint Energy, Inc. | 0.7% |
| Intercontinental Exchange, Inc. | 0.7% |
| Waste Management, Inc. | 0.6% |
| Evergy, Inc. | 0.6% |
| Atmos Energy Corp. | 0.6% |
| Ameren Corp. | 0.6% |
| CME Group, Inc., Class A | 0.6% |
| CMS Energy Corp. | 0.6% |
| WEC Energy Group, Inc. | 0.6% |
| Alliant Energy Corp. | 0.6% |

---

\* Does not include futures contracts, money market instruments, short-term investments, or other assets in excess of liabilities.

\*\* In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.

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

# Material Fund Changes
On July 25, 2025, the Board of Trustees of the Timothy Plan approved the tax-free merger of the Timothy Plan US Large/Mid Cap Core Enhanced ETF into the Timothy Plan US Large/Mid Cap Core ETF. The Reorganization was completed on October 3, 2025. The Funds had similar, but not identical, principal investment strategies and risks and identical fundamental investment restrictions.

# Additional Information
Additional information about the Fund is available on etf.timothyplan.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800.846.7526 or visit timothyplan.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.timothyplan.com/](ie3248b76723c20323cb8c241.jpg)

TPLC — AR (12/25)

Timothy Plan High Dividend Stock ETF

![Image](i8769b34754fa53c82f4f9e65.jpg)

Ticker: TPHD&nbsp;&nbsp;&nbsp;&nbsp; Exchange: NYSE

#### Annual Shareholder Report — December 31, 2025
The annual shareholder report contains important information about Timothy Plan High Dividend Stock ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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. **This report describes changes to the Fund that occurred during the period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| Timothy Plan High Dividend Stock ETF | $54 | 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 2025, TPHD returned 8.19%, underperforming the Russell 1000 Value Index (the "Index"), which returned 15.91%.

An overweight to Health Care contributed to relative performance. An underweight to Financials and security selection within Financials cost a combined 300 basis points of relative performance. Not owning UnitedHealth Group and Procter and Gamble Company contributed to relative performance. Not owning JPMorgan Chase & Co and Johnson and Johnson detracted from relative performance.

The top three largest contributors to performance were Seagate Technology Holdings, Caterpillar, Inc, and NRG Energy, Inc. The largest stock detractors during the year were LyondellBasell Industries NV, Kimberly-Clark Corporation, and ONEOK, Inc.

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.

# Growth of a $10,000 Investment
![Growth of 10K Chart](ie9679c92ea95349f43b7787e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund @ Net Asset Value - $17,886** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $25,824** | **Russell 1000<sup>®</sup> Value Index - $19,190** | **Victory US Large Cap High Dividend Volatility Weighted BRI Index - $18,538** |
| **4/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **12/19** | $10900 | $11119 | $10918 | $10937 |
| **12/20** | $10773 | $13165 | $11223 | $10859 |
| **12/21** | $13799 | $16944 | $14047 | $13987 |
| **12/22** | $13540 | $13876 | $12988 | $13813 |
| **12/23** | $14763 | $17523 | $14477 | $15134 |
| **12/24** | $16533 | $21907 | $16557 | $17039 |
| **12/25** | $17886 | $25824 | $19190 | $18538 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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 | 8.19% | 10.67% | 9.11% |
| S&P 500<sup>®</sup> Index<sup>Footnote Reference1</sup> | 17.88% | 14.42% | 15.28% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference2</sup> | 15.91% | 11.33% | 10.26% |
| Victory US Large Cap High Dividend Volatility Weighted BRI Index<sup>Footnote Reference3</sup> | 8.80% | 11.29% | 9.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The unmanaged S&P 500<sup>®</sup> Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;The Russell 1000<sup>®</sup> Value Index is a market-capitalization-weighted index that measures the performance of Russell1000<sup>®</sup> Index companies (1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth rate. |
| &nbsp;&nbsp;Footnote<sup>3</sup> | &nbsp;&nbsp;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. |

---

**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. Past performance is not a good predictor of the Fund's future performance. *For current performance, please visit https://etf.timothyplan.com or call 800.846.7526.***

# FUND STATISTICS

---

| | |
|:---|:---|
| Net Assets | $317478745 |
| Number of Portfolio Holdings | 101 |
| Net Investment Advisory Fees | $1486455 |
| Portfolio Turnover Rate | 49% |

---

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i375ac0384a1ce8a733f9d2f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 2.6% |
| Consumer Discretionary | 4.8% |
| Information Technology | 4.8% |
| Consumer Staples | 7.5% |
| Materials | 10.6% |
| Financials | 12.6% |
| Energy | 14.2% |
| Industrials | 20.2% |
| Utilities | 22.3% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| CenterPoint Energy, Inc. | 1.6% |
| Waste Management, Inc. | 1.5% |
| Evergy, Inc. | 1.5% |
| Atmos Energy Corp. | 1.5% |
| Ameren Corp. | 1.5% |
| CME Group, Inc., Class A | 1.5% |
| CMS Energy Corp. | 1.5% |
| WEC Energy Group, Inc. | 1.4% |
| Alliant Energy Corp. | 1.4% |
| DTE Energy Co. | 1.4% |

---

\* Does not include futures contracts, money market instruments, short-term investments, or other assets in excess of liabilities.

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

# Material Fund Changes
On July 25, 2025, the Board of Trustees of the Timothy Plan approved the tax-free merger of the Timothy Plan High Dividend Enhanced Stock ETF into the Timothy Plan High Dividend Stock ETF. The Reorganization was completed on October 3, 2025. The Funds had similar, but not identical, principal investment strategies and risks and identical fundamental investment restrictions.

# Additional Information
Additional information about the Fund is available on etf.timothyplan.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800.846.7526 or visit timothyplan.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.timothyplan.com/](ie3248b76723c20323cb8c241.jpg)

TPHD — AR (12/25)

Timothy Plan International ETF

![Image](i8769b34754fa53c82f4f9e65.jpg)

Ticker: TPIF&nbsp;&nbsp;&nbsp;&nbsp; Exchange: NYSE

#### Annual Shareholder Report — December 31, 2025
The annual shareholder report contains important information about Timothy Plan International ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| Timothy Plan International ETF | $73 | 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 2025, TPIF returned 35.44%, outperforming the MSCI EAFE Index (the "Index"), which returned 31.22%.

Stock selection within Industrials and an underweight to Health Care contributed to relative performance. Stock selection within Health Care and an overweight to Materials detracted from relative performance.

At the country level, overweights to Korea and Spain contributed to relative performance. Underweights to the United Kingdom and Germany cost a combined 40 basis points of relative performance.

The top three largest contributors to performance were Aena SME SA, AEON Co, and Kongsberg Gruppen ASA. The largest stock detractors during the year were Nitori Holdings Co, TFI International, and CSL Limited.

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.

# Growth of a $10,000 Investment
![Growth of 10K Chart](ia29fb48be2c19fd3db803c18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ Net Asset Value - $16,338** | **MSCI EAFE Index (regulatory broad based index) - $17,126** | **Victory International Volatility Weighted BRI Index - $16,996** |
| **12/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **12/19** | $10325 | $10360 | $10339 |
| **12/20** | $11116 | $11169 | $11221 |
| **12/21** | $12266 | $12427 | $12419 |
| **12/22** | $10083 | $10631 | $10245 |
| **12/23** | $11738 | $12570 | $12054 |
| **12/24** | $12063 | $13051 | $12478 |
| **12/25** | $16338 | $17126 | $16996 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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 | 35.44%<sup>Footnote Reference</sup> | 8.01% | 8.41% |
| MSCI EAFE Index<sup>Footnote Reference1</sup> | 31.22% | 8.92% | 9.25% |
| Victory International Volatility Weighted BRI Index<sup>Footnote Reference2</sup> | 36.21% | 8.66% | 9.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote | &nbsp;&nbsp;High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;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. |

---

**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. Past performance is not a good predictor of the Fund's future performance. *For current performance, please visit https://etf.timothyplan.com or call 800.846.7526.***

# FUND STATISTICS

---

| | |
|:---|:---|
| Net Assets | $196020840 |
| Number of Portfolio Holdings | 358 |
| Net Investment Advisory Fees | $886778 |
| Portfolio Turnover Rate | 32% |

---

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)
![Group By Sector Chart](i4438e93e66240fbc21abef82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2% |
| Communication Services | 3.1% |
| Consumer Staples | 4.7% |
| Energy | 5.6% |
| Health Care | 6.3% |
| Information Technology | 6.4% |
| Consumer Discretionary | 7.0% |
| Materials | 8.7% |
| Utilities | 9.1% |
| Industrials | 20.9% |
| Financials | 25.6% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of December 31, 2025)

---

| | |
|:---|:---|
| CLP Holdings Ltd. | 0.8% |
| Hydro One Ltd. | 0.5% |
| Power Assets Holdings Ltd. | 0.5% |
| Hong Kong & China Gas Co. Ltd. | 0.5% |
| Emera, Inc. | 0.5% |
| Fortis, Inc. | 0.5% |
| Power Corp. of Canada | 0.5% |
| National Bank of Canada | 0.5% |
| Oversea-Chinese Banking Corp. Ltd. | 0.5% |
| Wilmar International Ltd. | 0.5% |

---

\* Does not include futures contracts, money market instruments, short-term investments, or other assets in excess of liabilities.

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

# Additional Information
Additional information about the Fund is available on etf.timothyplan.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800.846.7526 or visit timothyplan.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.timothyplan.com/](ie3248b76723c20323cb8c241.jpg)

TPIF — AR (12/25)

(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. E. Lee Beard 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) <u>Audit Fees.</u> Fees for audit services provided to the Registrant were $53,250 and $92,250 for the fiscal years ended December 31, 2025 and 2024, respectively.

(b) <u>Audit-Related Fees.</u> 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, 2025 and 2024, respectively. The fees, paid by the Registrant, were payment for the principal accountant performing work relating to assurance and related services.

(c) <u>Tax Fees.</u> Fees for tax services, which consisted of income and excise tax compliance services, were $12,000 and $21,000 for the fiscal years ended December 31, 2025 and 2024, respectively.

(d) <u>All Other Fees.</u> Fees for other services totaled $0 and $0 for the fiscal years ended December 31, 2025 and 2024, 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.

&nbsp;&nbsp;&nbsp;&nbsp; (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, 2025, and 2024

(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 $12,000 and $21,000 for the years ended December 31, 2025 and 2024, 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,

2025

Listed

and

traded

on:

The

New

York

Stock

Exchange

Ticker

Symbol

#### TIMOTHY

#### PLAN

#### US

#### SMALL

#### CAP

#### CORE

#### ETF

#### TPSC

#### TIMOTHY

#### PLAN

#### US

#### LARGE/MID

#### CAP

#### CORE

#### ETF

#### TPLC

#### TIMOTHY

#### PLAN

#### HIGH

#### DIVIDEND

#### STOCK

#### ETF

#### TPHD

#### TIMOTHY

#### PLAN

#### INTERNATIONAL

#### ETF

#### TPIF
Table

of

Contents

• #### NOT

#### FDIC

#### INSURED
• NO

#### BANK

#### GUARANTEE
• #### MAY

#### LOSE

#### VALUE
• #### INVESTMENTS

#### INVOLVE

#### RISK
• #### PRINCIPAL

#### LOSS

#### IS

#### POSSIBLE

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### ITEM

#### 6)

#### ............................................................

#### 3
*Timothy* 

*Plan* 

*US* 

*Small* 

*Cap* 

*Core* 

*ETF*

.....................................................................................................................................................................................................................................

*Timothy* 

*Plan* 

*US* 

*Large/Mid* 

*Cap* 

*Core* 

*ETF*

..................................................................................................................................................................................................................

*Timothy* 

*Plan* 

*High* 

*Dividend* 

*Stock* 

*ETF*

...............................................................................................................................................................................................................................

*Timothy* 

*Plan* 

*International* 

*ETF*

.........................................................................................................................................................................................................................................................

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### .................................................................................

#### 23
*Statements* 

*of* 

*Assets* 

*and* 

*Liabilities*

.........................................................................................................................................................................................................................................

*Statements* 

*of* 

*Operations* 

*Statements* 

*of* 

*Changes* 

*in* 

*Net* 

*Assets* 

*Financial* 

*Highlights* 

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### ...................................................................

#### 33

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### ........................

#### 44
Other

Information

(Unaudited)

#### Schedule

#### of

#### Portfolio

#### Investments
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Common

#### Stocks

#### (99.5%)

#### Banks

#### (#### 13

#### .4

#### %

####):
Ameris

Bancorp

10,168

755,177

Associated

Banc-Corp.

27,249

701,934

Atlantic

Union

Bankshares

Corp.

18,489

652,662

Axos

Financial,

Inc.(a)

8,576

738,908

Banc

of

California,

Inc.

39,320

758,483

BancFirst

Corp.

6,602

699,944

Bank

of

Hawaii

Corp.

13,342

912,192

Bank

OZK

13,483

620,488

BankUnited,

Inc.

16,754

746,726

Banner

Corp.

12,879

806,998

Cadence

Bank

17,989

770,649

Cathay

General

Bancorp

15,702

759,820

Columbia

Banking

System,

Inc.

24,214

676,781

Community

Financial

System,

Inc.

13,664

784,860

Customers

Bancorp,

Inc.(a)

8,392

613,623

CVB

Financial

Corp.

43,955

817,563

FB

Financial

Corp.

12,855

717,309

First

Bancorp

15,436

783,994

First

Bancorp

Puerto

Rico

36,813

763,133

First

Financial

Bancorp

32,068

802,341

First

Financial

Bankshares,

Inc.

25,163

751,619

First

Hawaiian,

Inc.

34,755

879,301

First

Interstate

BancSystem,

Inc.,

Class

A

21,066

728,884

First

Merchants

Corp.

20,979

786,293

FNB

Corp.

45,202

772,954

Fulton

Financial

Corp.

40,927

791,119

Glacier

Bancorp,

Inc.

13,957

614,806

Hancock

Whitney

Corp.

11,904

758,047

Home

BancShares,

Inc.

31,258

868,347

Independent

Bank

Corp.

10,272

750,678

International

Bancshares

Corp.

12,436

826,248

NBT

Bancorp,

Inc.

20,748

861,457

Park

National

Corp.

5,250

798,945

Provident

Financial

Services,

Inc.

38,202

754,489

Renasant

Corp.

19,124

673,547

Seacoast

Banking

Corp.

of

Florida

24,923

783,081

ServisFirst

Bancshares,

Inc.

8,890

638,213

Simmons

First

National

Corp.,

Class

A

44,101

831,304

Texas

Capital

Bancshares,

Inc.(a)

8,527

772,035

The

Bancorp,

Inc.(a)

6,859

463,120

Towne

Bank

26,628

888,576

Trustmark

Corp.

22,081

860,055

United

Bankshares,

Inc.

24,310

933,504

United

Community

Banks,

Inc.

22,778

711,129

Valley

National

Bancorp

65,385

763,697

WaFd,

Inc.

25,596

819,840

WesBanco,

Inc.

23,329

775,456

WSFS

Financial

Corp.

14,710

812,580

#### 36,552,909

#### Capital

#### Markets

#### (#### 2

#### .7

#### %

####):
Affiliated

Managers

Group,

Inc.

3,170

913,848

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Capital

#### Markets

#### (2.7%):
(continued)

Artisan

Partners

Asset

Management,

Inc.,

Class

A

16,320

664,877

BGC

Group,

Inc.,

Class

A

67,915

606,481

Cohen

&

Steers,

Inc.

10,702

671,871

Federated

Hermes,

Inc.,

Class

B

19,244

1,002,035

Hamilton

Lane,

Inc.,

Class

A

4,099

550,537

Lazard,

Inc.,

Class

A

9,612

466,759

Moelis

&

Co.,

Class

A

8,744

601,063

Piper

Sandler

Cos.

1,747

593,473

PJT

Partners,

Inc.,

Class

A

4,021

672,311

StoneX

Group,

Inc.(a)

5,644

536,914

Virtu

Financial,

Inc.,

Class

A

19,931

664,101

#### 7,944,270

#### Communication

#### Services

#### (#### 1

#### .2

#### %

####):
Cargurus,

Inc.,

Class

A(a)

15,496

594,272

DoubleVerify

Holdings,

Inc.(a)

34,000

388,960

Iridium

Communications,

Inc.

22,474

390,598

John

Wiley

&

Sons,

Inc.,

Class

A

16,789

514,247

Madison

Square

Garden

Entertainment

Corp.,

Class

A(a)

14,914

803,715

Magnite,

Inc.(a)

18,340

297,658

ZoomInfo

Technologies,

Inc.,

Class

A(a)

37,839

384,823

#### 3,374,273

#### Consumer

#### Discretionary

#### (#### 12

#### .5

#### %

####):
Academy

Sports

&

Outdoors,

Inc.

8,116

405,475

Acushnet

Holdings

Corp.

7,677

612,778

ADT,

Inc.

95,316

769,200

Adtalem

Global

Education,

Inc.(a)

3,847

398,049

Asbury

Automotive

Group,

Inc.(a)

2,383

554,119

Atmus

Filtration

Technologies,

Inc.

14,557

755,654

Boot

Barn

Holdings,

Inc.(a)

2,408

424,940

BorgWarner,

Inc.

17,131

771,923

Brunswick

Corp.

7,910

587,238

Cavco

Industries,

Inc.(a)

1,247

736,653

Century

Communities,

Inc.

9,169

544,180

Champion

Homes,

Inc.(a)

7,494

633,243

Chewy,

Inc.,

Class

A(a)

12,355

408,333

Columbia

Sportswear

Co.

10,464

576,462

Dillard's,

Inc.,

Class

A

844

511,751

Dorman

Products,

Inc.(a)

4,814

593,037

Dream

Finders

Homes,

Inc.,

Class

A(a)

16,364

279,824

Five

Below,

Inc.(a)

2,525

475,609

Frontdoor,

Inc.(a)

7,891

455,232

Garrett

Motion,

Inc.

41,183

717,820

Gentex

Corp.

25,964

604,182

Graham

Holdings

Co.,

Class

B

892

979,951

Grand

Canyon

Education,

Inc.(a)

3,649

606,865

Green

Brick

Partners,

Inc.(a)

9,693

607,363

Group

Automotive,

Inc.

1,441

566,745

Harley-Davidson,

Inc.

18,043

369,701

Hilton

Grand

Vacations,

Inc.(a)

12,236

547,561

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Consumer

#### Discretionary

#### (12.5%):
(continued)

Installed

Building

Products,

Inc.

1,867

484,281

KB

Home

10,224

576,736

Kontoor

Brands,

Inc.

5,889

359,759

Laureate

Education,

Inc.,

Class

A(a)

27,634

930,437

LCI

Industries

7,063

857,024

Lear

Corp.

6,188

709,145

Life

Time

Group

Holdings,

Inc.(a)

20,941

556,612

M/I

Homes,

Inc.(a)

4,609

589,722

Meritage

Homes

Corp.

8,174

537,849

Mister

Car

Wash,

Inc.(a)

119,716

665,621

Modine

Manufacturing

Co.(a)

2,099

280,237

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

4,392

481,407

OneSpaWorld

Holdings

Ltd.

25,915

537,477

Patrick

Industries,

Inc.

6,520

706,964

Perdoceo

Education

Corp.

16,743

491,072

Phinia,

Inc.

11,418

715,794

Savers

Value

Village,

Inc.(a)

29,618

276,632

Sonic

Automotive,

Inc.,

Class

A

8,050

497,973

Steven

Madden

Ltd.

11,770

490,103

Strategic

Education,

Inc.

8,497

681,459

Stride,

Inc.(a)

3,769

244,721

Taylor

Morrison

Home

Corp.,

Class

A(a)

10,011

589,348

The

Buckle,

Inc.

12,352

659,844

The

Cheesecake

Factory,

Inc.

11,374

574,160

The

Goodyear

Tire

&

Rubber

Co.(a)

56,443

494,441

The

Wendy's

Co.

76,076

633,713

Thor

Industries,

Inc.

5,033

516,738

Tri

Pointe

Homes,

Inc.(a)

18,811

591,982

United

Parks

&

Resorts,

Inc.(a)

9,945

361,004

Vail

Resorts,

Inc.

4,295

570,376

Valvoline,

Inc.(a)

20,904

607,470

Visteon

Corp.

5,520

524,952

Wolverine

World

Wide,

Inc.

13,373

242,720

Worthington

Enterprises,

Inc.

9,234

476,197

YETI

Holdings,

Inc.(a)

13,909

614,361

#### 34,622,219

#### Consumer

#### Finance

#### (#### 1

#### .3

#### %

####):
Credit

Acceptance

Corp.(a)

1,217

539,691

FirstCash

Holdings,

Inc.

5,536

882,328

Nelnet,

Inc.,

Class

A

7,059

938,565

OneMain

Holdings,

Inc.,

Class

A

11,045

746,090

SLM

Corp.

