# EDGAR Filing Document

**Accession Number:** 0000916490
**File Stem:** 0001398344-26-007747
**Filing Date:** 2026-4
**Character Count:** 1169416
**Document Hash:** c0d727f9aea9da539fffcd74f8e20f80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-007747.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001398344-26-007747

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08228
- **FILM NUMBER:** 26921236

**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
**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-73248
- **FILM NUMBER:** 26921235

**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            |

### TIMOTHY PLAN FIXED INCOME ETF (Series ID: S000103533)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000274084 | TIMOTHY PLAN FIXED INCOME ETF |  |

### TIMOTHY PLAN FREE CASH FLOW ETF (Series ID: S000103534)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000274085 | TIMOTHY PLAN FREE CASH FLOW ETF |  |

### TIMOTHY PLAN FREE CASH FLOW GROWTH ETF (Series ID: S000103535)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000274086 | TIMOTHY PLAN FREE CASH FLOW GROWTH ETF |  |

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

**Securities Act File No. 033-73248**

**Investment Company Act File No. 811-08228**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-1A REGISTRATION STATEMENT** 

**UNDER** 

***THE SECURITIES ACT OF 1933***

Pre-Effective Amendment No.

---

| | |
|:---|:---|
| **Post-Effective Amendment No. 129** | [X] |

---

**and/or** 

**REGISTRATION STATEMENT** 

**UNDER** 

***THE INVESTMENT COMPANY ACT OF 1940***

---

| | |
|:---|:---|
| **Post-Effective Amendment No. 130** | [X] |

---

**THE TIMOTHY PLAN** 

**(Exact Name of Registrant as Specified in Charter)** 

1055 MAITLAND CENTER COMMONS

MAITLAND, FL 32751

(Address of Principal Executive Offices) (Zip Code)

**Registrant's Telephone Number, Including Area Code: (407) 644-1986** 

BRIAN MUMBERT,

1055 MAITLAND CENTER COMMONS

MAITLAND, FL 32751

(Name and Address of Agent for Service)

Copies to:

DAVID C. MAHAFFEY, ESQ.

Sullivan & Worcester LLP

1666 K Street, NW

Washington, DC 20006

It is proposed that this filing will become effective:

[ ] immediately upon filing pursuant to paragraph (b)

[X] on May 1, 2026, pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on (date) pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate check this box:

[ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment

![](tp_i.jpg)

---

| | |
|:---|:---|
| EXCHANGE-TRADED FUNDS |  |
| PROSPECTUS |  |
| May 1, 2026 |  |
|  | Ticker<br> 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** |
| **TIMOTHY PLAN FREE CASH FLOW ETF** | **TPFC** |
| **TIMOTHY PLAN FREE CASH FLOW GROWTH ETF** | **TPFG** |
| **TIMOTHY PLAN FIXED INCOME ETF** | **TPFI** |

---

*Each listed and traded on: The New York Stock Exchange*

**THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THE FUND'S SECURITIES OR DETERMINED WHETHER THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**Table of Contents** 

---

| | |
|:---|:---|
| Section 1 \| Fund Summaries |  |
| Timothy Plan US Small Cap Core ETF  | 4 |
| Timothy Plan US Large / Mid Cap Core ETF  | 10 |
| Timothy Plan High Dividend Stock ETF  | 16 |
| Timothy Plan International ETF  | 22 |
| Timothy Plan Free Cash Flow ETF  | 29 |
| Timothy Plan Free Cash Flow Growth ETF  | 36 |
| Timothy Plan Fixed Income ETF  | 43 |
| Section 2 \| Additional Fund Information | Section 2 \| Additional Fund Information |
| Additional Information about the Funds  | 50 |
| Additional Information about the International Fund  | 51 |
| Free Cash Flow and Free Cash Flow Growth Investments  | 51 |
| Additional Information about the Fixed Income Fund  | 51 |
| Fixed Income Investments  | 52 |
| Additional Fund Strategies  | 53 |
| Principal Risk Factors  | 53 |
| Additional Risk Factors  | 62 |
| Section 3 \| Organization and Management of the Funds | Section 3 \| Organization and Management of the Funds |
| The Investment Adviser  | 63 |
| The Managing General Partner  | 63 |
| The Sub-Adviser  | 63 |
| Portfolio Management  | 64 |
| Share Price  | 64 |
| Premium/Discount Information  | 65 |
| How to Buy and Sell Shares  | 65 |
| Share Trading Prices  | 66 |
| Book Entry  | 66 |
| Frequent Purchases and Redemptions of Fund Shares  | 66 |
| Continuous Offering  | 66 |
| Portfolio Holdings Disclosure  | 67 |
| Shareholder Communications  | 67 |
| Disclaimers  | 67 |
| Section 4 \| Distributions and Taxes |  |
| Taxes on Distributions  | 68 |
| Taxes on Exchange-Listed Share Sales  | 69 |
| Taxes on Purchase and Redemption of Creation Units  | 69 |
| Section 5 \| Other Service Providers  | 70 |
| Section 6 \| Financial Highlights  | 71 |
| Section 7 \| Other Information  | 77 |

---

****TABLE OF CONTENTS** PROSPECTUS (ETFS) / 2**

---

| | |
|:---|:---|
| **Section 1 \|** | Fund Summary |

---

The Timothy Plan believes it has a moral and ethical responsibility to invest in a biblically responsible manner. Accordingly, we strive to ensure the Timothy Plan ETFs do not invest in any company involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. Securities issued by companies engaged in these prohibited activities are excluded from the ETFs' portfolios. These securities are referred to throughout this Prospectus (the "Prospectus") as "Excluded Securities.". The Adviser and Sub-Adviser maintain a list of Excluded Securities to avoid purchasing the Excluded Securities in Timothy Plan ETFs' portfolios.

Timothy Partners, Ltd. ("TPL") is Investment Adviser to the Funds and is responsible for determining what companies are deemed Excluded Securities, and reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but could be found offensive to fundamental, traditional Judeo- Christian values. The Adviser establishes the Biblically Responsible Investing ("BRI") parameters that are employed by the research service provider in the creation of the "excluded list of companies" that may not be placed into any Timothy Plan ETF portfolio. The research company may not alter, delete, or employ additional parameters without the prior knowledge and consent of the Adviser

In the event a company is subsequently discovered to be engaged in a prohibited practice, a Fund's holdings in such company will be liquidated at the next fund re-balancing. If a fund does not rebalance then the company will be liquidated as soon as reasonably practicable to avoid adversely affecting shareholder value.

**FUND SUMMARIES PROSPECTUS (ETFS) / 3**

![](tp_4.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan US Small Cap Core ETF

**INVESTMENT OBJECTIVE** 

The Fund seeks to provide investment results that track the performance of the Victory US Small Cap Volatility Weighted BRI Index before fees and expenses.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. **Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.**

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)*

 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.52%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.52% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $53 | $167 | $291 | $653 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 4**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES** 

The Index Provider combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities, rather than traditional market-cap weighting. Such a methodology is sometimes referred to as "Smart Beta." The Index follows a proprietary rules-based methodology developed by the Fund's Sub-Adviser, to construct its constituent securities.

The Index universe begins with the stocks included in the Nasdaq Victory US Small Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies with the bottom 10% by market capitalization as represented by NASDAQ US Small Cap Index (NQUSS) with positive earnings over the last twelve months.

The Fund's Adviser provides the Sub-Adviser with the list of Excluded Securities that do not satisfy the Adviser's proprietary BRI filtering criteria. The Index Provider then removes the Excluded Securities from the Parent Index.

The Index is reconstituted every April and October (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. As of March 31, 2026, the Index had a market capitalization range from $632 million to $50.17 billion.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. In the event a company is subsequently discovered to be engaged in a prohibited practice, the Fund's holdings in such company will be liquidated at the next re-balancing.

The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all of the stocks in the Index. A replication strategy means that the Fund seeks to hold all the securities included in its index, in approximately the percentages represented by the securities in the index.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Small Company Risk.** Small company stocks present above-average risks. This means that when stock prices decline overall, the Portfolio 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 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.

**FUND SUMMARIES PROSPECTUS (ETFS) / 5**

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Fund 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 Fund's investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its 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 Fund and its 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.

**Equity Securities Risk.** The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions and factors. Price changes may be temporary or last for extended periods.

**Stock Market Risk.** Overall stock market risks may affect the value of the Fund. Domestic and International factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**Liquidity Risk**. In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Sub-Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.

**Passive Investment Risk.** The Fund is not actively managed, and the Sub-Adviser does not take defensive positions under any market conditions, including declining markets.

**Calculation Methodology Risk.** The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of an Index.

**Tracking Error Risk.** The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Exchange-Traded Fund ("ETF") Structure Risk.** The Fund is structured as an exchange-traded fund ("ETF") and, as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable.*** The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues.*** Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary

**FUND SUMMARIES PROSPECTUS (ETFS) / 6**

market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk.*** The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk.*** A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk.*** Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Valuation Risk.** The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.

**Large Shareholder Risk.** Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder (including, for example, an affiliated fund that operates as a fund-of-funds) is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**FUND SUMMARIES PROSPECTUS (ETFS) / 7**

**PAST PERFORMANCE** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing the variability of the Fund's performance from year to year and by comparing the Fund's performance to a broad based index, an index more representative of the Fund's investment strategy and to the Underlying Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Performance data for the Fund may be available online at** <u>etf.timothyplan.com</u> **or by calling (800) 846-7526.** 

**Year-by-year Annual Total Returns (for calendar years ending on December 31)**![](tp_8.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| Dec-2020  | Mar-2020  |
| 31.26% | -32.52% |

---

**Average Annual Total Returns (for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**US SMALL CAP CORE ETF**<br>| <br>**1 Year** | <br>**5 Years** | <br>**Inception\*** |
| &nbsp;&nbsp;Return before taxes | 7.22% | 9.56% | 10.10% |
| &nbsp;&nbsp;Return after taxes on distributions <sup>(1)</sup> | 6.73% | 9.23% | 9.76% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of shares <sup>(1)</sup> | 4.26% | 7.49% | 8.00% |
| &nbsp;&nbsp;Russell 3000 Index<sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 17.15% | 13.15% | 14.91% |
| &nbsp;&nbsp;Russell 2000 Index<sup>(3)</sup> (reflects no deduction for fees, expenses or taxes) | 12.81% | 6.09% | 8.87% |
| &nbsp;&nbsp;Victory US Small Cap Volatility Weighted BRI Index <sup>(4)</sup> (reflects no deduction for fees, expenses or taxes) | 7.87% | 10.22% | 10.76% |

---

\* December 2, 2019

&nbsp;&nbsp;&nbsp;&nbsp;(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Russell 3000<sup>©</sup> Index is a measure of the performance of the largest 3,000 U.S. companies representing 96% of the investable American stock market.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Russell 2000<sup>©</sup> Index is a market capitalization-weighted index that measures the performance of the 2000 smallest US stocks in the Russell 3000<sup>©</sup> Index, as measured by market capitalization.

**FUND SUMMARIES PROSPECTUS (ETFS) / 8**

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment adviser since 2019.

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since 2019.

**PORTFOLIO MANAGERS** 

Mannik Dhillon, CFA, CAIA, is President of Victory Capital's Investment Franchises & Solutions platform and has been a Portfolio Manager of the Fund since 2019.

Lela Dunlap, CFA, is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team and has been a Portfolio Manager of the Fund since November 2024.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distribution are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 9**

![](tp_10.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan US Large / Mid Cap Core ETF

**INVESTMENT OBJECTIVE** 

The Fund seeks to provide investment results that track the performance of the Victory US Large/Mid Cap Volatility Weighted BRI Index before fees and expenses.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. **Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.**

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)* 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.52%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.52% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $53 | $167 | $291 | $653 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 10**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio (excludes US Large/Mid Cap Core ETF merger transactions).

**PRINCIPAL INVESTMENT STRATEGIES** 

The Index Provider combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities, rather than traditional market-cap weighting. Such a methodology is sometimes referred to as "Smart Beta." The Index follows a proprietary rules-based methodology, developed by the Sub-Adviser, to construct its constituent securities.

The Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last twelve months.

The Fund's Adviser provides the Sub-Adviser with the list of Excluded Securities that do not satisfy the Adviser's proprietary BRI filtering criteria. The Index Provider then removes the Excluded Securities from the Index.

The Index is reconstituted every April and October (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. As of March 31, 2026, the Index had a market capitalization range from $4.3 billion to $1.47 trillion.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. In the event a company is subsequently discovered to be engaged in a prohibited practice, the Fund's holdings in such company will be liquidated at the next re-balancing.

The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all of the stocks in the Index, in approximately the percentages represented by the securities in the Index.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**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.

**FUND SUMMARIES PROSPECTUS (ETFS) / 11**

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Fund 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 in between these dates.

**Index Risk.** There is no guarantee that the Fund's investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its 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 Fund and its 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.

**Equity Securities Risk.** The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions and factors. Price changes may be temporary or last for extended periods.

**Stock Market Risk.** Overall stock market risks may affect the value of the Fund. Domestic and International factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**Passive Investment Risk.** The Fund is not actively managed, and the Sub-Adviser does not take defensive positions under any market conditions, including declining markets.

**Calculation Methodology Risk.** The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of an Index.

**Tracking Error Risk.** The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Exchange-Traded Fund ("ETF") Structure Risk.** The Fund is structured as an exchange-traded fund ("ETF") and, as a result is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;***●*** ***Not Individually Redeemable.*** The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues.*** Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

**FUND SUMMARIES PROSPECTUS (ETFS) / 12**

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk.*** The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk.*** A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk.*** Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Valuation Risk.** The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.

**Large Shareholder Risk.** Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder (including, for example, an affiliated fund that operates as a fund-of-funds) is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**PAST PERFORMANCE** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing the variability of the Fund's performance from year to year and by comparing the Fund's performance to a broad based index and to the Underlying Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Performance data for the Fund may be available online at** <u>etf.timothyplan.com</u> **or by calling (800) 846-7526.** 

**FUND SUMMARIES PROSPECTUS (ETFS) / 13**

**Year-by-year Annual Total Returns (for calendar years ending on December 31)**![](tp_14.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| Jun-2020  | Mar-2020  |
| 20.54% | -24.00% |

---

**Average Annual Total Returns (for periods ending on December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**US LARGE / MID CAP CORE ETF** |  |  | April 30, 2019 |
|  | **1 Year** | **5 Years** | **Inception\*** |
| &nbsp;&nbsp;Return before taxes | 7.09% | 8.99% | 10.30% |
| &nbsp;&nbsp;Return after taxes on distributions <sup>(1)</sup> | 6.69% | 8.73% | 10.03% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of shares <sup>(1)</sup> | 4.19% | 7.04% | 8.23% |
| &nbsp;&nbsp;S&P 500 Index <sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 15.28% |
| &nbsp;&nbsp;Victory US Large/Mid Cap Volatility Weighted BRI Index <sup>(3)</sup> (reflects no deduction for fees, expenses or taxes) | 7.67% | 9.59% | 10.89% |

---

\* April 30, 2019

&nbsp;&nbsp;&nbsp;&nbsp;(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Standard & Poor's 500 ("S&P 500") Index is market capitalization-weighted index tracking the performance of the 500 largest companies listed on stock exchanges in the United States as measured by market capitalization.

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment adviser since 2019.

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since 2019.

**FUND SUMMARIES PROSPECTUS (ETFS) / 14**

**PORTFOLIO MANAGERS** 

Mannik Dhillon, CFA, CAIA, is President of Victory Capital's Investment Franchises & Solutions platform and has been a Portfolio Manager of the Fund since 2019.

Lela Dunlap, CFA, is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team and has been a Portfolio Manager of the Fund since November 2024.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund will be listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distribution are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 15**

![](tp_16.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan High Dividend Stock ETF

**INVESTMENT OBJECTIVE** 

The Fund seeks to provide investment results that track the performance of the Victory US Large Cap High Dividend Volatility Weighted BRI Index before fees and expenses.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. **Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.**

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)* 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.52%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.52% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $53 | $167 | $291 | $653 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 16**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal period, the Fund's portfolio turnover rate was 49% of the average value of its portfolio (excludes High Dividend Stock ETF merger transactions).

**PRINCIPAL INVESTMENT STRATEGIES** 

The Index Provider combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities, rather than traditional market-cap weighting. Such a methodology is sometimes referred to as "Smart Beta." The Index follows a proprietary rules-based methodology, developed by the Fund's Sub-Adviser, to construct its constituent securities.

The Index is comprised of the largest 100 dividend yielding stocks among the largest U.S. companies by market capitalization from the Victory US Large/Mid Cap Volatility Weighted BRI Index ("Parent Index"). The Parent Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last twelve months.

The Fund's Adviser provides the Sub-Adviser with the list of Excluded Securities that do not satisfy the Adviser's proprietary BRI filtering criteria. The Index Provider then removes the Excluded Securities from the Index.

The 100 highest dividend yielding stocks become the stocks included in the Index and are weighted based on their daily standard deviation (volatility) of daily price changes over the last 180 trading days. Stocks with lower volatility receive a higher weighting and stocks with higher volatility receive a lower weighting.

The Index is reconstituted every April and October (based on information as of the prior month-end) and is adjusted to limit exposure to any particular sector to 25%. As of March 31, 2026, the Index had a market capitalization range from $6.9 billion to $229.87 billion.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. In the event a company is subsequently discovered to be engaged in a prohibited practice, the Fund's holdings in such company will be liquidated at the next re-balancing.

The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all of the stocks in the Index, in approximately the percentages represented by the securities in the index.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**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.

**FUND SUMMARIES PROSPECTUS (ETFS) / 17**

**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.

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Fund 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 in between these dates.

**Index Risk.** There is no guarantee that the Fund's investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its 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 Fund and its 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.

**Equity Securities Risk**. The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions and factors. Price changes may be temporary or last for extended periods.

**Stock Market Risk**. Overall stock market risks may affect the value of the Fund. Domestic and International factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**Investment Strategy Risk**. The Fund's dividend strategy may not be successful. Dividend paying stocks may fall out of favor relative to the overall market. In addition, the Index may not successfully identify companies that meet its objectives.

**Passive Investment Risk**. The Fund is not actively managed, and the Sub-Adviser does not take defensive positions under any market conditions, including declining markets.

**Calculation Methodology Risk**. The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of an Index.

**Tracking Error Risk**. The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Exchange-Traded Fund ("ETF") Structure Risk**. The Fund is structured as an exchange-traded fund ("ETF") and, as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable.*** The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues*** . Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an

**FUND SUMMARIES PROSPECTUS (ETFS) / 18**

active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk*** . The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk*** . A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk*** . Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Valuation Risk**. The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.

**Large Shareholder Risk**. Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder (including, for example, an affiliated fund that operates as a fund-of-funds) is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**PAST PERFORMANCE** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing the variability of the Fund's performance from year to year and by comparing the Fund's performance to a broad based index, an index more representative of the Fund's investment strategy and to the Underlying Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Performance data for the Fund may be available online at** <u>etf.timothyplan.com</u> **or by calling (800) 846-7526.** 

**FUND SUMMARIES PROSPECTUS (ETFS) / 19**

**Year-by-year Annual Total Returns (for calendar years ending on December 31)**![](tp_20.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| Jun-2020  | Mar-2020  |
| 16.02% | -28.98% |

---

**Average Annual Total Returns (for periods ending on December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**HIGH DIVIDEND STOCK ETF** |  |  | April 30, 2019 |
|  | **1 Year** | **5 Years** | **Inception\*** |
| &nbsp;&nbsp;Return before taxes | 8.19% | 10.67% | 9.11% |
| &nbsp;&nbsp;Return after taxes on distributions <sup>(1)</sup> | 7.24% | 10.02% | 8.45% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of shares <sup>(1)</sup> | 4.83% | 8.32% | 7.12% |
| &nbsp;&nbsp;S&P 500 Index <sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 15.28% |
| &nbsp;&nbsp;Russell 1000<sup>©</sup> Value Index <sup>(3)</sup> (reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.26% |
| &nbsp;&nbsp;Victory US Large Cap High Dividend Volatility Weighted BRI Index<sup>(4)</sup> (reflects no deduction for fees, expenses or taxes) | 8.80% | 11.29% | 9.69% |

---

\* April 30, 2019

&nbsp;&nbsp;&nbsp;&nbsp;(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Standard & Poor's 500 ("S&P 500") Index is market capitalization-weighted index tracking the performance of the 500 largest companies listed on stock exchanges in the United States as measured by market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Russell 1000<sup>©</sup> Value Index is a is a market-capitalization-weighted index that measures the performance of Russell 1000<sup>®</sup> Index companies (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth rates.

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment adviser since 2019.

**FUND SUMMARIES PROSPECTUS (ETFS) / 20**

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since 2019.

**PORTFOLIO MANAGERS** 

Mannik Dhillon, CFA, CAIA, is President of Victory Capital's Investment Franchises & Solutions platform and has been a Portfolio Manager of the Fund since 2019.

Lela Dunlap, CFA, is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team and has been a Portfolio Manager of the Fund since November 2024.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund will be listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distributions are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long-term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 21**

![](tp_22.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan International ETF

**INVESTMENT OBJECTIVE** 

The Fund seeks to provide investment results that track the performance of the Victory International Volatility Weighted BRI Index before fees and expenses.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. **Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.**

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)* 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.62%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.62% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $63 | $199 | $346 | $774 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 22**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal period, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES** 

The Index Provider combines fundamental criteria with individual security risk control achieved through volatility weighting of individual securities, rather than traditional market cap weighting. Such methodology is sometimes referred to as "Smart Beta." The Index follows a proprietary rules-based methodology, developed by the Sub-Adviser, to construct its constituent securities:

&nbsp;&nbsp;&nbsp;&nbsp;● The Index universe begins with the stocks included in the Nasdaq Victory International Volatility Weighted Index, a volatility weighted index comprised of the 500 largest publicly traded foreign companies by market capitalization with positive earnings over the last twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's Adviser provides the Sub-Adviser with the list of Excluded Securities that do not satisfy the Adviser's proprietary BRI filtering criteria. The Index Provider then removes the Excluded Securities from the Index.

The Index considers foreign companies to be those that are organized or domiciled in a developed country (excluding the U.S. and emerging markets) and whose stock principally trades on a foreign exchange. Representative developed markets include Canada, France, Germany, Great Britain, Japan, Hong Kong and Australia.

The Index is reconstituted every April and October (based on information as of the prior month-end) and is adjusted to limit exposure to any particular country to 20% and any particular sector to 25%. As of March 31, 2026, the Index had a market capitalization range from $7.46 billion to $369.71 billion (in USD).

The Fund seeks to track the returns of the Index before fees and expenses by employing, under normal circumstances, a "sampling" process to invest in a representative sample of stocks included in the Index. The Fund's portfolio managers select these stocks using a statistical optimization process designed to produce investment characteristics that closely approximate those of the Index.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. In the event a company is subsequently discovered to be engaged in a prohibited practice, the Fund's holdings in such company will be liquidated at the next re-balancing.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**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.

**FUND SUMMARIES PROSPECTUS (ETFS) / 23**

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 Fund. 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.

**Foreign Investing Risk.** Foreign investing risk is the possibility that the value of a Fund's investments in foreign companies, or securities of companies with significant business operations outside of the U.S., will decrease because of currency exchange-rate fluctuations; foreign market illiquidity; emerging-market risk; increased price volatility; uncertain political conditions; exchange control regulations; foreign ownership limits; different accounting, reporting, and disclosure requirements; less publicly available information about foreign issuers; difficulties in obtaining legal judgments; and foreign withholding taxes, among other challenges on non-U.S. investments. Foreign investing may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies or companies primarily with domestic operations. Foreign investments may be more difficult to value than U.S. securities. Risks that require additional consideration are:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Currency Risk*** — Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that provide exposure to, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention (or the failure to intervene) by governments, central banks or supranational entities; the imposition of currency controls; or other political developments in the United States or abroad.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Depositary Receipts Risk*** — Foreign securities may trade in the form of depositary receipts, which include ADRs and GDRs (collectively Depositary Receipts). To the extent a Fund acquires Depositary Receipts through banks that do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, a Fund may not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Political Risk*** — Political risk includes a greater potential for coups d'état, revolts, and expropriation by governmental organizations.

&nbsp;&nbsp;&nbsp;&nbsp;● ***European Economic Risk*** — On January 31, 2020, the United Kingdom ("UK") left the European Union ("EU"), commonly referred to as "Brexit." The impact of Brexit is so far uncertain. The effect on the UK's economy will likely depend on the ongoing nature of trade relations with the EU. Brexit may cause increased volatility and may have a significant adverse impact for some time on business activity, world financial markets, International trade agreements, the UK and European economies and the broader global economy.