25,378

686,729

#### 3,793,403

#### Consumer

#### Staples

#### (#### 5

#### .0

#### %

####):
Cal-Maine

Foods,

Inc.

5,176

411,854

Celsius

Holdings,

Inc.(a)

5,725

261,862

Central

Garden

&

Pet

Co.,

Class

A(a)

23,590

688,592

Darling

Ingredients,

Inc.(a)

15,932

573,552

Energizer

Holdings,

Inc.

19,924

396,288

Flowers

Foods,

Inc.

68,611

746,488

Grocery

Outlet

Holding

Corp.(a)

18,922

191,112

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Consumer

#### Staples

#### (5.0%):
(continued)

Interparfums,

Inc.

6,958

590,247

J

&

J

Snack

Foods

Corp.

7,426

671,088

National

Beverage

Corp.(a)

22,689

723,552

Post

Holdings,

Inc.(a)

9,472

938,202

PriceSmart,

Inc.

6,574

806,433

Reynolds

Consumer

Products,

Inc.

37,351

856,085

Seaboard

Corp.

831,181

The

Chefs'

Warehouse,

Inc.(a)

10,093

629,097

The

Marzetti

Company

4,310

708,650

The

Simply

Good

Foods

Co.(a)

31,116

624,809

The

Vita

Coco

Co.,

Inc.(a)

11,544

611,947

Tootsie

Roll

Industries,

Inc.

20,482

750,256

Utz

Brands,

Inc.

53,966

560,167

Vital

Farms,

Inc.(a)

9,780

312,373

Co.

4,783

941,773

#### 13,825,608

#### Energy

#### (#### 4

#### .2

#### %

####):
Archrock,

Inc.

21,614

562,396

Cactus,

Inc.,

Class

A

14,193

648,336

California

Resources

Corp.

9,830

439,499

Centrus

Energy

Corp.,

Class

A(a)

637

154,638

Chord

Energy

Corp.

5,394

500,024

Civitas

Resources,

Inc.

10,769

291,732

CNX

Resources

Corp.(a)

21,990

808,572

Core

Natural

Resources,

Inc.

4,317

382,098

Excelerate

Energy,

Inc.,

Class

A

22,032

617,998

International

Seaways,

Inc.

12,064

585,707

Kinetik

Holdings,

Inc.,

Class

A

15,146

546,013

Kodiak

Gas

Services,

Inc.

13,781

515,409

Liberty

Energy,

Inc.,

Class

A

28,351

523,360

Magnolia

Oil

&

Gas

Corp.,

Class

A

23,944

524,134

Murphy

Oil

Corp.

15,045

470,156

Northern

Oil

&

Gas,

Inc.

17,564

377,099

NOV,

Inc.

37,833

591,330

Oceaneering

International,

Inc.(a)

21,392

514,050

Peabody

Energy

Corp.

11,164

331,571

SM

Energy

Co.

15,971

298,658

Solaris

Energy

Infrastructure,

Inc.,

Class

A

4,912

225,805

Tidewater,

Inc.(a)

7,316

369,531

Valaris

Ltd.(a)

8,551

430,970

Viper

Energy,

Inc.,

Class

A

15,436

596,293

Weatherford

International

PLC

6,121

479,030

#### 11,784,409

#### Financial

#### Services

#### (#### 4

#### .0

#### %

####):
Enact

Holdings,

Inc.

28,914

1,146,151

Essent

Group

Ltd.

16,719

1,086,902

Euronet

Worldwide,

Inc.(a)

7,409

563,899

EVERTEC,

Inc.

21,041

612,083

HA

Sustainable

Infrastructure

Capital,

Inc.

21,273

668,610

MGIC

Investment

Corp.

33,756

986,350

NCR

Atleos

Corp.(a)

12,468

475,155

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Financial

#### Services

#### (4.0%):
(continued)

NMI

Holdings,

Inc.,

Class

A(a)

23,992

978,634

Payoneer

Global,

Inc.(a)

70,092

393,917

PennyMac

Financial

Services,

Inc.

5,621

741,073

Radian

Group,

Inc.

26,368

948,984

Remitly

Global,

Inc.(a)

32,302

445,768

Sezzle,

Inc.(a)

2,585

164,083

The

Western

Union

Co.

88,498

823,916

Voya

Financial,

Inc.

8,418

627,057

Walker

&

Dunlop,

Inc.

7,666

461,110

#### 11,123,692

#### Health

#### Care

#### (#### 6

#### .9

#### %

####):
Acadia

Healthcare

Co.,

Inc.(a)

14,961

212,297

ACADIA

Pharmaceuticals,

Inc.(a)

21,223

566,866

Addus

HomeCare

Corp.(a)

6,088

653,790

ADMA

Biologics,

Inc.(a)

28,428

518,527

Agios

Pharmaceuticals,

Inc.(a)

12,115

329,770

Alkermes

PLC(a)

19,755

552,745

Ardent

Health,

Inc.(a)

32,291

285,129

BrightSpring

Health

Services,

Inc.(a)

15,582

583,546

Catalyst

Pharmaceuticals,

Inc.(a)

29,508

688,717

Concentra

Group

Holdings

Parent,

Inc.

34,492

678,802

Corcept

Therapeutics,

Inc.(a)

2,136

74,333

CorVel

Corp.(a)

9,545

645,910

Elanco

Animal

Health,

Inc.(a)

20,176

456,583

Envista

Holdings

Corp.(a)

27,015

586,496

GeneDx

Holdings

Corp.,

Class

A(a)

1,659

215,769

Haemonetics

Corp.(a)

9,593

768,879

Harmony

Biosciences

Holdings,

Inc.(a)

19,047

712,739

Inspire

Medical

Systems,

Inc.(a)

4,782

441,044

Integer

Holdings

Corp.(a)

7,499

588,147

Krystal

Biotech,

Inc.(a)

2,591

638,785

Lantheus

Holdings,

Inc.(a)

6,713

446,750

LeMaitre

Vascular,

Inc.

7,073

573,620

Merit

Medical

Systems,

Inc.(a)

8,709

767,611

Option

Care

Health,

Inc.(a)

24,329

775,122

Prestige

Consumer

Healthcare,

Inc.(a)

11,494

709,065

Privia

Health

Group,

Inc.(a)

27,867

660,727

Progyny,

Inc.(a)

27,660

710,309

Protagonist

Therapeutics,

Inc.(a)

3,705

323,595

PTC

Therapeutics,

Inc.(a)

6,010

456,520

Sotera

Health

Co.(a)

29,161

514,400

Supernus

Pharmaceuticals,

Inc.(a)

12,209

606,787

TG

Therapeutics,

Inc.(a)

11,795

351,609

TransMedics

Group,

Inc.(a)

3,406

414,340

Veracyte,

Inc.(a)

12,103

509,536

Vericel

Corp.(a)

13,415

483,074

Waystar

Holding

Corp.(a)

16,612

544,043

#### 19,045,982

#### Industrials

#### (#### 21

#### .3

#### %

####):
AAR

Corp.(a)

6,876

569,264

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Industrials

#### (21.3%):
(continued)

ABM

Industries,

Inc.

16,039

678,450

AeroVironment,

Inc.(a)

968

234,149

Alamo

Group,

Inc.

4,200

705,054

Albany

International

Corp.,

Class

A

9,389

476,022

Amentum

Holdings,

Inc.(a)

18,137

525,973

American

Superconductor

Corp.(a)

4,535

130,517

Arcosa,

Inc.

6,591

700,755

Argan,

Inc.

1,224

383,504

Armstrong

World

Industries,

Inc.

4,238

809,882

Atkore,

Inc.

6,245

394,996

AZZ,

Inc.

6,657

713,497

Bloom

Energy

Corp.,

Class

A(a)

2,900

251,981

Blue

Bird

Corp.(a)

9,395

441,565

Boise

Cascade

Co.

7,847

577,539

Brady

Corp.,

Class

A

11,659

913,716

Casella

Waste

Systems,

Inc.,

Class

A(a)

8,992

880,676

CBIZ,

Inc.(a)

9,929

500,918

Concentrix

Corp.

7,058

293,472

Construction

Partners,

Inc.,

Class

A(a)

3,624

393,385

CoreCivic,

Inc.(a)

37,124

709,440

CSG

Systems

International,

Inc.

13,130

1,006,940

CSW

Industrials,

Inc.

2,395

703,004

DXP

Enterprises,

Inc.(a)

3,849

422,582

Dycom

Industries,

Inc.(a)

1,877

634,238

Enerpac

Tool

Group

Corp.,

Class

A

16,825

643,388

EnerSys

5,448

799,494

Enpro,

Inc.

2,634

564,018

ESCO

Technologies,

Inc.

2,789

544,943

Everus

Construction

Group,

Inc.(a)

4,257

364,229

Exponent,

Inc.

14,421

1,001,683

Federal

Signal

Corp.

4,735

514,174

Franklin

Electric

Co.,

Inc.

8,952

855,185

FTI

Consulting,

Inc.(a)

5,114

873,625

GATX

Corp.

5,240

888,704

Gibraltar

Industries,

Inc.(a)

8,653

427,804

Granite

Construction,

Inc.

7,477

862,472

Griffon

Corp.

7,666

564,601

GXO

Logistics,

Inc.(a)

9,753

513,398

Hayward

Holdings,

Inc.(a)

42,042

649,549

Helios

Technologies,

Inc.

8,056

430,915

Herc

Holdings,

Inc.

2,900

430,302

Hexcel

Corp.

10,588

782,453

Hillman

Solutions

Corp.(a)

51,208

443,461

HNI

Corp.

16,203

681,174

Huron

Consulting

Group,

Inc.(a)

3,990

689,911

ICF

International,

Inc.

6,339

540,717

IES

Holdings,

Inc.(a)

908

353,230

Insperity,

Inc.

9,127

353,397

Kadant,

Inc.

1,973

562,344

Kirby

Corp.(a)

6,887

758,810

Korn

Ferry

11,690

771,774

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Industrials

#### (21.3%):
(continued)

Kratos

Defense

&

Security

Solutions,

Inc.(a)

4,345

329,829

Landstar

System,

Inc.

5,868

843,232

Legalzoom.com,

Inc.(a)

37,893

376,277

Matson,

Inc.

5,468

675,571

Maximus,

Inc.

8,617

743,819

McGrath

RentCorp

6,833

716,987

MDU

Resources

Group,

Inc.

47,353

924,331

Moog,

Inc.,

Class

A

3,023

736,252

MSA

Safety,

Inc.

5,548

888,457

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

9,356

786,840

Mueller

Water

Products,

Inc.,

Class

A

21,943

522,682

MYR

Group,

Inc.(a)

2,235

488,347

OPENLANE,

Inc.(a)

22,166

660,103

Pitney

Bowes,

Inc.

43,735

462,279

Powell

Industries,

Inc.

1,223

389,868

Power

Solutions

International,

Inc.(a)

2,558

146,164

Primoris

Services

Corp.

3,162

392,531

REV

Group,

Inc.

9,249

562,432

Robert

Half,

Inc.

18,818

511,097

Rush

Enterprises,

Inc.,

Class

A

12,873

694,370

Ryder

System,

Inc.

3,733

714,459

Schneider

National,

Inc.,

Class

B

30,921

820,334

Science

Applications

International

Corp.

6,356

639,795

SiteOne

Landscape

Supply,

Inc.(a)

4,780

595,397

SkyWest,

Inc.(a)

5,572

559,485

SPX

Technologies,

Inc.(a)

3,187

637,591

Standex

International

Corp.

2,571

558,627

Sterling

Infrastructure,

Inc.(a)

1,047

320,623

Tecnoglass,

Inc.

7,904

397,729

Terex

Corp.

9,364

499,850

The

Brink's

Co.

6,203

724,076

The

GEO

Group,

Inc.(a)

24,921

401,727

The

Timken

Co.

8,679

730,164

TriNet

Group,

Inc.

9,344

552,511

Trinity

Industries,

Inc.

22,933

606,348

UFP

Industries,

Inc.

7,639

695,531

UL

Solutions,

Inc.,

Class

A

8,900

701,854

UniFirst

Corp.

4,422

853,004

Upwork,

Inc.(a)

25,489

505,192

V2X,

Inc.(a)

8,466

461,820

Valmont

Industries,

Inc.

1,444

580,950

Verra

Mobility

Corp.,

Class

A(a)

26,620

596,554

Vicor

Corp.(a)

6,197

679,191

VSE

Corp.

2,932

506,562

Watts

Water

Technologies,

Inc.,

Class

A

2,756

760,711

WillScot

Holdings

Corp.

20,150

379,424

Zurn

Elkay

Water

Solutions

Corp.

15,393

715,621

#### 58,963,872

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Information

#### Technology

#### (#### 10

#### .4

#### %

####):
ACI

Worldwide,

Inc.(a)

12,025

574,915

ACM

Research,

Inc.,

Class

A(a)

7,878

310,787

Advanced

Energy

Industries,

Inc.

2,498

523,006

Agilysys,

Inc.(a)

3,785

449,809

Alarm.com

Holdings,

Inc.(a)

16,040

818,361

Amkor

Technology,

Inc.

13,694

540,639

Appfolio,

Inc.,

Class

A(a)

2,132

496,010

Arrow

Electronics,

Inc.(a)

6,038

665,267

ASGN,

Inc.(a)

11,622

559,832

Avnet,

Inc.

13,288

638,887

Axcelis

Technologies,

Inc.(a)

5,112

410,698

Badger

Meter,

Inc.

3,479

606,772

Belden,

Inc.

5,375

626,456

BlackLine,

Inc.(a)

11,642

643,686

Cirrus

Logic,

Inc.(a)

4,545

538,583

Cleanspark,

Inc.(a)

13,578

137,409

Clear

Secure,

Inc.,

Class

A

18,329

642,981

Clearwater

Analytics

Holdings,

Inc.,

Class

A(a)

31,803

767,088

Cognex

Corp.

11,102

399,450

Commvault

Systems,

Inc.(a)

2,629

329,571

Crane

NXT

Co.

8,423

396,471

Dave,

Inc.(a)

1,245

275,656

DigitalOcean

Holdings,

Inc.(a)

8,498

408,924

Diodes,

Inc.(a)

8,924

440,310

Dolby

Laboratories,

Inc.,

Class

A

12,405

796,649

DXC

Technology

Co.(a)

39,883

584,286

ePlus,

Inc.

9,061

794,650

Five9,

Inc.(a)

20,721

415,456

FormFactor,

Inc.(a)

9,117

508,546

Impinj,

Inc.(a)

1,555

270,586

Insight

Enterprises,

Inc.(a)

5,577

454,358

InterDigital,

Inc.

1,661

528,829

Itron,

Inc.(a)

5,598

519,830

Knowles

Corp.(a)

25,809

553,087

Life360,

Inc.(a)

3,504

224,747

Littelfuse,

Inc.

1,954

494,206

LiveRamp

Holdings,

Inc.(a)

17,598

516,853

Lumentum

Holdings,

Inc.(a)

2,100

774,039

MARA

Holdings,

Inc.(a)

14,976

134,485

Mirion

Technologies,

Inc.,

Class

A(a)

17,633

412,965

NetScout

Systems,

Inc.(a)

26,665

721,555

OSI

Systems,

Inc.(a)

2,163

551,695

Plexus

Corp.(a)

4,447

653,709

Power

Integrations,

Inc.

13,147

467,244

Progress

Software

Corp.(a)

13,385

575,020

Q2

Holdings,

Inc.(a)

8,196

591,423

Qualys,

Inc.(a)

5,774

767,365

Rambus,

Inc.(a)

3,837

352,582

Semtech

Corp.(a)

3,745

275,969

Sprinklr,

Inc.,

Class

A(a)

65,872

512,484

SPS

Commerce,

Inc.(a)

4,379

390,300

Teradata

Corp.(a)

25,367

772,172

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Information

#### Technology

#### (10.4%):
(continued)

TTM

Technologies,

Inc.(a)

7,477

515,913

Viavi

Solutions,

Inc.(a)

44,595

794,683

Vontier

Corp.

18,033

670,467

#### 28,797,721

#### Insurance

#### (#### 3

#### .6

#### %

####):
Assured

Guaranty

Ltd.

11,500

1,033,505

Brighthouse

Financial,

Inc.(a)

7,764

503,030

CNO

Financial

Group,

Inc.

18,718

794,953

First

American

Financial

Corp.

13,236

813,220

Genworth

Financial,

Inc.,

Class

A(a)

70,163

633,572

HCI

Group,

Inc.

3,720

713,087

Kemper

Corp.

12,039

488,061

Mercury

General

Corp.

7,753

729,247

Palomar

Holdings,

Inc.(a)

4,393

592,001

RLI

Corp.

15,250

975,695

Selective

Insurance

Group,

Inc.

7,633

638,653

The

Hanover

Insurance

Group,

Inc.

4,981

910,377

White

Mountains

Insurance

Group

Ltd.

508

1,055,639

#### 9,881,040

#### Materials

#### (#### 5

#### .4

#### %

####):
Avient

Corp.

17,148

535,704

Balchem

Corp.

6,910

1,059,718

Cabot

Corp.

10,096

669,163

Coeur

Mining,

Inc.(a)

17,180

306,319

Commercial

Metals

Co.

10,177

704,452

Element

Solutions,

Inc.

24,349

608,482

FMC

Corp.

13,416

186,080

Greif,

Inc.,

Class

A

11,068

749,304

H.B.

Fuller

Co.

10,777

640,800

Hawkins,

Inc.

3,836

544,942

Hecla

Mining

Co.

28,687

550,504

Innospec,

Inc.

10,571

809,104

Knife

River

Corp.(a)

7,232

508,771

Materion

Corp.

4,734

588,531

Minerals

Technologies,

Inc.

10,460

637,537

NewMarket

Corp.

1,194

820,588

Perimeter

Solutions,

Inc.(a)

22,745

626,170

Sealed

Air

Corp.

18,073

748,764

Sensient

Technologies

Corp.

7,737

726,891

Silgan

Holdings,

Inc.

17,409

702,801

Sylvamo

Corp.

12,161

585,552

The

Scotts

Miracle-Gro

Co.

9,427

550,066

United

States

Lime

&

Minerals,

Inc.

4,672

559,425

Warrior

Met

Coal,

Inc.

6,566

578,924

#### 14,998,592

#### Real

#### Estate

#### (#### 0

#### .8

#### %

####):
Howard

Hughes

Holdings,

Inc.(a)

8,828

704,209

Newmark

Group,

Inc.,

Class

A

31,908

553,285

The

St.

Joe

Co.

16,295

967,434

#### 2,224,928

#### Utilities

#### (#### 6

#### .8

#### %

####):
American

States

Water

Co.

14,062

1,019,214

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Utilities

#### (6.8%):
(continued)

Avista

Corp.

31,519

1,214,742

Black

Hills

Corp.

19,070

1,323,839

California

Water

Service

Group

20,743

898,794

Chesapeake

Utilities

Corp.

7,680

958,157

Clearway

Energy,

Inc.,

Class

C

25,578

850,724

H2O

America

17,106

838,023

IDACORP,

Inc.

9,130

1,155,493

MGE

Energy,

Inc.

12,459

977,035

National

Fuel

Gas

Co.

12,381

991,223

New

Jersey

Resources

Corp.

27,865

1,285,134

ONE

Gas,

Inc.

13,291

1,026,730

Ormat

Technologies,

Inc.

8,976

991,579

Otter

Tail

Corp.

11,568

934,810

Portland

General

Electric

Co.

24,822

1,191,208

Southwest

Gas

Holdings,

Inc.

11,629

930,552

Spire,

Inc.

13,940

1,152,838

UGI

Corp.

33,145

1,240,617

#### 18,980,712

#### Total

#### Common

#### Stocks

#### (Cost

#### $254,262,413)

#### 275,913,630

#### Total

#### Investments

#### (Cost

#### $254,262,413)

#### —

#### 99.5%(b)

#### 275,913,630

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.5%

#### 1,307,634

#### NET

#### ASSETS

#### -

#### 100.00%

#### $

#### 277,221,264
(a) Non-income

producing

security.

(b) See

Federal

Tax

Information

listed

in

the

Notes

to

Financial

Statements.

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Futures

#### Contracts

#### Long

#### Futures

#### Index

#### Futures

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation/
(Depreciation)

E-Mini

Russell

2000

Index

Futures

3/20/26

$

1,151,458

$

1,124,100

$

(27,358)

$

(27,358)

#### Schedule

#### of

#### Portfolio

#### Investments
December

31,

2025

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Common

#### Stocks

#### (99.7%)

#### Aerospace

#### &

#### Defense

#### (#### 3.5%

####):
Axon

Enterprise,

Inc.(a)

961

545,781

BWX

Technologies,

Inc.

4,622

798,866

Curtiss-Wright

Corp.

2,064

1,137,821

General

Dynamics

Corp.

5,077

1,709,223

HEICO

Corp.

3,832

1,239,997

Howmet

Aerospace,

Inc.

5,650

1,158,363

Textron,

Inc.

15,613

1,360,985

TransDigm

Group,

Inc.

1,004

1,335,169

Woodward,

Inc.