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Fund 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 in between these dates.

**Index Risk.** There is no guarantee that the Fund's investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its 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 Fund and its 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.

**FUND SUMMARIES PROSPECTUS (ETFS) / 24**

**Equity Securities Risk**. The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions and factors. Price changes may be temporary or last for extended periods.

**Stock Market Risk**. Overall stock market risks may affect the value of the Fund. Domestic and International factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**Passive Investment Risk**. The Fund is not actively managed, and the Sub-Adviser does not take defensive positions under any market conditions, including declining markets.

**Calculation Methodology Risk**. The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of an Index.

**Tracking Error Risk**. The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Sampling Risk**. The Fund's use of a representative sampling approach, if used, could result in it holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.

**Exchange-Traded Fund ("ETF") Structure Risk**. The Fund is structured as an exchange-traded fund ("ETF") and, as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable*** . The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues*** . Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk*** . The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

**FUND SUMMARIES PROSPECTUS (ETFS) / 25**

&nbsp;&nbsp;&nbsp;&nbsp;● ***International Closed Market Trading Risk*** . Many of the Fund's underlying securities trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk*** . A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk*** . Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Valuation Risk**. The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.

**Large Shareholder Risk**. Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder (including, for example, an affiliated fund that operates as a fund-of-funds) is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**PAST PERFORMANCE** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing the variability of the Fund's performance from year to year and by comparing the Fund's performance to a broad based index and to the Underlying Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

**Performance data for the Fund may be available online at** <u>etf.timothyplan.com</u> **or by calling (800) 846-7526.** 

**FUND SUMMARIES PROSPECTUS (ETFS) / 26**

**Year-by-year Annual Total Returns (for calendar years ending on December 31)**![](tp_27.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| Dec-2022  | Mar-2020  |
| 15.31% | -22.78% |

---

**Average Annual Total Returns (for periods ending on December 31, 2025)** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**INTERNATIONAL ETF**<br>| <br>**1 Year** | <br>**5 Years** | <br>**Inception\*** |
| &nbsp;&nbsp;Return before taxes | 35.44% | 8.01% | 8.41% |
| &nbsp;&nbsp;Return after taxes on distributions <sup>(1)</sup> | 34.72% | 7.64% | 8.04% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of shares <sup>(1)</sup> | 21.73% | 6.47% | 6.82% |
| &nbsp;&nbsp;MSCI EAFE Index <sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 31.22% | 8.92% | 9.25% |
| &nbsp;&nbsp;Victory International Volatility Weighted BRI Index <sup>(3)</sup> (reflects no deduction for fees, expenses or taxes) | 36.21% | 8.66% | 9.12% |

---

\* December 2, 2019

&nbsp;&nbsp;&nbsp;&nbsp;(1) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

&nbsp;&nbsp;&nbsp;&nbsp;(2) MSCI EAFE Index ("Industry Benchmark") is a free float-adjusted, market capitalization-weighted index that measures the performance of stocks in the developed markets, excluding the United States and Canada.

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment adviser since 2019.

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since 2019.

**FUND SUMMARIES PROSPECTUS (ETFS) / 27**

**PORTFOLIO MANAGERS** 

Mannik Dhillon, CFA, CAIA, is President of Victory Capital's Investment Franchises & Solutions platform and has been a Portfolio Manager of the Fund since 2019.

Lela Dunlap, CFA, is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team and has been a Portfolio Manager of the Fund since November 2024.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund will be listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distributions are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long-term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 28**

![](tp_29.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan Free Cash Flow ETF

**INVESTMENT OBJECTIVE** 

The Timothy Plan Free Cash Flow ETF (the "Fund") seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory Free Cash Flow BRI Index (the "Index").

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)* 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.59%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.59% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $60 | $189 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 29**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has recently commenced investment operations, no portfolio turnover information is available at this time.

**PRINCIPAL INVESTMENT STRATEGIES** 

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its assets in securities in the Index. VettaFi LLC (the "Index Provider") constructs the Index in accordance with a rules-based methodology that selects 50 companies from the Victory US Large/Mid Cap Volatility Weighted BRI Index (the "Parent Index"). The Parent Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last twelve months. As of March 31, 2026, the Parent Index had a market capitalization range from $4.31billion to $1.47 trillion. The actual range of market capitalization will vary over time according to changes in market capitalization of the securities in the Parent Index. The Index Provider is not affiliated with the Fund, the Adviser or the Sub-Adviser.

The Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers within the Parent Index that have high free cash flow yields, which is a financial valuation metric that compares the free cash flow a company is expected to earn against its market value adjusted for a company's debt and cash. The ratio is calculated by taking the free cash flow divided by the enterprise value. The initial Index universe is derived from the component companies of the Parent Index, excluding financial companies and real estate investment trusts. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. The remaining companies are ranked by their free cash flow yields. A growth score is then derived from each company's growth metrics (e.g., sales trends and earnings trends) for the 75 companies with the highest free cash flow yields.

The 50 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index.

![](tp_30.jpg)

The Adviser believes that free cash flow is a useful measure for investors as it shows the cash a company has available after operating expenses and capital expenditures, indicating the company's financial health and efficiency. A positive free cash flow indicates a company's ability to generate sufficient revenue to maintain operations and potentially return value to shareholders.

The Index employs a rules-based methodology that assigns scores to certain attributes related to free cash flows. Securities that achieve a higher score, or "weighting," comprise a proportionately higher amount of the Index. The rules-based methodology assigns weightings by measuring a combination of total free cash flow and free cash flow yield (that is, the yield that the company earns on its free cash flow). Individual companies are capped at 4% of the Index. The rules-based methodology also limits the amount of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or "weighting") will not exceed 20% of the weighting of that sector in the Vettafi US Equity Large/Mid-Cap 1000 Index.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or

**FUND SUMMARIES PROSPECTUS (ETFS) / 30**

unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. In the event a company is subsequently discovered to be engaged in a prohibited practice, the Fund's holdings in that company will be liquidated at the next re-balancing.

The Index and Fund each reconstitute every April/October and rebalance quarterly.

The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).

The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time. As of the date of this Prospectus, the Index has significant exposure to the energy, information technology and health care sectors.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Fund 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 in between these dates.

**Limited History of Operations** — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.

**Stock Market Risk.** Overall stock market risks may affect the value of the Fund. Domestic and international factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**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.

**Free Cash Flow Risk** — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.

**FUND SUMMARIES PROSPECTUS (ETFS) / 31**

**Value Risk** — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.

**Index Risk** — The Fund attempts to track the performance of the Index. The Fund's performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security's issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.

**Passive Investment Risk** — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.

**Calculation Methodology Risk** — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

**Tracking Error Risk** — The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Rebalancing Risk** — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the 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 Fund and its shareholders.

**Derivatives Risk** — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.

**FUND SUMMARIES PROSPECTUS (ETFS) / 32**

**Exchange-Traded Fund ("ETF") Structure Risk** — The Fund is structured as an ETF and, as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable*** — The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues*** — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk*** — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk*** — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk*** — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Large Shareholder Risk** — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Sector Focus Risk** — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the energy and health care sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Energy Sector Risk*** — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.

**FUND SUMMARIES PROSPECTUS (ETFS) / 33**

&nbsp;&nbsp;&nbsp;&nbsp;● ***Health Care Sector Risk*** — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Information Technology Sector Risk*** — Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Liquidity Risk** — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.

**Valuation Risk** — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**PERFORMANCE** 

No performance information is available since the Fund does not yet have a full calendar year of performance. Once available performance data for the Fund may be available online at <u>etf.timothyplan.com</u> or by calling (800) 846-7526.

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment adviser since inception.

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since inception.

**PORTFOLIO MANAGERS** 

Mannik Dhillon, CFA, CAIA, is President of Victory Capital's Investment Franchises & Solutions platform and has been a Portfolio Manager of the Fund since inception.

Lance Humphrey, CFA Senior Portfolio Manager and Head of Portfolio Management, Victory Solutions and has been a Portfolio Manager of the Fund since inception.

**FUND SUMMARIES PROSPECTUS (ETFS) / 34**

Lela Dunlap, CFA, is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team and has been a Portfolio Manager of the Fund since inception.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund will be listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distributions are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 35**

![](tp_36.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan Free Cash Flow Growth ETF

**INVESTMENT OBJECTIVE** 

The Timothy Plan Free Cash Flow Growth ETF (the "Fund") seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Victory Free Cash Flow Growth BRI Index (the "Index").

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. **Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.**

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)* 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.59%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.59% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $60 | $189 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 36**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has recently commenced investment operations, no portfolio turnover information is available at this time.

**PRINCIPAL INVESTMENT STRATEGIES** 

Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its assets directly or indirectly in the securities included in the Victory Free Cash Flow Growth BRI Index (the "Index"). VettaFi LLC (the "Index Provider") constructs the Index in accordance with a rules-based methodology that screens for positive free cash flow and selects 50 growth companies with the highest score (each as described below) within the Victory US Large/Mid Cap Volatility Weighted BRI Index (the "Parent Index"). The Parent Index universe begins with the stocks included in the Nasdaq Victory US Large Cap 500 Volatility Weighted Index, a volatility weighted index comprised of the 500 largest U.S. companies by market capitalization with positive earnings over the last twelve months. As of March 31, 2026, the Parent Index had a market capitalization range from $4.31billion to 1.47 trillion. The actual range of market capitalization will vary over time according to changes in market capitalization of the securities in the Parent Index.

The Index Provider is not affiliated with the Fund, the Adviser or the Sub-Adviser. The Index is designed to deliver exposure to equity securities of large-capitalization U.S. issuers of growth companies. To be included in the Index, these U.S. large-capitalization growth companies generally will have a positive "free cash flow growth trend" and have a high "free cash flow return on invested capital." The initial Index universe is derived from the component companies of the Parent Index, excluding financial companies and real estate investment trusts.

"Free Cash Flow on Invested Capital" is a financial valuation metric that compares the free cash flow a company is expected to earn against its invested capital. The ratio is calculated by taking the free cash flow divided by invested capital, which is comprised of shareholder equity and long-term debt. The Index Provider screens the initial universe of companies based on their projected free cash flows and earnings. Companies with negative projected free cash flows or earnings are removed from the Index universe. Companies are then evaluated to remove any stocks that have a negative "free cash flow growth trend." A negative "free cash flow growth trend" is defined as a decreasing trend in free cash flow generation over the trailing five years. Conversely, a positive "free cash flow growth trend" is defined as an increasing trend in free cash flow generation over the trailing five years. The remaining companies are ranked by their ratio of free cash flow on invested capital. A growth score is then derived from each company's growth metrics (evaluated using sales and EBITDA trends, and consensus analyst estimated long-term growth projections) for the 75 companies with the highest free cash flow on invested capital.

The 50 companies with the highest growth scores are selected by the Index Provider for inclusion in the Index.

![](tp_37.jpg)

The rules-based methodology assigns weightings by measuring a combination of total free cash flow and "absolute momentum," which is defined as the absolute value of a company's trailing 12-month, risk-adjusted total return and accounts for the magnitude of price fluctuations over the specified period without regard to whether the return is positive or negative. Individual companies are capped at 4% of the Index. The rules-based methodology also limits the amount of companies in any one sector. That is, companies in any one sector will not exceed 45% of the Index. In addition, the allocation of companies in any single sector (or "weighting") will not exceed a weighting of more than 20% greater than the weighting of that sector in the Parent Index.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or

**FUND SUMMARIES PROSPECTUS (ETFS) / 37**

unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. In the event a company is subsequently discovered to be engaged in a prohibited practice, the Fund's holdings in such company will be liquidated at the next re-balancing.

The Index and Fund each reconstitute every April/October and rebalance quarterly.

The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund also may invest up to 20% of its assets in instruments other than the securities in the Index, such as derivatives, including index futures, which the Fund may use for cash management to provide for liquidity to pay redemptions and fees (attempting to remain fully invested while maintaining liquidity).

The Fund will concentrate its investments (i.e., hold more than 25% of its assets) in a particular industry or group of industries to the extent that the Index is concentrated. As of the date of this Prospectus, the Fund is not concentrated in any industry or group of industries. The degree to which certain sectors, industries, or asset classes are represented in the Index may change over time. As of the date of this Prospectus, the Index has significant exposure to the industrials and information technology sectors.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Fund 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.

**Limited History of Operations** — The Fund is new and, therefore, has a limited history of operations for investors to evaluate.

**Stock Market Risk.** Overall stock market risks may affect the value of the Fund. Domestic and international factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**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.

**Free Cash Flow Risk** — Investing in companies with high free cash flows could lead to underperformance during periods when such investments are unpopular, and fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize the generation of free cash flow. Moreover, anticipated increases in a company's free cash flows may not materialize.

**Growth Risk** — If the Fund's adviser's perceptions of a company's growth potential are wrong, the securities purchased by the Fund may not perform as expected reducing the Fund's return.

**FUND SUMMARIES PROSPECTUS (ETFS) / 38**

**Index Risk** — The Fund attempts to track the performance of the Index. The Fund's performance will be negatively affected by general declines in the securities and asset classes represented in the Index. In addition, because the Fund is not actively managed, unless a specific security is removed from the Index, the Fund generally will not sell a security because the security's issuer was in financial trouble. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.

**Passive Investment Risk** — The Fund is not actively managed, and the Adviser does not take defensive positions under any market conditions, including declining markets.

**Calculation Methodology Risk** — The Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that the Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

**Tracking Error Risk** — The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Rebalancing Risk** — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the 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 Fund and its shareholders.

**Derivatives Risk** — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.

**Exchange-Traded Fund ("ETF") Structure Risk** — The Fund is structured as an ETF and, as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable*** — The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues*** — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing

**FUND SUMMARIES PROSPECTUS (ETFS) / 39**

requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk*** — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk*** — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk*** — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Large Shareholder Risk** — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Sector Focus Risk** — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the industrials sector. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Industrials Sector Risk*** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Information Technology Sector Risk*** — Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**FUND SUMMARIES PROSPECTUS (ETFS) / 40**

**Liquidity Risk** — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Index.

**Valuation Risk** — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by the Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**PERFORMANCE** 

No performance information is available since the Fund does not yet have a full calendar year of performance. Once available performance data for the Fund may be available online at <u>etf.timothyplan.com</u> or by calling (800) 846-7526.

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment Adviser since inception.

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since inception.

**PORTFOLIO MANAGERS** 

Mannik Dhillon, CFA, CAIA, is President of Victory Capital's Investment Franchises & Solutions platform and has been a Portfolio Manager of the Fund since inception.

Lance Humphrey, CFA Senior Portfolio Manager and Head of Portfolio Management, Victory Solutions and has been a Portfolio Manager of the Fund since inception.

Lela Dunlap, CFA, is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team and has been a Portfolio Manager of the Fund since inception.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

**FUND SUMMARIES PROSPECTUS (ETFS) / 41**

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distribution are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 42**

![](tp_43.jpg)

**FUND SUMMARY** 

May 1, 2026

Timothy Plan Fixed Income ETF

**INVESTMENT OBJECTIVE** 

The **TIMOTHY PLAN FIXED INCOME ETF** (the "Fund") seeks high current income without undue risk to principal.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy and hold shares ("Shares") of the Fund. Investors may incur usual or customary brokerage commissions and other charges on their purchases and sales of Shares of the Fund in the secondary market, which are not reflected in the table or the example below.

**SHAREHOLDER FEES** 

*(fees paid directly from your investment)* 

**NONE** 

**ANNUAL FUND OPERATING EXPENSES** 

*(expenses that you pay each year as a percentage of the value of your investment)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**MANAGEMENT FEES** | **0.55%** |
| &nbsp;&nbsp;Total Annual Operating Expenses | 0.55% |

---

EXAMPLE:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that (1) you invest $10,000 in the Fund for the time periods indicated and then sell or continue to hold all of your shares at the end of the period, (2) your investment has a 5% return each year, and (3) the Fund's operating expenses remain the same. This Example does not take into account the brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $56 | $176 |

---

**FUND SUMMARIES PROSPECTUS (ETFS) / 43**

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover will generally indicate higher transaction costs resulting in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. Because the Fund recently commenced investment operations, no portfolio turnover information is available at this time.

**PRINCIPAL INVESTMENT STRATEGIES** 

Under normal circumstances, the Fund invests at least 80% of its assets in debt securities and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund is actively managed. The effective duration of the Fund is generally within two years of that of the Bloomberg U.S. Aggregate Index. The debt securities in which the Fund may invest include government obligations (including U.S., state, and local governments, their agencies and instrumentalities); mortgage- and asset-backed securities (including collateralized debt obligations and collateralized mortgage obligations); corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.

Up to 65% of the Fund's assets may be invested in corporate bonds. The Fund will invest primarily in investment-grade securities, but may invest up to 30% of its net assets in below-investment-grade securities, which are sometimes referred to as high-yield or "junk" bonds. The Fund may invest up to 30% of its net assets in U.S. dollar-denominated obligations of foreign and emerging market countries, corporations, and banks (i.e., Yankee Bonds). Emerging market countries are all countries of the world excluding countries and markets, which are referred to as developed countries. The Fund also may invest in securities not considered foreign securities that carry foreign credit exposure (e.g., any debt of a foreign company issued in U.S. dollars).

The Sub-Adviser uses a proprietary credit rating methodology in selecting investments for the Fund.

The Sub-Adviser's credit rating methodology includes, in addition to the portfolio management team's insights and experience, a number of proprietary credit rating models specific to asset class and industry categories. The Adviser uses these models to assess the credit risk of prospective securities for inclusion in the portfolio. The result of the credit assessment is the assignment of an internal credit rating. The same credit rating methodology is used both in initiating the prospective security's internal credit rating and in the regular and periodic reviews conducted while the security is held.

The Fund will not invest in Excluded Securities. Excluded Securities are securities issued by any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises, or which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. The Fund also reserves the right to exclude investments, in its best judgment, in other companies whose practices may not fall within the exclusions described above, but can be found offensive to basic, traditional Judeo-Christian values. If the Fixed Income ETF is found to be engaged in a prohibited practice, it will be liquidated as soon as reasonably practicable to avoid adversely affecting shareholder value.

In applying its investment process, the Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different asset classes, sectors, rating categories, structural characteristics, and issuers. Relative value trading is designed to take advantage of what the Adviser believes to be mispricing in the market and is intended to enhance the Fund's returns, though it may increase the Fund's portfolio turnover rate.

The Fund may use futures, including U.S. Treasury futures, to manage duration (e.g., the Sub-Adviser may buy or sell U.S Treasury futures to bring the Fund's duration closer to the duration of the Fund's benchmark), increase or decrease its exposure to changing security prices or other factors that affect security values, enhance income, hedge against certain risks, or keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to a market.

**PRINCIPAL RISKS OF INVESTING IN THE FUND** 

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**FUND SUMMARIES PROSPECTUS (ETFS) / 44**

**Debt Securities or Bond Risk** — The Fund is subject to the risk that the market value of the bonds in the Fund's portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond's sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in the Fund's portfolio also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor's return.

**Limited History of Operations** — The Fund is fairly new and, therefore, has a limited history of operations for investors to evaluate.

**Excluded Security Risk.** Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. BRI may not be successful. The Fund 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 in between these dates.

**High-Yield Bond Risk** — Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer's continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.

**Asset-Backed and Mortgage-Backed Securities Risk** — Mortgage- and asset-backed securities ("MBS" or "ABS," respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time.

**U.S. Government Sponsored Enterprises ("GSEs") Risk** — Securities issued by certain GSEs, such as MBS issued by the Government National Mortgage Association ("Ginnie Mae"), are backed by the full faith and credit of the U.S. government. Securities issued by other GSEs, such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae"), are neither issued nor guaranteed by the U.S. Treasury. Rather, they are supported by the credit of the issuing agency, instrumentality or corporation. However, these securities typically have indirect support from the U.S. government through an ability to borrow from the U.S. Treasury, and the U.S. government is authorized to purchase the GSE's obligations. If a GSE defaults on its obligations, the Fund might not be able to recover its investment.

**Foreign Securities Risk** — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which

**FUND SUMMARIES PROSPECTUS (ETFS) / 45**

may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

**Foreign Investing Risk.** Foreign investing risk is the possibility that the value of a Fund's investments in foreign companies, or securities of companies with significant business operations outside of the U.S., will decrease because of currency exchange-rate fluctuations; foreign market illiquidity; emerging-market risk; increased price volatility; uncertain political conditions; exchange control regulations; foreign ownership limits; different accounting, reporting, and disclosure requirements; less publicly available information about foreign issuers; difficulties in obtaining legal judgments; and foreign withholding taxes, among other challenges on non-U.S. investments. Foreign investing may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies or companies primarily with domestic operations. Foreign investments may be more difficult to value than U.S. securities. Risks that require additional consideration are:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Currency Risk*** — Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that provide exposure to, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention (or the failure to intervene) by governments, central banks or supranational entities; the imposition of currency controls; or other political developments in the United States or abroad.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Depositary Receipts Risk*** — Foreign securities may trade in the form of depositary receipts, which include ADRs and GDRs (collectively Depositary Receipts). To the extent a Fund acquires Depositary Receipts through banks that do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, a Fund may not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Political Risk*** — Political risk includes a greater potential for coups d'état, revolts, and expropriation by governmental organizations.

&nbsp;&nbsp;&nbsp;&nbsp;● ***European Economic Risk*** — On January 31, 2020, the United Kingdom ("UK") left the European Union ("EU"), commonly referred to as "Brexit." The impact of Brexit is so far uncertain. The effect on the UK's economy will likely depend on the ongoing nature of trade relations with the EU. Brexit may cause increased volatility and may have a significant adverse impact for some time on business activity, world financial markets, International trade agreements, the UK and European economies and the broader global economy.

**Emerging Markets Risk** — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.

**Derivatives Risk** — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar

**FUND SUMMARIES PROSPECTUS (ETFS) / 46**

instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.

**Exchange-Traded Fund ("ETF") Structure Risk** — The Fund is structured as an ETF and, as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable*** — The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues*** — Trading in shares on the exchange operated by Nasdaq Stock Market LLC (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk*** — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk*** — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk*** — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Large Shareholder Risk** — Certain large shareholders, including authorized participants and other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Liquidity Risk** — In certain circumstances, such as the disruption of the orderly markets for the investments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the investments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes, and may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with an index it may seek to track.

**FUND SUMMARIES PROSPECTUS (ETFS) / 47**

**General Market Risk** — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

**Prepayment Risk** — The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.

**Management Risk** — The Fund is actively managed. The Adviser's judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**PERFORMANCE** 

No performance information is available since the Fund does not yet have a full calendar year of performance. Once available performance data for the Fund may be available online at <u>etf.timothyplan.com</u> or by calling (800) 846-7526.

**INVESTMENT ADVISER** 

Timothy Partners, Ltd. has served as the Fund's investment adviser since inception.

**SUB-ADVISER** 

Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, has served as the Fund's Sub-Adviser since inception.

**PORTFOLIO MANAGERS** 

James F. Jackson Jr., CFA, Chief Investment Officer, Head of Fixed Income Portfolio Management, and Senior Portfolio Manager, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by the Sub-Adviser's parent company in 2019, has co-managed the Funds since 2021. Mr. Jackson has 23 years of investment management experience. Education: MBA with High Distinction, Ross School of Business, University of Michigan and a B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Kurt Daum, J.D., Senior Portfolio Manager, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by the Sub-Adviser's parent company in 2019, has co-managed the Funds since 2021. Mr. Daum has 22 years of investment management experience. Education: B.B.A., University of Texas at Austin; J.D., University of Texas School of Law.

R. Neal Graves, CFA, CPA, Senior Portfolio Manager, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by the Sub-Adviser's parent company in 2019, has co-managed the Funds since 2021. Mr. Graves has 29 years of finance related experience including 20 years of investment management experience. Education: M.P.A, University of Texas at Austin; B.B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Zach Winters, CFA, Portfolio Manager and Senior Fixed Income Research Analyst, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by the Sub-Adviser's parent company in 2019, has co-managed a portion of the Core Plus Intermediate Bond Fund since November 2025. Mr. Winters has 18 years of investment management experience. Along with his role as portfolio manager, Mr. Winters is also an analyst covering

**FUND SUMMARIES PROSPECTUS (ETFS) / 48**

the commercial mortgage backed securities, cell tower, and lodging sectors. Prior to joining the fixed income team, he was on the equity research and asset allocation teams at AMCO. Education: B.A. in finance, Texas State University; M.B.A., St. Mary's University. He holds the CFA designation.