4,823

1,458,089

#### 10,744,294

#### Air

#### Freight

#### &

#### Logistics

#### (#### 1.0%

####):
C.H.

Robinson

Worldwide,

Inc.

8,809

1,416,135

Expeditors

International

of

Washington,

Inc.

11,817

1,760,851

#### 3,176,986

#### Building

#### Products

#### (#### 2.3%

####):
Allegion

PLC

7,993

1,272,645

Builders

FirstSource,

Inc.(a)

6,480

666,727

Carlisle

Cos.,

Inc.

3,152

1,008,199

Carrier

Global

Corp.

18,741

990,274

Lennox

International,

Inc.

1,997

969,703

Masco

Corp.

17,483

1,109,471

Trane

Technologies

PLC

3,046

1,185,503

#### 7,202,522

#### Commercial

#### Services

#### &

#### Supplies

#### (#### 2.7%

####):
Cintas

Corp.

8,997

1,692,066

Copart,

Inc.(a)

34,640

1,356,156

Republic

Services,

Inc.,

Class

A

8,826

1,870,494

Rollins,

Inc.

31,513

1,891,410

Waste

Management,

Inc.

9,337

2,051,432

#### 8,861,558

#### Communication

#### Services

#### (#### 0.1%

####):
The

Trade

Desk,

Inc.,

Class

A(a)

8,619

327,177

#### 327,177

#### Construction

#### &

#### Engineering

#### (#### 1.9%

####):
AECOM

12,143

1,157,592

API

Group

Corp.(a)

35,694

1,365,652

Comfort

Systems

USA,

Inc.

750

699,968

EMCOR

Group,

Inc.

1,312

802,669

MasTec,

Inc.(a)

4,048

879,914

Quanta

Services,

Inc.

2,179

919,669

#### 5,825,464

#### Consumer

#### Discretionary

#### (#### 6.4%

####):
Aptiv

PLC(a)

12,589

957,897

Carvana

Co.,

Class

A(a)

1,560

658,351

Chewy,

Inc.,

Class

A(a)

21,392

707,006

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

27,266

1,008,842

Coupang,

Inc.,

Class

A(a)

34,929

823,975

D.R.

Horton,

Inc.

6,395

921,072

Deckers

Outdoor

Corp.(a)

6,976

723,202

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Consumer

#### Discretionary

#### (6.4%):
(continued)

Domino's

Pizza,

Inc.

3,382

1,409,685

Garmin

Ltd.

4,113

834,322

Genuine

Parts

Co.

11,054

1,359,200

Lennar

Corp.,

Class

A

8,891

913,995

NVR,

Inc.(a)

1,283,527

O'Reilly

Automotive,

Inc.(a)

17,776

1,621,349

PulteGroup,

Inc.

8,602

1,008,670

Ross

Stores,

Inc.

9,694

1,746,277

Somnigroup

International,

Inc.

13,668

1,220,279

Toll

Brothers,

Inc.

8,154

1,102,584

Tractor

Supply

Co.

24,004

1,200,440

Williams-Sonoma,

Inc.

4,720

842,945

#### 20,343,618

#### Consumer

#### Staples

#### (#### 5.4%

####):
BJ's

Wholesale

Club

Holdings,

Inc.(a)

13,248

1,192,717

Bunge

Global

SA

14,750

1,313,930

Casey's

General

Stores,

Inc.

2,302

1,272,338

Celsius

Holdings,

Inc.(a)

9,901

452,872

Costco

Wholesale

Corp.

1,782

1,536,690

Dollar

General

Corp.

10,356

1,374,966

Hormel

Foods

Corp.

61,197

1,450,369

Kenvue,

Inc.

75,514

1,302,617

Kimberly-Clark

Corp.

15,854

1,599,510

McCormick

&

Co.,

Inc.

23,481

1,599,291

Sprouts

Farmers

Market,

Inc.(a)

9,697

772,560

Sysco

Corp.

21,951

1,617,569

U.S.

Foods

Holding

Corp.(a)

20,786

1,565,602

#### 17,051,031

#### Electrical

#### Equipment

#### (#### 1.9%

####):
AMETEK,

Inc.

9,314

1,912,257

Bloom

Energy

Corp.,

Class

A(a)

5,008

435,145

GE

Vernova,

Inc.

1,071

699,973

Hubbell,

Inc.,

Class

B

2,834

1,258,608

Rockwell

Automation,

Inc.

3,197

1,243,857

Vertiv

Holdings

Co.,

Class

A

3,064

496,399

#### 6,046,239

#### Energy

#### (#### 7.0%

####):
Baker

Hughes

Co.,

Class

A

22,126

1,007,618

Cheniere

Energy,

Inc.

4,920

956,399

ConocoPhillips

Co.

12,029

1,126,035

Coterra

Energy,

Inc.

53,869

1,417,832

Devon

Energy

Corp.

25,842

946,592

Diamondback

Energy,

Inc.

6,441

968,276

EOG

Resources,

Inc.

11,330

1,189,763

EQT

Corp.

18,267

979,111

Expand

Energy

Corp.

12,403

1,368,795

Halliburton

Co.

38,353

1,083,856

Kinder

Morgan,

Inc.

52,565

1,445,012

Occidental

Petroleum

Corp.

23,298

958,014

ONEOK,

Inc.

16,516

1,213,926

Phillips

Co.

7,782

1,004,189

SLB

Ltd.

30,959

1,188,206

Targa

Resources

Corp.

6,602

1,218,069

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Energy

#### (7.0%):
(continued)

Texas

Pacific

Land

Corp.

2,577

740,166

The

Williams

Cos.,

Inc.

21,792

1,309,917

Valero

Energy

Corp.

6,062

986,833

Viper

Energy,

Inc.,

Class

A

26,723

1,032,310

#### 22,140,919

#### Financials

#### (#### 13.1%

####):
Affirm

Holdings,

Inc.,

Class

A(a)

6,792

505,529

Aflac,

Inc.

15,289

1,685,918

Arch

Capital

Group

Ltd.(a)

15,704

1,506,328

Arthur

J. Gallagher

&

Co.

5,182

1,341,050

Blue

Owl

Capital,

Inc.,

Class

A

52,699

787,323

Brown

&

Brown,

Inc.

16,002

1,275,359

Cboe

Global

Markets,

Inc.

6,937

1,741,187

Cincinnati

Financial

Corp.

9,380

1,531,942

CME

Group,

Inc.,

Class

A

7,413

2,024,342

Coinbase

Global,

Inc.,

Class

A(a)

1,418

320,666

East

West

Bancorp,

Inc.

10,799

1,213,700

Equitable

Holdings,

Inc.

21,112

1,005,987

Everest

Group

Ltd.

4,577

1,553,205

Fidelity

National

Information

Services,

Inc.

17,929

1,191,561

First

Citizens

Bancshares,

Inc.,

Class

A

642

1,377,847

Franklin

Resources,

Inc.

51,669

1,234,372

Global

Payments,

Inc.

10,559

817,267

Houlihan

Lokey,

Inc.,

Class

A

6,872

1,197,034

Interactive

Brokers

Group,

Inc.,

Class

A

11,370

731,205

Intercontinental

Exchange,

Inc.

13,185

2,135,443

Jefferies

Financial

Group,

Inc.

16,355

1,013,519

LPL

Financial

Holdings,

Inc.

3,167

1,131,157

Markel

Group,

Inc.(a)

787

1,691,774

MSCI,

Inc.,

Class

A

2,472

1,418,260

Nasdaq,

Inc.

17,030

1,654,124

Principal

Financial

Group,

Inc.

15,907

1,403,156

Reinsurance

Group

of

America,

Inc.

6,206

1,262,673

Ryan

Specialty

Holdings,

Inc.,

Class

A

22,623

1,168,025

SoFi

Technologies,

Inc.(a)

23,146

605,962

The

Progressive

Corp.

6,412

1,460,141

Toast,

Inc.,

Class

A(a)

23,382

830,295

Tradeweb

Markets,

Inc.,

Class

A

12,105

1,301,772

W.R.

Berkley

Corp.

21,606

1,515,013

#### 41,633,136

#### Ground

#### Transportation

#### (#### 1.3%

####):
CSX

Corp.

41,846

1,516,918

Old

Dominion

Freight

Line,

Inc.

6,784

1,063,731

Union

Pacific

Corp.

7,029

1,625,948

#### 4,206,597

#### Health

#### Care

#### (#### 10.0%

####):
Agilent

Technologies,

Inc.

8,365

1,138,225

Centene

Corp.(a)

17,141

705,352

Dexcom,

Inc.(a)

12,738

845,421

Doximity,

Inc.,

Class

A(a)

9,224

408,439

Edwards

Lifesciences

Corp.(a)

21,240

1,810,710

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Health

#### Care

#### (10.0%):
(continued)

Encompass

Health

Corp.

11,123

1,180,595

GE

HealthCare

Technologies,

Inc.

13,636

1,118,425

HCA

Healthcare,

Inc.

3,267

1,525,232

Humana,

Inc.

3,118

798,613

IDEXX

Laboratories,

Inc.(a)

1,330

899,785

Illumina,

Inc.(a)

9,117

1,195,786

Incyte

Corp.(a)

13,170

1,300,801

Insulet

Corp.(a)

2,990

849,877

Intuitive

Surgical,

Inc.(a)

2,476

1,402,307

IQVIA

Holdings,

Inc.(a)

4,573

1,030,800

Medpace

Holdings,

Inc.(a)

1,021

573,445

Mettler-Toledo

International,

Inc.(a)

828

1,154,389

Neurocrine

Biosciences,

Inc.(a)

7,082

1,004,440

Quest

Diagnostics,

Inc.

8,793

1,525,849

ResMed,

Inc.

4,964

1,195,679

Solventum

Corp.(a)

16,086

1,274,655

STERIS

PLC

6,794

1,722,415

Stryker

Corp.

4,699

1,651,557

Tenet

Healthcare

Corp.(a)

4,660

926,035

United

Therapeutics

Corp.(a)

1,607

783,011

Veeva

Systems,

Inc.,

Class

A(a)

3,716

829,523

Waters

Corp.(a)

2,962

1,125,056

West

Pharmaceutical

Services,

Inc.

2,333

641,902

Zoetis,

Inc.,

Class

A

9,941

1,250,777

#### 31,869,101

#### Information

#### Technology

#### (#### 14.7%

####):
Amphenol

Corp.,

Class

A

8,275

1,118,284

Analog

Devices,

Inc.

4,022

1,090,766

AppLovin

Corp.,

Class

A(a)

793

534,339

Arista

Networks,

Inc.(a)

4,045

530,016

Astera

Labs,

Inc.(a)

2,002

333,053

Bentley

Systems,

Inc.,

Class

B

29,532

1,127,089

Broadcom,

Inc.

2,171

751,383

Cadence

Design

Systems,

Inc.(a)

2,761

863,033

CDW

Corp.

7,992

1,088,510

Ciena

Corp.(a)

3,907

913,730

Cognizant

Technology

Solutions

Corp.,

Class

A

21,575

1,790,725

Corpay,

Inc.(a)

3,521

1,059,575

Credo

Technology

Group

Holding

Ltd.(a)

2,952

424,763

Datadog,

Inc.,

Class

A(a)

5,335

725,507

Docusign,

Inc.,

Class

A(a)

10,994

751,990

Dynatrace,

Inc.(a)

23,172

1,004,275

Entegris,

Inc.

7,333

617,805

F5,

Inc.(a)

3,735

953,396

Fair

Isaac

Corp.(a)

838,548

First

Solar,

Inc.(a)

2,570

671,361

Fortinet,

Inc.(a)

10,042

797,435

Gartner,

Inc.(a)

3,637

917,542

Guidewire

Software,

Inc.(a)

3,592

722,028

Jabil,

Inc.

4,801

1,094,724

Keysight

Technologies,

Inc.(a)

7,208

1,464,594

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Information

#### Technology

#### (14.7%):
(continued)

KLA

Corp.

881

1,070,486

Manhattan

Associates,

Inc.(a)

3,899

675,736

Monolithic

Power

Systems,

Inc.

676

612,699

Motorola

Solutions,

Inc.

3,561

1,365,003

NetApp,

Inc.

8,635

924,722

Nutanix,

Inc.,

Class

A(a)

12,410

641,473

NXP

Semiconductors

NV

3,777

819,836

Okta,

Inc.,

Class

A(a)

8,302

717,874

ON

Semiconductor

Corp.(a)

13,595

736,169

Palantir

Technologies,

Inc.,

Class

A(a)

3,045

541,249

Palo

Alto

Networks,

Inc.(a)

4,932

908,474

PTC,

Inc.(a)

5,295

922,442

Roper

Technologies,

Inc.

3,511

1,562,852

Seagate

Technology

Holdings

PLC

3,860

1,063,005

ServiceNow,

Inc.(a)

4,985

763,652

Strategy,

Inc.,

Class

A(a)

1,660

252,237

Super

Micro

Computer,

Inc.(a)

7,957

232,901

Synopsys,

Inc.(a)

1,410

662,305

TD

SYNNEX

Corp.

7,519

1,129,579

TE

Connectivity

PLC

5,638

1,282,701

Teledyne

Technologies,

Inc.(a)

2,821

1,440,769

Teradyne,

Inc.

5,024

972,446

Texas

Instruments,

Inc.

5,076

880,635

Trimble,

Inc.(a)

15,987

1,252,582

Tyler

Technologies,

Inc.(a)

2,798

1,270,152

Western

Digital

Corp.

6,568

1,131,469

Zebra

Technologies

Corp.(a)

2,939

713,648

#### 46,731,567

#### Machinery

#### (#### 6.7%

####):
Caterpillar,

Inc.

2,554

1,463,110

Deere

&

Co.

2,884

1,342,704

Dover

Corp.

8,253

1,611,316

Fortive

Corp.

28,236

1,558,910

Graco,

Inc.

21,206

1,738,256

Illinois

Tool

Works,

Inc.

6,539

1,610,556

Ingersoll

Rand,

Inc.

14,384

1,139,500

ITT,

Inc.

7,033

1,220,296

Lincoln

Electric

Holdings,

Inc.

5,012

1,201,076

Otis

Worldwide

Corp.

16,178

1,413,148

PACCAR,

Inc.

13,584

1,487,584

Parker-Hannifin

Corp.

1,558

1,369,420

Snap-on,

Inc.

4,354

1,500,388

Westinghouse

Air

Brake

Technologies

Corp.

6,436

1,373,764

Xylem,

Inc.

9,914

1,350,089

#### 21,380,117

#### Materials

#### (#### 7.0%

####):
Avery

Dennison

Corp.

10,027

1,823,711

Ball

Corp.

29,912

1,584,439

CF

Industries

Holdings,

Inc.

12,433

961,568

CRH

PLC

9,037

1,127,818

Freeport-McMoRan,

Inc.

17,584

893,091

Linde

PLC

4,291

1,829,639

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Materials

#### (7.0%):
(continued)

LyondellBasell

Industries

NV,

Class

A

19,218

832,139

Martin

Marietta

Materials,

Inc.

2,483

1,546,065

Newmont

Corp.

12,150

1,213,178

Nucor

Corp.

7,295

1,189,887

Packaging

Corp.

of

America

6,312

1,301,724

PPG

Industries,

Inc.

12,237

1,253,803

Reliance,

Inc.

4,997

1,443,483

RPM

International,

Inc.

11,723

1,219,192

Steel

Dynamics,

Inc.

7,012

1,188,183

The

Sherwin-Williams

Co.

4,552

1,474,985

Vulcan

Materials

Co.

5,021

1,432,090

#### 22,314,995

#### Professional

#### Services

#### (#### 2.0%

####):
Equifax,

Inc.

4,316

936,486

Paychex,

Inc.

12,052

1,351,993

SS&C

Technologies

Holdings,

Inc.

18,517

1,618,756

TransUnion

10,606

909,465

Verisk

Analytics,

Inc.,

Class

A

6,920

1,547,935

#### 6,364,635

#### Real

#### Estate

#### (#### 0.3%

####):
CoStar

Group,

Inc.(a)

15,699

1,055,601

#### 1,055,601

#### Trading

#### Companies

#### &

#### Distributors

#### (#### 2.0%

####):
Fastenal

Co.

33,674

1,351,338

Ferguson

Enterprises,

Inc.

4,570

1,017,419

FTAI

Aviation

Ltd.

2,583

508,464

United

Rentals,

Inc.

1,040

841,693

W.W.

Grainger,

Inc.

1,622

1,636,679

Watsco,

Inc.

3,093

1,042,186

#### 6,397,779

#### Utilities

#### (#### 10.4%

####):
Alliant

Energy

Corp.

29,881

1,942,564

Ameren

Corp.

20,284

2,025,560

American

Electric

Power

Co.,

Inc.

16,637

1,918,412

American

Water

Works

Co.,

Inc.

10,504

1,370,772

Atmos

Energy

Corp.

12,152

2,037,040

CenterPoint

Energy,

Inc.

55,978

2,146,197

CMS

Energy

Corp.

28,658

2,004,054

Consolidated

Edison,

Inc.

17,816

1,769,485

Constellation

Energy

Corp.

1,748

617,516

DTE

Energy

Co.

14,875

1,918,578

Entergy

Corp.

17,468

1,614,567

Evergy,

Inc.

28,164

2,041,608

Eversource

Energy

20,107

1,353,804

NextEra

Energy,

Inc.

15,381

1,234,787

NiSource,

Inc.

40,853

1,706,021

NRG

Energy,

Inc.

3,965

631,387

Public

Service

Enterprise

Group,

Inc.

21,095

1,693,929

Talen

Energy

Corp.(a)

1,430

536,021

The

Southern

Co.

21,619

1,885,177

Vistra

Corp.

2,742

442,367

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025. #### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Utilities

#### (10.4%):
(continued)

WEC

Energy

Group,

Inc.

18,530

1,954,174

#### 32,844,020

#### Total

#### Common

#### Stocks

#### (Cost

#### $276,860,090)

#### 316,517,356

#### Rights

#### (0.0%)

#### †

#### Health

#### Care

#### (#### 0.0%

####):

#### †
ABIOMED,

Inc.,

CVR

Expiring 01/04/27(a)(b)

2,152

2,195

#### 2,195

#### Total

#### Rights

#### (Cost

#### $–)

#### 2,195

#### Total

#### Investments

#### (Cost

#### $276,860,090)

#### —

#### 99.7%(c)

#### 316,519,551

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.3%

#### 1,187,542

#### NET

#### ASSETS

#### -

#### 100.00%

#### $

#### 317,707,093
(a) Non-income

producing

security.

†

Represents

less

than

0.05%.

(b) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.00%

of

the

Fund's

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy.

(See

Note

2)

(c) See

Federal

Tax

Information

listed

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts

#### Long

#### Futures

#### Index

#### Futures

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation/
(Depreciation)

S&P

500

Index

E-mini

3/20/26

$

1,030,915

$

1,033,875

$

2,960

$

2,960

#### Schedule

#### of

#### Portfolio

#### Investments
December

31,

2025

#### Timothy

#### Plan

#### High

#### Dividend

#### Stock

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Common

#### Stocks

#### (99.6%)

#### Consumer

#### Discretionary

#### (#### 4

#### .8

#### %

####):
Domino's

Pizza,

Inc.

7,815

3,257,448

Garmin

Ltd.

9,505

1,928,089

Genuine

Parts

Co.

25,546

3,141,136

Lennar

Corp.,

Class

A

20,547

2,112,232

Tractor

Supply

Co.

55,474

2,774,255

Williams-Sonoma,

Inc.

10,908

1,948,060

#### 15,161,220

#### Consumer

#### Staples

#### (#### 7

#### .5

#### %

####):
Bunge

Global

SA

34,088

3,036,559

Dollar

General

Corp.

23,933

3,177,585

Hormel

Foods

Corp.

141,429

3,351,867

Kenvue,

Inc.

174,517

3,010,418

Kimberly-Clark

Corp.

36,640

3,696,610

McCormick

&

Co.,

Inc.

54,265

3,695,989

Sysco

Corp.

50,730

3,738,294

#### 23,707,322

#### Energy

#### (#### 14

#### .2

#### %

####):
Baker

Hughes

Co.,

Class

A

51,134

2,328,642

ConocoPhillips

Co.

27,801

2,602,452

Coterra

Energy,

Inc.

124,494

3,276,682

Devon

Energy

Corp.

59,720

2,187,544

Diamondback

Energy,

Inc.

14,884

2,237,512

EOG

Resources,

Inc.

26,184

2,749,582

Expand

Energy

Corp.

28,666

3,163,580

Halliburton

Co.

88,633

2,504,769

Kinder

Morgan,

Inc.

121,480

3,339,485

Occidental

Petroleum

Corp.

53,842

2,213,983

ONEOK,

Inc.

38,170

2,805,495

Phillips

Co.

17,985

2,320,784

SLB

Ltd.

71,547

2,745,974

Targa

Resources

Corp.

15,259

2,815,285

The

Williams

Cos.,

Inc.

50,362

3,027,260

Valero

Energy

Corp.

14,009

2,280,525

Viper

Energy,

Inc.,

Class

A

61,758

2,385,711

#### 44,985,265

#### Financials

#### (#### 12

#### .6

#### %

####):
Aflac,

Inc.

35,334

3,896,280

Blue

Owl

Capital,

Inc.,

Class

A

121,789

1,819,528

Cincinnati

Financial

Corp.

21,677

3,540,288

CME

Group,

Inc.,

Class

A

17,132

4,678,406

East

West

Bancorp,

Inc.

24,956

2,804,805

Equitable

Holdings,

Inc.

48,791

2,324,891

Everest

Group

Ltd.

10,578

3,589,644

Fidelity

National

Information

Services,

Inc.

41,434

2,753,704

Franklin

Resources,

Inc.

119,413

2,852,776

Jefferies

Financial

Group,

Inc.

37,796

2,342,218

Principal

Financial

Group,

Inc.

36,760

3,242,600

Reinsurance

Group

of

America,

Inc.

14,341

2,917,820

The

Progressive

Corp.

14,818

3,374,355

#### 40,137,315

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Health

#### Care

#### (#### 2

#### .6

#### %

####):
Humana,

Inc.

7,206

1,845,673

Quest

Diagnostics,

Inc.

20,320

3,526,129

Zoetis,

Inc.,

Class

A

22,974

2,890,589

#### 8,262,391

#### Industrials

#### (#### 20

#### .2

#### %

####):
C.H.

Robinson

Worldwide,

Inc.

20,357

3,272,591

Carlisle

Cos.,

Inc.

7,284

2,329,860

Carrier

Global

Corp.

43,311

2,288,553

CSX

Corp.

96,707

3,505,629

Deere

&

Co.

6,665

3,103,024

Fastenal

Co.

77,823

3,123,037

Ferguson

Enterprises,

Inc.

10,561

2,351,195

General

Dynamics

Corp.

11,734

3,950,368

Graco,

Inc.

49,008

4,017,186

Illinois

Tool

Works,

Inc.

15,112

3,722,086

Lincoln

Electric

Holdings,

Inc.

11,582

2,775,510

Masco

Corp.

40,404

2,564,038

Otis

Worldwide

Corp.

37,388

3,265,842

PACCAR,

Inc.

31,392

3,437,738

Paychex,

Inc.

27,853

3,124,550

Rockwell

Automation,

Inc.

7,388

2,874,449

Snap-on,

Inc.

10,063

3,467,710

Union

Pacific

Corp.

16,244

3,757,562

Waste

Management,

Inc.

21,578

4,740,902

Watsco,

Inc.

7,148

2,408,519

#### 64,080,349

#### Information

#### Technology

#### (#### 4

#### .8

#### %

####):
Analog

Devices,

Inc.

9,295

2,520,804

CDW

Corp.

18,470

2,515,614

Cognizant

Technology

Solutions

Corp.,

Class

A

49,859

4,138,297

NetApp,

Inc.

19,955

2,136,981

NXP

Semiconductors

NV

8,729

1,894,717

Texas

Instruments,

Inc.

11,730

2,035,037

#### 15,241,450

#### Materials

#### (#### 10

#### .6

#### %

####):
Avery

Dennison

Corp.

23,173

4,214,705

Ball

Corp.

69,131

3,661,869

CF

Industries

Holdings,

Inc.

28,732

2,222,133

Linde

PLC

9,916

4,228,083

LyondellBasell

Industries

NV,

Class

A

44,412

1,923,040

Nucor

Corp.

16,860

2,750,035

Packaging

Corp.

of

America

14,587

3,008,277

PPG

Industries,

Inc.

28,279

2,897,466

Reliance,

Inc.

11,549

3,336,160

RPM

International,

Inc.

27,092

2,817,568

Steel

Dynamics,

Inc.

16,205

2,745,937

#### 33,805,273

#### Utilities

#### (#### 22

#### .3

#### %

####):
Alliant

Energy

Corp.

69,055

4,489,266

Ameren

Corp.

46,877

4,681,137

American

Electric

Power

Co.,

Inc.

38,449

4,433,554

American

Water

Works

Co.,

Inc.

24,275

3,167,888

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### High

#### Dividend

#### Stock

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Utilities

#### (22.3%):
(continued)

Atmos

Energy

Corp.

28,084

4,707,721

CenterPoint

Energy,

Inc.

129,367

4,959,931

CMS

Energy

Corp.

66,231

4,631,534

Consolidated

Edison,

Inc.

41,175

4,089,501

DTE

Energy

Co.

34,377

4,433,945

Entergy

Corp.

40,370

3,731,399

Evergy,

Inc.

65,088

4,718,229

Eversource

Energy

46,469

3,128,758

NextEra

Energy,

Inc.

35,544

2,853,472

NiSource,

Inc.

94,411

3,942,603

Public

Service

Enterprise

Group,

Inc.

48,752

3,914,786

The

Southern

Co.

49,961

4,356,599

WEC

Energy

Group,

Inc.

42,825

4,516,325

#### 70,756,648

#### Total

#### Common

#### Stocks

#### (Cost

#### $302,146,792)

#### 316,137,233

#### Total

#### Investments

#### (Cost

#### $302,146,792)

#### —

#### 99.6%(a)

#### 316,137,233

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.4%

#### 1,341,512

#### NET

#### ASSETS

#### -

#### 100.00%

#### $

#### 317,478,745
(a) See

Federal

Tax

Information

listed

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts

#### Long

#### Futures

#### Index

#### Futures

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation/
(Depreciation)

S&P

500

Index

E-mini

3/20/26

$

1,036,378

$

1,033,875

$

(2,503)

$

(2,503)

#### Schedule

#### of

#### Portfolio

#### Investments
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Common

#### Stocks

#### (99.6%)

#### Australia

#### (#### 5.9%

####):

#### Communication

#### Services

#### (#### 0.7%

####):
REA

Group

Ltd.

3,203

391,912

Telstra

Group

Ltd.

270,656

879,434

#### 1,271,346

#### Consumer

#### Discretionary

#### (#### 0.3%

####):
Wesfarmers

Ltd.

10,954

592,647

#### 592,647

#### Consumer

#### Staples

#### (#### 0.7%

####):
Coles

Group

Ltd.

47,115

673,970

Woolworths

Group

Ltd.

34,321

672,772

#### 1,346,742

#### Energy

#### (#### 0.4%

####):
Santos

Ltd.

90,289

371,686

Woodside

Energy

Group

Ltd.

29,078

457,666

#### 829,352

#### Financials

#### (#### 1.4%

####):
ANZ

Group

Holdings

Ltd.

26,748

648,534

Commonwealth

Bank

of

Australia

5,313

569,194

National

Australia

Bank

Ltd.

19,918

562,270

Suncorp

Group

Ltd.

33,360

392,850

Westpac

Banking

Corp.

21,277

547,967

#### 2,720,815

#### Health

#### Care

#### (#### 0.3%

####):
CSL

Ltd.

3,257

375,181

Pro

Medicus

Ltd.

1,733

255,383

#### 630,564

#### Industrials

#### (#### 0.7%

####):
Brambles

Ltd.

34,703

531,613

Computershare

Ltd.

17,621

401,375

SGH

Ltd.

14,395

446,122

#### 1,379,110

#### Information

#### Technology

#### (#### 0.1%

####):
WiseTech

Global

Ltd.

5,799

264,878

#### 264,878

#### Materials

#### (#### 1.1%

####):
BHP

Group

Ltd.

19,077

579,005

Fortescue

Ltd.

33,187

487,354

Northern

Star

Resources

Ltd.

23,908

426,381

Rio

Tinto

Ltd.

6,196

606,950

#### 2,099,690

#### Utilities

#### (#### 0.2%

####):
Origin

Energy

Ltd.

60,725

465,526

#### 465,526

#### 11,600,670

#### Austria

#### (#### 0.9%

####):

#### Energy

#### (#### 0.3%

####):
OMV

AG

11,936

666,516

#### 666,516

#### Financials

#### (#### 0.3%

####):
Erste

Group

Bank

AG

4,374

528,895

#### 528,895

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Austria

#### (0.9%):
(continued)

#### Utilities

#### (#### 0.3%

####):
Verbund

AG

8,701

633,923

#### 633,923

#### 1,829,334

#### Belgium

#### (#### 0.5%

####):

#### Financials

#### (#### 0.3%

####):
KBC

Group

NV

4,812

629,073

#### 629,073

#### Health

#### Care

#### (#### 0.2%

####):
UCB

SA

1,256

352,157

#### 352,157

#### 981,230

#### Canada

#### (#### 11.7%

####):

#### Consumer

#### Discretionary

#### (#### 0.7%

####):
Dollarama,

Inc.

5,354

800,291

Magna

International,

Inc.

10,740

572,607

#### 1,372,898

#### Consumer

#### Staples

#### (#### 0.8%

####):
George

Weston

Ltd.

11,908

821,603

Metro,

Inc.,

Class

A

11,050

795,417

#### 1,617,020

#### Energy

#### (#### 2.2%

####):
Cameco

Corp.

3,627

332,149

Canadian

Natural

Resources

Ltd.

16,045

543,524

Cenovus

Energy,

Inc.

21,263

359,754

Imperial

Oil

Ltd.

5,964

515,310

Pembina

Pipeline

Corp.

17,356

661,283

Suncor

Energy,

Inc.

13,418

595,617

TC

Energy

Corp.

14,495

798,260

Tourmaline

Oil

Corp.

12,909

579,137

#### 4,385,034

#### Financials

#### (#### 2.4%

####):
Brookfield

Corp.,

Class

A

10,349

475,222

Fairfax

Financial

Holdings

Ltd.

775,770

Great-West

Lifeco,

Inc.

16,909

833,992

Intact

Financial

Corp.

3,816

794,481

National

Bank

of

Canada

7,462

938,513

Power

Corp.

of

Canada

17,713

941,536

#### 4,759,514

#### Industrials

#### (#### 1.4%

####):
Canadian

National

Railway

Co.

6,876

680,135

Canadian

Pacific

Kansas

City

Ltd.

7,899

581,604

Waste

Connections,

Inc.

4,739

831,224

WSP

Global,

Inc.

3,157

571,683

#### 2,664,646

#### Information

#### Technology

#### (#### 0.5%

####):
Celestica,

Inc.(a)

801

236,967

Constellation

Software,

Inc.

447,436

Shopify,

Inc.,

Class

A(a)

1,619

260,710

#### 945,113

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Canada

#### (11.7%):
(continued)

#### Materials

#### (#### 2.1%

####):
Agnico

Eagle

Mines

Ltd.

2,704

458,600

Barrick

Mining

Corp.

12,880

561,130

First

Quantum

Minerals

Ltd.(a)

12,571

337,083

Franco-Nevada

Corp.

2,600

539,002

Kinross

Gold

Corp.

15,465

435,643

Lundin

Gold,

Inc.

4,268

354,589

Nutrien

Ltd.

9,710

599,411

Teck

Resources

Ltd.,

Class

B

7,568

362,353

Wheaton

Precious

Metals

Corp.

4,400

517,330

#### 4,165,141

#### Utilities

#### (#### 1.6%

####):
Emera,

Inc.

20,587

1,014,649

Fortis,

Inc.

19,462

1,011,956

Hydro

One

Ltd.

26,175

1,042,118

#### 3,068,723

#### 22,978,089

#### Chile

#### (#### 0.2%

####):

#### Materials

#### (#### 0.2%

####):
Antofagasta

PLC

10,584

467,721

#### 467,721

#### Denmark

#### (#### 2.0%

####):

#### Financials

#### (#### 0.7%

####):
Danske

Bank

A/S

11,604

581,752

Tryg

A/S

28,371

743,316

#### 1,325,068

#### Health

#### Care

#### (#### 0.5%

####):
Coloplast

A/S,

Class

B

7,591

652,670

Genmab

A/S(a)

1,252

399,340

#### 1,052,010

#### Industrials

#### (#### 0.5%

####):
DSV

A/S

2,226

565,695

Vestas

Wind

Systems

A/S

13,530

369,174

#### 934,869

#### Materials

#### (#### 0.3%

####):
Novonesis

A/S

9,085

582,984

#### 582,984

#### 3,894,931

#### Finland

#### (#### 1.6%

####):

#### Financials

#### (#### 0.4%

####):
Sampo

Oyj,

Class

A

64,398

781,715

#### 781,715

#### Industrials

#### (#### 0.3%

####):
Wartsila

Oyj

Abp

15,466

552,494

#### 552,494

#### Information

#### Technology

#### (#### 0.3%

####):
Nokia

Oyj

93,579

612,724

#### 612,724

#### Materials

#### (#### 0.3%

####):
UPM-Kymmene

Oyj

22,048

642,275

#### 642,275

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Finland

#### (1.6%):
(continued)

#### Utilities

#### (#### 0.3%

####):
Fortum

Oyj

29,633

633,060

#### 633,060

#### 3,222,268

#### France

#### (#### 6.3%

####):

#### Communication

#### Services

#### (#### 0.4%

####):
Bollore

SE

136,661

769,871

#### 769,871

#### Consumer

#### Discretionary

#### (#### 0.6%

####):
Cie

Generale

des

Etablissements

Michelin

SCA

19,071

634,437

Hermes

International

SCA

620,898

#### 1,255,335

#### Energy

#### (#### 0.4%

####):
TotalEnergies

SE

12,021

785,259

#### 785,259

#### Financials

#### (#### 0.9%

####):
Amundi

SA

6,825

566,217

Credit

Agricole

SA

32,842

677,302

Societe

Generale

SA

6,515

526,106

#### 1,769,625

#### Health

#### Care

#### (#### 0.6%

####):
BioMerieux

5,039

653,124

Sartorius

Stedim

Biotech

1,916

472,814

#### 1,125,938

#### Industrials

#### (#### 2.1%

####):
Aeroports

de

Paris

SA

4,282

560,541

Bouygues

SA

14,347

747,705

Bureau

Veritas

SA

22,291

711,958

Legrand

SA

3,076

459,960

Safran

SA

1,550

541,687

Thales

SA

1,259

339,978

Vinci

SA

4,545

641,168

#### 4,002,997

#### Information

#### Technology

#### (#### 0.2%

####):
Dassault

Systemes

SE

16,566

464,087

#### 464,087

#### Materials

#### (#### 0.4%

####):
Air

Liquide

SA

3,729

702,252

#### 702,252

#### Utilities

#### (#### 0.7%

####):
Engie

SA

31,092

818,778

Veolia

Environnement

SA

17,991

628,318

#### 1,447,096

#### 12,322,460

#### Germany

#### (#### 4.4%

####):

#### Consumer

#### Discretionary

#### (#### 0.3%

####):
Continental

AG

7,375

588,967

#### 588,967

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Germany

#### (4.4%):
(continued)

#### Financials

#### (#### 1.1%

####):
Commerzbank

AG

10,542

447,204

Hannover

Rueck

SE

2,030

635,009

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Registered

Shares

817

539,745

Talanx

AG

3,843

513,911

#### 2,135,869

#### Health

#### Care

#### (#### 0.2%

####):
Fresenius

Medical

Care

AG

9,109

436,295

#### 436,295

#### Industrials

#### (#### 0.9%

####):
Deutsche

Post

AG

10,623

583,336

Knorr-Bremse

AG

4,896

547,426

MTU

Aero

Engines

AG

981

409,581

Rheinmetall

AG

234,795

#### 1,775,138

#### Information

#### Technology

#### (#### 0.4%

####):
Infineon

Technologies

AG

10,176

451,169

Nemetschek

SE

3,625

395,304

#### 846,473

#### Materials

#### (#### 0.5%

####):
Heidelberg

Materials

AG

1,613

422,683

Symrise

AG,

Class

A

6,517

527,493

#### 950,176

#### Real

#### Estate

#### (#### 0.3%

####):
Vonovia

SE

16,344

471,312

#### 471,312

#### Utilities

#### (#### 0.7%

####):
E.ON

SE

34,376

651,374

RWE

AG

14,087

749,219

#### 1,400,593

#### 8,604,823

#### Hong

#### Kong

#### (#### 4.3%

####):

#### Consumer

#### Staples

#### (#### 0.4%

####):
WH

Group

Ltd.

606,224

675,356

#### 675,356

#### Financials

#### (#### 1.0%

####):
AIA

Group

Ltd.

51,148

525,117

Hang

Seng

Bank

Ltd.

34,897

688,300

Prudential

PLC

41,960

647,213

#### 1,860,630

#### Health

#### Care

#### (#### 0.1%

####):
Sino

Biopharmaceutical

Ltd.

319,436

253,661

#### 253,661

#### Industrials

#### (#### 0.4%

####):
CK

Hutchison

Holdings

Ltd.

62,580

425,777

Techtronic

Industries

Co.

Ltd.

36,266

418,929

#### 844,706

#### Real

#### Estate

#### (#### 0.6%

####):
Henderson

Land

Development

Co.

Ltd.

163,831

592,381

Sun

Hung

Kai

Properties

Ltd.

51,511

626,802

#### 1,219,183

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Hong

#### Kong

#### (4.3%):
(continued)

#### Utilities

#### (#### 1.8%

####):
CLP

Holdings

Ltd.

168,944

1,510,890

Hong

Kong

&

China

Gas

Co.

Ltd.

1,139,974

1,026,819

Power

Assets

Holdings

Ltd.

146,063

1,035,063

#### 3,572,772

#### 8,426,308

#### Ireland

#### (#### 1.9%

####):

#### Consumer

#### Staples

#### (#### 0.4%

####):
Kerry

Group

PLC,

Class

A

7,722

707,783

#### 707,783

#### Financials

#### (#### 0.5%

####):
AIB

Group

PLC

50,380

544,655

Bank

of

Ireland

Group

PLC

27,770

534,358

#### 1,079,013

#### Industrials

#### (#### 0.8%

####):
Experian

PLC

12,221

553,898

Kingspan

Group

PLC

4,994

435,146

Ryanair

Holdings

PLC

16,795

583,194

#### 1,572,238

#### Materials

#### (#### 0.2%

####):
Smurfit

WestRock

PLC

9,620

372,224

#### 372,224

#### 3,731,258

#### Israel

#### (#### 0.8%

####):

#### Financials

#### (#### 0.6%

####):
Bank

Leumi

Le-Israel

BM

25,283

558,169

Mizrahi

Tefahot

Bank

Ltd.

7,324

512,252

#### 1,070,421

#### Industrials

#### (#### 0.2%

####):
Elbit

Systems

Ltd.

747

431,314

#### 431,314

#### 1,501,735

#### Italy

#### (#### 5.0%

####):

#### Consumer

#### Discretionary

#### (#### 0.3%

####):
Moncler

SpA

8,293

535,202

#### 535,202

#### Energy

#### (#### 0.4%

####):
Eni

SpA

41,206

781,519

#### 781,519

#### Financials

#### (#### 2.5%

####):
Banca

Mediolanum

SpA

26,865

614,651

Banco

BPM

SpA

32,446

496,418

BPER

Banca

SpA

39,987

545,070

Generali

18,102

760,463

Intesa

Sanpaolo

SpA

84,393

587,188

Poste

Italiane

SpA

31,826

803,326

UniCredit

SpA

5,996

499,696

Unipol

Assicurazioni

SpA

23,269

562,455

#### 4,869,267

#### Health

#### Care

#### (#### 0.3%

####):
Recordati

Industria

Chimica

e

Farmaceutica

SpA

10,055

573,532

#### 573,532

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Italy

#### (5.0%):
(continued)

#### Industrials

#### (#### 0.3%

####):
Leonardo

SpA

5,066

292,653

Prysmian

SpA

3,405

345,625

#### 638,278

#### Utilities

#### (#### 1.2%

####):
Enel

SpA

76,296

795,872

Snam

SpA

131,239

872,264

Terna

-

Rete

Elettrica

Nazionale

72,633

772,770

#### 2,440,906

#### 9,838,704

#### Japan

#### (#### 18.7%

####):

#### Consumer

#### Discretionary

#### (#### 2.4%

####):
Asics

Corp.

12,955

310,599

Bridgestone

Corp.

29,420

660,081

Denso

Corp.

34,368

473,542

Fast

Retailing

Co.

Ltd.

1,421

516,612

Oriental

Land

Co.

Ltd.

21,196

392,265

Pan

Pacific

International

Holdings

Corp.

100,881

600,507

Sanrio

Co.

Ltd.

5,182

162,686

Sekisui

House

Ltd.

30,841

688,812

Sumitomo

Electric

Industries

Ltd.

10,130

409,094

Suzuki

Motor

Corp.

33,549

500,065

#### 4,714,263

#### Consumer

#### Staples

#### (#### 0.9%

####):
Aeon

Co.

Ltd.

46,621

737,327

Ajinomoto

Co.,

Inc.

19,892

421,286

Kao

Corp.

16,131

644,849

#### 1,803,462

#### Energy

#### (#### 0.6%

####):
ENEOS

Holdings,

Inc.