Jason Lincoln, CFA, Portfolio Manager and Fixed Income Research Analyst, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by the Sub-Adviser's parent company in 2019, has co-managed the Core Plus Intermediate Bond Fund since November 2025. He has 16 years of investment management experience. Education: MBA, Alvarez College of Business, University of Texas at San Antonio, and a B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares at their net asset value (NAV) only in large blocks (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities by Authorized Participants ("APs") that have entered into agreements with the Fund's distributor. Individual Shares may only be purchased and sold through brokers in secondary market transactions on The New York Stock Exchange (the "Exchange"). Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

Shares of the Fund will be listed for trading on the Exchange and will trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than (a premium), at or less than (a discount) NAV.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). You may obtain recent information on the Fund's net asset value, Market Price, premiums and discounts, and bid-ask spreads, on the Exchange-Traded Fund's website online at <u>etf.timothyplan.com</u>.

**TAX INFORMATION** 

Unless you are investing through a tax-deferred arrangement such as an IRA or 401(k) plan, distribution are generally taxable when you receive them, as ordinary income, qualified dividend income, or long-term capital gain. Distributions of gains will be long term depending on how long the Fund held the shares which generated the gain, regardless of how long you have held your shares of the Fund. Withdrawals from a tax-deferred arrangement will generally be taxable. A sale of Fund shares may result in capital gain or loss.

**PAYMENT TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or another financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARIES PROSPECTUS (ETFS) / 49**

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|:---|:---|
| **Section 2 \|** | Additional Fund Information |

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The Timothy Plan US Small Cap Core ETF ("Small Cap Fund"), Timothy Plan US Large/Mid Cap Core ETF ("Large/Mid Cap Fund"), Timothy Plan High Dividend Stock ETF ("High Dividend Fund"), Timothy Plan International ETF ("International Fund"), collectively referred to as the "Volatility Weighted Index Funds," and the Timothy Plan Free Cash Flow ETF, Timothy Plan Free Cash Flow Growth ETF and Timothy Plan Fixed Income ETF each having distinct investment management objectives, strategies, risks, and policies.

This section describes additional information about the principal investment strategies that the Funds will use under normal market conditions to pursue their investment objectives, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Sub-Adviser may use in managing the Funds. The Funds' Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks. Information about each Fund's principal investment strategy is provided in the summary section for the Fund. Below is additional information, describing in greater detail the principal investment strategies, including the practices and methodologies that the Sub-Adviser utilizes in pursuing each Fund's investment objective and principal investment strategy, as well as each Fund's principal investment risks.

Each Fund is an ETF. ETFs are funds that trade like other publicly traded securities. Each Fund (other than the Fixed Income Fund) is designed to track an index. Similar to shares of an index mutual fund, each share of an ETF Fund (other than the Fixed Income Fund) represents an ownership interest in an underlying portfolio of securities and other instruments intended to track a market index. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of an ETF Fund may be purchased or redeemed directly from the ETF Fund at NAV solely by Authorized Participants and only in Creation Unit increments. Also, unlike shares of a mutual fund, shares of an ETF Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

For a more complete discussion of these matters, please consult the Statement of Additional Information, which is available by calling (800) 846-7526 or by visiting Timothy Plan's website at <u>etf.timothyplan.com</u>.

**Additional Information about the Funds** 

(OTHER THAN THE INTERNATIONAL AND FIXED INCOME FUND)

In managing the Funds, the Sub-Adviser uses a "passive" or indexing approach to try to achieve the Fund's investment objective. The Funds do not try to outperform their indexes. Under normal market conditions, each Fund pursues its investment objective by seeking to track the price and yield performance, before fees and expenses, of a particular index ("Index" or "Underlying Index").

Each Fund generally seeks to track the returns of its underlying index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in its respective index. Each Fund may exclude or sell an investment that it believes is illiquid or has been impaired by financial conditions or other extraordinary events.

The Sub-Adviser expects that, over time, the correlation between a Fund's performance and that of its Index, before fees and expenses, will be 95% or better. A number of factors may affect a Fund's ability to achieve a high degree of correlation with its Index, and there can be no guarantee that a Fund will achieve a high degree of correlation. The Sub-Adviser monitors each Fund on an ongoing basis, and makes adjustments to its portfolio, as necessary, to minimize tracking error and to maintain liquidity.

For cash management purposes, a Fund is permitted to hold all or a portion of its assets in cash, index futures, short-term money market instruments or shares of other investment companies, including money market funds. To the extent that it does so, the Fund may not benefit from any upswing in the market, cause the Fund to fail to meet its investment objective and increase the Fund's expenses. At times, the Sub-Adviser may invest all or a portion of a Fund's assets in another investment company advised by it, including an ETF, that seeks to track the same Index as the Fund or a similar index, such as a Reference Index. The Sub-Adviser may choose to do so, for example, when holding such other investment company would be more efficient than investing directly in the individual constituent securities of the Index.

**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 50**

Each Fund's investment objective and policy to invest at least 80% of its assets in the securities of its underlying index are non-fundamental and may be changed by the Board of Trustees without shareholder approval upon at least 60 days' written notice to shareholders. For purposes of a Fund's 80% investment policy, assets means the Fund's net assets. Any derivatives counted towards a Fund's 80% policy will be valued at market value.

The following section describes additional information about the principal investment strategy that the Funds will use under normal conditions to pursue their investment objectives.

**Additional Information about the International Fund** 

The Index Provider for the Indexes underlying the International Fund determines whether an issuer is located in a particular country by reference to the Index methodology. In general, the Index Provider determines the country classification of a company by the company's country of incorporation and the primary listing of its securities. If these countries are different, the Index Provider performs additional analysis to determine the company's country classification. The Index Provider considers a set of criteria, including: (1) the security's secondary listings if any; (2) the geographic distribution of the company's shareholder base; (3) the location of its headquarters; (4) the geographic distribution of its operations (in terms of assets and revenues); (5) the company's history, and (6) the country in which investors consider the company to be most appropriately classified.

**Additional Information about the Fixed Income Fund** 

The Fund's investment objective is non-fundamental. The Fixed Income ETF invests at least 80% of its assets in debt securities and in derivatives and other instruments that have economic characteristics similar to such securities. The 80% policy of the Fund is non-fundamental. The Board of Trustees (the "Board") may change the Fund's objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of the Fund's 80% investment policy, "assets" means the Fund's net assets. Any derivatives counted towards the Fund's 80% policy will be valued at notional value.

The effective duration of the Fund is generally within two years of that of the Bloomberg U.S. Aggregate Index. Duration is a measure of the expected price volatility of a debt security as a result of changes in market rates of interest. For example, the price of a fixed-income security with an average duration of three years would be expected to fall approximately three percent if market interest rates rose by one percent. Conversely, the price of a fixed-income security with an average duration of three years would be expected to rise approximately three percent if market interest rates dropped by one percent.

**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 51**

This and the following sections describe additional information about the principal investment strategies that the Fund will use under normal market conditions to pursue investment objectives, as well as any secondary strategies the Fund may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser and Sub-Adviser may use in managing the Funds. The Funds' Statement of Additional Information ("SAI") includes more information about the Fund's investments, and the related risks.

The Sub-Adviser searches for securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity. The Sub Adviser recognize value by simultaneously analyzing the interaction of these factors among the securities available in the market.

The Fund invests primarily in investment-grade securities, which include (a) securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, (b) securities rated or subject to a guarantee that is rated within the investment-grade categories listed by at least one of the major rating agencies (for example, Baa3 and above by Moody's Investors Service, Inc. or BBB- and above by Standard & Poor's), or (c) unrated securities determined by the Sub-Adviser to be of comparable quality, each at the time of purchase.

The Fixed Income ETF may invest in fixed-income securities that include mortgage- and asset-backed securities ("MBS" or "ABS"). Generally, MBS or ABS represent a pool of mortgages or other expected asset-based stream of payments, such as credit card receivables or automobile loans, which are packaged together and sold to investors. The investors then are entitled to the payments of interest and principal. Types of MBS in which the Fund may invest include, but are not limited to, collateralized mortgage obligations ("CMO"), commercial mortgage-backed securities ("CMBS"), stripped mortgage-backed securities ("SMBSs"), interest-only CMBS, and mortgage dollar rolls.

Under adverse, unstable, or abnormal market conditions, the Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, the Fund may hold all or a portion of its assets in cash, short-term money market instruments or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective and increase the Fund's expenses.

**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 52**

**Additional Fund Strategies** 

The Sub-Adviser may use several types of investments and investment techniques in pursuing the Funds' overall investment objective which the Sub-Adviser does not consider to be a part of a Fund's principal investment strategies.

Additional types of securities and strategies that the Funds may utilize are included in the Funds' SAI.

**Principal Risk Factors** 

The following describes the principal risks that you may assume as an investor in a Fund. These risks could adversely affect the net asset value, total return, and the value of a Fund and your investment. The risk descriptions below provide a more detailed explanation of the principal investment risks that correspond to the risks described in the Fund Summary section of this Prospectus.

There is no assurance that a Fund will achieve its investment objective. Each Fund's share price will fluctuate with changes in the market value of its portfolio investments. When you sell your Fund shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in the Funds. A Fund, by itself, is not intended to be a complete investment program.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RISK FACTOR** | **SMALL <br> CAP <br> CORE ETF**  | **LARGE / <br> MID CAP <br> CORE ETF**  | **HIGH <br> DIVIDEND <br> STOCK ETF**  | **INTERNATIONAL ETF**  | **FREE <br> CASH <br> FLOW <br> ETF**  | **FREE <br> CASH <br> FLOW <br> GROWTH <br> ETF**  | **FIXED <br> INCOME <br> ETF**  |
| &nbsp;&nbsp;Authorized Participants Concentration Risk\* | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Calculation Methodology Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;Currency Risk ^ |  |  |  | X |  |  | X |
| &nbsp;&nbsp;Debt Securities or Bond Risk |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Depository Receipts Risk ^ |  |  |  | X |  |  | X |
| &nbsp;&nbsp;Derivatives Risk |  |  |  |  | X | X | X |
| &nbsp;&nbsp;Emerging Markets Risk |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Energy Sector Risk + |  |  |  |  | X |  |  |
| &nbsp;&nbsp;Equity Securities Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;European Economic Risk ^ |  |  |  | X |  |  | X |
| &nbsp;&nbsp;Exchange-Traded Fund ("ETF") Structure Risk \* | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Excluded Security Risk | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Foreign Securities Risk |  |  |  | X |  |  | X |
| &nbsp;&nbsp;Foreign Investing Risk ^ |  |  |  | X |  |  | X |
| &nbsp;&nbsp;Free Cash Flow Risk |  |  |  |  | X | X |  |

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**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 53**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**RISK FACTOR** | **SMALL <br> CAP <br> CORE ETF**  | **LARGE / <br> MID CAP <br> CORE ETF**  | **HIGH <br> DIVIDEND <br> STOCK <br> ETF**  | **INTERNATIONAL ETF**  | **FREE <br> CASH <br> FLOW <br> ETF**  | **FREE <br> CASH <br> FLOW <br> GROWTH <br> ETF**  | **FIXED <br> INCOME <br> ETF**  |
| &nbsp;&nbsp;General Market Risk |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Growth Risk |  |  |  |  |  | X |  |
| &nbsp;&nbsp;Health Care Sector Risk+ |  |  |  |  | X |  |  |
| &nbsp;&nbsp;High Yield Bond Risk  |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Index Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;Industrial Sector Risk+ |  |  |  |  |  | X |  |
| &nbsp;&nbsp;Information Technology Sector Risk + |  |  |  |  |  | X |  |
| &nbsp;&nbsp;International Closed Market Trading Risk\* |  |  |  | X |  |  |  |
| &nbsp;&nbsp;Investment Strategy Risk |  |  | X |  |  |  |  |
| &nbsp;&nbsp;Large Shareholder Risk | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Large-Capitalization Stock Risk |  | X | X |  | X | X |  |
| &nbsp;&nbsp;Limited History of Operations |  |  |  |  | X | X | X |
| &nbsp;&nbsp;Liquidity Risk | X |  |  |  | X | X | X |
| &nbsp;&nbsp;Management Risk |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Market Price Variance Risk\* | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Mid-Capitalization Stock Risk |  | X | X |  |  |  |  |
| &nbsp;&nbsp;Not Individually Redeemable Risk\* | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Passive Investment Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;Political Risk ^ |  |  |  | X |  |  | X |
| &nbsp;&nbsp;Prepayment Risk |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Rebalancing Risk |  |  |  |  | X | X |  |
| &nbsp;&nbsp;Sampling Risk |  |  |  | X |  |  |  |
| &nbsp;&nbsp;Sector Focus Risk |  |  |  |  | X | X |  |
| &nbsp;&nbsp;Small Company Risk | X |  |  |  |  |  |  |
| &nbsp;&nbsp;Stock Market Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;Tax Efficiency Risk\* | X | X | X | X | X | X | X |
| &nbsp;&nbsp;Tracking Error Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;Trading Issues\* | X | X | X | X | X | X | X |
| &nbsp;&nbsp;U.S. Government Sponsored Enterprises ("GSEs") Risk |  |  |  |  |  |  | X |
| &nbsp;&nbsp;Valuation Risk | X | X | X | X | X | X |  |
| &nbsp;&nbsp;Value Risk |  |  |  |  | X |  |  |

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\* This item is included in the Exchange Traded Fund ("ETF") Structure Risk

+ This item is included in the Sector Risk

^ This item is included in Foreign Investing Risk

**Authorized Participants Concentration Risk.** A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 54**

**Calculation Methodology Risk**. A Fund's index relies on various sources of information to assess the criteria of issuers included in the index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Provider, nor the Adviser can offer assurances that an index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the index. Errors in index data, index computations or the construction of the 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 a Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause an index to vary from its normal or expected composition.

**Debt Securities or Bond Risk** — The Fund is subject to the risk that the market value of the bonds in the Fund's portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond's sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Fund may be subject to risks associated with rising interest rates. The fixed-income securities in the Fund's portfolio also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor's return.

**Derivatives Risk** — Derivatives, including futures contracts, may involve risks different from, or greater than, those associated with more traditional investments. In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage, and liquidity risks. Derivatives may create leverage and expose the Fund to additional levels of risk, including greater losses from investments and increased volatility, than would otherwise have been the case had the Fund not engaged in the activities that created the leverage. As a result of investing in derivatives, the Fund could lose more than the amount it invests. Derivatives may be highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivatives also may be subject to counterparty risk, which includes the risk that the Fund may sustain a loss as a result of the insolvency or bankruptcy of, or other non-compliance by, the other party to the transaction. Use of derivatives or similar instruments may not be as favorable as a direct investment in an underlying investment and may adversely affect the amount, timing and character of income distributed to shareholders. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund.

**Emerging Markets Risk** — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.

**Equity Securities Risk**. The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities and rights and warrants, may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally.

**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 55**

Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating and changes in interest rates and other general economic, industry and market conditions.

**Exchange-Traded Fund ("ETF") Structure Risk**. Each Fund is structured as an ETF, and as a result, is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Not Individually Redeemable*** — The Fund's shares are not individually redeemable and may be redeemed by the Fund at its net asset value per share ("NAV") only in large blocks known as Creation Units. The Fund may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Alternatively, the Fund may redeem your shares by selling them on the secondary market at prevailing market prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Trading Issues*** — Trading in shares on the exchange operated by the New York Stock Exchange (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. There is no guarantee that an active secondary market will develop for the shares. In stressed market conditions, authorized participants may be unwilling to participate in the creation/redemption process, particularly if the market for shares becomes less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may lead to widening of bid-ask spreads and differences between the market price of the shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Market Price Variance Risk*** — The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a bid-ask spread charged by the exchange specialists, market makers, or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly, particularly in times of market stress. This means that shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***International Closed Market Trading Risk*** — The Fund's underlying securities may trade on foreign exchanges that are closed when the Exchange is open; consequently, events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Authorized Participants Concentration Risk*** — A limited number of financial institutions may be responsible for all or a significant portion of the creation and redemption activity for the Fund. If these firms exit the business or are unable or unwilling to process creation and/or redemption orders, shares may trade at a premium or discount to NAV and bid-ask spreads may widen.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Tax-Efficiency Risk*** — Redemptions of shares may be effected for cash, rather than in kind, which means that the Fund may need to sell portfolio securities in order to complete an in-cash redemption, and may recognize net gains on these sales. As a result, investments in the shares may be less tax-efficient than investments in ETFs that redeem solely or principally in kind, and the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Excluded Security Risk**. Timothy Plan believes that it has a responsibility to invest in a moral and ethical manner. Accordingly, our ETFs do not invest in companies that are involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises or which are involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or unbiblical lifestyles. Securities issued by companies engaged in these prohibited activities are excluded from the ETF portfolios and are referred to throughout this Prospectus as "Excluded Securities". TPL utilizes an affiliated company to conduct its research, and consults a number of Christian ministries on these issues. The Indices upon which the Funds are based are designed to omit Excluded Securities. However, each index is rebalanced only twice each year. Because the Index omits Excluded Securities, the Fund may be riskier than other funds that invest in a broader array of securities. There is a risk that the Fund's use of BRI screening may result in lower returns than if the screening process.

**ADDITIONAL FUND INFORMATION PROSPECTUS (ETFS) / 56**

**Foreign Securities Risk** — Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, and less economic, political, and social stability in the countries in which the Fund invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs), and other government restrictions by the United States or other governments; or problems in share registration, settlement, or custody also may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

**Foreign Investing Risk**. Foreign investing risk is the possibility that the value of a Fund's investments in foreign companies, or securities of companies with significant business operations outside of the U.S., will decrease because of currency exchange-rate fluctuations; foreign market illiquidity; emerging-market risk; increased price volatility; uncertain political conditions; exchange control regulations; foreign ownership limits; different accounting, reporting, and disclosure requirements; less publicly available information about foreign issuers; difficulties in obtaining legal judgments; and foreign withholding taxes, among other challenges on non-U.S. investments. Foreign investing may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies or companies primarily with domestic operations. Foreign investments may be more difficult to value than U.S. securities. Risks that require additional consideration are:

&nbsp;&nbsp;&nbsp;&nbsp;● ***Currency Risk*** — Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that provide exposure to, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates; intervention (or the failure to intervene) by governments, central banks or supranational entities; the imposition of currency controls; or other political developments in the United States or abroad.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Depositary Receipts Risk*** — Foreign securities may trade in the form of depositary receipts, which include ADRs and GDRs (collectively Depositary Receipts). To the extent a Fund acquires Depositary Receipts through banks that do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, a Fund may not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Political Risk*** — Political risk includes a greater potential for coups d'état, revolts, and expropriation by governmental organizations.

&nbsp;&nbsp;&nbsp;&nbsp;● ***European Economic Risk*** — On January 31, 2020, the United Kingdom ("UK") left the European Union ("EU"), commonly referred to as "Brexit." The impact of Brexit is so far uncertain. The effect on the UK's economy will likely depend on the ongoing nature of trade relations with the EU. Brexit may cause increased volatility and may have a significant adverse impact for some time on business activity, world financial markets, International trade agreements, the UK and European economies and the broader global economy.

As a result of the recent military intervention by Russia in Ukraine, the United States and many other countries have imposed sanctions on Russia and certain Russian individuals, banks, and corporations. The ongoing hostilities and resulting sanctions could have a severe adverse effect on the region's economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Russia's cessation of trading on its securities markets in effect as of the date hereof, and any future cessations, could impact the value and liquidity of certain portfolio holdings, among other things. The extent and duration of military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial and prolonged.

**Free Cash Flow Risk** — While positive free cash flow indicates a company's ability to generate sufficient revenue to maintain operations and potentially return value to shareholders, there may be periods when investing in companies with high free cash flows is out of favor, and during which the investment performance of a fund investing in companies with

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high free cash flows may underperform the market more generally. In addition, there is a risk that a company may suffer reduced free cash flow generation due to changes in market conditions, industry disruptions, or company-specific factors. Moreover, an anticipated acceleration of a company's free cash flows may not occur.

**General Market Risk** — Stock market risk refers to the fact that stock (equity securities) prices typically fluctuate more than the values of other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

**Growth Risk** — The market values of "growth" securities may be more volatile than other types of investments. The returns on "growth" securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of the Fund's investments will vary and at times may be lower than that of other types of investments.

**High-Yield Bond Risk** — Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer's continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.

**Index Risk**. The Fund seeks to achieve a return that corresponds generally to the price and yield performance, before fees and expenses, of the Underlying Index as published by the Index Provider. There is no assurance that the Index Provider or any agents that may act on its behalf will compile the Underlying Index accurately, or that the Underlying Index will be determined, composed or calculated accurately. While the Index Provider provides descriptions of what the Underlying Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability in relation to the quality, accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with the Index Provider's methodology. The Funds' mandate as described in this Prospectus is to manage the Funds consistently with the Underlying Index provided by the Index Provider to the Fund. The Fund does not provide any warranty or guarantee against the Index Provider's or any agent's errors. Errors in respect of the quality, accuracy and completeness of the data used to compile the Underlying Index 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, particularly where the indices are less commonly used as benchmarks by funds or managers. Such errors may negatively or positively impact the Fund and its shareholders. For example, during a period where the Underlying Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Underlying Index's other constituents. Shareholders should understand that any gains from Index Provider errors will be kept by the Fund and its shareholders and any losses or costs resulting from Index Provider errors will be borne by the Fund and its shareholders.

Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance to the Underlying Index, which could cause the Underlying Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents of the Underlying Index that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions.

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**Investment Strategy Risk**. A Fund's Index may not successfully identify companies that meet the Index's objective. There is no guarantee that the applicable Index's strategy to minimize volatility compared to the respective Parent Index will be successful. During a broad market advance a Fund's performance may suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks or other segments of the stock market. A company's dividends may not grow as projected and performance could also be negatively impacted if companies reduce their dividend payout. The stocks of dividend paying companies may underperform the overall stock market.

**Large-Capitalization Stock Risk**. Large-capitalization companies tend to compete in mature product markets and typically do not experience the level of sustained growth of smaller companies and companies competing in less mature product markets. Large-capitalization companies may be unable to respond as quickly as smaller companies to competitive challenges or changes in business, product, financial, or other market conditions. For these and other reasons, a fund that invests in large-capitalization companies may underperform other stock funds (such as funds that focus on the stocks of small- and medium-capitalization companies) when stocks of large-capitalization companies are out of favor.

**Large Shareholder Risk**. A Fund, like all investment companies, pools the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. For example, significant levels of new investments in a Fund by shareholders may cause the Fund to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause a Fund to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Fund to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of a Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax. To the extent a larger shareholder (including, for example, an affiliated fund that operates as a fund-of-funds) is permitted to invest in a Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Limited History of Operations** — The Fund is a new ETF with limited to no history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and may cause shareholders to incur expenses of liquidation.

**Liquidity Risk**. Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. The ability of a Fund to dispose of such investments or other instruments at advantageous prices may be greatly limited. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of a Fund's investments. A Fund may be required to sell a less liquid investment in accordance with changes to the Index. In such cases the sale proceeds received by a Fund may be substantially less than if a Fund had been able to sell the investments in more orderly transactions, and the sale price may be substantially lower than the price previously used by a Fund to value the investments for purposes of determining a Fund's net asset value. A Fund may not achieve a high correlation with the Index. In addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for a Fund to dispose of the position at an advantageous time or price.

**Management Risk** — The Fund is actively managed. The Adviser's judgments about a particular security, markets, or investment strategy may prove to be incorrect and may cause the Fund to incur losses. There can be no assurance that the Adviser's investment techniques and decisions will produce the desired results.

**Mid-Capitalization Stock Risk**. Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. Stock prices of mid-capitalization companies may be more volatile than those of large-capitalization companies, and, therefore, a Fund's share price may be more volatile than that of funds that invest a larger percentage of their assets in stocks issued by large-capitalization companies. Stock prices of mid-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business or economic developments,

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and the stocks of mid-capitalization companies may be less liquid than those of large-capitalization companies, making it more difficult for a Fund to buy and sell shares of mid-capitalization companies. In addition, mid-capitalization companies generally have less diverse product lines than large-capitalization companies and are more susceptible to adverse developments related to their products.

**Passive Investment Risk**. Passively-managed Funds are designed to track its index and is not actively managed. A Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from its index. A Fund does not, therefore, seek returns in excess of its index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by its index. Different types of investment styles, for example passively managed or actively managed, or growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Prepayment Risk** — The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.

**Rebalancing Risk** — In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise, and the rebalancing may result in high portfolio turnover. While we will attempt to minimize any adverse impact to the Fund or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy. Errors in index data, index computations or the construction of the 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 a Fund and its shareholders.

**Sampling Risk**. A Fund's use of a representative sampling strategy could result in it holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer or a small number of issuers of securities held by a Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in a Fund are smaller, these risks will be greater.