76,509

540,770

Inpex

Corp.

30,139

601,741

#### 1,142,511

#### Financials

#### (#### 2.8%

####):
Dai-ichi

Life

Holdings,

Inc.

53,207

442,826

Japan

Post

Bank

Co.

Ltd.

44,030

621,008

Japan

Post

Holdings

Co.

Ltd.

53,090

559,475

MS&AD

Insurance

Group

Holdings,

Inc.

20,594

484,279

ORIX

Corp.

23,536

684,350

Resona

Holdings,

Inc.

34,953

333,194

SBI

Holdings,

Inc.

18,354

395,510

Sompo

Holdings,

Inc.

14,125

481,235

Sumitomo

Mitsui

Financial

Group,

Inc.

17,184

553,087

Sumitomo

Mitsui

Trust

Group,

Inc.

19,190

585,306

Tokio

Marine

Holdings,

Inc.

9,528

353,878

#### 5,494,148

#### Health

#### Care

#### (#### 1.3%

####):
Chugai

Pharmaceutical

Co.

Ltd.

6,469

340,467

Daiichi

Sankyo

Co.

Ltd.

14,125

301,944

Hoya

Corp.

3,410

515,680

Olympus

Corp.

32,730

414,715

Shionogi

&

Co.

Ltd.

33,081

600,071

Terumo

Corp.

32,496

470,987

#### 2,643,864

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Japan

#### (18.7%):
(continued)

#### Industrials

#### (#### 4.9%

####):
Central

Japan

Railway

Co.

21,062

583,233

Daikin

Industries

Ltd.

4,480

574,374

East

Japan

Railway

Co.

27,314

720,607

FANUC

Corp.

12,353

479,860

Fujikura

Ltd.

2,123

236,401

Hitachi

Ltd.

11,300

353,675

IHI

Corp.

15,663

275,467

ITOCHU

Corp.

47,055

593,370

Kajima

Corp.

17,886

666,357

Komatsu

Ltd.

12,955

413,581

Kubota

Corp.

35,070

496,314

Marubeni

Corp.

18,956

526,851

Mitsubishi

Corp.

21,664

496,023

Mitsubishi

Electric

Corp.

16,131

472,230

Mitsubishi

Heavy

Industries

Ltd.

11,066

271,315

NIDEC

Corp.

17,535

238,696

Nippon

Yusen

KK

16,599

538,180

Secom

Co.

Ltd.

20,009

711,979

SMC

Corp.

1,170

406,833

Toyota

Tsusho

Corp.

16,950

570,772

#### 9,626,118

#### Information

#### Technology

#### (#### 3.0%

####):
Advantest

Corp.

2,240

280,822

Canon,

Inc.

18,488

546,896

Disco

Corp.

702

215,907

FUJIFILM

Holdings

Corp.

21,664

462,549

Fujitsu

Ltd.

18,956

523,947

Keyence

Corp.

1,287

465,759

Kyocera

Corp.

41,439

581,157

Murata

Manufacturing

Co.

Ltd.

19,775

409,843

NEC

Corp.

11,885

402,946

Nomura

Research

Institute

Ltd.

13,657

525,021

Obic

Co.

Ltd.

20,945

658,226

TDK

Corp.

24,138

340,755

Tokyo

Electron

Ltd.

1,772

388,297

#### 5,802,125

#### Materials

#### (#### 0.9%

####):
Nippon

Paint

Holdings

Co.

Ltd.

67,449

451,110

Nippon

Sanso

Holdings

Corp.

14,359

427,964

Nitto

Denko

Corp.

16,950

402,051

Shin-Etsu

Chemical

Co.

Ltd.

12,955

403,076

#### 1,684,201

#### Real

#### Estate

#### (#### 1.3%

####):
Daiwa

House

Industry

Co.

Ltd.

21,547

715,115

Mitsubishi

Estate

Co.

Ltd.

24,957

608,867

Mitsui

Fudosan

Co.

Ltd.

53,441

607,532

Sumitomo

Realty

&

Development

Co.

Ltd.

22,834

573,255

#### 2,504,769

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Japan

#### (18.7%):
(continued)

#### Utilities

#### (#### 0.6%

####):
The

Kansai

Electric

Power

Co.,

Inc.

36,608

573,826

Tokyo

Gas

Co.

Ltd.

15,061

596,690

#### 1,170,516

#### 36,585,977

#### Luxembourg

#### (#### 0.8%

####):

#### Energy

#### (#### 0.3%

####):
Tenaris

SA

31,819

617,318

#### 617,318

#### Health

#### Care

#### (#### 0.3%

####):
Eurofins

Scientific

SE

6,916

507,125

#### 507,125

#### Materials

#### (#### 0.2%

####):
ArcelorMittal

SA

9,919

455,627

#### 455,627

#### 1,580,070

#### Mexico

#### (#### 0.2%

####):

#### Materials

#### (#### 0.2%

####):
Fresnillo

PLC

10,762

483,565

#### 483,565

#### Netherlands

#### (#### 2.9%

####):

#### Consumer

#### Discretionary

#### (#### 0.2%

####):
Prosus

NV(a)

6,895

428,208

#### 428,208

#### Financials

#### (#### 1.7%

####):
ABN

AMRO

Bank

NV,

Class

CV,

GDR

16,808

588,386

Adyen

NV(a)

381,320

ASR

Nederland

NV

10,848

772,754

Euronext

NV

4,493

675,806

NN

Group

NV

10,244

791,361

#### 3,209,627

#### Health

#### Care

#### (#### 0.2%

####):
Argenx

SE(a)

541

455,691

#### 455,691

#### Industrials

#### (#### 0.6%

####):
Ferrovial

SE

11,496

747,587

Wolters

Kluwer

NV

4,259

442,120

#### 1,189,707

#### Information

#### Technology

#### (#### 0.2%

####):
ASM

International

NV

571

347,301

#### 347,301

#### 5,630,534

#### New

#### Zealand

#### (#### 0.2%

####):

#### Information

#### Technology

#### (#### 0.2%

####):
Xero

Ltd.(a)

5,014

381,436

#### 381,436

#### Norway

#### (#### 1.6%

####):

#### Communication

#### Services

#### (#### 0.3%

####):
Telenor

ASA

44,058

641,526

#### 641,526

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Norway

#### (1.6%):
(continued)

#### Energy

#### (#### 0.5%

####):
Aker

BP

ASA

18,958

483,410

Equinor

ASA

20,553

483,485

#### 966,895

#### Financials

#### (#### 0.6%

####):
DNB

Bank

ASA

20,471

571,975

Gjensidige

Forsikring

ASA

19,480

583,922

#### 1,155,897

#### Industrials

#### (#### 0.2%

####):
Kongsberg

Gruppen

ASA

10,848

278,444

#### 278,444

#### 3,042,762

#### Portugal

#### (#### 0.8%

####):

#### Consumer

#### Staples

#### (#### 0.3%

####):
Jeronimo

Martins

SGPS

SA

26,410

628,758

#### 628,758

#### Energy

#### (#### 0.2%

####):
Galp

Energia

SGPS

SA

28,680

493,059

#### 493,059

#### Utilities

#### (#### 0.3%

####):
EDP

SA

107,756

495,734

#### 495,734

#### 1,617,551

#### Russian

#### Federation

#### (#### 0.0%

####):

#### Materials

#### (#### 0.0%

####):
Evraz

PLC(a)(b)(c)

38,723

—

#### —

#### Singapore

#### (#### 2.7%

####):

#### Communication

#### Services

#### (#### 0.4%

####):
Singapore

Telecommunications

Ltd.

204,938

725,600

#### 725,600

#### Consumer

#### Staples

#### (#### 0.5%

####):
Wilmar

International

Ltd.

368,420

882,992

#### 882,992

#### Financials

#### (#### 1.2%

####):
DBS

Group

Holdings

Ltd.

16,054

704,073

Oversea-Chinese

Banking

Corp.

Ltd.

59,442

913,994

United

Overseas

Bank

Ltd.

27,899

761,138

#### 2,379,205

#### Industrials

#### (#### 0.6%

####):
Singapore

Airlines

Ltd.

154,790

770,878

Singapore

Technologies

Engineering

Ltd.

74,988

491,323

#### 1,262,201

#### 5,249,998

#### South

#### Korea

#### (#### 4.5%

####):

#### Communication

#### Services

#### (#### 0.3%

####):
Kakao

Corp.

6,064

253,035

NAVER

Corp.

1,803

303,566

#### 556,601

#### Consumer

#### Discretionary

#### (#### 0.6%

####):
Hyundai

Mobis

Co.

Ltd.

2,000

517,947

Kia

Corp.

6,298

532,594

#### 1,050,541

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### South

#### Korea

#### (4.5%):
(continued)

#### Financials

#### (#### 1.1%

####):
Hana

Financial

Group,

Inc.

7,129

465,763

KB

Financial

Group,

Inc.

5,045

436,791

Meritz

Financial

Group,

Inc.

5,696

447,279

Samsung

Life

Insurance

Co.

Ltd.

3,239

354,416

Shinhan

Financial

Group

Co.

Ltd.

9,583

511,651

#### 2,215,900

#### Health

#### Care

#### (#### 0.6%

####):
Alteogen,

Inc.(a)

878

274,013

Celltrion,

Inc.

3,846

483,319

Samsung

Biologics

Co.

Ltd.(a)

488,387

#### 1,245,719

#### Industrials

#### (#### 1.3%

####):
Hanwha

Aerospace

Co.

Ltd.

201,227

Hanwha

Ocean

Co.

Ltd.(a)

3,128

246,713

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

1,020

288,231

HMM

Co.

Ltd.

27,985

398,314

Hyundai

Rotem

Co.

Ltd.

1,516

197,776

Samsung

C&T

Corp.

2,795

464,765

Samsung

Heavy

Industries

Co.

Ltd.(a)

19,688

329,431

SK

Square

Co.

Ltd.(a)

1,449

370,222

#### 2,496,679

#### Information

#### Technology

#### (#### 0.2%

####):
SK

hynix,

Inc.

1,000

451,988

#### 451,988

#### Materials

#### (#### 0.2%

####):
POSCO

Holdings,

Inc.

1,986

420,557

#### 420,557

#### Utilities

#### (#### 0.2%

####):
Korea

Electric

Power

Corp.

12,331

404,098

#### 404,098

#### 8,842,083

#### Spain

#### (#### 3.8%

####):

#### Communication

#### Services

#### (#### 0.3%

####):
Cellnex

Telecom

SA

15,386

495,938

#### 495,938

#### Consumer

#### Discretionary

#### (#### 0.6%

####):
Amadeus

IT

Group

SA

7,094

523,845

Industria

de

Diseno

Textil

SA

10,843

717,864

#### 1,241,709

#### Energy

#### (#### 0.3%

####):
Repsol

SA

35,294

660,474

#### 660,474

#### Financials

#### (#### 1.1%

####):
Banco

Bilbao

Vizcaya

Argentaria

SA

25,608

603,345

Banco

de

Sabadell

SA

124,455

492,122

Banco

Santander

SA

44,416

525,587

CaixaBank

SA

46,756

573,880

#### 2,194,934

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Spain

#### (3.8%):
(continued)

#### Industrials

#### (#### 0.7%

####):
ACS

Actividades

de

Construccion

y

Servicios

SA

6,432

641,318

Aena

SME

SA

25,767

721,242

#### 1,362,560

#### Utilities

#### (#### 0.8%

####):
Endesa

SA

20,194

726,850

Iberdrola

SA

37,027

803,421

#### 1,530,271

#### 7,485,886

#### Sweden

#### (#### 4.4%

####):

#### Financials

#### (#### 1.8%

####):
EQT

AB

10,182

402,461

Industrivarden

AB,

Class

C

14,575

657,181

Investor

AB,

Class

B

17,976

645,299

Skandinaviska

Enskilda

Banken

AB,

Class

A

27,642

585,942

Svenska

Handelsbanken

AB,

Class

A

36,747

536,399

Swedbank

AB,

Class

A

17,500

610,529

#### 3,437,811

#### Industrials

#### (#### 2.1%

####):
Alfa

Laval

AB

13,012

658,383

Assa

Abloy

AB,

Class

B

16,728

652,297

Atlas

Copco

AB,

Class

A

26,078

470,480

Epiroc

AB,

Class

A

22,898

522,201

Lifco

AB,

Class

B

14,326

547,893

Saab

AB,

Class

B

4,745

277,156

Sandvik

AB

16,951

553,621

Volvo

AB,

Class

B

15,743

506,128

#### 4,188,159

#### Information

#### Technology

#### (#### 0.5%

####):
Hexagon

AB,

Class

B

34,329

408,417

Telefonaktiebolaget

LM

Ericsson,

Class

B

57,325

564,287

#### 972,704

#### 8,598,674

#### Switzerland

#### (#### 7.3%

####):

#### Communication

#### Services

#### (#### 0.4%

####):
Swisscom

AG,

Registered

Shares

1,116

811,034

#### 811,034

#### Consumer

#### Discretionary

#### (#### 0.3%

####):
Cie

Financiere

Richemont

SA,

Registered

Shares

2,901

630,278

#### 630,278

#### Consumer

#### Staples

#### (#### 0.3%

####):
Chocoladefabriken

Lindt

&

Spruengli

AG,

Participation

Certificates

570,792

#### 570,792

#### Financials

#### (#### 1.2%

####):
Julius

Baer

Group

Ltd.

6,998

551,427

Partners

Group

Holding

AG

478,857

Swiss

Life

Holding

AG

677

783,778

Swiss

Re

AG

3,297

553,108

#### 2,367,170

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025. #### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Switzerland

#### (7.3%):
(continued)

#### Health

#### Care

#### (#### 1.5%

####):
Alcon

AG

7,456

595,802

Amrize

Ltd.(a)

9,139

502,824

Lonza

Group

AG,

Registered

Shares

930

631,588

Sonova

Holding

AG

2,517

658,253

Straumann

Holding

AG,

Class

R

4,670

551,153

#### 2,939,620

#### Industrials

#### (#### 1.9%

####):
ABB

Ltd.,

Registered

Shares

7,238

541,273

Belimo

Holding

AG,

Class

R

428,026

Geberit

AG,

Registered

Shares

857

670,536

Kuehne

+

Nagel

International

AG,

Class

R

2,893

625,617

Schindler

Holding

AG,

Participation

Certificates

1,824

689,154

SGS

SA,

Registered

Shares

5,905

677,520

#### 3,632,126

#### Information

#### Technology

#### (#### 0.2%

####):
STMicroelectronics

NV

11,404

300,715

#### 300,715

#### Materials

#### (#### 1.5%

####):
DSM-Firmenich

AG

7,392

597,274

EMS-Chemie

Holding

AG

1,042

723,044

Givaudan

SA,

Registered

Shares

552,209

Holcim

AG(a)

5,861

575,516

Sika

AG,

Registered

Shares

2,667

547,612

#### 2,995,655

#### 14,247,390

#### United

#### Kingdom

#### (#### 5.5%

####):

#### Communication

#### Services

#### (#### 0.3%

####):
Informa

PLC

46,130

549,581

#### 549,581

#### Consumer

#### Discretionary

#### (#### 0.3%

####):
Next

PLC

3,525

649,892

#### 649,892

#### Consumer

#### Staples

#### (#### 0.4%

####):
Haleon

PLC

140,879

711,610

#### 711,610

#### Financials

#### (#### 2.0%

####):
3i

Group

PLC

9,038

397,453

Admiral

Group

PLC

15,220

651,465

Legal

&

General

Group

PLC

197,166

695,927

Lloyds

Banking

Group

PLC

484,969

642,094

London

Stock

Exchange

Group

PLC

4,417

532,897

Standard

Chartered

PLC

23,199

569,657

Wise

PLC,

Class

A(a)

36,802

441,922

#### 3,931,415

#### Health

#### Care

#### (#### 0.2%

####):
Smith

&

Nephew

PLC

28,401

474,052

#### 474,052

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### United

#### Kingdom

#### (5.5%):
(continued)

#### Industrials

#### (#### 0.7%

####):
Ashtead

Group

PLC

7,348

503,665

International

Consolidated

Airlines

Group

SA

78,779

439,867

Rolls-Royce

Holdings

PLC

25,993

402,856

#### 1,346,388

#### Information

#### Technology

#### (#### 0.6%

####):
Halma

PLC

13,118

625,492

The

Sage

Group

PLC

43,933

641,232

#### 1,266,724

#### Materials

#### (#### 0.6%

####):
Anglogold

Ashanti

PLC

4,299

366,619

Rio

Tinto

PLC

9,636

778,412

#### 1,145,031

#### Utilities

#### (#### 0.4%

####):
SSE

PLC

24,051

706,296

#### 706,296

#### 10,780,989

#### United

#### States

#### (#### 0.7%

####):

#### Consumer

#### Discretionary

#### (#### 0.4%

####):
Restaurant

Brands

International,

Inc.

9,718

663,209

#### 663,209

#### Industrials

#### (#### 0.3%

####):
RB

Global,

Inc.

6,260

644,565

#### 644,565

#### 1,307,774

#### Total

#### Common

#### Stocks

#### (Cost

#### $156,400,192)

#### 195,234,220

#### SECURITY

#### DESCRIPTION

#### SHARES

#### VALUE

#### ($)

#### Warrant

#### (0.0%)

#### Canada

#### (#### 0.0%

####):

#### Information

#### Technology

#### (#### 0.0%

####):
Constellation

Software,

Inc.,

expiring 3/31/40

(a)(c) 141

—

#### —

#### Total

#### Warrant

#### (Cost

#### $–)

#### —

#### VALUE

#### ($)

#### Total

#### Investments

#### (Cost

#### $

#### 156,400,192

####)—

#### 99.6%
(d) #### 195,234,220

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.4%

#### 786,620

#### NET

#### ASSETS

#### -

#### 100.00%

#### $

#### 196,020,840
(a) Non-income

producing

security.

#### Schedule

#### of

#### Portfolio

#### Investments

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### International

#### ETF
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Security

#### Name

#### Acquisition

#### Date
Cost

Evraz

PLC

12/4/2019

$

247,473

(b) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

December

31,

2025. (c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.00%

of

the

Fund's

net

asset

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy.

(d) See

Federal

Tax

Information

listed

in

the

Notes

to

Financial

Statements.

#### Futures

#### Contracts

#### Long

#### Futures

#### Index

#### Futures

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Appreciation/
(Depreciation)

Mini

MSCI

EAFE

Index

3/20/26

$

290,238

$

290,210

$

(28) $

(28) #### Statements

#### of

#### Assets

#### and

#### Liabilities
December

31,

2025

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF

#### ASSETS:
Investments,

at

value

(Cost

$254,262,413

and

$276,860,090)

$

275,913,630

$

316,519,551

Cash

980,429

982,197

Deposits

with

broker

for

futures

contracts

162,815

170,250

Interest

and

dividends

receivable

292,578

184,524

Total

Assets

277,349,452

317,856,522

#### LIABILITIES:
Variation

margin

payable

on

open

futures

contracts

8,394

7,763

Accrued

expenses

and

other

payables:

—

—

Investment

advisory

fees

119,794

141,666

Total

Liabilities

128,188

149,429

Net

Assets

277,221,264

317,707,093

#### NET

#### ASSETS

#### CONSIST

#### OF:
Capital

$

284,961,209

$

318,940,457

Total

distributable

earnings/(loss)

(7,739,945)

(1,233,364)

Net

Assets

$

277,221,264

$

317,707,093

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

6,700,000

6,987,008

#### Net

#### asset

#### value

#### per

#### share:
$

41.38 $

45.47 #### Statements

#### of

#### Assets

#### and

#### Liabilities

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### High

#### Dividend

#### Stock

#### ETF

#### Timothy

#### Plan

#### International

#### ETF

#### ASSETS:
Investments,

at

value

(Cost

$302,146,792

and

$156,400,192)

$

316,137,233

$

195,234,220

Foreign

currency,

at

value

(Cost

$—

and

$46,218)

—

46,334

Cash

912,157

579,402

Deposits

with

broker

for

futures

contracts

197,718

76,910

Cash

collateral

received

for

ETF

capital

activity

—

2,569,741

Interest

and

dividends

receivable

380,290

132,431

Reclaims

receivable

—

563,666

Total

Assets

317,627,398

199,202,704

#### LIABILITIES:
Payable

for

investments

purchased

—

513,824

Variation

margin

payable

on

open

futures

contracts

7,763

Cash

collateral

payable

for

ETF

capital

activity

—

2,569,741

Accrued

expenses

and

other

payables:

—

—

Investment

advisory

fees

140,890

98,271

Total

Liabilities

148,653

3,181,864

Net

Assets

317,478,745

196,020,840

#### NET

#### ASSETS

#### CONSIST

#### OF:
Capital

$

336,126,792

$

163,303,013

Total

distributable

earnings/(loss)

(18,648,047)

32,717,827

Net

Assets

$

317,478,745

$

196,020,840

Shares

Outstanding

(unlimited

shares

authorized,

no

par

value):

8,247,350

5,650,000

#### Net

#### asset

#### value

#### per

#### share:
$

38.49 $

34.69 #### Statements

#### of

#### Operations
For

the

Year

Ended

December

31,

2025

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF

#### Investment

#### Income:
Dividend

income

$

3,533,518

$

4,198,683

Interest

income

7,254

8,853

Foreign

tax

withholding

(4,842)

(3,684)

Total

Income

3,535,930

4,203,852

#### Expenses:
Investment

advisory

fees

1,109,407

1,550,912

Total

Expenses

1,109,407

1,550,912

Net

Investment

Income

(Loss)

2,426,523

2,652,940

#### Realized/Unrealized

#### Gains
(Losses)

#### from

#### Investments:
Net

realized

gains

(losses)

from

investments

(9,249,550)

48,736

Net

realized

gains

(losses)

from

in-kind

transactions

19,554,667

18,996,131

Net

realized

gains

(losses)

from

futures

contracts

36,519

(25,234)

Net

change

in

unrealized

appreciation/depreciation

on

investments

3,456,934

4,241,629

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

(1,949)

41,925

Net

realized/unrealized

gains

on

investments

13,796,621

23,303,187

Change

in

net

assets

resulting

from

operations

$

16,223,144

$

25,956,127

#### Statements

#### of

#### Operations

#### -

#### continued
For

the

Year

Ended

December

31,

2025

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### High

#### Dividend

#### Stock

#### ETF

#### Timothy

#### Plan

#### International

#### ETF

#### Investment

#### Income:
Dividend

income

$

7,577,586

$

4,607,561

Interest

income

8,776

1,514

Foreign

tax

withholding

(8,502)

(607,165)

Total

Income

7,577,860

4,001,910

#### Expenses:
Investment

advisory

fees

1,486,455

886,778

Total

Expenses

1,486,455

886,778

Net

Investment

Income

(Loss)

6,091,405

3,115,132

#### Realized/Unrealized

#### Gains
(Losses)

#### from

#### Investments:
Net

realized

gains

(losses)

from

investments

and

foreign

currency

transactions

7,141,806

5,469,990

Net

realized

gains

(losses)

from

in-kind

transactions

9,833,718

2,920,805

Net

realized

gains

(losses)

from

futures

contracts

(49,496)

121,562

Net

change

in

unrealized

appreciation/depreciation

on

investments

1,724,476

30,120,637

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

30,424

12,481

Net

realized/unrealized

gains

on

investments

18,680,928

38,645,475

Change

in

net

assets

resulting

from

operations

$

24,772,333

$

41,760,607

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### From

#### Investment

#### Activities:

#### Operations:
Net

investment

income

(loss)

$

2,426,523

$

1,388,981

$

2,652,940

$

2,158,844

Net

realized

gains

(losses)

10,341,636

8,320,708

19,019,633

24,287,300

Net

change

in

unrealized

appreciation/depreciation

3,454,985

5,473,764

4,283,554

2,175,741

Change

in

net

assets

resulting

from

operations

16,223,144

15,183,453

25,956,127

28,621,885

#### Distributions

#### to

#### Shareholders:
Distributions

(2,465,950)

(1,405,308)

(2,714,595)

(2,166,878)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(2,465,950)

(1,405,308)

(2,714,595)

(2,166,878)

Change

in

net

assets

resulting

from

capital

transactions

93,698,090

53,511,526

26,667,469

4,392,539

Change

in

net

assets

107,455,284

67,289,671

49,909,001

30,847,546

#### Net

#### Assets:
Beginning

of

period

169,765,980

102,476,309

267,798,092

236,950,546

End

of

period

$

277,221,264

$

169,765,980

$

317,707,093

$

267,798,092

#### Capital

#### Transactions:
Proceeds

from

shares

issued

$

155,876,643

$

105,385,140

$

78,804,046

$

104,545,272

Proceeds

from

shares

issued

in

reorganization

—

—

18,016,109

—

Cost

of

shares

redeemed

(62,178,553)

(51,873,614)

(70,152,686)

(100,152,733)

Change

in

net

assets

resulting

from

capital

transactions

$

93,698,090

$

53,511,526

$

26,667,469

$

4,392,539

#### Share

#### Transactions:
Issued

3,900,000

2,850,000

1,949,984

2,500,000

Issued

in

reorganization

—

—

387,025

—

Redeemed

(1,550,000)

(1,400,000)

(1,600,001)

(2,450,000)

Change

in

Shares

2,350,000

1,450,000

737,008

50,000

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### -

#### continued

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### High

#### Dividend

#### Stock

#### ETF

#### Timothy

#### Plan

#### International

#### ETF

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### From

#### Investment

#### Activities:

#### Operations:
Net

investment

income

(loss)

$

6,091,405

$

5,053,344

$

3,115,132

$

2,522,846

Net

realized

gains

(losses)

16,926,028

25,709,883

8,512,357

1,286,683

Net

change

in

unrealized

appreciation/depreciation

1,754,900

(5,090,448)

30,133,118

(981,027)

Change

in

net

assets

resulting

from

operations

24,772,333

25,672,779

41,760,607

2,828,502

#### Distributions

#### to

#### Shareholders:
Distributions

(6,168,429)

(4,895,565)

(4,322,462)

(3,111,526)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(6,168,429)

(4,895,565)

(4,322,462)

(3,111,526)

Change

in

net

assets

resulting

from

capital

transactions

60,743,170

(11,443,891)

46,457,702

14,606,623

Change

in

net

assets

79,347,074

9,333,323

83,895,847

14,323,599

#### Net

#### Assets:
Beginning

of

period

238,131,671

228,798,348

112,124,993

97,801,394

End

of

period

$

317,478,745

$

238,131,671

$

196,020,840

$

112,124,993

#### Capital

#### Transactions:
Proceeds

from

shares

issued

$

93,345,152

$

138,750,959

$

56,900,868

$

14,606,623

Proceeds

from

shares

issued

in

reorganization

23,553,231

—

—

—

Cost

of

shares

redeemed

(56,155,213)

(150,194,850)

(10,443,166)

—

Change

in

net

assets

resulting

from

capital

transactions

$

60,743,170

$

(11,443,891)

$

46,457,702

$

14,606,623

#### Share

#### Transactions:
Issued

2,599,982

3,850,000

1,750,000

550,000

Issued

in

reorganization

597,368

—

—

—

Redeemed

(1,500,000)

(4,200,000)

(350,000)

—

Change

in

Shares

1,697,350

(350,000)

1,400,000

550,000

#### Financial

#### Highlights
For

a

Share

Outstanding

Throughout

Each

Period

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 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

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period
$

39.03 $

35.34 $

30.39 $

35.49 $

27.71 Investment

Activities:

Net

Investment

Income

(Loss)

(a) 0.45 0.38 0.36 0.34 0.40 Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

2.34 3.69 4.97 (5.11)

7.78 Total

from

Investment

Activities

2.79 4.07 5.33 (4.77)

8.18 Distributions

to

Shareholders:

Net

Investment

Income

(0.44)

(0.38)

(0.38)

(0.33)

(0.40)

Total

Distributions

(0.44)

(0.38)

(0.38)

(0.33)

(0.40)

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period
$

41.38 $

39.03 $

35.34 $

30.39 $

35.49 Total

Return

(b) 7

.22

%

.57

%

.64

%

(13

.45

%)

.62

%

#### Ratios/Supplemental

#### Data:
Ratio

of

Expenses

to

Average

Net

Assets

.52

%

.52

%

.52

%

.52

%

.52

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

.14

%

.02

%

.13

%

.09

%

.20

%

Net

Assets,

End

of

Period

(000's)

$

277,221

$

169,766

$

102,476

$

71,422

$

56,792

Portfolio

Turnover

(c) 47

%

%

%

%

%

Table

Line

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Excludes

impact

of

in-kind

transactions.

#### Financial

#### Highlights

#### -

#### continued
For

a

Share

Outstanding

Throughout

Each

Period

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 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

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period
$

42.85 $

38.22 $

33.47 $

38.65 $

30.93 Investment

Activities:

Net

Investment

Income

(Loss)

(a) 0.40 0.37 0.36 0.35 0.24 Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

2.62 4.64 4.73 (5.17)

7.72 Total

from

Investment

Activities

3.02 5.01 5.09 (4.82)

7.96 Distributions

to

Shareholders:

Net

Investment

Income

(0.40)

(0.38)

(0.34)

(0.36)

(0.24)

Total

Distributions

(0.40)

(0.38)

(0.34)

(0.36)

(0.24)

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period
$

45.47 $

42.85 $

38.22 $

33.47 $

38.65 Total

Return

(b) 7

.09

%

.12

%

.30

%

(12

.48

%)

.82

%

#### Ratios/Supplemental

#### Data:
Ratio

of

Expenses

to

Average

Net

Assets

.52

%

.52

%

.52

%

.52

%

.52

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

.89

%

.90

%

.03

%

.02

%

.69

%

Net

Assets,

End

of

Period

(000's)

$

317,707

$

267,798

$

236,951

$

179,060

$

168,140

Portfolio

Turnover

(c) 38

%

(d) 25

%

%

%

%

Table

Line

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Excludes

impact

of

in-kind

transactions.

(d) Excludes

the

merger

transactions.

#### Financial

#### Highlights

#### -

#### continued
For

a

Share

Outstanding

Throughout

Each

Period

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### High

#### Dividend

#### Stock

#### ETF

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 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

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period
$

36.36 $

33.16 $

31.13 $

32.49 $

25.88 Investment

Activities:

Net

Investment

Income

(Loss)

(a) 0.81 0.77 0.75 0.73 0.61 Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

2.13 3.19 2.01 (1.35)

6.60 Total

from

Investment

Activities

2.94 3.96 2.76 (0.62)

7.21 Distributions

to

Shareholders:

Net

Investment

Income

(0.81)

(0.76)

(0.73)

(0.74)

(0.60)

Total

Distributions

(0.81)

(0.76)

(0.73)

(0.74)

(0.60)

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period
$

38.49 $

36.36 $

33.16 $

31.13 $

32.49 Total

Return

(b) 8

.19

%

.99

%

.03

%

(1

.88

%)

.10

%

#### Ratios/Supplemental

#### Data:
Ratio

of

Expenses

to

Average

Net

Assets

.52

%

.52

%

.52

%

.52

%

.52

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

.13

%

.15

%

.39

%

.32

%

.07

%

Net

Assets,

End

of

Period

(000's)

$

317,479

$

238,132

$

228,798

$

178,986

$

131,582

Portfolio

Turnover

(c) 49

%

(d) 34

%

%

%

%

Table

Line

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Excludes

impact

of

in-kind

transactions.

(d) Excludes

the

merger

transactions.

#### Financial

#### Highlights

#### -

#### continued
For

a

Share

Outstanding

Throughout

Each

Period

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

#### Timothy

#### Plan

#### International

#### ETF

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 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

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period
$

26.38 $

26.43 $

23.30 $

29.06 $

26.98 Investment

Activities:

Net

Investment

Income

(Loss)

(a) 0.68 0.63 0.64 0.66 0.56 Net

Realized

and

Unrealized

Gains

(Losses)

on

Investments

8.55 0.11 3.12 (5.82)

2.21 Total

from

Investment

Activities

9.23 0.74 3.76 (5.16)

2.77 Distributions

to

Shareholders:

Net

Investment

Income

(0.92)

(0.79)

(0.63)

(0.60)

(0.69)

Total

Distributions

(0.92)

(0.79)

(0.63)

(0.60)

(0.69)

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period
$

34.69 $

26.38 $

26.43 $

23.30 $

29.06 Total

Return

(b) 35

.44

%

.77

%

.41

%

(17

.80

%)

.34

%

#### Ratios/Supplemental

#### Data:
Ratio

of

Expenses

to

Average

Net

Assets

.62

%

.62

%

.62

%

.62

%

.62

%

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

.17

%

.34

%

.60

%

.72

%

.94

%

Net

Assets,

End

of

Period

(000's)

$

196,021

$

112,125

$

97,801

$

76,875

$

82,827

Portfolio

Turnover

(c) 32

%

%

%

%

%

Table

Line

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Excludes

impact

of

in-kind

transactions.

#### Notes

#### to

#### Financial

#### Statements
December

31,

2025

#### Timothy

#### Plan

1. #### ORGANIZATION:
The

Timothy

Plan

(the

"Trust")

was

organized

pursuant

to

a

trust

agreement

dated

December

16,

1993

as

a

Delaware

business

trust.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company

and

thus

is

determined

to

be

an

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

is

comprised

of

multiple

series

funds,

four

of

which

are

exchange-traded

funds

("ETFs"),

and

are

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

no

par

value.

Each

ETF

is

classified

as

diversified

under

the

1940

Act.

The

accompanying

financial

statements

are

those

of

the

Timothy

Plan

US

Small

Cap

Core

ETF

("US

Small

Cap

Core

ETF"),

Timothy

Plan

US

Large/Mid

Cap

Core

ETF

("US

Large/Mid

Cap

Core

ETF"),

Timothy

Plan

High

Dividend

Stock

ETF

("High

Dividend

Stock

ETF"),

and

Timothy

Plan

International

ETF

("International

ETF")

(individually,

a

"Fund"

and

collectively,

the

"Funds").

The

Funds

seek

to

provide

investment

results

that

track

the

performance

of

an

underlying

index,

before

fees

and

expenses.

The

underlying

indices

for

the

US

Small

Cap

Core

ETF,

US

Large/Mid

Cap

Core

ETF,

High

Dividend

Stock

ETF,

and

International

ETF

are

the

Victory

US

Small

Cap

Volatility

Weighted

BRI

Index,

Victory

US

Large/

Mid

Cap

Volatility

Weighted

BRI

Index,

Victory

US

Large

Cap

High

Dividend

Volatility

Weighted

BRI

Index,

and

Victory

International

Volatility

Weighted

BRI

Index,

(individually,

an

"Index"

and

collectively,

the

"Indices"),

respectively.

Under

the

Trust's

organizational

documents,

its

officers

and

Board

of

Trustees

(the

"Board")

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2. #### SIGNIFICANT

#### ACCOUNTING

#### POLICIES:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Trust

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

follow

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies.

Shares

of

the

Funds

are

listed

and

traded

on

the

New

York

Stock

Exchange

("NYSE"

or

the

"Exchange").

The

Funds'

shares

are

offered

at

net

asset

value

("NAV")

only

in

aggregations

of

50,000

Shares

(each

a

"Creation

Unit").

The

Funds

will

issue

and

redeem

Creation

Units

principally

in

exchange

for

a

basket

of

securities

included

in

the

respective

Fund's

Index

(the

"Deposit

Securities"),

together

with

the

deposit

of

a

specified

cash

payment

(the

"Cash

Component"),

plus

transaction

fees

("Transaction

Fees")

as

further

described

below.

Shares

trade

on

the

Exchange

at

market

prices

that

may

be

below,

at,

or

above

NAV.

Shares

of

a

Fund

may

only

be

purchased

or

redeemed

by

certain

financial

institutions

("Authorized

Participants").

An

Authorized

Participant

is

either

(i)

a

broker-dealer

or

other

participant

in

the

clearing

process

through

the

Continuous

Net

Settlement

System

("Clearing

Process")

of

the

National

Securities

Clearing

Corporation

("NSCC")

or

(ii) a

DTC

participant

and,

in

each

case,

must

have

executed

a

Participant

Agreement

with

the

Distributor.

Most

retail

investors

do

not

qualify

as

Authorized

Participants

nor

have

the

resources

to

buy

and

sell

whole

Creation

Units.

Therefore,

they

are

unable

to

purchase

or

redeem

the

shares

directly

from

a

Fund.

The

Funds

reserve

the

right

to

offer

creations

and

redemptions

of

Shares

for

cash.

In

addition,

Shares

may

be

issued

in

advance

of

receipt

of

Deposit

Securities

subject

to

various

conditions,

including

a

requirement

to

maintain

on

deposit

with

the

Trust

cash

equal

to

up

to

105%

of

the

market

value

of

the

missing

Deposit

Securities.

In

each

instance

of

such

cash

creations

or

redemptions,

transaction

fees

may

be

imposed

and

may

be

higher

than

the

transaction

fees

associated

with

in-kind

creations

or

redemptions.

Transaction

Fees

include

a

fixed

fee

("Fixed

Fee")

payable

to

the

Custodian

("Citibank

N.A."),

which

is

imposed

on

each

creation

and

redemption

transaction

regardless

of

the

number

of

Creation

Units

involved

in

the

transaction.

Transaction

Fees

may

also

include

an

additional

variable

charge

("Variable

Charge")

for

purchases

and

redemptions

of

Creation

Units

for

cash

or

involving

cash-in-lieu,

to

compensate

each

Fund

and

its

ongoing

shareholders

for

brokerage

and

market

impact

expenses

relating

to

Creation

Unit

transactions.

Under

certain

circumstances,

the

Transaction

Fees

may

be

waived

or

adjusted.

In

such

cases,

the

Authorized

Participant

will

reimburse

each

Fund

for,

among

other

things,

any

difference

between

the

market

value

at

which

the

securities

and/or

financial

instruments

were

purchased

by

each

Fund

and

the

cash-in-lieu

amount,

applicable

registration

fees,

brokerage

commissions

and

certain

taxes

and

other

costs

and

expenses

related

to

the

execution

of

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

trades

resulting

from

such

transaction

(up

to

the

maximum

amount

shown

below).

In

addition,

purchasers

of

Creation

Units

are

responsible

for

the

costs

of

transferring

the

Deposit

Securities

to

the

account

of

each

Fund.

Variable

fees

received

by

each

Fund

are

displayed

in

the

Capital

Share

Transaction

section

of

the

Statements

of

Changes

in

Net

Assets

as

an

increase

to

Paid-In-Capital.

Investors

who

use

the

services

of

a

broker,

or

other

such

intermediary

may

be

charged

a

fee

for

such

services.

The

Transaction

Fees

for

each

Fund

are

listed

below:

\*

As

a

percentage

of

the

amount

invested.

Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities

or

interest

rates

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risk

associated

with

entering

into

those

investments.

Portfolio

securities

listed

or

traded

on

securities

exchanges

including,

common

stocks,

warrants

and

American

Depositary

Receipts

("ADRs"),

are

valued

at

the

closing

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

last

available

bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies

are

valued

at

net

asset

value.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

for

which

there

are

no

such

quotations,

or

for

which

quotations

do

not

appear

reliable,

are

valued

at

fair

value

in

accordance

with

procedures

established

by

valuation

designee

and

under

the

general

supervision

and

oversight

of

the

Trust's

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

A

summary

of

the

valuations

as

of

December

31,

2025

,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

in

the

Schedules

of

Portfolio

Investments:

#### Fee

#### for

#### In-Kind

#### and

#### Cash

#### Purchases

#### and

#### Redemptions

#### Maximum

#### Additional

#### Variable

#### Charge

#### for

#### Cash

#### Purchases

#### and

#### Redemptions\*
US

Small

Cap

Core

ETF

$250

2.00%

US

Large/Mid

Cap

Core

ETF

$500

2.00%

High

Dividend

Stock

ETF

$250

2.00%

International

ETF

$4,500

2.00%

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### US

#### Small

#### Cap

#### Core

#### ETF
Investment

Securities:

#### Level

#### 1

#### -

#### Quoted

#### Prices

#### Level

#### 2

#### -

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### -

#### Other

#### Significant

#### Unobservable

#### Inputs

#### Total
Common

Stocks

$

275,913,630

$

–

$

–

$

275,913,630

Total

275,913,630

–

–

275,913,630

Other

Financial

Instruments\*

Liabilities:

Futures

Contracts

(27,358)

–

–

(27,358)

Total

$

(27,358)

$

–

$

–

$

(27,358)

#### US

#### Large/Mid

#### Cap

#### Core

#### ETF
Investment

Securities:

#### Level

#### 1

#### -

#### Quoted

#### Prices

#### Level

#### 2

#### -

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### -

#### Other

#### Significant

#### Unobservable

#### Inputs

#### Total
Common

Stocks

$

316,517,356

$

–

$

–

$

316,517,356

Rights

$

–

$

–

$

2,195

$

2,195

Total

316,517,356

–

2,195

316,519,551

Other

Financial

Instruments\*

Assets:

Futures

Contracts

2,960

–

–

2,960

Total

$

2,960

$

–

$

–

$

2,960

#### High

#### Dividend

#### Stock

#### ETF
Investment

Securities:

#### Level

#### 1

#### -

#### Quoted

#### Prices

#### Level

#### 2

#### -

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### -

#### Other

#### Significant

#### Unobservable

#### Inputs

#### Total
Common

Stocks

$

316,137,233

$

–

$

–

$

316,137,233

Total

316,137,233

–

–

316,137,233

Other

Financial

Instruments\*

Liabilities:

Futures

Contracts

(2,503)

–

–

(2,503)

Total

$

(2,503)

$

–

$

–

$

(2,503)

#### International

#### ETF
Investment

Securities:

#### Level

#### 1

#### -

#### Quoted

#### Prices

#### Level

#### 2

#### -

#### Other

#### Significant

#### Observable

#### Inputs

#### Level

#### 3

#### -

#### Other

#### Significant

#### Unobservable

#### Inputs

#### Total
Common

Stocks

$

195,234,220

$

–

$

–

$

195,234,220

Warrants

$

–

$

–

$

–(a)

$

–

Total

195,234,220

–

–

195,234,220

Other

Financial

Instruments\*

Liabilities:

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

As

of

December

31,

2025

,

there

were

no

transfers

into/out

of

Level

3. Management

has

determined

that

the

amount

of

Level

securities

compared

to

total

net

assets

is

not

material;

therefore,

no

additional

disclosures

are

necessary

for

the

period

ended

December

31,

2025

.