**Sector Focus Risk** — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, such as the energy and health care sectors. To the extent that the Index concentrates in the securities of issuers in a particular industry or sector, the Fund also can be expected to concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund may face more risks than if it were diversified broadly over numerous industries or sectors. If the Index is not concentrated in a particular industry or sector, the Fund will not concentrate in a particular industry or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Energy Sector Risk*** — Companies operating in the energy sector may be cyclical and highly dependent on energy prices. They may be adversely impacted by general economic conditions, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil and other energy price volatility, energy conservation efforts, environmental policies, depletion of resources, the cost of providing the specific utility services, and other factors that they cannot control. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing. In addition, these companies are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims, and risk of loss from terrorism and natural disasters.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Health Care Sector Risk*** — Companies in the health care sector may be adversely affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, product obsolescence, industry innovation, changes in technologies, and other market developments. Companies in the health care sector are heavily dependent on patent protection and the expiration of patents may adversely affect these companies. Many of these companies are subject to extensive litigation based on product liability and similar claims. These companies are subject to competitive forces that may make it difficult to raise prices.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Industrials Sector Risk*** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies,

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a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Information Technology Sector Risk*** — Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Small Company Risk**. Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

**Stock Market Risk.** Overall stock market risks may affect the value of the Fund. Domestic and International factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

**Tracking Error Risk**. Tracking error is the divergence of a Fund's performance from that of its index. The performance of a Fund may diverge from that of its index for a number of reasons, such as the use of representative sampling (if applicable), transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to the index, tax considerations, rebalancing, or new or existing regulatory requirements. Unlike the Fund, the returns of an index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. To the extent that a Fund calculates its NAV based on fair value prices and the value of its index is based on securities' closing prices (i.e., the value of the index is not based on fair value prices), the Fund's ability to track its index may be adversely affected. For tax efficiency purposes, a Fund may sell certain securities to realize losses, which will result in a deviation from its index.

**U.S. Government Sponsored Enterprises ("GSEs") Risk** — Securities issued by certain GSEs, such as MBS issued by the Government National Mortgage Association ("Ginnie Mae"), are backed by the full faith and credit of the U.S. government. Securities issued by other GSEs, such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Association ("Fannie Mae"), are neither issued nor guaranteed by the U.S. Treasury. Rather, they are supported by the credit of the issuing agency, instrumentality or corporation. However, these securities typically have indirect support from the U.S. government through an ability to borrow from the U.S. Treasury, and the U.S. government is authorized to purchase the GSE's obligations. If a GSE defaults on its obligations, the Fund might not be able to recover its investment.

**Valuation Risk**. The sale price a Fund could receive for a security may differ from a Fund's valuation of the security and may differ from the value used by its index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. Because non-U.S. exchanges may be open on days when a Fund does not price its shares, the value of the securities or other assets in a Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. In addition, for purposes of calculating a Fund's NAV, the value of assets denominated in non-U.S. currencies is converted into U.S. dollars using prevailing market rates on the date of valuation as quoted by one or more data service providers. This conversion may result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Fund's index, which, in turn, could result in a difference between the Fund's performance and the performance of its index. Authorized Participants who purchase or redeem Fund shares on days when a Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not

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fair-valued securities or used a different valuation methodology. A Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues, or otherwise.

**Value Risk** — Value investing entails investing in securities that are inexpensive relative to other securities based on ratios such as price to earnings or price to book. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risk that their intrinsic value may never be realized in the market.

**Additional Risk Factors** 

The Sub-Adviser may use several types of investment strategies in pursuing Fund's overall investment objective. Additional risks are included in the Funds' SAI.

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| **Section 3 \|** | Organization and Management of the Funds |

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The Funds' Board of Trustees has the overall responsibility for overseeing the management of the Funds.

**The Investment Adviser** 

Timothy Partners, Ltd. ("TPL"), 1055 Maitland Center Commons Boulevard, Maitland, FL 32751, is a Florida limited partnership organized on December 6, 1993, and is registered with the Securities and Exchange Commission as an investment Adviser. TPL supervises the investment of the assets of the Funds in accordance with the objectives, policies and restrictions of the Trust. TPL approves the portfolio of securities selected by the Sub-Adviser. To determine which securities are Excluded Securities, TPL conducts its own research and consults a number of Christian ministries on these issues. TPL retains the right to change the sources from whom it acquires its information, at its discretion. TPL has been the Adviser to each Fund since its inception.

**The Managing General Partner** 

Covenant Funds, Inc., a Florida corporation ("CFI"), is the managing general partner of TPL. Arthur D. Ally is President and Chairman of the Trust, as well as President and 54% shareholder of CFI. Mr. Ally had over eighteen years of experience in the investment industry prior to founding TPL, having worked for Prudential Bache, Shearson Lehman Brothers and Investment Management & Research.

TPL has arranged for distribution, custody, fund administration, transfer agency and all other services necessary for the Fund to operate. The Adviser receives a fee for its services, (the "Management Fee"). From the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, 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 Adviser's Management Fee is designed to cause substantially all the Fund's expenses to be paid by the Adviser, and to compensate the Adviser for providing services for the Funds. The Small Cap Fund, Large/Mid Cap Fund, and High Dividend Fund each pay TPL a Management Fee equivalent to 0.52% annually of the Fund's average daily net assets, computed daily and paid monthly. The International Fund pays TPL a Management Fee equivalent to 0.62% annually of the Fund's average daily net assets, computed daily and paid monthly. The Free Cash Flow and Free Cash Flow Growth Fund each pay TPL a Management Fee equivalent to 0.59% annually of the Fund's average daily net assets, computed daily and paid monthly. The Fixed Income Fund pays TPL a Management Fee equivalent to 0.55% annually of the Fund's average daily net assets, computed daily and paid monthly.

At an in-person meeting held on February 26, 2026, the Trustees considered the Investment Advisory Agreement between the Trust and Timothy Partners, Ltd. (the "Adviser" or "TPL") and the Sub-Advisory Agreement between Timothy Partners, Ltd. and Victory Capital Management, Inc. (the "Sub-Advser") for the U.S. Large Cap Core ETF, High Dividend Yield ETF, U.S. Small Cap Core ETF, International ETF, Free Cash Flow ETF, Free Cash Flow Growth ETF and Fixed Income ETF (each, a "Fund" and together, the "Funds"). Fund counsel reviewed the standards of review required of Trustees, and Independent Trustees in particular, with respect to the initial approval of and renewal of Advisory and sub-Advisory agreement. A discussion of the considerations employed by the Board of Trustees in their approval of TPL as Adviser to the Fund, and the Sub-Adviser as manager of the Funds, is available in the Funds' semi-annual report on Form N-CSR dated June 30, 2026.

TPL, with the Trust's consent, has engaged the services of the Sub-Adviser described below to provide day-to-day investment Advisory services to the Fund. TPL pays all fees charged by the Sub-Adviser for such services.

**The Sub-Adviser** 

TPL, with the consent of the Trust's Board, has entered into a Sub-Advisory Agreement with Victory Capital Management, Inc., ("Victory Capital" or the "Sub-Adviser") through its Victory Solutions team, located at 15935 La Cantera Parkway, San Antonio, TX 78256 (the "Sub-Adviser"). The Sub-Adviser is a New York corporation registered as an investment Adviser

**ORGANIZATION AND MANAGEMENT OF THE FUNDS PROSPECTUS (ETFS) / 63**

with the Securities and Exchange Commission ("SEC"). The Sub-Adviser manages the investment portfolios of the Funds according to investment policies and procedures adopted by the Board of Trustees. As of December 31, 2025, the Sub-Adviser managed or advised assets totaling approximately $316.62 billion for individual and institutional clients.

**Portfolio Management** 

**Volatility Weighted Index Funds** 

Mannik Dhillon and Lela Dunlap are Co-Portfolio Managers of the Fund and are jointly responsible for the day-to-day management of the Fund's portfolio.

Mannik Dhillon, CFA and CAIA<sup>®</sup>, is President of Victory Capital's VictoryShares and Solutions platform. From 2015- 2017, he served as the Sub-Adviser's Head of Investment Solutions, Product, and Strategy. From 2010 to 2015, Mr. Dhillon served as a managing director and head of manager research with Wilshire Associates, where he evaluated asset managers and led strategic consulting engagements. Mr. Dhillon is a CFA charter holder and has been a Portfolio Manager of the Fund since inception.

Lela Dunlap is the Head of Implementation and a Portfolio Manager for the VictoryShares and Solutions team. Ms. Dunlap began her investment career in 2006 at AMCO which was acquired by Victory Capital in 2019. She holds the CFA designation and is a member of the CFA Society of San Antonio and has been a Portfolio Manager of the Fund since November 2024.

**Share Price** 

The net asset value ("NAV") of each Fund is generally determined at 4:00 p.m. (Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for business. In the event of an emergency or other disruption in trading on the NYSE, each Fund's net asset value will be determined based upon the close of the NYSE. The NAV is computed by determining the aggregate market value of all assets of each Fund, less its liabilities, divided by the total number of shares outstanding (NAV = (assets- liabilities)/number of shares). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees of each Fund, including management, administration, and distribution fees (if any), which are accrued daily. The determination of NAV for each Fund for a particular day is applicable to all applications for the purchase of Shares, as well as all requests for the redemption of Shares, received by each Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, each Fund's investments are valued each day at the last quoted sales price on each investment's primary exchange. Investments traded or dealt in upon one or more exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the last bid on the primary exchange.

Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, investments will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures adopted by the Adviser and approved by the Board. In these cases, each Fund's NAV will reflect certain portfolio investments' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for an investment is materially different than the value that could be realized upon the sale of that investment. The fair value prices can differ from market prices when they become available or when a price becomes available.

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended ("1940 Act"), the Board has delegated to the Adviser responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Adviser will use its best efforts to arrive at the fair value of a security held by a Fund under all reasonably ascertainable facts and circumstances. The Adviser must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Adviser has adopted written policies and procedures, which have been approved by the Board, to guide the Adviser with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

**ORGANIZATION AND MANAGEMENT OF THE FUNDS PROSPECTUS (ETFS) / 64**

A Fund may use independent pricing services to assist in calculating the value of each Fund's securities or other assets. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for each Fund. In computing the NAV, immediately prior to closing of the NYSE, each Fund values the foreign securities held by each Fund at the latest closing price on the exchange in which they are traded. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. The value of each Fund's securities may change on days when shareholders are not able to purchase and redeem each Fund's Shares if each Fund has portfolio securities that are primarily traded in foreign markets that are open on weekends or other days when each Fund does not price its Shares. If events materially affecting the value of a security in each Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before each Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before each Fund calculates its NAV, the Adviser may need to price the security using each Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of each Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of each Fund's NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of each Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, each Fund's net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

Short-term debt obligations with remaining maturities in excess of 60 days are valued at current market prices, as discussed above. Short- term debt obligations with 60 days or less remaining to maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to each Fund if acquired within 60 days of maturity or, if already held by each Fund on the 60th day, based on the value determined on the 61st day.

**Premium/Discount Information** 

Most investors will buy and sell Shares of the Funds in secondary market transactions through brokers at market prices and the Fund's Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares of each Fund.

Information about each Fund's daily market price and how often Shares of each Fund traded on the listing exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of each Fund can be found at <u>etf.timothyplan.com</u>.

**How to Buy and Sell Shares** 

Shares of the Fund will be listed for trading on the Exchange under the ticker symbol listed on the cover of this Prospectus. Share prices are reported in dollars and cents per Share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares, and shares typically trade in blocks of less than a Creation Unit. There is no minimum investment required. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges. The commission is often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell smaller amounts of Shares. You may also pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction. The spread varies over time for shares of the Fund based on the Fund's trading volume and market liquidity, and is generally lower if the Fund's Shares have more trading volume and market liquidity and higher if the Fund's Shares have little trading volume and market liquidity.

**ORGANIZATION AND MANAGEMENT OF THE FUNDS PROSPECTUS (ETFS) / 65**

Only an Authorized Participant ("AP") may engage in creation or redemption transactions directly with the Fund. The Funds' APs are institutions and large investors, such as market makers or other large broker-dealers, which have entered into a Participation Agreement with the Funds' Distributor to undertake the responsibility of obtaining or selling the underlying assets needed to purchase or redeem, respectively, Creation Units of the Funds. APs may acquire Shares directly from the Fund, and APs may tender their Shares for redemption directly to the Fund, at NAV per share only in large blocks, or Creation Units, of 10,000 shares. Purchases and redemptions directly with the Fund must follow the Funds' procedures, which are described in the SAI.

A Fund may liquidate and terminate at any time without shareholder approval.

**Share Trading Prices** 

The trading prices of the Fund's Shares in the secondary market generally differ from the Fund's daily NAV and are affected by market forces such as the supply of and demand for ETF shares and shares of underlying securities held by the Fund, economic conditions and other factors.

**Book Entry** 

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares of the Funds and is recognized as the owner of all Shares for all purposes.

Investors owning shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**Frequent Purchases and Redemptions of Fund Shares** 

The Fund's Shares can only be purchased and redeemed directly from the Fund by APs in Creation Units. Direct trading by APs is critical to ensuring that the Fund's Shares trade at or close to NAV. The cash to be contributed to (or received from) the Fund in connection with a Creation Unit generally is negligible compared to the total amount of the trade. To the extent the Fund has exposure to non-U.S. securities, the Fund employs fair valuation pricing to minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. In addition, the Fund imposes transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances.

The vast majority of trading in the Fund's Shares occurs on the secondary market. Because the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains.

Given this structure, the Board has determined that it is not necessary to monitor for frequent in-kind purchases and redemptions of Shares or market timing activity by the APs or on the Shares' secondary market.

**Continuous Offering** 

The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

**ORGANIZATION AND MANAGEMENT OF THE FUNDS PROSPECTUS (ETFS) / 66**

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Dealers effecting transactions in the Fund's Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.** 

**Portfolio Holdings Disclosure** 

A description of the Fund's policies regarding disclosure of the securities in the Fund's portfolio is found in the Statement of Additional Information. The Fund's portfolio is disclosed daily on the Fund's website at timothyplan.com. Shareholders may also request portfolio holdings schedules at no charge by calling toll free (800) 846-7526.

**Shareholder Communications** 

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Timothy Plan may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed Timothy Plan to the contrary. You may request that the Timothy Plan send these documents to each shareholder individually by calling the Timothy Plan at (800) 846-7526, and they will be delivered promptly. While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Fund, neither this Prospectus nor the SAI represents a contract between the Trust or the Fund and any shareholder.

**Disclaimers** 

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of the Shares or any member of the public regarding the ability of the Fund to track the total return performance of their respective Index or the ability of each Index identified herein to track stock market performance. The Exchange is not responsible for, nor has it participated in, the determination of the compilation or the calculation of each Index, nor in the determination of the timing of, prices of, or quantities of the Shares to be issued, nor in the determination or calculation of the equation by which the Shares are redeemable. The Exchange has no obligation or liability to owners of the Shares in connection with the administration, marketing, or trading of the Shares.

The Exchange does not guarantee the accuracy and/or the completeness of each Index or the data included therein. The Exchange makes no warranty, express or implied, as to results to be obtained by the Trust on behalf of the Funds, owners of the Shares, or any other person or entity from the use of each Index or the data included therein.

The Exchange makes no express or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Index or the data included therein. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**ORGANIZATION AND MANAGEMENT OF THE FUNDS PROSPECTUS (ETFS) / 67**

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| | |
|:---|:---|
| **Section 4 \|** | Distributions and Taxes |

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Unlike interests in conventional mutual funds, which typically are bought and sold from and to the Fund only at closing NAVs, the Fund's Shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on the Fund's portfolio that could arise from frequent cash redemption transactions. In a conventional mutual fund, redemptions can have an adverse tax impact on taxable shareholders if the mutual fund needs to sell portfolio securities to obtain cash to meet net fund redemptions. These sales may generate taxable gains for the ongoing shareholders of the mutual fund, whereas the Shares' in-kind redemption mechanism generally will not lead to a tax event for the Fund or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid monthly by the Fund. The Fund distributes its net realized capital gains, if any, to shareholders annually.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased Shares makes such option available.

As with any investment, you should consider how your investment in shares will be taxed. The tax information in this Prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

● The Fund makes distributions,

● You sell your shares listed on the Exchange, and

● You purchase or redeem Creation Units.

**Taxes on Distributions** 

As stated above, the Fund ordinarily declares and pays dividends from net investment income, if any, monthly. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. Distributions from the Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (i.e., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding periods and other restrictions), if any, generally are taxable to non-corporate shareholders at preferential rates. A part of the Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations, subject to similar restrictions.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund (if that option is available). Distributions reinvested in additional shares of the Fund through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short- term capital losses are taxable as long-term capital gains (at the 20% maximum rate referred to above for non-corporate shareholders), regardless of how long you have held the shares.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares and as capital gain thereafter. A distribution will reduce the Fund's NAV per Share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

By law, the Fund is required to withhold 28% of your distributions and redemption proceeds if you have not provided the Fund with a correct Social Security number or other taxpayer identification number and in certain other situations.

**DISTRIBUTIONS AND TAXES PROSPECTUS (ETFS) / 68**

**Taxes on Exchange-Listed Share Sales** 

Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses from sales of Shares may be limited.

**Taxes on Purchase and Redemption of Creation Units** 

An AP who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash equal to the difference between the NAV of the shares being redeemed and the value of the securities. The Internal Revenue Service ("Service"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax adviser with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less.

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many shares you purchased or sold and at what price. See "Taxes" in the SAI for a description of the requirement regarding basis determination methods applicable to Share redemptions and the Fund's obligation to report basis information to the Service.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax adviser about the potential tax consequences of an investment in the Shares under all applicable tax laws.

**DISTRIBUTIONS AND TAXES PROSPECTUS (ETFS) / 69**

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| | |
|:---|:---|
| **Section 5 \|** | Other Service Providers |

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| | |
|:---|:---|
| **Citi Fund Services Ohio, Inc.** | 4400 Easton Commons, Suite 200, Columbus, OH 43219, serves as administrator and fund accountant for the Funds. |
| **Citibank, N.A.** | 388 Greenwich Street, New York, NY, serves as transfer agent and custodian of the Funds' assets. |
| **Foreside Distributors** | 3 Canal Plaza, Suite 100, Portland, ME 04101, serves as distributor for the continuous offering of each Fund's shares. |
| **Cohen & Company, Ltd.** | 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as the Independent Registered Public Accounting firm for the Funds. |
| **PINE Advisors LLC** | 501 S. Cherry Street, Suite 610, Denver, Colorado 80246, provides qualified individual to serve as Trust Chief Compliance Officer. |

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**OTHER SERVICE PROVIDERS PROSPECTUS (ETFS) / 70**

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| | |
|:---|:---|
| **Section 6 \|** | Financial Highlights |

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The following financial highlights tables reflect historical information about shares of each Fund and are intended to help you understand the Fund's financial performance for the period of the Fund's operations.

Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in the Fund's Fees and Expenses table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' December 31, 2025, certified annual report on Form N-CSR, which is available upon request.

**FINANCIAL HIGHLIGHTS PROSPECTUS (ETFS) / 71**

Timothy Plan US Small Cap Core ETF

For a Share Outstanding Throughout Each Period

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> December 31, <br> 2025** | **For the <br> Year Ended <br> December 31, <br> 2024** | **For the <br> Year Ended <br> December 31, <br> 2023** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** |
| **Net Asset Value, Beginning of Period** | $39.03 | $35.34 | $30.39 | $35.49 | $27.71 |
| Investment Activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(a)</sup> | 0.45 | 0.38 | 0.36 | 0.34 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 2.34 | 3.69 | 4.97 | (5.11) | 7.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | 2.79 | 4.07 | 5.33 | (4.77) | 8.18 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.44) | (0.38) | (0.38) | (0.33) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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<sup>(b)</sup> | 7.22% | 11.57% | 17.64% | (13.45%) | 29.62% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of Expenses to Average Net Assets | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 1.14% | 1.02% | 1.13% | 1.09% | 1.20% |
| Net Assets, End of Period (000's) | $277221 | $169766 | $102476 | $71422 | $56792 |
| Portfolio Turnover<sup>(c)</sup> | 47% | 44% | 60% | 59% | 57% |

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(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 PROSPECTUS (ETFS) / 72**

Timothy Plan US Large / Mid Cap Core ETF

For a Share Outstanding Throughout Each Period

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> December 31, <br> 2025** | **For the <br> Year Ended <br> December 31, <br> 2024** | **For the <br> Year Ended <br> December 31, <br> 2023** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** |
| **Net Asset Value, Beginning of Period** | $42.85 | $38.22 | $33.47 | $38.65 | $30.93 |
| Investment Activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(a)</sup> | 0.40 | 0.37 | 0.36 | 0.35 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 2.62 | 4.64 | 4.73 | (5.17) | 7.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | 3.02 | 5.01 | 5.09 | (4.82) | 7.96 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.40) | (0.38) | (0.34) | (0.36) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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<sup>(b)</sup> | 7.09% | 13.12% | 15.30% | (12.48%) | 25.82% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of Expenses to Average Net Assets | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.89% | 0.90% | 1.03% | 1.02% | 0.69% |
| Net Assets, End of Period (000's) | $317707 | $267798 | $236951 | $179060 | $168140 |
| Portfolio Turnover<sup>(c)</sup> | 38 %<sup>(d)</sup> | 25% | 30% | 26% | 27% |

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(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 PROSPECTUS (ETFS) / 73**

Timothy Plan High Dividend Stock ETF

For a Share Outstanding Throughout Each Period

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> December 31, <br> 2025** | **For the <br> Year Ended <br> December 31, <br> 2024** | **For the <br> Year Ended <br> December 31, <br> 2023** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** |
| **Net Asset Value, Beginning of Period** | $36.36 | $33.16 | $31.13 | $32.49 | $25.88 |
| Investment Activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(a)</sup> | 0.81 | 0.77 | 0.75 | 0.73 | 0.61 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 2.13 | 3.19 | 2.01 | (1.35) | 6.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | 2.94 | 3.96 | 2.76 | (0.62) | 7.21 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.81) | (0.76) | (0.73) | (0.74) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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<sup>(b)</sup> | 8.19% | 11.99% | 9.03% | (1.88%) | 28.10% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of Expenses to Average Net Assets | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 2.13% | 2.15% | 2.39% | 2.32% | 2.07% |
| Net Assets, End of Period (000's) | $317479 | $238132 | $228798 | $178986 | $131582 |
| Portfolio Turnover<sup>(c)</sup> | 49 %<sup>(d)</sup> | 34% | 41% | 42% | 43% |

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(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 PROSPECTUS (ETFS) / 74**

Timothy Plan International ETF

For a Share Outstanding Throughout Each Period

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> December 31, <br> 2025** | **For the <br> Year Ended <br> December 31, <br> 2024** | **For the <br> Year Ended <br> December 31, <br> 2023** | **For the <br> Year Ended <br> December 31, <br> 2022** | **For the <br> Year Ended <br> December 31, <br> 2021** |
| **Net Asset Value, Beginning of Period** | $26.38 | $26.43 | $23.30 | $29.06 | $26.98 |
| Investment Activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)<sup>(a)</sup> | 0.68 | 0.63 | 0.64 | 0.66 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) on Investments | 8.55 | 0.11 | 3.12 | (5.82) | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Activities | 9.23 | 0.74 | 3.76 | (5.16) | 2.77 |
| Distributions to Shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.92) | (0.79) | (0.63) | (0.60) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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<sup>(b)</sup> | 35.44% | 2.77% | 16.41% | (17.80%) | 10.34% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Ratio of Expenses to Average Net Assets | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 2.17% | 2.34% | 2.60% | 2.72% | 1.94% |
| Net Assets, End of Period (000's) | $196021 | $112125 | $97801 | $76875 | $82827 |
| Portfolio Turnover<sup>(c)</sup> | 32% | 35% | 34% | 39% | 42% |

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(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 PROSPECTUS (ETFS) / 75**

Timothy Plan Free Cash Flow ETF

For a Share Outstanding Throughout Each Period

Financial Highlights will be available for this Fund once it has completed a full year of operations.

Timothy Plan Free Cash Flow Growth ETF

For a Share Outstanding Throughout Each Period

Financial Highlights will be available for this Fund once it has completed a full year of operations.

Timothy Plan Fixed Income ETF

For a Share Outstanding Throughout Each Period

Financial Highlights will be available for this Fund once it has completed a full year of operations.

**FINANCIAL HIGHLIGHTS PROSPECTUS (ETFS) / 76**

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| | |
|:---|:---|
| **Section 7 \|** | Other Information |

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This Prospectus is accompanied by a Statement of Additional Information (SAI), dated May 1, 2025: The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you don't request a copy.