#### Real

#### Estate

#### Investment

#### Trusts

#### ("REITs"):
The

Funds

may

invest

in

REITs

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

during

the

year

are

recorded

as

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

or

when

such

information

becomes

known.

#### Investment

#### Companies:
The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

#### Investment

#### Transactions

#### and

#### Related

#### Income:
Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

on

the

last

business

day

of

the

reporting

period.

Interest

income

is

recognized

on

an

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

Gains

or

losses

realized

on

sales

of

securities

are

determined

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

on

interest,

dividends

and

gains

as

a

result

of

certain

investments

in

ADRs

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

#### Futures

#### Contracts:
During

the

period

ended

December

31,

2025

,

the

Funds

used

futures

contracts

to

provide

market

exposure

on

the

Funds'

cash

balances.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

and

to

maintain

the

Fund's

open

positions

in

futures

contracts,

the

Fund

would

be

required

to

deposit

with

its

custodian

or

futures

broker

in

a

segregated

account

in

the

name

of

the

futures

broker

an

amount

of

cash,

U.S.

government

securities,

suitable

money

market

instruments,

or

other

liquid

securities,

known

as

"initial

margin."

The

margin

required

for

a

particular

futures

contract

is

set

by

the

exchange

on

which

the

contract

is

traded,

and

may

be

significantly

modified

from

time

to

time

by

the

exchange

during

the

term

of

the

contract.

Futures

contracts

are

customarily

purchased

and

sold

on

margins

that

may

range

upward

from

less

than

5%

of

the

value

of

the

contract

being

traded.

Deposits

for

futures

for

the

Funds

are

reported

as

Deposit

with

broker

for

futures

contracts

on

the

Statements

of

Assets

and

Liabilities.

If

the

price

of

an

open

futures

contract

changes

(by

increase

in

underlying

instrument

or

index

in

the

case

of

a

sale

or

by

decrease

in

the

case

of

a

purchase)

so

that

the

loss

on

the

futures

contract

reaches

a

point

at

which

the

margin

on

deposit

does

not

satisfy

margin

requirements,

the

broker

will

require

an

increase

in

the

margin.

However,

if

the

value

of

a

position

increases

because

of

favorable

price

changes

in

the

futures

contract

so

that

the

margin

deposit

exceeds

the

required

margin,

the

broker

will

pay

the

excess

to

a

Fund.

These

subsequent

payments,

called

"Variation

Margin,"

to

and

from

the

futures

broker,

are

made

on

a

daily

basis

as

the

price

of

the

underlying

assets

fluctuate

making

the

long

and

short

positions

in

the

futures

contract

more

or

less

valuable,

a

process

known

as

"marking

to

the

market."

The

Funds

recorded

a

payable

or

receivable

on

variation

margin.

The

Funds

expect

to

earn

interest

income

on

its

margin

deposits.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

fair

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

Realized

and

unrealized

gains

and

losses

are

reported

as

"Net

realized

gains/(losses)

from

futures

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts",

respectively,

on

the

Statements

of

Operations.

Futures

Contracts

(28) –

–

(28) Total

$

(28) $

–

$

–

$

(28) \*

Futures

Contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value.

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

#### Average

#### Notional

#### Value
The

table

below

summarizes

the

monthly

average

notional

value

of

futures

contracts

for

the

period

ended

December

31,

2025

.

#### Summary

#### of

#### Derivative

#### Instruments
The

following

is

a

summary

of

the

fair

values

of

derivative

instruments

on

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025

:

\*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedules

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statements

of

Assets

and

Liabilities.

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the

period

ended

December

31,

2025

:

#### Foreign

#### Currency

#### Translations:
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of

a

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

disclosed

as

net

change

in

unrealized

appreciation/depreciation

on

investments

and

foreign

currency

translations

on

the

Statements

of

Operations.

Any

realized

gains

or

losses

from

these

fluctuations

are

disclosed

as

net

realized

gains

or

losses

from

investment

transactions

and

foreign

currency

transactions

on

the

Statements

of

Operations.

#### Foreign

#### Taxes:
The

Funds

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

#### Dividends

#### to

#### Shareholders:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

monthly

by

the

Funds.

Distributable

net

realized

gains,

if

any,

are

declared

#### Average

#### Notional

#### Value

#### Fund

#### Long
US

Small

Cap

Core

ETF

$

723,021

US

Large/Mid

Cap

Core

ETF

840,186

High

Dividend

Stock

ETF

996,786

International

ETF

630,915

#### Assets

#### Liabilities

#### Fund

#### Variation

#### Margin

#### Receivable

#### on

#### Open

#### Futures

#### Contracts\*

#### Variation

#### Margin

#### Payable

#### on

#### Open

#### Futures

#### Contracts\*

#### Equity

#### Risk

#### Exposure
–

–

US

Small

Cap

Core

ETF

$

–

$

(27,358)

US

Large/Mid

Cap

Core

ETF

2,960

–

High

Dividend

Stock

ETF

–

(2,503)

International

ETF

–

(28) #### Fund

#### Net

#### realized

#### gains
(losses)

#### from

#### futures

#### transactions

#### Net

#### Change

#### in

#### unrealized

#### appreciation
(depreciation)

#### on

#### futures

#### transactions

#### Equity

#### Risk

#### Exposure:
–

–

US

Small

Cap

Core

ETF

$

36,519

$

(1,949)

US

Large/Mid

Cap

Core

ETF

(25,234)

41,925

High

Dividend

Stock

ETF

(49,496)

30,424

International

ETF

121,562

12,481

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

and

distributed

at

least

annually

by

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(i.e.,

that

they

result

from

other

than

timing

of

recognition

"temporary

difference"),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

a

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

#### Federal

#### Income

#### Taxes:
It

is

the

policy

of

each

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

identifies

its

major

tax

jurisdiction

as

U.S.

Federal.

As

of

and

during

the

period

ended

December

31,

2025

,

the

Funds

did

not

have

a

liability

for

any

unrecognized

tax

benefits.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

benefits

as

income

tax

expense

on

the

Statements

of

Operations.

During

the

period,

the

Funds

did

not

incur

any

interest

or

penalties.

For

the

current

open

tax

year,

management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

Further,

management

of

the

Funds

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

any

unrecognized

tax

benefits

will

significantly

change

over

the

next

fiscal

year.

3. #### PURCHASES

#### AND

#### SALES

#### OF

#### SECURITIES:
Purchases

and

sales

of

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,

2025,

were

as

follows:

For

the

period

ended

December

31,

2025

,

there

were

no

purchases

or

sales

of

U.S.

Government

Securities.

4. #### FEES

#### AND

#### TRANSACTIONS

#### WITH

#### AFFILIATES

#### AND

#### OTHER

#### PARTIES:
Timothy

Partners,

Ltd

("TPL"

or

the

"Advisor"),

a

Florida

limited

partnership,

serves

as

the

Funds'

investment

advisor

pursuant

to

an

Investment

Advisory

Agreement.

Subject

always

to

the

supervision

and

approval

of

the

Board,

the

Advisor

is

responsible

for

the

overall

management

of

the

Funds.

The

Advisor

has

arranged

for

distribution,

custody,

fund

administration,

transfer

agency

and

all

other

services

necessary

for

the

Funds

to

operate.

The

Advisor

receives

a

fee

for

its

services,

(the

"Management

Fee").

From

the

Management

Fee,

the

Advisor

is

obligated

to

pay

or

arrange

for

the

payment

of

substantially

all

expenses

of

the

Funds,

including

the

cost

of

transfer

agency,

custody,

fund

administration

and

accounting,

legal,

audit,

independent

trustees

and

other

services,

except

for

interest

expenses,

distribution

fees

or

expenses,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes

and

extraordinary

expenses

such

as

litigation

and

other

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business.

The

Advisor's

Management

Fee

is

designed

to

cause

substantially

all

of

the

Funds'

expenses

to

be

paid

and

to

compensate

the

Advisor

for

providing

services

for

the

Funds.

US

Small

Cap

Core

ETF,

US

Large/Mid

Cap

Core

ETF,

and

High

Dividend

Stock

ETF

pay

a

Management

Fee

equivalent

to

0.52%

and

International

ETF

pays

a

Management

Fee

equivalent

to

0.62%

of

the

Fund's

average

daily

net

assets,

computed

daily

and

paid

monthly.

Victory

Capital

Management,

Inc.,

a

New

York

corporation,

serves

as

the

Funds'

sub-advisor

pursuant

to

a

written

sub-advisory

agreement

with

the

Advisor

and

receives

fees

from

the

Advisor

for

these

services.

Citibank,

N.A.

serves

as

the

Funds'

Custodian

and

Transfer

Agent

pursuant

to

a

Global

Custodial

and

Agency

Services

Agreement

with

the

Trust.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

N.A.,

acts

as

the

Funds'

administrator

and

fund

accountant

pursuant

to

a

Services

Agreement

with

the

Trust.

#### Excluding

#### in-kind

#### transactions

#### Associated

#### with

#### in-kind

#### transactions

#### Fund

#### Purchases

#### Sales

#### Purchases

#### Sales
US

Small

Cap

Core

ETF

$

100,337,266

$

100,545,680

$

155,123,110

$

61,782,250

US

Large/Mid

Cap

Core

ETF

112,942,880

112,735,358

78,583,452

69,906,775

High

Dividend

Stock

ETF

139,549,173

139,197,357

92,946,975

55,944,996

International

ETF

49,369,737

45,770,600

52,051,631

9,913,783

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

![Risks Table](epub596772820877312.jpg)

Foreside

Fund

Services,

LLC

("Foreside")

serves

as

the

Funds'

distributor.

Pine

Advisor

Solutions

provides

compliance

services

to

the

Trust.

Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Advisor.

5. #### INVESTMENT

#### RISKS:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund.

The

risk

descriptions

below

provide

a

more

detailed

explanation

of

the

principal

investment

risks.

#### Excluded

#### Security

#### Risk
Because

the

Index

omits

Excluded

Securities,

the

Funds

may

be

riskier

than

other

funds

that

invest

in

a

broader

array

of

securities.

Biblically

Responsible

Investing

("BRI")

may

not

be

successful.

Because

the

Index

is

reconstituted

only

at

prescribed

times

during

the

year,

the

Funds

may

temporarily

hold

securities

that

do

not

comply

with

the

BRI

filtering

criteria

if

the

application

of

the

criteria

or

the

nature

of

a

company's

business

changes

between

these

dates.

#### Index

#### Risk
There

is

no

guarantee

that

the

Funds'

investment

results

will

have

a

high

degree

of

correlation

to

those

of

the

respective

Underlying

Index

or

that

the

Funds

will

achieve

their

investment

objectives.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

the

Funds'

ability

to

adjust

their

exposure

to

the

required

levels

in

order

to

track

the

Underlying

Index.

Errors

in

index

data,

index

computations

or

the

construction

of

the

Underlying

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

Funds

and

their

shareholders.

Unusual

market

conditions

may

cause

the

Index

Provider

to

postpone

a

scheduled

rebalance,

which

could

cause

the

Underlying

Index

to

vary

from

its

normal

or

expected

composition.

#### Large-Capitalization

#### Stock

#### Risk
The

securities

of

large-sized

companies

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

#### Mid-Capitalization

#### Stock

#### Risk
Mid-sized

companies

may

be

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

#### Small

#### Company

#### Risk
Small

company

stocks

present

above-average

risks.

This

means

that

when

stock

prices

decline

overall,

the

Portfolios

may

decline

more

than

a

broad-based

securities

market

index.

These

companies

usually

offer

a

smaller

range

of

products

and

services

than

larger

companies.

They

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

may

also

have

limited

financial

resources

and

may

lack

management

depth.

As

a

result,

stocks

issued

by

smaller

companies

tend

to

be

less

liquid

and

fluctuate

in

value

more

than

the

stocks

of

larger,

more

established

companies.

#### Foreign

#### Securities

#### Risk
Foreign

securities

(including

depositary

receipts)

are

subject

to

political,

regulatory,

and

economic

risks

not

present

in

domestic

investments.

Foreign

securities

could

be

affected

by

factors

not

present

in

the

U.S.

including

expropriation,

confiscation

of

property,

and

difficulties

in

enforcing

contracts.

Compared

to

U.S.

companies,

there

generally

is

less

publicly

available

information

about

foreign

companies

and

there

may

be

less

governmental

regulation

and

supervision

of

foreign

companies.

Foreign

securities

generally

experience

more

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

of

the

depositary

bank

and

the

risk

of

an

illiquid

market.

In

addition,

to

the

extent

investments

are

made

in

a

limited

number

of

countries,

events

in

those

countries

will

have

a

more

significant

impact

on

the

Funds.

Fluctuations

in

the

exchange

rates

between

the

U.S.

dollar

and

foreign

currencies,

currency

exchange

control

regulations,

and

restrictions

or

prohibitions

on

the

repatriation

of

foreign

currencies

may

negatively

affect

an

investment.

6. #### FEDERAL

#### INCOME

#### TAX

#### INFORMATION:
As

of

December

31,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences

primarily

attributable

to

the

accounting

for

applicable

in-kind

redemptions

and

designation

of

dividends

paid

were

reclassified

between

the

individual

components

of

total

distributable

earnings

(loss)

as

follows:

The

tax

characteristics

of

distributions

paid

to

shareholders

during

the

year/period

ended

December

31,

2025

were

as

follows:

The

tax

characteristics

of

distributions

paid

to

shareholders

during

the

year/period

ended

December

31,

2024

were

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

#### Fund

#### Total

#### Accumulated

#### Earnings/(Loss)

#### Capital
US

Small

Cap

Core

ETF

$

(19,530,405)

$

19,530,405

US

Large/Mid

Cap

Core

ETF

(32,023,597)

32,023,597

High

Dividend

Stock

ETF

(22,224,765)

22,224,765

International

ETF

(2,884,869)

2,884,869

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Distributions

#### Paid

#### From:

#### Fund

#### Ordinary

#### Income

#### Total

#### Taxable

#### Distributions

#### Total

#### Distributions

#### Paid

#### \*
US

Small

Cap

Core

ETF

$

2,465,950

$

2,465,950

$

2,465,950

US

Large/Mid

Cap

Core

ETF

2,714,595

2,714,595

2,714,595

High

Dividend

Stock

ETF

6,168,429

6,168,429

6,168,429

International

ETF

4,322,462

4,322,462

4,322,462

\*

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Distributions

#### Paid

#### From:

#### Fund

#### Ordinary

#### Income

#### Total

#### Taxable

#### Distributions

#### Total

#### Distributions

#### Paid

#### \*
US

Small

Cap

Core

ETF

$

1,405,308

$

1,405,308

$

1,405,308

US

Large/Mid

Cap

Core

ETF

2,166,878

2,166,878

2,166,878

High

Dividend

Stock

ETF

4,895,565

4,895,565

4,895,565

International

ETF

3,111,526

3,111,526

3,111,526

\*

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

During

the

tax

year

ended

December

31,

2025,

High

Dividend

Stock

ETF

and

International

ETF

Fund

utilized

capital

loss

carryforwards

in

the

amount

of

$6,798,524

and

5,257,762,

respectively.

At

December

31,

2025

,

the

Funds

had

net

capital

loss

carry

forwards

("CLCFs")

for

federal

income

tax

purposes

which

are

available

to

reduce

the

future

capital

gain

distributions

to

shareholders.

CLCFs

not

subject

to

expiration:

As

of

December

31,

2025

,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation

and

net

unrealized

appreciation

(depreciation)

for

investments

were

as

follows:

In

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

of

the

new

standard

by

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

results

of

operations.

A

disaggregation

of

income

taxes

paid

by

jurisdiction

is

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

by

the

Funds

for

the

year

ended

December

31,

2025,

were

determined

to

not

be

significant.

7. #### SEGMENT

#### REPORTING:
The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Accumulated

#### Earnings

#### Other

#### Earnings
(Loss)

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation
(Depreciation)

#### \*

#### Total

#### Accumulated

#### Earnings/
(Deficit)

US

Small

Cap

Core

ETF

$

—

$

—

$

—

$

(29,260,793)

$

21,520,848

$

(7,739,945)

US

Large/Mid

Cap

Core

ETF

31,750

31,750

—

(40,752,156)

39,487,042

(1,233,364)

High

Dividend

Stock

ETF

232,252

232,252

—

(32,763,461)

13,883,162

(18,648,047)

International

ETF

619,615

619,615

43,591

(4,536,465)

36,591,086

32,717,827

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

futures

mark

to

market,

return

of

capital

from

underlying

investments

and

passive

foreign

investment

company

mark

to

market.

#### Fund

#### Short-Term

#### Amount

#### Long-Term

#### Amount

#### Total
US

Small

Cap

Core

ETF

$

(19,316,930)

$

(9,943,863)

$

(29,260,793)

US

Large/Mid

Cap

Core

ETF\*

(2

1,

507

,6

68)

(19

,

,

488)

(40

,

752

,

156)

High

Dividend

Stock

ETF\*

(19

,

,

208)

(13

,

,

253)

(32

,

763

,

461)

International

ETF

(591,243)

(3,945,222)

(4,536,465)

\*

All

or

a

portion

are

limited

as

a

result

of

changes

in

ownership

in

connection

with

merger

reorganization.

Unused

limitations

during

a

year

accumulate

for

future

use

in

offsetting

net

capital

gains.

IRC

Section

limitations

of

short-term

$9,771,987

and

long-term

$2,791,824

and

short-term

$11,379,751

and

long-term

$577,195

are

included

in

the

above

amounts

for

US

Large/Mid

Cap

Core

ETF

and

High

Dividend

Stock

ETF,

respectively.

#### Fund

#### Cost

#### of

#### Investments

#### for

#### Federal

#### Tax

#### Purposes

#### Gross

#### Unrealized

#### Appreciation

#### Gross

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

US

Small

Cap

Core

ETF

$

254,392,782

$

32,771,312

$

(11,250,464)

$

21,520,848

US

Large/Mid

Cap

Core

ETF

277,032,509

51,532,126

(12,045,084)

39,487,042

High

Dividend

Stock

ETF

302,254,071

26,918,525

(13,035,363)

13,883,162

International

ETF

158,643,134

41,625,890

(5,034,804)

36,591,086

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

8. #### REORGANIZATIONS:
Following

the

close

of

business

on

the

date

listed

below,

the

Target

Funds

reorganized

into

existing

Acquiring

Funds

within

the

Trust.

The

reorganizations

into

existing

Acquiring

Funds

were

as

follows:

Pursuant

to

an

Agreement

and

Plan

of

Reorganization

(the

"Reorganizations"),

each

Target

Fund

transferred

all

of

its

assets

to

the

corresponding

Acquiring

Fund.

In

exchange,

the

applicable

Acquiring

Fund

assumed

all

of

the liabilities

of

the

applicable

Target

Fund.

The

reorganizations

were

accomplished

by

a tax-free exchange

of

shares

of

the

Target

Funds

for

shares

of

the

Acquiring

Funds

outstanding

following

the

close

of

business

on

October

3,

2025. The

Target

Funds'

Board

determined

that

the

Reorganizations

were

in

the

best

interests

of

the

shareholders

of

the

Target

Funds.

The

Target

Funds

and

the

Acquiring

Funds

have

similar

investment

objective,

principle

investment

strategies

and

principle

risks.

The

net

assets

of

the

Target

Funds,

including

unrealized

appreciation

(depreciation),

were

combined

with

those

of

the

Acquiring

Funds.

These

amounts

were

as

follows:&nbsp;&nbsp;&nbsp;&nbsp;

Assuming

the

reorganizations

had

been

completed

as

of

the

beginning

of

the

annual

reporting

period

of

the

relevant

accounting

and

performance

survivors,

the

pro

forma

results

of

operations

for

the

period

ended

December

31,

2025,

would

have

been

as

follows:

#### Target

#### Fund

#### Acquiring

#### Fund
US

Large/Mid

Cap

Core

Enhanced

ETF

US

Large/Mid

Cap

Core

ETF

High

Dividend

Enhanced

Stock

ETF

High

Dividend

Stock

ETF

#### Target

#### Fund

#### Shares

#### Acquiring

#### Fund

#### Destination

#### Fund

#### Shares

#### Dollar

#### Amount

#### Conversion

#### Ratio

#### \*
US

Large/Mid

Cap

Core

Enhanced

ETF

650,000

US

Large/Mid

Cap

Core

ETF

387,025

$

18,016,109

0.59542259 High

Dividend

Enhanced

Stock

ETF

900,000

High

Dividend

Stock

ETF

597,368

23,553,231

0.66374238 #### Target

#### Fund

#### Target

#### Fund

#### Unrealized

#### Appreciation
(Depreciation)

#### Target

#### Fund

#### Net

#### Assets

#### Acquiring

#### Fund

#### Acquiring

#### Fund

#### Net

#### Assets

#### Prior

#### to

#### Reorganization

#### Net

#### Assets

#### After

#### Reorganization
US

Large/Mid

Cap

Core

Enhanced

ETF

$

1,392,079

$

18,016,109

US

Large/Mid

Cap

Core

ETF

$

311,886,919

$

329,903,028

High

Dividend

Enhanced

Stock

ETF

1,462,063

23,553,231

High

Dividend

Stock

ETF

299,655,580

323,208,811

#### Acquiring

#### Fund

#### Acquiring

#### Fund

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gain
(Loss)

#### and

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
US

Large/Mid

Cap

Core

ETF

$

2,914,585

$

19,444,181

$

22,358,76

High

Dividend

Stock

ETF

6,746,116

17,601,007

24,347,123

#### Notes

#### to

#### Financial

#### Statements

#### -

#### continued
December

31,

2025

#### Timothy

#### Plan

9. #### SUBSEQUENT

#### EVENTS:
Management

has

evaluated

subsequent

events

through

the

date

these

financial

statements

were

issued.

#### Distributions
Subsequent

to

December

31,

2025,

the

Funds

paid

a

distribution

from

ordinary

income

for

the

following

amounts:

#### Fund

#### 1/8/2026

#### 2/9/2026
US

Small

Cap

Core

ETF

$

2,854

$

10,720

US

Large/Mid

Cap

Core

ETF

100,657

87,042

High

Dividend

Stock

ETF

235,534

308,116

International

ETF

-

42,516

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Timothy

#### Plan
*See* 

*notes* 

*to* 

*financial* 

*statements.*

To

the

Shareholders

and

Board

of

Trustees

of

The

Timothy

Plan

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Timothy

Plan

US

Small

Cap

Core

ETF,

Timothy

Plan

US

Large/Mid

Cap

Core

ETF,

Timothy

Plan

High

Dividend

Stock

ETF,

and

Timothy

Plan

International

ETF

(the

"Funds"),

four

of

the

portfolios

constituting

The

Timothy

Plan,

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

Funds'

auditor

of

one

or

more

investment

companies

advised

by

Timothy

Partners,

Ltd.,

since

2005

COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

February

26,

2026

#### Other

#### Information
(Unaudited)

December

31,

2025

#### Timothy

#### Plan

#### Additional

#### Federal

#### Income

#### Tax

#### Information:
For

the

fiscal

year

ended

December

,

2025

,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

The

following

Fund

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

outstanding

share

on

December

,

2025

,

were

as

follows:

#### Premium/Discount

#### Information
The

Funds'

website

at

https://timothyplan.com

shows

the

previous

day's

closing

NAV

and

closing

market

price

for

each

Fund's

ETF

Shares.

The

website

also

discloses,

in

the

Premium/Discount

section

of

each

Fund's

page,

how

frequently

each

Fund's

ETF

Shares

traded

at

a

premium

or

discount

to

NAV

(based

on

closing

NAVs

and

market

prices)

and

the

magnitudes

of

such

premiums

and

discounts.

#### Amount
US

Small

Cap

Core

ETF

100%

US

Large/Mid

Cap

Core

ETF

100%

High

Dividend

Stock

ETF

100%

#### Foreign

#### Source

#### Income

#### Foreign

#### Tax

#### Expense
International

ETF

$

0.81 $

0.09 Visit

our

website

at

#### etf.timothyplan.com
Call

Timothy

Plan

at

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

be

found

in

the

Fund's

prospectus.

To

obtain

a

copy,

visit

timothyplan.com

or

call

800.846.7526. Read

the

prospectus

carefully

before

investing

or

sending

money.

ETFs

distributed

by

Foreside

Fund

Services,

LLC,

member

FINRA

and

SIPC.

Timothy

Partners,

Ltd.

is

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](codeofethics.htm)

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

[(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.](ex99906.htm)

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) <u>Timothy Plan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title) <u>/s/ Greg Ally&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greg Ally, Treasurer and Principal Financial Officer

Date &nbsp;&nbsp;&nbsp;&nbsp; <u>March 9, 2026</u>

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) <u>/s/ Brian Mumbert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Mumbert, President and Principal Executive Officer

Date &nbsp;&nbsp;&nbsp;&nbsp; <u>March 9, 2026</u>

By (Signature and Title) <u>/s/ Greg Ally&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greg Ally, Treasurer and Principal Financial Officer

Date &nbsp;&nbsp;&nbsp;&nbsp; <u>March 9, 2026</u>

## Ex-99.Code

1. Trust Code of Ethics ("1940 Act Code of Ethics")

# Introduction
Timothy Plan Trust (the "Trust"), is a registered investment company under the Investment Company Act of 1940, as amended ("1940 Act"), which is authorized to issue its shares of beneficial interest in separate series representing the interests in separate Trust of securities and other assets (each a "Fund").

Rule 17j-1 under the 1940 Act ("Rule 17j-1" or "Rule") makes it unlawful for certain persons, including Trustees, officers, and other investment personnel of the Trust and any Fund of the Trust, to engage in fraudulent, manipulative, or deceptive conduct in connection with their personal trading of securities "held or to be acquired" by any Fund of the Trust.

Further, Rule 17j-1 under the 1940 Act requires the Trust and each investment adviser ("Adviser") for each Fund and any principal underwriter ("Distributor") for a Fund for which an officer or director serves as an officer or trustee of the Trust or of any Adviser, to adopt a code of ethics and to establish procedures reasonably designed to: (i) govern the personal securities activities of Access Persons, as defined herein;

(ii) prevent the employment of any device, scheme, artifice, practice, or course of business that operates or would operate as a fraud or deceit on the Trust or any Fund with respect to those personal securities transactions; and (iii) otherwise prevent personal trading prohibited by the Rule.

The policies, restrictions, and restrictions included in this Code of Ethics are designed to prevent violations of Rule 17j-1 under the 1940 Act.

A. &nbsp;&nbsp;&nbsp;&nbsp; <u>Legal Requirements.</u>

Rule 17j-1(b) under the Investment Company Act of 1940 (the "Act") makes it unlawful for any officer or trustee (as well as other persons) of the Timothy Plan Trust (the "Trust"), in connection with purchase or sale by such person of a security "held or to be acquired" by any investment portfolio of the Trust (a "Fund"):

1)

&nbsp;&nbsp;&nbsp;&nbsp; To employ any device, scheme or artifice to defraud the Trust or a Fund;

2)

&nbsp;&nbsp;&nbsp;&nbsp; To make to the Trust or a Fund any untrue statement of a material fact or omit to state to the Trust or a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

3)

&nbsp;&nbsp;&nbsp;&nbsp; To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or a Fund; or

4)

&nbsp;&nbsp;&nbsp;&nbsp; To engage in any manipulative practice with respect to the Trust or a Fund.

B. &nbsp;&nbsp;&nbsp;&nbsp; <u>Unlawful Actions.</u>

It is the policy of the Trust that no "access person" of the Trust or of a Fund shall engage in any act, practice or course or conduct that would violate the provisions of Rule 17j- 1(b) set forth above.

In keeping with the recommendations of the Board of Governors of the Investment Company Institute, the following general policies shall govern personal investment activities of access persons of the Trust or of a Fund:

a. &nbsp;&nbsp;&nbsp;&nbsp; It is the duty of all access persons of the Trust or of a Fund to place the interest of Trust shareholders first;

b. &nbsp;&nbsp;&nbsp;&nbsp; All access persons of the Trust or of a Fund shall conduct personal securities transactions in a manner that is consistent with this Code of Ethics and that avoids any actual or potential conflict of interest or any abuse of a position of trust and responsibility; and

c. &nbsp;&nbsp;&nbsp;&nbsp; No access person of the Trust or of a Fund shall take inappropriate advantage of his or her position with the Trust or with a Fund.

C. &nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions.</u>

All definitions shall have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

*"Access Person"* shall mean: (a) any trustee, director, officer, general partner, or "Advisory Person" (as defined below) of the Trust or any Fund or an Adviser thereof; or (b) any director, officer, or general partner of the Distributor for the Trust or any Fund who, in the ordinary course of business, makes, participates in or obtains information regarding the purchase or sale of "Covered Securities" (as defined below), by any Fund for which the Distributor so acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to any Fund regarding the purchase and sale of Covered Securities.

Notwithstanding the provisions of clause (a) above, where an Adviser is primarily engaged in a business or businesses other than advising registered investment companies or other advisory clients, the term "Access Person" shall mean any trustee, director, officer, general partner, or Advisory Person of an Adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation shall be made, or whose principal function or duties relate to the determination of which recommendation shall be made to any Fund, or who, in connection with his or her duties, obtains any information concerning Covered Securities recommendations being made by such Adviser to any Fund of the Trust.

An *"Advisory Person"* shall mean: (a) any employee of the Trust or any Fund or of an Adviser thereof (or of any company in a control relationship to Trust, Fund or any Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by any Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales, and (b) any natural person in a control relationship with the Trust or any Fund or an Adviser thereof who obtains information concerning recommendations made to any Fund regarding the purchase or sale of Covered Securities by the Fund.

All references herein to an *"Adviser"* of a Fund shall be deemed to include any "co- adviser" or "sub-adviser" of such Fund as the case May be.

*"Beneficial Ownership"* for the purposes of this Code shall be interpreted in a manner that is consistent with Section 16 of the Securities Exchange Act of 1934, as amended ("1934 Act"), and Rule 16a-1(a) thereunder, which generally speaking, encompasses those situations in which the beneficial owner has the right to enjoy some direct or indirect "pecuniary interest" (i.e., some economic benefit) from the ownership of a security. Any report of beneficial ownership required thereunder shall not be construed as an

admission that the person making the report has any direct or indirect beneficial ownership in the Covered Securities to which the report relates. In addition, persons should consider themselves the "Beneficial Owner" of a security held by their spouse, minor children, relatives who share their home, or other persons pursuant to a contract, arrangement, understanding, or relationship that provides the other person with sole or shared voting or investment power with respect to such security.

*"Code"* shall mean the Code of Ethics of the Trust.

*"Control"* shall have the meaning as that set forth in Section 2(a)(9) of the 1940 Act.

*"Covered Security"* means a "security" as set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include: (a) direct obligations of the U.S. Government; (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (c) shares of registered open-end investment companies (shares of exchange-traded funds ("ETFs") shall be considered Covered Securities).

*"Disinterested Trustee"* of the Trust means a Trustee who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act. An "interested person" of the Trust includes any person who is a trustee, director, officer, employee, or owner of 5% or more of the outstanding stock of an Adviser of or the Distributor. Affiliates of brokers or dealers are also "interested persons" of the Trust, except as provided in Rule 2a19-1 under the 1940 Act.

*Exchange Traded Fund ("ETF")* means an open-end registered investment company that is not a unit investment trust, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act ***(either by Rule 6c-11 or exemptive order)*** permitting it to issue securities that trade on the secondary market.

*"Initial Public Offering"* means an offering of securities registered under the Securities Act of 1933, as amended ("1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

*"Investment personnel of the Trust or a Fund"* means (i) any employee of the Trust (or of a company in a control relationship to the Fund) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Trust or a Fund, and (ii) any natural person who controls the Trust or a Fund and who obtains information concerning recommendations made to the Trust or a Fund regarding the purchase or sale of securities. "initial public offering" and "limited offering" shall have the same meaning as set forth in Rule 17j- 1(a)(6) and (8), respectively.

*"Limited Offering"* means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rules 504 or 506 under the 1933 Act.

*"Purchase or sale"* includes, among other things, the writing of an option to purchase or sell a security or the purchase or sale of a future or index on a security or option thereon.

*"Review Officer"* means, with respect to the Trust, the Chief Compliance Officer of the Trust or such other person(s) as May be designated by the Chief Compliance Officer. In this regard, the adviser of, administrator to (if applicable), and the distributor (if applicable) for the Trust shall appoint a compliance officer for the adviser, administrator, or the distributor, which person shall be designated as the "Review Officer" with respect to such adviser, administrator, or the distributor. The Review Officer of the adviser, administrator, or the distributor will assume the responsibility to monitor its relevant adviser's, administrator's, or distributor's compliance with the Code in connection with all Access Persons associated with such adviser, administrator, or distributor. In this regard, the Review Officer for each adviser, administrator, and the distributor shall approve all transactions, receive reports and otherwise monitor compliance with the Code in connection with all Access Persons associated with such adviser, administrator, and the distributor. Access Persons who provide copies of all confirmations, account statements and reports to such Review Officer in accordance with the adviser's, administrator's, or the distributor's code of ethics will not be required to provide copies of such confirmations, account statements and reports to the Trust's Review Officer pursuant to this paragraph. In turn, each Review Officer of any adviser, administrator, and the distributor shall report at least quarterly to the Chief Compliance Officer or Review Officer of the Trust all violations of this Code that occurred during the past quarter. The Chief Compliance Officer or Review Officer with respect for the Trust shall: (a) approve transactions, receive reports and otherwise monitor compliance with the Code in connection with all Access Persons not otherwise associated with an adviser of, administrator to, or the distributor to any Fund; (b) receive reports from all other Review Officers designated hereunder; (c) report at least quarterly to the Board of Trustees of the Trust all violations of this Code that occurred during the past quarter; and

(d) provide the Board with an annual written report with respect to the information specified in Section

F.4 below.

*"Security"* shall have the meaning set forth in Section 2(a)(36) of the 1940 Act.

A Covered Security is for purposes of this Code being "*held or to be acquired*" by any Fund if within the most recent 15 days the Covered Security: (a) is or has been held by a Fund; (b) is being held or has been considered by a Fund or its Adviser for purchase by the Fund; or (c) any option to purchase or sell, any Covered Security convertible into or exchangeable for, a Covered Security described in (a) or (b) of this paragraph.

A Covered Security is "*being considered for purchase or sale*" when, among other things, a recommendation to purchase or sell a Covered Security for a Fund has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

D. &nbsp;&nbsp;&nbsp;&nbsp; <u>Trust Policy.</u>

1)

&nbsp;&nbsp;&nbsp;&nbsp; No Violations of Rule 17j-1: It is the policy of the Trust that no "Access Person" of the Trust or of a Fund shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) or Section B of this Code.

2)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Interested Transactions: No Access Person shall recommend any transactions with respect to a Covered Security by any Fund of the Trust without first disclosing his or her interest, if any, in such Covered Securities or the issuer thereof, including without limitation:

a)

&nbsp;&nbsp;&nbsp;&nbsp; any direct or indirect Beneficial Ownership of any Covered Securities of such issuer;

b)

&nbsp;&nbsp;&nbsp;&nbsp; any contemplated transaction by such person in such Covered Securities;

c)

&nbsp;&nbsp;&nbsp;&nbsp; any position with the issuer of the Covered Securities or its affiliates; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; any present or proposed business relationship between the issuer of the Covered Securities or its affiliates and such person or any party in which such person has a significant interest.

3)

&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings ("IPOs"): No Investment Personnel shall acquire, directly or indirectly, any Beneficial Ownership in any IPO with respect to any Covered Security without first obtaining prior approval of the appropriate Review Officer for that Investment Personnel, which Review Officer: (a) has been provided by such Investment Personnel with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Investment Personnel's activities on behalf of such Fund) and (b) has concluded after consultation with other Investment Personnel of such Fund (who have no personal interest in the issuer involved in the private placement) that such Fund has no foreseeable interest in purchasing such Covered Security.

4)

&nbsp;&nbsp;&nbsp;&nbsp; Limited Offerings: No Investment Personnel shall acquire, directly or indirectly, Beneficial Ownership of any Covered Security in a Limited Offering without first obtaining the prior approval of the Review Officer of the relevant adviser, which Review Officer: (a) has been provided by such Investment Personnel with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the Investment Personnel's activities on behalf of such Fund) and (b) has concluded after consultation with other Investment Personnel of such Fund (who have no personal interest in the issuer involved in the private placement) that such Fund has no foreseeable interest in purchasing such Covered Security.

5)

&nbsp;&nbsp;&nbsp;&nbsp; Exempt Transactions: The prohibited activities set forth in this Section D shall not apply to:

a)

&nbsp;&nbsp;&nbsp;&nbsp; purchases or sales effected in any account over which such person has no direct or indirect influence or control;

b)

&nbsp;&nbsp;&nbsp;&nbsp; purchases or sales that are non-volitional on the part of the person or any Fund of the Trust;

c)

&nbsp;&nbsp;&nbsp;&nbsp; purchases that are part of an automatic dividend reinvestment plan;

d)

&nbsp;&nbsp;&nbsp;&nbsp; purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

E. &nbsp;&nbsp;&nbsp;&nbsp; <u>Preclearance Procedures.</u>

Investment personnel of the Trust or a Fund shall obtain approval from the Adviser and/or Sub-Adviser before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or in a limited offering.

F. &nbsp;&nbsp;&nbsp;&nbsp; <u>Reporting Requirements.</u>

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

Specific Policies

1. Restrictions on Personal Securities Transactions By Access Persons *<u>Other Than Restricted</u> <u>Independent Trustees and persons covered under an equivalent code of ethics of the Fund's service</u> <u>provider, Service Agreement or Consultant Agreement.</u>*

 

<u>No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by</u> <u>reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows</u> <u>or should have known at the time of such purchase or sale:</u>

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>is being considered for purchase or sale by the Fund; or</u>

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>is being purchased or sold by the Fund.</u>

G. &nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Trustees.</u>

The Board shall consider reports made to it hereunder and shall determine whether the policies established in section B of this Code have been violated, and what sanctions, if any, should be imposed.

H. &nbsp;&nbsp;&nbsp;&nbsp; <u>Approval of Codes and Material Amendments Thereto.</u>

1)

&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees of the Trust, including a majority of the independent Trustees thereof, shall approve the Codes of Ethics of the Trust, of the principal underwriter of the Trust, and of each investment adviser and sub-adviser to any Fund. Any material change to such Code must be approved by the Board of Trustees of the Trust, including a majority of the independent Trustees thereof, within six days of said amendment. No amendment of this Code may be made unless and until approved by the Board of Trustees of the Trust, including a majority of the independent Trustees thereof.

2)

&nbsp;&nbsp;&nbsp;&nbsp; In approving a Code of Ethics, the Board of Trustees shall have secured a certificate from the entity that adopted the Code that it has adopted procedures reasonably necessary to prevent its access persons from violating the Code in question.

I. &nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Report</u>

The Trust, principal underwriter thereof, and any investment adviser or sub- adviser to any Fund shall, not less frequently than annually, furnish the Board of Trustees of the Trust with a written report that:

1)

&nbsp;&nbsp;&nbsp;&nbsp; describes any issues arising under its Code of Ethics or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of such Code or procedures and sanctions imposed in response, and

2)

&nbsp;&nbsp;&nbsp;&nbsp; certifies that the Trust, principal underwriter, or investment adviser or sub-adviser, as applicable, has adopted procedures reasonably necessary to prevent its access persons from violating its Code of Ethics.

This Code, a copy of each Securities Transaction and Holding Report by an access person, any written report hereunder by the Trust CCO, and lists of all persons required to make reports shall be preserved with the Trust's records for the period required by Rule 17j-1.

Adopted: May 29, 2025

# Certification
Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it.*

 

 

 

 

Printed Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp; Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Exhibit B**

**Timothy Plan Trust**

**Code of Ethics for Principal Executive and Senior Financial Officers**

I hereby certify that I have received the Timothy Plan Trust Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with the requirements of the Code.

<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature: <u>/s/ Greg Ally&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printed Name: Greg Ally<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: <u>16/06/2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Exhibit B**

**Timothy Plan Trust**

**Code of Ethics for Principal Executive and Senior Financial Officers**

I hereby certify that I have received the Timothy Plan Trust Code of Ethics for Principal Executive and Senior Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Code") and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature: <u>/s/ Brian Mumbert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printed Name: Brian Mumbert<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: <u>06/06/2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Brian Mumbert, certify that:

1. I have reviewed this report on Form N-CSR of Timothy Plan (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 <u>March 9, 2026</u>_

Date

/s/ Brian Mumbert

Brian Mumbert

President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Greg Ally, certify that:

1. I have reviewed this report on Form N-CSR of Timothy Plan (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

d)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

e)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

f)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

b)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>March 9, 2026</u>_

Date

/s/ Greg Ally

Greg Ally

Treasurer and Principal Financial Officer

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025, of Timothy Plan (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_

Date

/s/ Brian Mumbert

Brian Mumbert

President and Principal Executive Officer

/s/ Greg Ally

Greg Ally

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.