Annual and Semi-annual Reports: Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

How to Obtain Information: You may obtain a free copy of the SAI or annual and semi-annual reports, and ask questions about the Funds or your accounts, online at <u>etf.timothyplan.com</u>, by contacting the Timothy Plan at the following address or telephone number, or by contacting your financial intermediary.

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| | |
|:---|:---|
| **BY TELEPHONE:** | **BY MAIL:** |
| Call Timothy Plan at (800) 846-7526 | Timothy Plan <br>1055 Maitland Center Commons <br>Maitland FL 32751 |

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You also can get information about the Fund (including the SAI and other reports) from the Securities and Exchange Commission (SEC). The SEC charges a duplicating fee to provide copies of this information.

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| | | |
|:---|:---|:---|
| **IN PERSON:** | **BY MAIL:** | **ON THE INTERNET:** |
| SEC Public Reference Room <br>Washington, D.C. <br>Call 202-551-8090 for location and <br>hours. | SEC Public Reference Section <br>Washington, D.C. 20549-1520 | EDGAR database at sec.gov or by <br>email request at <u>publicinfo@sec.gov</u> |

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Investment Company Act File Number 811-0822

**OTHER INFORMATION PROSPECTUS (ETFS) / 77**

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| | |
|:---|:---|
| EXCHANGE TRADED FUNDS |  |
| STATEMENT OF ADDITIONAL INFORMATION |  |
| May 1, 2026 |  |
|  | Ticker<br> 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** |
| **TIMOTHY PLAN FREE CASH FLOW ETF** | **TPFC** |
| **TIMOTHY PLAN FREE CASH FLOW GROWTH ETF** | **TPFG** |
| **TIMOTHY PLAN FIXED INCOME ETF** | **TPFI** |

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*Each listed and traded on: The New York Stock Exchange* 

**THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS AND IS AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. PORTIONS OF THE FUND'S ANNUAL REPORT ARE INCORPORATED HEREIN.** 

To obtain a free additional copy of the Prospectus or SAI, dated May 1, 2026, or an [annual report](https://www.sec.gov/ix?doc=/Archives/edgar/data/916490/000139834425017675/primary-document.htm), please contact Timothy Plan at (800) TIM-PLAN (800-846-7526) or visit Timothy Plan's website at <u>**etf.timothyplan.com**</u>.

**Table of Contents**

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| | |
|:---|:---|
| Section 1 \| General Information  | 3 |
| Section 2 \| Investment Objectives, Policies and Limitations  | 4 |
| Investment Objectives  | 4 |
| Investment Policies and Limitations of the Funds  | 4 |
| Fundamental Investment Policies and Limitations of the Funds  | 4 |
| Section 3 \| Indexes  | 8 |
| Underlying Indexes  | 8 |
| Section 4 \| Investment Practices, Instruments and Risks  | 10 |
| Investment Practices  | 10 |
| Instruments and Risks  | 10 |
| Section 5 \| Investments by Other Registered Investment Companies  | 28 |
| Section 6 \| Determining Net Asset Value ("NAV") and Valuing Portfolio Securities  | 29 |
| Section 7 \| Purchase and Redemption of Shares  | 31 |
| Creation Units  | 31 |
| Purchasing Creation Units  | 32 |
| Redeeming Creation Units  | 35 |
| Section 8 \| Management of the Trust  | 39 |
| Board Leadership Structure  | 39 |
| Trustees' Compensation  | 48 |
| Section 9 \| Control Persons and Principal Shareholders  | 50 |
| Ownership  | 50 |
| Section 10 \| Investment Adviser and Other Service Providers  | 52 |
| Investment Adviser  | 52 |
| Other Service Providers  | 54 |
| Section 11 \| Portfolio Managers  | 56 |
| Portfolio Managers  | 56 |
| Section 12 \| Proxy Voting Policies and Procedures  | 58 |
| Proxy Voting Procedures  | 58 |
| Section 13 \| Portfolio Transactions and Brokerage  | 59 |
| Section 14 \| Dividends, Capital Gains and Distributions  | 63 |
| Section 15 \| Taxes  | 64 |
| Section 16 \| Additional Information  | 73 |

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**TABLE OF CONTENTS** 

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **2**

Section 1 \| General Information

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the Funds' Prospectus, dated May 1, 2026, as it may be amended or supplemented from time to time (the "Prospectus"). Copies of the Prospectus of the Funds can be obtained without charge upon request to Timothy Plan at <u>**etf.timothyplan.com**</u> or by calling toll-free (800) TIM-PLAN (800-846-7526). This SAI pertains only to the Timothy Plan ETFs. You may obtain a copy of the Trust's most recent annual report, dated December 31, 2025, at no charge by writing to the address or calling the phone number noted above.

The Funds are each diversified series of Timothy Plan (the "Trust"), a Delaware business trust organized on December 16, 1993. The Trust currently consists of 19 series of beneficial interest ("shares").

Timothy Partners, Ltd. ("TPL" or the "Adviser"), serves as the Funds' Investment Adviser. Victory Capital Management Inc. ("Victory Capital" or the "Sub-Adviser"), is the Funds' investment Sub-Adviser. The Funds' investment objective, restrictions and policies are more fully described here and in the Funds' Prospectus. The Trust's Board of Trustees (the "Board" or "Trustees") may organize and offer shares of a new fund or liquidate a Fund at any time.

Much of the information contained in this SAI expands on subjects discussed in the Funds' Prospectus. Capitalized terms not defined herein are used as defined in the Prospectus. No investment in shares of the Funds should be made without first reading that Funds' Prospectus.

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| | |
|:---|:---|
| **In this SAI, we refer to the following Funds collectively as the "Volatility Weighted Index Funds":** <br>● Timothy Plan US Small Cap Core ETF <br> ("Small Cap Core ETF") <br>● Timothy Plan US Large / Mid Cap Core ETF <br> ("Large / Mid Cap Core ETF") <br>● Timothy Plan High Dividend Stock ETF <br> ("High Dividend Stock ETF") <br>● Timothy Plan International ETF ("International ETF") | **In this SAI, we refer to the following Funds collectively as the "Cash Flow Funds":** <br>● Timothy Plan Free Cash Flow ETF <br> ("Free Cash Flow ETF") <br>● Timothy Plan Free Cash Flow Growth ETF <br> ("Free Cash Flow Growth ETF") <br>**In this SAI, we refer to the following Fund as the "Fixed Income Fund":** <br>● Timothy Plan Fixed Income ETF ("Fixed Income ETF")<br>|

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The Funds' shares are offered at net asset value ("NAV") only in large blocks (each a "Creation Unit"). The Funds will issue and redeem Creation Units principally in exchange for a basket of securities included in the respective Funds' underlying index (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. The Funds are approved for listing on The New York Stock Exchange ("NYSE" or the "Exchange"). Shares trade on the Exchange at market prices that may be below, at, or above NAV. The Trust reserves the right to adjust the prices of Shares in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the applicable 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. See "Purchase and Redemption of Shares" below.

Shares of the Funds are listed for trading and trade throughout the day on the Exchange.

**GENERAL INFORMATION**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **3**

Section 2 \| Investment Objectives, Policies and Limitations

Investment Objectives

Each Fund's investment objective is non-fundamental, meaning it may be changed by a vote of the Trustees without a vote of the holders of a majority of the Fund's outstanding voting securities. There can be no assurance that a Fund will achieve its investment objective.

Investment Policies and Limitations of the Funds

Unless a policy of a Fund is expressly deemed to be a fundamental policy of the Fund, changeable only by an affirmative vote of the holders of a majority of that Fund's outstanding voting securities, the Fund's policies are non-fundamental and may be changed without a shareholder vote.

A Fund may, following notice to its shareholders, employ other investment practices that presently are not contemplated for use by the Fund or that currently are not available but that may be developed to the extent such investment practices are both consistent with the Fund's investment objective and legally permissible for the Fund. Such investment practices, if they arise, may involve risks that exceed those involved in the activities described in the Fund's Prospectus.

A Fund's classification and Sub-classification is a matter of fundamental policy. Each Fund is classified as an open-end investment company. Each Fund is Sub-classified as a diversified investment company, which under the Investment Company Act of 1940 Act, as amended, (the "1940 Act") means that, with respect to 75% of a Fund's total assets, the Fund may not invest in securities of any issuer if, immediately after such investment, (i) more than 5% of the total assets of the Fund (taken at current value) would be invested in the securities of that issuer or (ii) more than 10% of the outstanding voting securities of the issuer would be held by the Fund (this limitation does not apply to obligations of the U.S. Government, its agencies or instrumentalities and securities of other investment companies). A Fund is not subject to this limitation with respect to the remaining 25% of its total assets.

Under the Internal Revenue Code of 1986, as amended (the "Code"), to qualify as a regulated investment company, a Fund must meet certain diversification requirements (among other requirements) as determined at the close of each quarter of each taxable year. For instance, no more than 25% of a Fund's assets can be invested, including through corporations in which the fund owns 20% or more voting stock interest, in the securities of any one issuer other than Government securities and securities of other regulated investment companies, of two or more issuers which the regulated investment company controls and which are engaged in the same, similar, or related trades or businesses, or of one or more publicly traded partnerships. In addition, at least 50% of the market value of the Fund's assets must be represented by cash or cash items, U.S. government securities, securities of other regulated investment companies, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer.

The policies and limitations stated in this SAI supplement the Funds' investment policies set forth in each Fund's Prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset except in the case of borrowing (or other activities that may be deemed to result in the issuance of a "senior security" under the 1940 Act). Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with a Fund's investment policies and limitations. If the value of a Fund's holdings of illiquid securities at any time exceeds the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Trust's Board will consider what actions, if any, are appropriate to maintain adequate liquidity.

Fundamental Investment Policies and Limitations of the Funds

The following investment policies and limitations are fundamental and may not be changed without the affirmative vote of the holders of a majority of the Fund's outstanding shares, as defined under the 1940 Act.

**INVESTMENT OBJECTIVES, POLICIES AND LIMITATIONS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **4**

The following investment policies and limitations are fundamental and may not be changed without the affirmative vote of the holders of a majority of the Fund's outstanding voting securities, as defined under the 1940 Act. Under the 1940 Act, the vote of a majority of the outstanding voting securities of a Fund means the affirmative vote of the lesser of (a) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are represented in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund. Portions of the Funds' fundamental investment restrictions (e.g., references to "except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction") provide the Funds with flexibility to change limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow the Board of Trustees to respond efficiently to these kinds of developments without the delay and expense of a shareholder meeting.

#### SENIOR SECURITIES

#### For the Volatility Weighted Index Funds:
Each Fund may not issue senior securities.

#### For all other Funds:
None of the Funds may issue senior securities, except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the 1940 Act the rules and regulations promulgated thereunder or interpretations of the Securities and Exchange Commission ("SEC") or its staff.

Rule 18f-4 under the 1940 Act permits a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

#### BORROWING
Each Fund may not borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

#### UNDERWRITING, PURCHASING SECURITIES ON MARGIN, OR PARTICIPATING ON A JOINT BASIS

#### For the Volatility Weighted Index Funds:
Each Fund may not purchase securities on margin, participate on a joint or joint and several basis in any securities trading account, or underwrite securities. This limitation does not preclude the Fund from obtaining such short-term credit as may be necessary for the clearance of purchases and sales of its portfolio securities, and except to the extent that the Fund may be deemed an underwriter under the Securities Act of 1933, as amended ("1933 Act"), by virtue of disposing of portfolio securities.

#### For all other Funds:
None of the other Funds may underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the 1933 Act, in the disposition of restricted securities.

#### REAL ESTATE

#### For the Volatility Weighted Index Funds:
Each Fund may not purchase or sell real estate or interests in real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

**INVESTMENT OBJECTIVES, POLICIES AND LIMITATIONS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **5**

#### For all other Funds:
None of the other Funds may purchase or sell real estate unless acquired as a result of direct ownership of securities or other instruments. This restriction shall not prevent any of these Funds from investing in the following: (i) securities or other instruments backed by real estate; (ii) securities of real estate operating companies; or (iii) securities of companies engaged in the real estate business, including real estate investment trusts. This restriction does not preclude any of these Funds from buying securities backed by mortgages on real estate or securities of companies engaged in such activities.

#### CONCENTRATION

#### For the Cash Flow Funds:
None of the Funds may concentrate its investments in a particular industry, as the term "concentration" is used in the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction, except that each Fund will concentrate to approximately the same extent that its respective underlying Index concentrates in the securities of such particular industry or group of related industries. This restriction shall not prevent any Fund from investing all of its assets in a "master" fund that has adopted similar investment objectives, policies and restrictions.

#### For the Fixed Income Fund:
The Fund may not concentrate its investments in a particular industry, as the term "concentration" is used in the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction. This restriction shall not prevent the Fund from investing all of its assets in a "master" fund that has adopted similar investment objectives, policies and restrictions.

#### For the Volatility Weighted Index Funds:
Each Fund may not invest 25% or more of the market value of its assets in the securities of companies engaged in any one industry or group of related industries. This limitation does not apply to investments in the securities of the U.S. government, its agencies or instrumentalities.

#### For all other Funds:
None of the other Funds may concentrate its investments in a particular industry, as the term "concentration" is used in the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction. This restriction shall not prevent any Fund from investing all of its assets in a "master" fund that has adopted similar investment objectives, policies and restrictions.

Concentration means investing more than 25% of a Fund's net assets in a particular industry or a specified group of industries.

#### COMMODITIES

#### For the Volatility Weighted Index Funds:
Each Fund may not purchase or sell commodities (unless acquired as a result of ownership of securities or other investments or through commodity futures contracts or options), except that the Fund may purchase and sell futures contracts and options to the full extent permitted under the 1940 Act, sell foreign currency contracts in accordance with any rules of the Commodity Futures Trading Commission, invest in securities or other instruments backed by commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities.

#### For all other Funds:
None of the other Funds may purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).

#### LENDING

#### For the Volatility Weighted Index Funds:
Each Fund may not make loans to others, except (a) through the purchase of debt securities in accordance with its investment objectives and policies, (b) to the extent the entry into a repurchase agreement is deemed to be a loan, and (c) by loaning portfolio securities.

**INVESTMENT OBJECTIVES, POLICIES AND LIMITATIONS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **6**

#### For all other Funds:
None of the other Funds may make loans, except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction. Generally, the 1940 Act prohibits loans if a fund's investment policies do not permit loans, and if the loans are made, directly or indirectly, to persons deemed to control or to be under common control with the registered investment company.

#### NON-FUNDAMENTAL INVESTMENT POLICIES AND LIMITATIONS OF THE FUNDS.
The following investment policies restrictions are non-fundamental and may be changed by a vote of a majority of the Trustees. Each Fund may not:

#### For all Funds:
&nbsp;&nbsp;&nbsp;&nbsp;● No Fund may purchase the securities of any registered open-end investment company or registered unit investment trust in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act, which permits operation as a "fund of funds." Except as provided in the next paragraph and below in "Securities of Other Investment Companies," none of the Funds may: (1) invest more than 5% of its total assets in the securities of any one investment company; (2) own more than 3% of the securities of any one investment company; or (3) invest more than 10% of its total assets in the securities of other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;● Each Fund may purchase and redeem shares issued by a money market fund without limit, provided that either: (1) the acquiring Fund pays no "sales charge" or "service fee" (as each of those terms is defined in the FINRA Conduct Rules); or (2) the Adviser waives its Advisory fee in an amount necessary to offset any such sales charge or service fee. For purposes of this investment restriction, a "money market fund" is either: (1) an open-end investment company registered under the 1940 Act and regulated as a money market fund in accordance with Rule 2a-7 under the 1940 Act; or (2) a company that is exempt from registration as in investment company under Sections 3(c)(1) or 3(c)(7) of the 1940 Act and that: (a) limits its investments to those permitted under Rule 2a-7 under the 1940 Act; and (b) undertakes to comply with all the other requirements of Rule 2a-7, except that, if the company has no board of directors, the company's investment adviser performs the duties of the board of directors.

#### For the Volatility Weighted Index Funds:
&nbsp;&nbsp;&nbsp;&nbsp;● No Fund may invest, in the aggregate, more than 15% of its net assets in securities with legal or contractual restrictions on resale, securities which are not readily marketable and repurchase agreements with more than seven days to maturity. However, if more than 15% of Fund net assets are illiquid, the Fund's investment adviser(s) will reduce illiquid assets such that they do not represent more than 15% of Fund net assets, subject to timing and other considerations which are in the best interests of the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● No Funds may mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;● No Fund may invest in any issuer for purposes of exercising control or management.

#### For all Funds except the Volatility Weighted Index Funds:
&nbsp;&nbsp;&nbsp;&nbsp;● No Fund may make short sales of securities, other than short sales "against the box," or purchase securities on margin except for short-term credits necessary for clearance of portfolio transactions, provided that this restriction will not be applied to limit the use of options, futures contracts and related options, in the manner otherwise permitted by the investment restrictions, policies and investment program of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● No Fund may invest more than 15% of its net assets in illiquid investments. Illiquid investments are generally any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Such investments include, but are not limited to, time deposits and repurchase agreements with maturities longer than seven days. Securities that may be resold under Rule 144A, securities offered pursuant to Section 4(a)(2) of the 1933 Act, or securities otherwise subject to restrictions or limitations on resale under the 1933 Act shall not be deemed illiquid solely by reason of being unregistered. Victory Capital Management Inc. (the "Adviser"), the Fund's investment adviser, under oversight of the Board, determines whether a particular investment is deemed to be liquid based on the trading markets for the specific security and other factors.

**INVESTMENT OBJECTIVES, POLICIES AND LIMITATIONS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **7**

Section 3 \| Indexes

Underlying Indexes (not applicable for the Timothy Plan Fixed Income ETF)

VettaFi LLC is not affiliated with the Trust, the Adviser, Sub-Adviser, the administrator, custodian, transfer agent, the Distributor, or any of their respective affiliates. BRI Indexes are entitled to use the VettaFi LLC Indexes pursuant to sub-licensing agreements, as detailed above. The Adviser has entered into a license agreement with VettaFi LLC, pursuant to which the Adviser pays a fee to use the previously mentioned BRI Indexes. VettaFi LLC serves as calculation agent for the VettaFi LLC Indexes. No entity that creates, compiles, sponsors or maintains the VettaFi LLC Index is or will be an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) or an affiliated person of an affiliated person, of the Trust, the Adviser, Sub-Adviser, the Distributor, or a promoter of the BRI Indexes.

The BRI Indexes are not sponsored, endorsed, sold or promoted by VettaFi LLC. VettaFi LLC makes no representation or warranty, express or implied, to the owners of the BRI Indexes or any member of the public regarding the advisability of trading in the BRI Indexes. VettaFi LLC's only relationship to the Adviser or Sub-Adviser is the licensing of the VettaFi LLC Indexes which is determined, composed and calculated by VettaFi LLC without regard to the Adviser or Sub-Adviser. VettaFi LLC has no obligation to take the needs of the Adviser or Sub-Adviser into consideration in determining, composing or calculating the VettaFi LLC Indexes. VettaFi LLC is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the BRI Indexes to be listed or in the determination or calculation of the equation by which the BRI Indexes are to be converted into cash. VettaFi LLC has no obligation or liability in connection with the administration, marketing or trading of the BRI Indexes.

Index performance prior to the first publish date has been back-tested applying the same methodology based on fundamental criteria combined with volatility weightings that was in effect when the Index was first published and is considered hypothetical. The Indexes are not sponsored by the Index Provider or its affiliates or its third-party licensors.

Certain of the Indexes, referred to herein as the Victory BRI Indexes, combine fundamental criteria with individual security risk control achieved through volatility weighting of individual securities. The index methodology used for the Victory BRI Indexes was originally developed by the Adviser. The Adviser may consult with the Index Provider from time to time concerning an Index methodology, but the Index Provider alone makes all decisions with respect to any changes to the methodology.

\*Prior to April 30, 2020, the Victory US Large/Mid Cap Volatility Weighted BRI Index was called the Victory US Large Cap Volatility Weighted BRI Index.

#### INDEX REBALANCING AND MAINTENANCE (not applicable for the Timothy Plan Fixed Income ETF)
The Victory BRI Indexes excluding Victory Free Cash Flow BRI Index and Victory Free Cash Flow Growth BRI Index are reconstituted and rebalanced semi-annually. The Victory Free Cash Flow BRI Index and Victory Free Cash Flow Growth BRI Index are reconstituted semi-annually and rebalanced quarterly. The Calculation Agent maintains the Victory BRI Indexes throughout the year, which includes monitoring and adjustments for company additions and deletions, stock splits, corporate restructurings and other corporate actions. Corporate actions are generally implemented on the effective date of such corporate actions. A security also may be removed from the Victory BRI Indexes in between rebalancing in the event the security is liquidated, de-listed, the company files for bankruptcy or is acquired or the security no longer represents an investable asset. Upon deletion, the weight of the removed stock is reallocated proportionately to the remaining constituents. Additions are made only upon the effective date of the rebalance and reconstitution.

**INDEXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **8**

#### SEMI-ANNUAL INDEX RECONSTITUTION DATES (not applicable for the Timothy Plan Fixed Income ETF)
Each Index is reconstituted periodically during the year according to a prescribed schedule. In conjunction with each reconstitution date, an Index's rules are applied to its universe of publicly traded securities in order to determine which securities are eligible for inclusion in the Index. New securities are added to the Index only on reconstitution dates and only securities that comply with the Index methodology are eligible to be included in an Index. Securities that no longer meet eligibility for an Index on the reconstitution date are omitted. The Index Provider is solely responsible for the nature and extent of any reconstitution of any Index.

#### CHANGES TO THE INDEX METHODOLOGY (not applicable for the Timothy Plan Fixed Income ETF)
Each Index is governed by a rules-based methodology. To the extent possible, material changes to the methodology will be publicly disclosed to shareholders prior to implementation. The Index Provider is solely responsible for the nature and extent of any changes to any Index.

#### NO GUARANTEE OR WARRANTY; INDEX ERRORS (not applicable for the Timothy Plan Fixed Income ETF)
Neither the Adviser, Sub-Adviser, the Calculation Agent nor the Funds make any representation or warranty, express or implied, including without limitation to the Funds' shareholders or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Victory BRI Indexes to track general stock market performance.

Neither Adviser, Sub-Adviser, the Calculation Agent nor the Funds guarantees the accuracy, completeness, or performance of the Victory BRI Indexes or the data included therein and shall have no liability in connection with the Victory BRI Indexes or their calculation, including any errors or omissions in calculating the Victory BRI Indexes. Errors with respect to the quality, accuracy and completeness of the data within the Victory BRI Indexes may occur from time to time and may not be identified and corrected for a period of time, if at all. Any gains, losses or costs to a Fund as a result of errors in its respective Victory BRI Index will be borne by the Fund.

**INDEXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **9**

Section 4 \| Investment Practices, Instruments and Risks

Investment Practices

In addition to the principal investment strategies and the principal risks of the Funds described in the Prospectus, each Fund may, but will not necessarily, employ other investment practices and may be subject to additional risks which are described further below. Because the following is a combined description of investment strategies and risks for all of the Funds, certain strategies and/or risks described below may not apply to your Fund. Unless a strategy or policy described below is specifically prohibited with respect to a particular Fund by the investment restrictions listed in the Prospectus, under "Investment Policies and Limitations of the Funds" in this SAI, or by applicable law, a Fund may, but will not necessarily, engage in each of the practices described below.

The Funds may, following notice to their shareholders, take advantage of other investment practices that presently are not contemplated for use by the Funds or that currently are not available but that may be developed, to the extent such investment practices are both consistent with a Fund's investment objective and are legally permissible for the Fund. Such investment practices, if they arise, may involve risks that exceed those involved in the activities described in a Fund's Prospectus and this SAI.

Instruments and Risks

#### EQUITY SECURITIES
Equity securities in which a Fund invests include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

#### COMMON STOCK
Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

#### PREFERRED STOCK
A Fund may invest in preferred stock with no minimum credit rating. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

The fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

#### CONVERTIBLE SECURITIES
A Fund may invest in convertible securities with no minimum credit rating. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **10**

securities. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

#### PARTICIPATION NOTES
A Fund may buy participation notes from a bank or broker-dealer ("issuer") that entitle the Fund to a return measured by the change in value of an identified underlying security or basket of securities (collectively, the "underlying security"). Participation notes are typically used when a direct investment in the underlying security is restricted due to country-specific regulations. Investing in participation notes involves the same risks associated with a direct investment in the shares of the companies the notes seek to replicate. However, the performance results of participation notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. In addition, participation notes are subject to counterparty risks. Participation notes may be considered illiquid.

#### WARRANTS
A Fund may invest in warrants. Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. If a warrant held by a Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant.

#### DEPOSITARY RECEIPTS
A Fund may invest in sponsored and unsponsored depositary receipts, such as American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described below regarding foreign securities apply to investments in ADRs. Without limitation, a Fund may also invest in European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"). EDRs are receipts issued in Europe that evidence a similar ownership arrangement. GDRs are receipts issued throughout the world that evidence a similar arrangement.

Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, a Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. The values of depositary receipts may decline for a number of reasons relating to the issuers or sponsors of the depositary receipts, including, but not limited to, insolvency of the issuer or sponsor. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based.

A Fund may invest in unsponsored depositary receipts, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored depositary receipts generally bear all the costs thereof, and the depositaries of unsponsored depositary receipts frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored depositary receipts are not obligated to disclose material information to the market and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **11**

#### INCOME TRUSTS
A Fund may invest in income trusts which are investment trusts that hold assets that are income producing. The income is passed on to the "unitholders." Each income trust has an operating risk based on its underlying business. The term may also be used to designate a legal entity, capital structure and ownership vehicle for certain assets or businesses. Shares or "trust units" are traded on securities exchanges just like stocks. Income is passed on to the investors, called unitholders, through monthly or quarterly distributions. Historically, distributions have typically been higher than dividends on common stocks. The unitholders are the beneficiaries of a trust, and their units represent their right to participate in the income and capital of the trust. Income trusts generally invest funds in assets that provide a return to the trust and its beneficiaries based on the cash flows of an underlying business. This return is often achieved through the acquisition by the trust of equity and debt instruments, royalty interests or real properties. The trust can receive interest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital.

Each income trust has an operating risk based on its underlying business; and, typically, the higher the yield, the higher the risk. They also have additional risk factors, including, but not limited to, poorer access to debt markets. Similar to a dividend paying stock, income trusts do not guarantee minimum distributions or even return of capital. If the business starts to lose money, the trust can reduce or even eliminate distributions; this is usually accompanied by sharp losses in a unit's market value. Since the yield is one of the main attractions of income trusts, there is the risk that trust units will decline in value if interest rates offering in competing markets, such as in the cash/treasury market, increase. Interest rate risk is also present within the trusts themselves because they hold very long term capital assets (e.g. pipelines, power plants, etc.), and much of the excess distributable income is derived from a maturity (or duration) mismatch between the life of the asset, and the life of the financing associated with it. In an increasing interest rate environment, not only does the attractiveness of trust distributions decrease, but quite possibly, the distributions may themselves decrease, leading to a double whammy of both declining yield and substantial loss of unitholder value. Because most income is passed on to unitholders, rather than reinvested in the business, in some cases, a trust can become a wasting asset unless more equity is issued. Because many income trusts pay out more than their net income, the unitholder equity (capital) may decline over time. To the extent that the value of the trust is driven by the deferral or reduction of tax, any change in government tax regulations to remove the benefit will reduce the value of the trusts. Generally, income trusts also carry the same risks as dividend paying stocks that are traded on stock markets.

#### PUBLICLY TRADED PARTNERSHIPS
A Fund may invest in publicly traded partnerships ("PTPs"). PTPs are limited partnerships, the interests in which (known as "units") are traded on public exchanges, just like corporate stock. PTPs are limited partnerships that provide an investor with a direct interest in a group of assets (generally, oil and gas properties). Publicly traded partnership units typically trade publicly, like stock, and thus may provide the investor more liquidity than ordinary limited partnerships. Publicly traded partnerships are also called master limited partnerships and public limited partnerships. A limited partnership has one or more general partners (they may be individuals, corporations, partnerships or another entity) which manage the partnership, and limited partners, which provide capital to the partnership but have no role in its management. When an investor buys units in a PTP, he or she becomes a limited partner. PTPs are formed in several ways. A non-traded partnership may decide to go public. Several non-traded partnerships may "roll up" into a single PTP. A corporation may spin off a group of assets or part of its business into a PTP of which it is the general partner, either to realize what it believes to be the assets' full value or as an alternative to issuing debt. A corporation may fully convert to a PTP, although since 1986 the tax consequences have made this an unappealing option; or, a newly formed company may operate as a PTP from its inception.

There are different types of risks to investing in PTPs including regulatory risks and interest rate risks. Currently most partnerships enjoy pass through taxation of their income to partners, which avoids double taxation of earnings. If the government were to change PTP business tax structure, unitholders would not be able to enjoy the relatively high yields in the sector for long. In addition, PTP's which charge government-regulated fees for transportation of oil and gas products through their pipelines are subject to unfavorable changes in government-approved rates and fees, which would affect a PTPs revenue stream negatively. PTPs also carry some interest rate risks. During increases in interest rates, PTPs may not produce decent returns to shareholders.

#### REAL ESTATE INVESTMENT TRUSTS
A Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **12**

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although a Fund can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Internal Revenue Code of 1986, as amended, or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through a Fund, a shareholder bears not only a proportionate share of the expenses of a Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

#### FIXED INCOME/DEBT/BOND SECURITIES
It is anticipated that the Funds, other than the Fixed Income Fund, will be invested in equities rather than debt securities. The Adviser may, however, determine it is prudent to invest in debt securities described and explained in this section.

Yields on fixed income securities are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in a Fund will be subjected to risk even if all fixed income securities in the Fund's portfolio are paid in full at maturity. All fixed income securities, including U.S. Government securities, can change in value when there is a change in interest rates or the issuer's actual or perceived creditworthiness or ability to meet its obligations.

There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in market value. The longer the remaining maturity (and duration) of a security, the greater will be the effect of interest rate changes on the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the markets' perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Reform Act of 1978. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. The possibility exists, therefore, that, the ability of any issuer to pay, when due, the principal of and interest on its debt securities may become impaired.

The corporate debt securities in which a Fund may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate's current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations typically redeemable upon not more than 30 days' notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a 7-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid security.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **13**

A Fund may invest in debt securities, including non-investment grade debt securities. The following describes some of the risks associated with fixed income debt securities:

***Interest Rate Risk.*** Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

***Liquidity Risk.*** Rising interest rates may result in periods of volatility and increased redemptions. As a result of increased redemptions, a Fund may have to liquidate portfolio securities at disadvantageous prices and times, which could reduce a Fund's return. A reduction in dealer market-making capacity in the fixed income markets that has occurred in recent years has the potential to decrease liquidity.

***Credit Risk.*** Fixed income securities have speculative characteristics and changes in economic conditions or other circumstances and are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities.

***Extension Risk.*** A Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.

***Prepayment Risk.*** Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.

Securities subject to prepayment are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Fund.

At times, some of the mortgage-backed securities in which a Fund may invest will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses in securities purchased at a premium, as unscheduled prepayments, which are made at par, will cause the Fund to experience a loss equal to any unamortized premium.

#### INTERNATIONAL AND FOREIGN DEBT SECURITIES.
International bonds include Yankee and Euro obligations, which are U.S. dollar-denominated international bonds for which the primary trading market is in the United States ("Yankee Bonds"), or for which the primary trading market is abroad ("Eurodollar Bonds"). International bonds also include Canadian and supranational agency bonds (e.g., those issued by the International Monetary Fund).

Investments in securities of foreign companies generally involve greater risks than are present in U.S. investments. 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 stock exchanges, brokers and listed companies.

Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those prevalent in the U.S. Securities of some foreign companies are less liquid, and their prices more volatile, than securities of comparable U.S. companies. Settlement of transactions in some foreign markets may be delayed or may be less frequent than in the U.S., which could affect the liquidity of a Fund's investment.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **14**

In addition, with respect to some foreign countries, there is the possibility of nationalization, expropriation, or confiscatory taxation; limitations on the removal of securities, property, or other assets of a Fund; political or social instability; increased difficulty in obtaining legal judgments; or diplomatic developments that could affect U.S. investments in those countries. The Adviser will take such factors into consideration in managing a Fund's investments.

Since most foreign debt securities are not rated, a Fund will invest in those foreign debt securities based on the Sub-Adviser's analysis without relying on published ratings. Achievement of a Fund's goals, therefore, may depend more upon the abilities of the Sub-Adviser than would otherwise be the case. The value of the foreign debt securities held by a Fund, and thus the net asset value of a Fund's shares, generally will fluctuate with (a) changes in the perceived creditworthiness of the issuers of those securities, (b) movements in interest rates, and (c) changes in the relative values of the currencies in which a Fund's investments in debt securities are denominated with respect to the U.S. dollar. The extent of the fluctuation will depend on various factors, such as the average maturity of a Fund's investments in foreign debt securities, and the extent to which a Fund hedges its interest rate, credit and currency exchange rate risks. A longer average maturity generally is associated with a higher level of volatility in the market value of such securities in response to changes in market conditions. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party.

#### CERTIFICATES OF DEPOSIT AND BANKERS' ACCEPTANCES
Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity.

A Fund may invest in insured bank obligations. The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. A Fund may purchase bank obligations that are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

#### TIME DEPOSITS AND VARIABLE RATE NOTES
A Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties. The commercial paper obligations, which the Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. A Fund has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct lending arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer on demand within seven days.

#### COMMERCIAL PAPER
A Fund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **15**

to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

#### REPURCHASE AGREEMENTS
A Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by a Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

#### SECURITIES OF OTHER INVESTMENT COMPANIES
Except as described in the following paragraphs, each Fund currently intends to limit its investments in securities issued by other investment companies so that, as determined immediately after a purchase of such securities is made: (1) not more than 5% of the value of a Fund's total assets will be invested in the securities of any one investment company; (2) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group; and (3) not more than 3% of the outstanding voting stock of any one investment company will be owned by a Fund.

A Fund may also purchase and redeem shares issued by a money market fund without limit, provided that either: (1) the Fund pays no "sales charge" or "service fee" (as each of those terms is defined in the FINRA Conduct Rules); or (2) the Adviser waives its Advisory fee in an amount necessary to offset any such sales charge or service fee.

Pursuant to an order issued by the SEC exempting certain exchange-traded funds ("ETFs") from Section 12(d)(1) of the 1940 Act (SEC Order and Rule 12d1-4 under the 1940 Act), in addition to procedures approved by the Board, each Fund may invest in such ETFs in excess of the 5% and 10% limits described above, provided that the Fund complies with relevant regulatory conditions enters into a participation agreement and any other applicable investment limitations.

As a shareholder of an investment company, a Fund indirectly will bear its proportionate share of any management fees and other expenses paid by such investment company in addition to the fees and expenses a Fund bears directly in connection with its own operations. These securities represent interests in professionally managed portfolios that may invest in various types of instruments pursuant to a wide range of investment styles. A Fund would also bear the risk of all of the underlying investments held by the other investment company. An investment company may not achieve its investment objective.

**Exchange-Traded Funds ("ETFs")** are investment companies whose primary objective is to achieve the same rate of return as a particular market index or commodity while trading throughout the day on an exchange. Certain ETFs are actively managed portfolios rather than being based upon an underlying index. ETF shares are sold initially in the primary market in units ("creation units") of 50,000 shares or more for the Volatility Weighted ETF Funds and 25,000 shares or more for the Free Cash Flow ETF Funds and Fixed Income ETF Fund. A creation unit represents a bundle of securities or commodities that replicates, or is a representative sample of, a particular index or commodity and that is deposited with the ETF. Once owned, the individual shares comprising each creation unit are traded on an exchange in secondary market transactions for cash. The secondary market for ETF shares allows them to be readily converted into cash, like commonly traded stocks. The combination of primary and secondary markets permits ETF shares to be traded throughout the day close to the value of the ETF's underlying portfolio securities. A Fund would purchase and sell individual shares of ETFs in the secondary market. These secondary market transactions require the payment of commissions.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **16**

**Unit Investment Trusts ("UITs")** are investment companies that hold a fixed portfolio of securities until the fixed maturity date of the UIT. A Fund would generally only purchase UITs in the secondary market for cash, which would result in the payment of commissions.

**Risk Factors Associated with Investments in ETFs and UITs.** ETF and UIT shares are subject to the same risk of price fluctuation due to supply and demand as any other stock traded on an exchange, which means that a Fund could receive less from the sale of shares of an ETF or UIT it holds than it paid at the time it purchased those shares. Furthermore, there may be times when the exchange halts trading, in which case a Fund owning ETF or UIT shares would be unable to sell them until trading is resumed. There can be no assurance that an ETF or UIT will continue to meet the listing requirements of the exchange or that an active secondary market will develop for shares. In addition, because ETFs and UITs invest in a portfolio of common stocks or other instruments or commodities, the value of an ETF or UIT could decline if prices of those instruments or commodities decline. An overall decline of those instruments or commodities comprising an ETF's or UIT's benchmark index could have a greater impact on the ETF or UIT and investors than might be the case in an investment company with a more widely diversified portfolio.

Losses could also occur if the ETF or UIT is unable to replicate the performance of the chosen benchmark index. There may be times when the market price for an ETF or UIT and its NAV vary significantly, and a Fund may pay more than (premium) or less than (discount) NAV when buying shares on the secondary market. The market price of an ETF's or UIT's shares includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that the shares may trade at a discount to NAV and the discount is likely to be greatest when the price of shares is falling fastest.

Other risks associated with ETFs and UITs include the possibility that: (i) an ETF's or UIT's distributions may decline if the issuers of the ETF's or UIT's portfolio securities fail to continue to pay dividends; and (ii) under certain circumstances, an ETF or UIT could be terminated. Should termination occur, the ETF or UIT could have to liquidate its portfolio securities when the prices for those securities are falling. In addition, inadequate or irregularly provided information about an ETF or UIT or its investments, because ETFs and UITs are generally passively managed, could expose investors in ETFs and UITs to unknown risks. Actively managed ETFs are also subject to the risk of underperformance relative to their chosen benchmark.

#### FOREIGN SECURITIES
**General.** A Fund may invest in foreign securities and ETFs and other investment companies that hold a portfolio of foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to a Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of a Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent a Fund's currency exchange transactions do not fully protect the Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

**Emerging Markets Securities.** A Fund may purchase securities of emerging market issuers and ETFs and other investment companies that invest in emerging market securities. Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales. Future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar,

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **17**

and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

**Investing through Stock Connect.** Certain of the Funds may invest in developing markets through trading structures or protocols that subject them to certain risks (such as risks associated with illiquidity, custody of assets, different settlement and clearance procedures, asserting legal title under developing legal and regulatory regimes and other risks) to a greater degree than in developed markets or even other developing markets. There is no guarantee that the systems required to operate Stock Connect will function properly or will continue to be adapted to changes and developments in both markets or that both exchanges will continue to support Stock Connect in the future. In the event that the relevant systems do not function properly, trading through Stock Connect could be disrupted.

Although trading through Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to the aggregate volume of trading on Stock Connect, which may restrict or preclude a Fund's ability to invest in Stock Connect securities or to enter into or exit trades on a timely basis. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect pursuant to the program's rules. Stock Connect can only operate when both Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As a result, if either or both of these markets are closed on a U.S. trading day, a Fund may not be able to dispose of its holdings in a timely manner, which could adversely affect the Fund's performance.

#### DERIVATIVES
The use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments such as stocks and bonds. Derivatives may have a return that is tied to a formula based upon an interest rate, index or other measurement, which may differ from the return of a simple security of the same maturity. A formula may have a cap or other limitation on the rate of interest to be paid. Derivatives may have varying degrees of volatility at different times, or under different market conditions, and may perform in unanticipated ways. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance.

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, if a Fund does not intend to physically settle the transaction within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), a Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Funds to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date of this SAI, all Funds rely on the Limited Derivatives User Exception.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **18**

#### OPTIONS
A Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities, stock indices, other index, reference asset or reference item and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the S&P 500<sup>®</sup> Index or the Value Line Composite Index or a narrower market index, such as the S&P 100<sup>®</sup>.

Indices may also be based on an industry or market segment, such as the AMEX Oil and Gas Index or the Computer and Business Equipment Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange, the American Stock Exchange, the Pacific Stock Exchange and the Philadelphia Stock Exchange.

A Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event a Fund will have paid a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by the Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

**Certain Risks Regarding Options.** There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **19**

trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by a Fund of options on stock indices will be subject to the ability of the Sub-Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, a fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Fund. Inasmuch as a Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by a Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If a Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If a Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

**Cover for Options Positions.** Transactions using options (other than options that a Fund has purchased) expose the Fund to an obligation to another party. The Fund will not enter into any such transactions unless it owns either (i) an offsetting ("covered") position in securities or other options or (ii) cash or liquid securities with a value sufficient at all times to cover its potential obligations not covered as provided in (i) above.

**Options on Futures Contracts.** A Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

**Dealer Options.** A Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, a Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when a Fund writes a dealer option, it may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. While a Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless a Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **20**

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. A Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predetermined formula. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, a Fund will treat dealer options as subject to the Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund will change its treatment of such instruments accordingly.

A Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to a Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, i.e., the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

**Spread Transactions.** A Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to a Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, i.e., the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

#### FUTURES CONTRACTS
A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index or reference item such as stock volatility) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when a Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. 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.

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." A Fund expects to earn interest income on its margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **21**

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

**Loan Interests and Direct Debt Instruments ("Bank Loans")**

Each Fund may invest in loan interests and direct debt instruments, which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates (in the case of loans and loan participations), to suppliers of goods or services (in the case of trade claims or other receivables) or to other parties. These investments involve a risk of loss in case of the default, insolvency, or bankruptcy of the borrower.

Loans normally are not registered with the SEC or any state securities commission or listed on any securities exchange. As a result, there is typically less public information available about a specific loan than there would be if the loan were registered or traded on exchange. Loans also may not be considered "securities," and purchasers, such as the Funds, may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to any loans they own in the event of fraud or misrepresentation by a borrower.

A Fund may come into possession of material non-public information about a borrower as a result of its ownership of a loan or other debt instrument of such borrower. Because of prohibitions on trading in securities of issuers while possessing such information, a Fund might be unable to enter into a transaction in a publicly traded security of that borrower when it would otherwise be advantageous to-do so.

Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, or are not made in a timely manner, the value of the instrument may be adversely affected. Loans that are fully secured provide more protections than unsecured loans in the event of failure to make scheduled interest or principal payments. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may only pay a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks, such as a loan foreclosure and costs and liabilities associated with owning and disposing of the collateral. In addition, it is possible that a purchaser could be held liable as a co-lender. Direct debt instruments also may involve a risk of insolvency of the lending bank or other intermediary.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless the purchaser has direct recourse against the borrower, the purchaser may have to rely on the agent to apply appropriate credit remedies against a borrower under the terms of the loan or other indebtedness. If assets held by the agent for the benefit of a purchaser were determined to be subject to the claims of the agent's general creditors, the purchaser might incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Direct indebtedness may include letters of credit, revolving credit facilities, or other standby financing commitments that obligate purchasers to make additional cash payments on demand. These commitments may have the effect of requiring a purchaser to increase its investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid.

For purposes of Fund investment limitations, a Fund generally will treat the borrower as the "issuer" of indebtedness held by the Fund. In the case of loan participations where a bank or other lending institution serves as financial intermediary between a fund and the borrower, if the participation does not shift to the Fund the direct debtor-creditor relationship with the borrower, SEC interpretations require the Fund, in some circumstances, to treat both the lending bank or other lending institution and the borrower as "issuers" for purposes of the Fund's investment policies. Treating a financial intermediary as an issuer of indebtedness may restrict a Fund's ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

Loans may have extended settlement periods. Accordingly, the proceeds from the sale of a loan may not be available to make additional investments or to meet redemption obligations until potentially a substantial period after the sale of the loan. The extended trade settlement periods could force a Fund to liquidate other securities to meet redemptions and may present a risk that the Fund may incur losses in order to timely honor redemptions.

Certain of the debt obligations (including municipal securities, certificates of participation, commercial paper, and other short-term obligations) that the Funds may purchase may be backed by an unconditional and irrevocable letter of credit of a bank, savings and loan association, or insurance company which assumes the obligation for payment of principal and interest in the event of default by the issuer. Only banks, savings and loan associations and insurance companies which, in the opinion of the Adviser, are of comparable quality to issuers of other permitted investments of a Fund, may be used for letter of credit-backed investments

#### SWAP AGREEMENTS
A Fund may enter into swap agreements for purposes of attempting to gain exposure to equity, debt, commodities or other asset markets without actually purchasing those assets, or to hedge a position. A Fund does not invest more than 25% of its assets in swap contracts with any one counterparty. Security investments are made without restriction as to the issuer's country. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index.

Most swap agreements entered into by a Fund calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Payments may be made at the conclusion of a swap agreement or periodically during its term.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis, if the other party to a swap agreement defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

The net amount of the excess, if any, of the Fund's obligations over its entitlements with respect to a swap agreement entered into on a net basis will be accrued daily and an amount of cash or liquid asset having an aggregate net asset value at least equal to the accrued excess will be maintained in an account with the Custodian. A Fund will also establish and maintain such accounts with respect to its total obligations under any swaps that are not entered into on a net basis. Obligations under swap agreements so covered will not be construed to be "senior securities" for purposes of the Fund's investment restriction concerning senior securities.

Because they are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid for the Fund's illiquid investment limitations. A Fund will not enter into any swap agreement unless the Sub-Adviser believes that the other party to the transaction is creditworthy. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counter-party.

A Fund may enter into a swap agreement in circumstances where the Sub-Adviser believes that it may be more cost effective or practical than buying the securities represented by such index or a futures contract or an option on such index. such index or a futures contract or an option on such index. The counter-party to any swap agreement will typically be a bank, investment banking firm or broker/dealer. The counter-party will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular stocks represented in the index, plus the dividends that would have been received on those stocks. A Fund will agree to pay to the counter-party a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to a Fund on any swap agreement should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments that are traded in the OTC market.

#### PRECIOUS METALS AND OTHER COMMODITIES
Certain Funds are subject to the risk of sharp price volatility of metals or other commodities, and of shares of companies principally engaged in activities related to metals or other commodities. Investments related to metals or other commodities may fluctuate in price significantly over short periods of time because of a variety of global economic, financial, and political factors. These factors include: economic cycles; changes in inflation or expectations about inflation in various countries; interest rates; currency

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **22**

fluctuations; metal sales by governments, central banks, or international agencies; investment speculation; resource availability; commodity prices; fluctuations in industrial and commercial supply and demand; government regulation of the metals and other commodities industries; and government prohibitions or restrictions on the private ownership of certain precious and rare metals.

#### WHEN-ISSUED, FORWARD COMMITMENTS AND DELAYED SETTLEMENTS
A Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis.

A Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives.

A Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases, the Fund may realize a taxable capital gain or loss. When a Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of the Fund starting on the day the Fund agrees to purchase the securities. A Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date..

#### ILLIQUID AND RESTRICTED SECURITIES
A Fund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the 1933 Act and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered under the 1933 Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. A Fund might be unable to dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. A Fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the 1933 Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the 1933 Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the 1933 Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by the Financial Industry Regulatory Authority, Inc. ("FINRA").

TPL and Victory Capital, under oversight of the Board, determines whether a particular investment is deemed to be liquid based on the trading markets for the specific security and other factors.

#### PASSIVE INVESTMENT STRATEGIES (not applicable for the Timothy Plan Fixed Income ETF)
The Funds, pursue a passive or "indexing" strategy. The Funds will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the respective index each is designed to track. A Fund's return may not match the return of its index for a number of reasons, including: the Fund incurs operating expenses not applicable to the Index, and incurs costs in buying and selling securities; the Fund may not be fully invested at times; differences in the valuation of securities and differences between the Fund's portfolio and the index resulting from legal restrictions, cost or liquidity constraints.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **23**

It is also possible that a Fund may not replicate the performance of the Index due to the temporary unavailability of certain Index securities in the secondary market or due to other extraordinary circumstances. A Fund may also have to vary its portfolio holdings from the composition of the Index in order to qualify, and continue to qualify, as a "regulated investment company" under the Code. See Taxes below for additional information on the Fund's tax treatment.

#### SHORT SALES
A Fund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time a Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent a Fund sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A Fund does not intend to enter into short sales (other than short sales "against the box") if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 30% of the value of the Fund's net assets. This percentage may be varied by action of the Board. A short sale is "against the box" to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

#### REGULATION AS A COMMODITY POOL OPERATOR
The Adviser has filed with the National Futures Association ("NFA"), on behalf of the Funds, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the Commodity Futures Trading Commission promulgated thereunder, with respect to the Funds' operations. Accordingly, the Funds will not be subject to registration or regulation as a commodity pool.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **24**

#### RECENT MARKET CONDITIONS AND EVENTS
Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Likewise, systemic market dislocations of the kind that occurred during the financial crisis that began in 2008, if repeated, would be highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Some countries, including the United States, are adopting more protectionist trade policies and are moving away from the tighter financial industry regulations that followed the 2008 financial crisis, which may also affect the value of a Fund's investments.

Political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments, increase uncertainty in or impair the operation of the United States or other securities markets and degrade investor and consumer confidence, perhaps suddenly and to a significant degree.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy and the value of a Fund's investments. Outbreaks of illnesses and diseases, such as severe acute respiratory syndrome ("SARS"), influenza of various types andCOVID-19, or other similarly infectious diseases, may have material adverse impacts on a Fund and its performance. Epidemics and/or pandemics, such as COVID-19, have and may further result in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, significant challenges to healthcare service preparation and delivery, and quarantines and stay-at-home orders, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of COVID-19, and other epidemics and/or pandemics that may arise in the future, and may affect the economies of many nations, individual companies and the global securities and commodities markets, including their liquidity, in ways that cannot necessarily be foreseen at the present time. Historical patterns of correlation among asset classes may break down in unanticipated ways during times of high volatility, disrupting investment programs and potentially causing losses. The impact of public health crises, including COVID-19, may continue to last for an extended period of time.

The U.S. federal government and certain foreign central banks have taken a variety of unprecedented actions to stabilize the economy and calm the financial markets and may continue to do so, but the ultimate impact of these efforts and interventions is uncertain. In the future, the U.S. federal government or other governments may take actions that could affect the overall economy as well as the securities in which a Fund invests, the markets in which they trade, or the issuers of such securities, in ways that cannot necessarily be foreseen at the present time. Governmental and quasi-governmental authorities and regulators throughout the world, such as the

U.S. Federal Reserve (the "Fed"), have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes to interest rates. The Fed has spent hundreds of billions of dollars to keep credit flowing through short-term money markets since mid-September 2019 when a shortage of liquidity caused a spike in overnight borrowing rates, and again in 2020 with large stimulus initiatives intended to respond to economic stresses stemming from the COVID-19 pandemic. The impact of infectious diseases in developing and emerging market countries, however, may be greater due to less established health care systems and fewer government resources to bolster their economies. Public health crises may exacerbate other pre-existing political, social, and economic risks in certain countries.

In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the repricing of credit risk in credit markets and the failure of major domestic and international financial institutions. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed income securities may vary widely under certain market conditions and may result in heightened market volatility and a decline in the value of a Fund's portfolio. Changes in government policies or central banks could negatively affect the value and liquidity of a Fund's investments and cause it to lose money. The markets could react strongly to expectations for changes in government policies, which could increase volatility, especially if the market's expectations are not borne out. There can be no assurance that the initiatives undertaken by governments and central banks will be successful.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **25**

Future epidemics or pandemics, could also impair the information technology and other operational systems upon which a Fund's service providers rely, and could otherwise disrupt the ability of a Fund's service providers to perform essential tasks. These could impair a Fund's ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund's service providers, and negatively impact a Fund's performance. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately value its investments.

Markets generally and the energy sector specifically, including MLPs and energy companies in which a Fund may invest, may also be adversely impacted by reduced demand for oil and other energy commodities as a result of a slowdown in economic activity and by price competition among key oil producing countries. In the recent past, global oil prices have declined significantly and experienced significant volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history, as demand for oil has slowed and oil storage facilities reach their storage capacities. Although the Organization of Petroleum Exporting Countries ("OPEC") and other oil-producing countries responded, oil price volatility may adversely impact MLPs and energy infrastructure companies. Such companies' growth prospects and ability to pay dividends may be negatively impacted, which could adversely impact a Fund's performance. Additionally, an extended period of reduced oil prices may significantly lengthen the time the energy sector would need to recover after a stabilization of prices.

Some countries, including the United States, are adopting more protectionist trade policies and are moving away from the tighter financial industry regulations that followed the 2008 financial crisis. The United States may also be considering significant new investments in infrastructure and national defense which, coupled with potentially lower federal taxes, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being considered through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market's expectations for changes in government policies are not borne out.

High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty. There may be additional increases in the amount of debt due to the economic effects of the COVID-19 pandemic. Because there is little precedent for this situation, it is difficult to predict the impact on various markets. Over the longer term, rising interest rates may present a greater risk than has historically been the case due to the recent period of historically low rates, the effect of government fiscal and monetary policy initiatives, and potential market reactions to those initiatives.

Some countries where economic conditions are still recovering from the 2008 crisis are perceived as still fragile. The crisis caused strains among countries in the euro-zone that have not been fully resolved, and it is not yet clear what measures, if any, EU or individual country officials may take in response. Withdrawal of government support, failure of efforts in response to the strains, or investor perception that such efforts are not succeeding could adversely impact the value and liquidity of certain securities and currencies.

In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Large wildfires driven by high winds and prolonged drought may devastate entire communities and may be very costly to any business found to be responsible for the fire or conducting operations in affected areas. These losses could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal, or mortgage-backed securities. Since property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these effects might unfold. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerative to climate change.

Some market participants have expressed concern that passively-managed index funds and other indexed products inflate the value of their component securities. If the component securities in such indices decline in value for this and other reasons, the value of a Fund's investments in these securities will also decline.

Russia's invasion of the Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia, including, among other actions, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; the removal by certain countries and the European Union of selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications ("SWIFT"), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The current events, including sanctions and the potential

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **26**

for future sanctions, including any impacting Russia's energy sector, and other actions, and Russia's retaliatory responses to those sanctions and actions, may continue to adversely impact the Russian and Ukrainian economies and may result in the further decline of the value and liquidity of Russian and Ukrainian securities, a continued weakening of the ruble and hryvnia and continued exchange closures, and may have other adverse consequences on the Russian and Ukrainian economies that could impact the value of these investments and impair the ability of the Fund to buy, sell, receive or deliver those securities. Moreover, those events have, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund's investments beyond any direct exposure to Russian and Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Funds and their investments or operations could be negatively impacted.

**Risks Related to Cybersecurity.** The Funds and their service providers have administrative and technical safeguards in place with respect to information security. Nevertheless, the Funds and their service providers are potentially susceptible to operational and information security risks resulting from a cyber-attack as the Funds are highly dependent upon the effective operation of their computer systems and those of their business partners. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service on websites and other operational disruption and unauthorized release of confidential customer information. Cyber-attacks affecting the Adviser, Victory Capital Services, Inc., the "Distributor," the Funds, the custodian, the transfer agent, financial intermediaries and other affiliated or third-party service providers may adversely affect the Funds and their shareholders. For instance, cyber-attacks may interfere with the processing of Fund transactions, including the processing of orders, impact a Fund's ability to calculate net asset values, cause the release and possible destruction of confidential customer or business information, impede trading, subject a Fund and/or its service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also affect the issuers of securities in which a Fund invests, which may cause a Fund's investments to lose value. A Fund may also incur additional costs for cybersecurity risk management in the future. Although the Funds and their service providers have adopted security procedures to minimize the risk of a cyber-attack, there can be no assurance that the Funds or their service providers will avoid losses affecting the Funds due to cyber-attacks or information security breaches in the future.

**European Securities.** The EU Economic and Monetary Union ("EMU") requires member countries to comply with restrictions on interest rates, deficits, debt levels, and inflation rates, and other factors, each of which may significantly impact every European country. The economies of EU member countries and their trading partners may be affected adversely by changes in the euro's exchange rate, changes in EU or governmental regulations on trade, and the threat of default or default by an EU member country on its sovereign debt, which could negatively impact a Fund's investments and cause it to lose money. Recently, the European financial markets have been impacted negatively by rising government debt levels; possible default on or restructuring of sovereign debt in several European countries, including Greece, Ireland, Italy, Portugal and Spain; and economic downturns. A European country's default or debt restructuring would adversely affect the holders of the country's debt and sellers of credit default swaps linked to the country's creditworthiness and could negatively impact global markets more generally. Recent events in Europe have adversely affected the euro's exchange rate and value and may continue to impact the economies of every European country.

**Brexit.** The United Kingdom formally left the European Union ("EU") on January 31, 2020 (a measure commonly referred to as ("Brexit"). Following the withdrawal, in December 2020, the United Kingdom and the EU entered into a new trading relationship. The agreement allows for continued trading free of tariffs, but institutes other new requirements for trading between the United Kingdom and the EU. Even with a new trading relationship having been established, Brexit could continue to affect European or world wide political, regulatory, economic, or market conditions. There is the possibility that there will continue to be considerable uncertainty about the potential impact of these developments on United Kingdom, European and global economies and markets. There is also the possibility of withdrawal movements within other EU countries and the possibility of additional political, economic and market uncertainty and instability. Brexit and any similar developments may have negative effects on economies and markets, such as increased volatility and illiquidity and potentially lower economic growth in the United Kingdom, EU and globally, which may adversely affect the value of the Fund's investments. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could result in losses to a Fund, as there may be negative effects on the value and liquidity of the Fund's investments and/or a Fund's ability to enter into certain transactions.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **27**

Section 5 \| Investments by Other Registered Investment Companies

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including shares of a Fund. Other registered investment companies (typically structured as a "fund of funds") are permitted to invest in a Fund beyond the limits set forth in Section 12(d)(1) as permitted by any rules and regulations adopted under applicable law, including that such investment companies enter into an agreement with the Trust on behalf of the Fund.

**INVESTMENTS BY OTHER REGISTERED INVESTMENT COMPANIES** 

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **28**

Section 6 \| Determining Net Asset Value ("NAV") and Valuing Portfolio Securities

Each Fund's NAV is determined, and the shares of each Fund are priced normally as of the valuation time(s) indicated in the Prospectus on each Business Day. A "Business Day" is a day on which the NYSE is open. The NYSE is generally closed in observance of the following holidays: New Year's Day, Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas Day. In addition to closing in observance of the same holidays as the NYSE, the Federal Reserve Bank of Cleveland is also closed on Columbus Day and Veterans Day.

In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will normally be determined based upon the close of the NYSE.

The Funds generally value their investments based upon their last reported sale prices, market quotations, or estimates of value provided by an independent pricing service as of the time as of which the Fund's share price is calculated.

Under Rule 2a-5 of the 1940 Act, the Board has delegated to the Adviser, as valuation designee, responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances the Adviser will use its best efforts to arrive at the fair value of a security held by a Fund under all reasonably ascertainable facts and circumstances. The Adviser must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Adviser has adopted written policies and procedures, which have been approved by the Board, to guide the Adviser with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

#### INVESTMENT COMPANY SECURITIES
Shares of another open-end investment company (mutual fund) held by a Fund are valued at the latest closing NAV of such mutual fund. Shares of ETFs are valued in the manner described below under "Equity Securities."

#### FIXED INCOME SECURITIES
Fixed income securities held by a Fund are valued on the basis of security valuations provided by an independent pricing service, approved by the Adviser, that determines value by using, among other things, information with respect to transactions of a security, quotations from dealers, market transactions in comparable securities and various relationships between securities. Specific investment securities that are not priced by the approved pricing service will be valued according to quotations obtained from dealers who are market makers in those securities. Investment securities with less than 60 days to maturity when purchased are valued at amortized cost that approximates market value. Investment securities not having readily available market quotations will be priced at fair value using a methodology approved in good faith by the Board or its designee in accordance with applicable Rules under the 1940 Act subject to Board oversight.

#### EQUITY SECURITIES
Each equity security (including ETFs) held by a Fund is valued at the closing price on the exchange where the security is principally traded. Each security traded in the over-the-counter market (but not including securities the trading activity of which is reported on Nasdaq's Automated Confirmation Transaction ("ACT") System) is valued at the bid based upon quotes furnished by market makers for such securities. Each security the trading activity of which is reported on Nasdaq's ACT System is valued at the Nasdaq Official Closing Price.

#### FUTURES AND OPTIONS CONTRACTS
For purposes of determining NAV, futures and options contracts generally will be valued 15 minutes after the close of trading of the NYSE.

**DETERMINING NET ASSET VALUE ("NAV") AND VALUING PORTFOLIO SECURITIES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **29**

#### FUNDS THAT INVEST A SIGNIFICANT AMOUNT OF THEIR ASSETS IN FOREIGN SECURITIES
**Time zone arbitrage.** Funds that invest a significant amount of their assets in foreign securities, may be exposed to attempts by investors to engage in "time-zone arbitrage." Using this technique, investors seek to take advantage of differences in the values of foreign securities that might result from events that occur after the close of the foreign securities market on which a security is traded and before the close of the NYSE that day, when the Funds calculate their NAV.

If successful, time zone arbitrage might dilute the interests of other shareholders. These Funds use "fair value pricing" under certain circumstances, to adjust the closing market prices of foreign securities to reflect what the Adviser considers to be their fair value. Fair value pricing may also help to deter time zone arbitrage.

If market quotations are not readily available, or (in the Adviser's judgment) do not accurately reflect the fair value of a security, or if after the close of the principal market on which a security held by a Fund is traded and before the time as of which the Fund's NAV is calculated that day, an event occurs that the Adviser learns of and believes in the exercise of its judgment will cause a material change in the value of that security from the closing price of the security on the principal market on which it is traded, that security may be valued by another method that more accurately reflect the security's fair value.

The Funds' use of fair value pricing procedures involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. Accordingly, there can be no assurance that a Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its net asset value per share.

#### OTHER VALUATION INFORMATION
Under the 1940 Act, the Funds are required to act in good faith in determining the fair value of portfolio securities. The SEC has recognized that a security's valuation may differ depending on the method used for determining value. The fair value ascertained for a security is an estimate and there is no assurance, given the limited information available at the time of fair valuation, that a security's fair value will be the same as or close to the subsequent opening market price for that security.

Fair value determinations may include consideration of recent transactions in comparable securities, information relating to a specific security, developments in and performance of foreign securities markets, current valuations of foreign or U.S. indices, and adjustment co-efficients based on fair value models developed by independent service providers. The Adviser may, for example, adjust the value of portfolio securities based on fair value models supplied by the service provider when the Adviser believes that the adjustments better reflect actual prices as of the close of the NYSE.

Generally, trading in foreign securities, corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the NAV of each Fund's shares generally are determined at such times. Foreign currency exchange rates are also generally determined prior the close of the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which such values are determined and the close of the NYSE. If events affecting the value of securities occur during such a period, and a Fund's NAV is materially affected by such changes in the value of the securities, then these securities will be valued at their fair value as determined in good faith by the Adviser in accordance with applicable law. Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued as determined in good faith of the Adviser in accordance with applicable law.

When the NYSE is closed, or when trading is restricted for any reason other than its customary weekend or holiday closings, or under emergency circumstances as determined by the SEC to warrant such action, the Funds may not be able to accept purchase or redemption requests. A Fund's NAV may be affected to the extent that its securities are traded on days that are not Business Days. Each Fund reserves the right to reject any purchase order in whole or in part.

**DETERMINING NET ASSET VALUE ("NAV") AND VALUING PORTFOLIO SECURITIES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **30**

Section 7 \| Purchase and Redemption of Shares

Creation Units

Each Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day. A "Business Day" is any day on which the NYSE is open for business.

A Creation Unit is an aggregation of 50,000 shares or more for the Volatility Weighted ETF Funds and 25,000 shares or more for the Free Cash Flow ETF Funds and Fixed Income ETF Fund. The Board may declare a split or a consolidation in the number of shares outstanding of each Fund or Trust and make a corresponding change in the number of shares in a Creation Unit.

#### AUTHORIZED PARTICIPANTS
To purchase or redeem any Creation Units, you must be, or transact through, an Authorized Participant. In order to be an Authorized Participant, you must be either a broker-dealer or other participant ("Participating Party") in the Continuous Net Settlement System ("Clearing Process") of the National Securities Clearing Corporation ("NSCC") or a participant in DTC with access to the DTC system ("DTC Participant"), and you must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in each Fund's Creation Units.

Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form. Investors transacting through a broker that is not itself an Authorized Participant and therefore must still transact through an Authorized Participant may incur additional charges. There are expected to be a limited number of Authorized Participants at any one time.

Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Market disruptions and telephone or other communication failures may impede the transmission of orders.

#### TRANSACTION FEES
A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate each Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). With the approval of the Board, the Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. 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 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.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services.

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **31**

The following table sets forth each Fund's standard Transaction Fees and maximum additional charge (as described above):

---

| | | |
|:---|:---|:---|
| | **FEE FOR IN KIND AND CASH PURCHASES AND REDEMPTIONS** | **MAXIMUM ADDITIONAL VARIABLE CHARGE FOR CASH PURCHASES AND REDEMPTIONS\*** |
| &nbsp;&nbsp;US Small Cap Core ETF | $250 | 2% |
| &nbsp;&nbsp;US Large/Mid Cap Core ETF | $500 | 2% |
| &nbsp;&nbsp;High Dividend Stock ETF | $250 | 2% |
| &nbsp;&nbsp;International ETF | $4500 | 2% |
| &nbsp;&nbsp;Free Cash Flow ETF | $500 | 2% |
| &nbsp;&nbsp;Free Cash Flow Growth ETF | $250 | 2% |
| &nbsp;&nbsp;Fixed Income ETF | $250 | 2% |

---

\* As a percentage of the amount invested. 

#### THE CLEARING PROCESS
Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Portfolio Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. In-kind deposits of securities for orders outside the Clearing Process must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities).

#### FOREIGN SECURITIES
Because the portfolio securities of each Fund may trade on days that the Exchange is closed or are otherwise not Business Days for each Fund, shareholders may not be able to redeem their shares of each Fund, or to purchase or sell shares of each Fund on the Exchange, on days when the NAV of each Fund could be significantly affected by events in the relevant foreign markets.

Purchasing Creation Units

#### PORTFOLIO DEPOSIT
The consideration for a Creation Unit generally consists of the in-kind deposit of designated securities ("Deposit Securities") and an amount of cash in U.S. dollars ("Cash Component"). Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Deposit Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of each Fund and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Cash Component to each Fund. If (x) is less than (y), the Authorized Participant will receive the Cash Component from each Fund.

On each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for each Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable, subject to any adjustments as described below, to purchases of Creation Units until the next announcement of Deposit Securities.

The Deposit Securities may change as rebalancing adjustments and corporate action events of the Underlying Index are reflected from time to time by the Sub-Adviser in each Fund's portfolio. The Deposit Securities may also change in response to the rebalancing and/or reconstitution of the Underlying Index. These adjustments will reflect changes known to the Adviser on the date of announcement to be in effect by the time of delivery of the Portfolio Deposit.

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **32**

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

#### CUSTOM ORDERS AND CASH-IN-LIEU
Each Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. Each Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, each Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities laws or policies from transacting in one or more Deposit Securities. Each Fund will comply with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the 1933 Act. All orders involving cash-in-lieu are considered to be "Custom Orders."

#### PURCHASE ORDERS
To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor.

#### TIMING OF SUBMISSION OF PURCHASE ORDERS — NON-INTERNATIONAL FUNDS
All orders to purchase shares directly from any Fund (other than an International Fund) must be placed for one or more Creation Units and in the manner and by 4:00 p.m. Eastern time or such earlier time that the Exchange or bond market closes (the "Cut-off Time") in order to receive the NAV calculated on the Transmittal Date. The "Transmittal Date" is the date on which such an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below). All orders placed between 8:00 a.m. and 9:00 a.m. Eastern time are eligible to receive same day settlement (or "T+0").

#### TIMING OF SUBMISSION OF PURCHASE ORDERS — INTERNATIONAL FUND
All orders to purchase shares directly from an International Fund on the next Business Day must be submitted as a "Future Dated Trade" for one or more Creation Units between 4:00 p.m. Eastern time and 5:00 p.m. Eastern time on the prior Business Day in order to receive the NAV calculated on the Transmittal Date. For purposes of the International Funds, the "Transmittal Date" is the Business Day following the day on which such an order is submitted to purchase Creation Units (or an order to redeem Creation Units, as set forth below).

#### INTERMEDIARY DEADLINES
Persons placing or effectuating custom orders and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1").

#### ORDERS USING THE CLEARING PROCESS
If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor or its agent transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to each Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

#### ORDERS OUTSIDE THE CLEARING PROCESS
If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to each Fund account by 11:00 a.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time,

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **33**

the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to each Fund for any losses incurred by each Fund in connection therewith.

Orders involving foreign Deposit Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local Sub-custodian(s) of each Fund to maintain an account into which an Authorized Participant may deliver Deposit Securities (or cash -in-lieu), with adjustments determined by each Fund, will then provide information of the order to such local Sub-custodian(s). The ordering Authorized Participant will then deliver the Deposit Securities (and any cash-in-lieu) to each Fund's account at the applicable local Sub-custodian. The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to each Fund, immediately available or same day funds in U.S. dollars estimated by each Fund to be sufficient to pay the Cash Component and Transaction Fee. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period. Settlement must occur by 2:00 p.m., Eastern Time, on the contractual settlement date.

#### ACCEPTANCE OF PURCHASE ORDER
All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by each Fund. Each Fund's determination shall be final and binding.

Each Fund reserves the absolute right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor if (a) the order is not in proper form; (b) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of each Fund; (c) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (d) acceptance of the Deposit Securities would have certain adverse tax consequences to each Fund; (e) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; (f) the acceptance of the Portfolio Deposit would otherwise, in the discretion of the Trust, Fund or the Adviser, have an adverse effect on the Trust, Fund or the rights of beneficial owners; or (g) in the event that circumstances outside the control of the Trust, the Distributor and the Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, each Fund's Custodian, a Sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. Each Fund, the Custodian, any Sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

#### ISSUANCE OF A CREATION UNIT
Once a Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until a Fund obtains good title to the Deposit Securities, along with any cash-in-lieu and Transaction Fee. The delivery of Creation Units generally will occur no later than T+1.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign Deposit Securities, when a local sub-custodian has confirmed to the Custodian that the Deposit Securities (or cash-in-lieu) have been delivered to a Fund's account with the sub custodian, the Fund will issue and deliver the Creation Unit. As stated above, Creation Units are generally delivered on T+1. However, a Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

***Unit.*** As stated above, Creation Units are generally delivered on T+1. However, a Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **34**

A Fund may issue a Creation Unit prior to receiving good title to the Deposit Securities under the following circumstances if, pursuant to the applicable Participant Agreement, the relevant Authorized Participant provides an undertaking to deliver the missing Deposit Securities as soon as possible, which undertaking is secured by such Authorized Participant's delivery of cash in U.S. Dollars to the Custodian having a value equal to at least 105% of the value of the missing Deposit Securities ("Collateral") as adjusted by time to time by the Adviser. The Collateral will have a value greater than the NAV of the Creation Unit on the date the order is placed and must be delivered no later than 2:00 p.m., Eastern Time, on T+1. The value of the missing Deposit Securities is marked to market daily and the amount of Collateral is adjusted to make sure the Collateral value is at least 105% of the marked value. At any time, a Fund may use the Collateral to purchase the missing Deposit Securities, and the Authorized Participant will be liable to the Fund for any costs incurred thereby or losses resulting therefrom, whether or not they exceed the amount of the Collateral, including any Transaction Fee, any amount by which the purchase price of the missing Deposit Securities exceeds the market value of such securities on the Transmittal Date, brokerage and other transaction costs. The Trust will return any unused Collateral once all of the missing Deposit Securities have been received by a Fund. More information regarding a Fund's current procedures for collateralization is available from the Funds.

#### CASH PURCHASE METHOD
When cash purchases of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

The Funds reserve the right to offer purchases of Creation Units solely in cash if, on a given Business Day, a Fund announces before the open of trading that all purchases on that day will be made entirely in cash A Fund may also, on a given Business Day, require all Authorized Participants purchasing Creation Units on that day to deposit cash in lieu of some or all of the Deposit Securities because: (i) such securities are not eligible for transfer either through the NSCC or DTC or (ii) in the case of Foreign Funds holding non-U.S. investments, such securities are not eligible for trading due to local trading restrictions, local restrictions on securities transfers or other similar circumstances.

The Fund may also permit an Authorized Participant to deposit cash in lieu of some or all of the Deposit Securities because: (i) such securities are not available in sufficient quantity or (ii) such securities are not eligible for trading by an Authorized Participant or the investor on whose behalf the Authorized Participant is acting.

Redeeming Creation Units

Shares of a Fund may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request made in proper form by the Distributor on any Business Day. A Fund will not redeem shares in amounts less than Creation Units.

#### REDEMPTION BASKET
The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and an amount of cash in U.S. dollars ("Cash Component"). Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

There can be no assurance that there will be sufficient liquidity in shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from the Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to the Fund.

If the Redemption Securities on a Business Day are different from the Deposit Securities, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Redemption Security in the current Redemption Basket (based on information at the end of the previous Business Day) for a Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. If the Redemption Securities on a Business Day are different from the Deposit Securities, all redemption requests that day will be processed outside the Clearing Process.

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **35**

The Redemption Securities may change as rebalancing adjustments and corporate action events are reflected from time to time by the Adviser in the Fund's portfolio. These adjustments will reflect changes known to the Adviser on the date of announcement to be in effect by the time of delivery of the Redemption Basket.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the shares or determination of the ETF's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

#### CUSTOM REDEMPTIONS AND CASH-IN-LIEU
A Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Redemption Security. The Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, a Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more Redemption Securities. Each Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the 1933 Act. All redemption requests involving cash-in-lieu are considered to be "Custom Redemptions."

#### REDEMPTION REQUESTS
To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor. An Authorized Participant will represent to the Fund that it will not attempt to place a redemption order for the purpose of redeeming any Creation Units, unless it first ascertains or has reasonable grounds to believe that as of the time of the settlement date: (i) it, or its customer, as the case may be, will own outright (or have full legal authority and legal beneficial right to tender) the requisite number of Fund shares for redemption, and (ii) all of the shares that are in the Creation Unit to be redeemed have not been loaned or pledged to another party and are not the subject of a repurchase agreement, or such other arrangement that would preclude the delivery of such shares to a Fund on the settlement date. Each Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and /or short interest in a Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by a Fund.

#### TIMING OF SUBMISSION OF REDEMPTION REQUESTS – NON-INTERNATIONAL FUNDS
All orders to redeem shares directly from any Fund (other than an International Fund) must be placed for one or more Creation Units and in the manner and by 4:00 p.m. Eastern time or such earlier time that the Exchange or bond market closes (the "Cut-off Time") in order to receive the NAV calculated on the Transmittal Date. The "Transmittal Date" is the date on which such an order to redeem Creation Units.

#### TIMING OF SUBMISSION OF REDEMPTION REQUESTS – INTERNATIONAL FUND
All orders to redeem shares directly from an International Fund that invests a significant amount of its assets in foreign securities directly from the Funds on the next Business Day must be submitted as a "Future Dated Trade" for one or more Creation Units between 4:00 p.m. Eastern time and 5:00 p.m. Eastern time on the prior Business Day in order to receive the NAV calculated on the Transmittal Date. The Transmittal Date is the Business Day following the day on which such an order is submitted to redeem Creation Units.

#### INTERMEDIARY DEADLINES
A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **36**

#### REQUESTS USING THE CLEARING PROCESS
If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to a Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

#### REQUESTS OUTSIDE THE CLEARING PROCESS
If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 10:00 a.m., Eastern Time, on received T-1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T-1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T-1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Orders involving foreign Redemption Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption request, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to the Fund's local Sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the Redemption Securities are customarily traded and to which such Redemption Securities (and any cash-in-lieu) can be delivered from the Fund's accounts at the applicable local Sub-custodian(s).

#### ACCEPTANCE OF REDEMPTION REQUESTS
All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust. The Trust's determination shall be final and binding.

#### DELIVERY OF REDEMPTION BASKET
Once a Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket generally will be delivered to the redeeming Authorized Participant within T+1. Except under the circumstances described below; however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to a Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign Redemption Securities, a Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period.

***Cash Redemption Method.*** The Funds reserve the right to redeem Creation Units solely in cash if, on a given Business Day, a Fund announces before the open of trading that all redemptions on that day will be made entirely in cash. A Fund may also on a given Business Day, requires all Authorized Participants redeeming Creation Units on that day to receive cash in lieu of some or all of the Deposit Securities because: (i) such securities are not eligible for transfer either through the NSCC or DTC or (ii) in the case of International Funds holding non-U.S. investments, such securities are not eligible for trading due to local trading restrictions, local restrictions on securities transfers or other similar circumstances. The Funds may also permit an Authorized Participant to receive cash in lieu of some or all of the Deposit Securities because: (i) such securities are not available in sufficient quantity, (ii) such securities are not eligible for trading by an Authorized Participant or the investor on whose behalf the Authorized Participant is acting, or (iii) a holder of shares of a Fund holding non-U.S. investments would be subject to unfavorable income tax treatment if

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **37**

the holder receives redemption proceeds in kind. When cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

**PURCHASE AND REDEMPTION OF SHARES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **38**

Section 8 \| Management of the Trust

Board Leadership Structure

The Trust is governed by a Board of Trustees consisting of twelve (12) Trustees, ten (10) of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act (the "Independent Trustees"). The Chairman of the Board is Mr. Mathew D Staver. Mr. Alan Ross, an "Independent Trustee" serves as Vice Chairman of the Board and the Lead Independent Trustee. The Chairman and Vice Chairman serve as liaisons between the Board and its Committees, the Adviser and other service providers. The Chairman and Vice Chairman work together in setting the Board meeting and Board Committee agendas.

#### BOARD ROLE IN RISK OVERSIGHT
An integral part of the Board's overall responsibility for overseeing the management and operations of the Trust is the Board's oversight of the risk management of the Trust's investment programs and business affairs. The Funds are subject to several risks, such as investment, credit, valuation, operational, legal, compliance, and regulatory risks. The Trust, the Adviser and the other service providers have implemented various processes, procedures and controls to identify risks to the Funds, to lessen the probability of their occurrence and to mitigate any adverse effect should they occur. Different processes, procedures, and controls are employed with respect to different types of risks. These systems include those embedded in the conduct of the regular operations of the Board and in the regular responsibilities of the officers of the Trust and the other service providers.

The Board exercises oversight of the risk management process through the Board itself and through the Audit Committee. In addition to adopting, and periodically reviewing, policies and procedures designed to address risks to the Funds, the Board requires management of the Adviser and the Trust, including the Trust's Chief Compliance Officer ("CCO"), to report to the Board and the Audit Committee on a variety of matters, including matters relating to risk management, at regular and special meetings. The Board and the Audit Committee receive regular reports from the Trust's independent public accountants on internal control and financial reporting matters. On at least an annual basis, the Independent Trustees meet separately with the Funds' CCO outside the presence of management to discuss issues related to compliance. Furthermore, the Board receives a quarterly report from the Funds' CCO regarding the operation of the compliance policies and procedures of the Trust and its primary service providers. The Board also receives quarterly reports from the Adviser on the investments and securities trading of the Funds, including their investment performance, as well as reports regarding the valuation of the Funds' securities. In addition, in its annual review of the Funds' advisory agreements, the Board reviews information provided by the Adviser relating to its operational capabilities, financial condition, and resources. The Board also conducts an annual self-evaluation that includes a review of its effectiveness in overseeing the number of Funds in the Trust and the effectiveness of its committee structure.

The Board recognizes that it is impossible to identify all risks that may affect a Fund or to develop processes, procedures, and controls to eliminate or mitigate every occurrence or effect. The Board may, at any time and at its discretion, change how it conducts its risk oversight role.

#### TRUSTEES AND OFFICERS
The following tables list the Trustees and Officers, their ages, position with the Trust, length of time served, principal occupations during the past five years, and, where applicable, any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended, or who file reports under that Act. Each Trustee oversees 19 portfolios in the Trust. There is no defined term of office, and each trustee serves until his or her resignation, retirement, removal, death, or the election of a qualified successor. Each Trustee's and Officer's address is c/o Timothy Partners, Ltd, 1055 Maitland Center Commons, Maitland, FL 32751

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **39**

#### INTERESTED TRUSTEES

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Brian Mumbert** <sup>(1)</sup> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1978 | &nbsp;&nbsp;Trustee and President | &nbsp;&nbsp;Indefinite; Trustee and Officer since 2025 | 19 |
| &nbsp;&nbsp;**Brian Mumbert** <sup>(1)</sup> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1978 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Brian Mumbert** <sup>(1)</sup> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1978 | &nbsp;&nbsp;Chief Operating Officer since 2026, Vice President and Regional Sales Executive of Timothy Partners, Ltd. ("TPL") 2013-2026, the investment Adviser and principal underwriter to each Fund. | &nbsp;&nbsp;Chief Operating Officer since 2026, Vice President and Regional Sales Executive of Timothy Partners, Ltd. ("TPL") 2013-2026, the investment Adviser and principal underwriter to each Fund. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Mathew D. Staver** <sup>(2)</sup> <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1956 | &nbsp;&nbsp;Trustee and Chairman  | &nbsp;&nbsp;Indefinite; Trustee since 2000, Chairman since 2025 | 19 |
| &nbsp;&nbsp;**Mathew D. Staver** <sup>(2)</sup> <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1956 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Mathew D. Staver** <sup>(2)</sup> <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1956 | &nbsp;&nbsp;An attorney specializing in free speech, appellate practice, and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. | &nbsp;&nbsp;An attorney specializing in free speech, appellate practice, and religious liberty constitutional law. Founder of Liberty Counsel, a religious civil liberties education and legal defense organization. Host of two radio programs devoted to religious freedom issues. Editor of a monthly newsletter devoted to religious liberty topics. Mr. Staver has argued before the United States Supreme Court and has published numerous legal articles. |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Mr. Mumbert is an "interested" Trustee, as defined in the 1940 Act, because of his position with and financial interest in TPL. Mr. Mumbert is married to Cheryl Mumbert, Vice President of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mr. Staver is an "interested" Trustee, as defined in the 1940 Act, because he has a limited partnership interest in TPL.

#### INDEPENDENT TRUSTEES

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Dale A. Bissonette** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1958 | &nbsp;&nbsp;Trustee and Audit Committee Chairman | &nbsp;&nbsp;Indefinite; Trustee since 2020; Audit Committee since 2022  | 19 |
| &nbsp;&nbsp;**Dale A. Bissonette** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1958 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Dale A. Bissonette** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1958 | &nbsp;&nbsp;President and Chief Executive Officer ("CEO"), Good Place Holdings, a Christian Centered Business Holding Comp | &nbsp;&nbsp;President and Chief Executive Officer ("CEO"), Good Place Holdings, a Christian Centered Business Holding Comp |  |

---

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **40**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Kenneth Blackwell** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1948  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite: Trustee since 2025, previously served from 2011 to 2020 and 2022 to 2024 | 19 |
| &nbsp;&nbsp;**Kenneth Blackwell** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1948  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Kenneth Blackwell** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1948  | &nbsp;&nbsp;Self-Employed Independent Public Policy Consultant. | &nbsp;&nbsp;Self-Employed Independent Public Policy Consultant. | &nbsp;&nbsp;Public Interest Legal Foundation; National Rifle Association; Law Enforcement Legal Defense Fund; American Constitution Rights Union. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Richard W. Copeland**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1947 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | 19 |
| &nbsp;&nbsp;**Richard W. Copeland**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1947 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Richard W. Copeland**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1947 | &nbsp;&nbsp;Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida, and LLM Taxation from the University of Miami. | &nbsp;&nbsp;Retired. Associate Professor of Law Stetson University. Retired Principal of Copeland & Covert, Attorneys at Law, specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida, and LLM Taxation from the University of Miami. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Theron R. Holladay Sr.** <br> 1055 Maitland Center Commons <br> Maitland, FL <br> Born: 1961  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2025 | 19 |
| &nbsp;&nbsp;**Theron R. Holladay Sr.** <br> 1055 Maitland Center Commons <br> Maitland, FL <br> Born: 1961  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Theron R. Holladay Sr.** <br> 1055 Maitland Center Commons <br> Maitland, FL <br> Born: 1961  | &nbsp;&nbsp;President (since 2010) CEO and Board Member of Parkway Advisors (2001-present). | &nbsp;&nbsp;President (since 2010) CEO and Board Member of Parkway Advisors (2001-present). | &nbsp;&nbsp;Directors Foundation (2014-present). Abilene Cultural Affairs Council (2015-2023) |

---

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **41**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Deborah Travis Honeycutt, M.D.** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1947  | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2010 | 19 |
| &nbsp;&nbsp;**Deborah Travis Honeycutt, M.D.** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1947  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Deborah Travis Honeycutt, M.D.** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1947  | &nbsp;&nbsp;Owner and President of D. Ann Travis, MD, LLC (2001-present); Licensed physician at Kaiser Permanente under the auspices of CompHealth (2015-2018 and 2022-2025); CEO of Minority Health Services in Atlanta, and as a volunteer at Atlanta Morning Center pregnancy resource center (2021-2025); and licensed physician at Chickasaw Nation Medical Center (2019-2021). | &nbsp;&nbsp;Owner and President of D. Ann Travis, MD, LLC (2001-present); Licensed physician at Kaiser Permanente under the auspices of CompHealth (2015-2018 and 2022-2025); CEO of Minority Health Services in Atlanta, and as a volunteer at Atlanta Morning Center pregnancy resource center (2021-2025); and licensed physician at Chickasaw Nation Medical Center (2019-2021). |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Anthereca E. Lane, M.D.** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1961 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2025 | 19 |
| &nbsp;&nbsp;**Anthereca E. Lane, M.D.** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1961 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Anthereca E. Lane, M.D.** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1961 | &nbsp;&nbsp;Owner of Lane Women's Health on Demand, LLC (2018-present). Member of Women's Services Medical Staff at Good Samaritan Hospital (2022-present). | &nbsp;&nbsp;Owner of Lane Women's Health on Demand, LLC (2018-present). Member of Women's Services Medical Staff at Good Samaritan Hospital (2022-present). | &nbsp;&nbsp;Board of Directors of YMCA Powel Crosley |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**John C. Mulder**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1950 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2005 | 19 |
| &nbsp;&nbsp;**John C. Mulder**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1950 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**John C. Mulder**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1950 | &nbsp;&nbsp;President of WaterStone (FKA the Christian Community Foundation and National Foundation) from 2001 to 2022. | &nbsp;&nbsp;President of WaterStone (FKA the Christian Community Foundation and National Foundation) from 2001 to 2022. | &nbsp;&nbsp;Director for WaterStone since 2022 |

---

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **42**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Shelly Nahrstedt** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1961 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2025 | 19 |
| &nbsp;&nbsp;**Shelly Nahrstedt** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1961 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Shelly Nahrstedt** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1961 | &nbsp;&nbsp;Chief Operating Officer, Integrity Fund Services, LLC, and Treasurer, Viking Mutual Funds (2020-present). | &nbsp;&nbsp;Chief Operating Officer, Integrity Fund Services, LLC, and Treasurer, Viking Mutual Funds (2020-present). | &nbsp;&nbsp;Independent Trustee of the Monteagle Funds |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Abraham M. Rivera**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1969 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite; Trustee since 2020; Governance Committee since 2024 | 19 |
| &nbsp;&nbsp;**Abraham M. Rivera**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1969 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Abraham M. Rivera**<br> 1055 Maitland Center Commons <br> Maitland, FL<br> Born: 1969 | &nbsp;&nbsp;Pastor / President / Director for La Puerta Life Center, Inc., a Florida corporation. | &nbsp;&nbsp;Pastor / President / Director for La Puerta Life Center, Inc., a Florida corporation. | &nbsp;&nbsp;Director, for La Puerta Life Center, Inc., a Florida corporation |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Alan M. Ross** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1951 | &nbsp;&nbsp;Trustee, Vice Chairman and Chairman of the Governance Committee | &nbsp;&nbsp;Indefinite; Trustee since 2004; Vice Chairman since 2014; Governance Chair since 2026 | 19 |
| &nbsp;&nbsp;**Alan M. Ross** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1951 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Alan M. Ross** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1951 | &nbsp;&nbsp;Founder and CEO Kingdom Companies founded in 2000. President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners, retired 2020. CEO and Managing Editor APC Media since 2000. | &nbsp;&nbsp;Founder and CEO Kingdom Companies founded in 2000. President of the Electric Power Reliability Alliance (EPRA), a nonprofit serving industrial, commercial and grid-edge electrical reliability practitioners, retired 2020. CEO and Managing Editor APC Media since 2000. |  |

---

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **43**

#### PRINCIPAL EXECUTIVE OFFICERS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Greg Ally** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1985 | &nbsp;&nbsp;Treasurer and Principal Financial Officer | &nbsp;&nbsp;Indefinite; Treasurer and Principal Financial Officer since 2025  | N/A |
| &nbsp;&nbsp;**Greg Ally** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1985 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Greg Ally** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1985 | &nbsp;&nbsp;Chief Financial Officer of TPL, the investment Adviser and principal underwriter to each Fund, February 2025 to present; Financial Reporting Analyst of TPL, February 2020 to February 2025; Aircraft Maintenance Manager, U.S. Air Force Reserve, 2015 to March 2024. | &nbsp;&nbsp;Chief Financial Officer of TPL, the investment Adviser and principal underwriter to each Fund, February 2025 to present; Financial Reporting Analyst of TPL, February 2020 to February 2025; Aircraft Maintenance Manager, U.S. Air Force Reserve, 2015 to March 2024. | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Cheryl Mumbert** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1970 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Indefinite; Officer since 2019 | N/A |
| &nbsp;&nbsp;**Cheryl Mumbert** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1970 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Cheryl Mumbert** <br>1055 Maitland Center Commons <br>Maitland, FL <br>Born: 1970 | &nbsp;&nbsp;Chief Marketing Officer and Design Officer, Timothy Partners, Ltd. | &nbsp;&nbsp;Chief Marketing Officer and Design Officer, Timothy Partners, Ltd. | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Cory Gossard** <br>Pine Advisor Solutions <br>501 S. Cherry Street <br>Suite 610 <br>Denver, CO 80246 <br>Born: 1972 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Indefinite; since 2025 | N/A |
| &nbsp;&nbsp;**Cory Gossard** <br>Pine Advisor Solutions <br>501 S. Cherry Street <br>Suite 610 <br>Denver, CO 80246 <br>Born: 1972 | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Cory Gossard** <br>Pine Advisor Solutions <br>501 S. Cherry Street <br>Suite 610 <br>Denver, CO 80246 <br>Born: 1972 | &nbsp;&nbsp;PINE Advisor Solutions, Managing Director, leads Pine's Fund Chief Compliance Officer Services Team, April 2021 to present. Vidant Asset Management, Chief Compliance Officer, March 2020 to December 2021. | &nbsp;&nbsp;PINE Advisor Solutions, Managing Director, leads Pine's Fund Chief Compliance Officer Services Team, April 2021 to present. Vidant Asset Management, Chief Compliance Officer, March 2020 to December 2021. | N/A |

---

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **44**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**David James** <br>225 Pictoria Drive <br>Cincinnati, Ohio 45246 <br>Born: 1970  | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Indefinite; Secretary since 2023, Assistant Secretary (2022-2023) | N/A |
| &nbsp;&nbsp;**David James** <br>225 Pictoria Drive <br>Cincinnati, Ohio 45246 <br>Born: 1970  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**David James** <br>225 Pictoria Drive <br>Cincinnati, Ohio 45246 <br>Born: 1970  | &nbsp;&nbsp;As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, LLC, since 2018; Department Head of State Street Bank and Trust Company's Fund Administration Legal Department (2003-2018). | &nbsp;&nbsp;As Executive Vice President, Chief Legal and Risk Officer at Ultimus Fund Solutions, LLC, since 2018; Department Head of State Street Bank and Trust Company's Fund Administration Legal Department (2003-2018). | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Brittany Weise** <br>225 Pictoria Drive <br>Cincinnati, Ohio 45246 <br>Born: 1990  | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Indefinite; Assistant Secretary since 2026 | N/A |
| &nbsp;&nbsp;**Brittany Weise** <br>225 Pictoria Drive <br>Cincinnati, Ohio 45246 <br>Born: 1990  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Brittany Weise** <br>225 Pictoria Drive <br>Cincinnati, Ohio 45246 <br>Born: 1990  | &nbsp;&nbsp;AVP Legal Counsel, Ultimus Fund Solutions, LLC, since 2025; Principal Legal Counsel, ALPS Fund Services, Inc, 2024 - 2025; Associate Counsel, Ultimus Fund Solutions, LLC, 2022 - 2024; Attorney, Morgan & Morgan P.A. (formerly Mitcheson & Lee, LLP) 2019 - 2022. | &nbsp;&nbsp;AVP Legal Counsel, Ultimus Fund Solutions, LLC, since 2025; Principal Legal Counsel, ALPS Fund Services, Inc, 2024 - 2025; Associate Counsel, Ultimus Fund Solutions, LLC, 2022 - 2024; Attorney, Morgan & Morgan P.A. (formerly Mitcheson & Lee, LLP) 2019 - 2022. | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, AGE & ADDRESS** | &nbsp;&nbsp;**POSITION(S) HELD <br> WITH TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> & LENGTH OF TIME SERVED** | &nbsp;&nbsp;**NUMBER OF PORTFOLIOS <br> IN FUND COMPLEX <br> OVERSEEN BY TRUSTEE** |
| &nbsp;&nbsp;**Deryk Jones** <br>4221 North 203<sup>rd</sup> St., Suite 100 <br>Elkhorn, NE 68022 <br>Born: 1988  | &nbsp;&nbsp;AML Officer | &nbsp;&nbsp;Indefinite; AML Officer since 2022 | N/A |
| &nbsp;&nbsp;**Deryk Jones** <br>4221 North 203<sup>rd</sup> St., Suite 100 <br>Elkhorn, NE 68022 <br>Born: 1988  | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION <br> DURING THE PAST FIVE YEARS** | &nbsp;&nbsp;**DIRECTORSHIPS HELD <br> BY TRUSTEE** |
| &nbsp;&nbsp;**Deryk Jones** <br>4221 North 203<sup>rd</sup> St., Suite 100 <br>Elkhorn, NE 68022 <br>Born: 1988  | &nbsp;&nbsp;Compliance Analyst Ultimus Fund Solutions, LLC, since March 2018 | &nbsp;&nbsp;Compliance Analyst Ultimus Fund Solutions, LLC, since March 2018 | N/A |

---

#### ADDITIONAL INFORMATION ABOUT THE TRUSTEES
Each Trustee's experience, qualifications, attributes, or skills, both on an individual and combined basis with those of the other Trustees, lead the Board of Trustees to conclude that they are qualified to serve on the Board. The Board of Trustees believes that the Trustees' ability to review critically, evaluate, question, and discuss the information provided to them; to interact effectively with the Adviser, other service providers, legal counsel, and independent public accountants; and to exercise practical business judgment in the performance of their duties as Trustees, support this conclusion. The Board of Trustees also considers the contributions each Trustee can make to the Board and the Trust a valuable asset.

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **45**

As described in the table above, the Independent Trustees have served as such for a considerable time, which has provided them with knowledge of the business and operation of the Funds and the Trust. In addition, the following specific experience, qualifications, attributes, and/or skills apply to each Trustee:

**Brian Mumbert** has been a dedicated leader at Timothy Partners, Ltd. since 2006, serving the organization in a range of progressively senior roles. His tenure includes work as a Regional Sales Executive, his appointment as Vice President in 2013, and his current role as Chief Operating Officer, which he assumed in 2026. Throughout his career, Mr. Mumbert has demonstrated strong operational leadership, strategic insight, and a relationship-driven approach to sales and organizational development. He brings to the Board a depth of experience in management, team building, and client engagement that strengthens the firm's long-term mission and oversight.

**Mat Staver** served as Dean of Liberty University School of Law and is the founder and chairperson of Liberty Counsel. Mr. Staver has argued before the United States Supreme Court and brings his extensive legal background to the Board.

**Dale A. Bissonette** is the President of Good Place Holdings, a Christian Centered Business holding Company. Mr. Bissonette adds diverse business skills and experience to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Kenneth Blackwell** brings his vast experience and unique perspective gained as the former mayor of Cincinnati, Ohio, and also served as former Secretary of State for Ohio. Mr. Blackwell was an overseas ambassador, author, and celebrated business entrepreneur. Mr. Blackwell has also previously served as an independent trustee of the Trust.

**Richard W. Copeland** is a retired Associate Professor from Stetson University School of Business Administration. Retired Principal of Copeland & Covert, Attorneys at Law specializing in tax and estate planning. B.A. from Mississippi College, JD from the University of Florida, and LLM Taxation from the University of Miami.

**Theron R. Holladay Sr., CFA**, currently serves as a financial professional providing advice to the insurance industry at a firm which integrates biblical principles. Mr. Holladay offers the Board his insurance investment and accounting experience.

**Deborah Travis Honeycutt, MD**, is a physician practicing in the Atlanta, GA, area. Dr. Honeycutt has experience in managing and directing health clinics and as a family medical practitioner and brings extensive business experience, as well as experience in the health care sector, to the Board.

**Anthereca E. Lane** is a physician and entrepreneur practicing in the Cincinnati, Ohio area. Dr. Lane brings extensive business and health care experience from running her own medical practice and digital women's health service to the Board.

**John C. Mulder** is the executive director of Waterstone, a charitable remainder trust custodian that serves persons across the United States. Mr. Mulder brings proficiency in taxation and the skills he has acquired in managing a national organization.

**Shelly Nahrstedt** served as Chief Operating Officer of a mutual fund transfer agent and as a director of a mutual fund administrator. She also served as treasurer of numerous mutual funds. Ms. Nahrstedt brings her fund accounting experience to the Board.

**Abraham Rivera** is the recipient of various honors and awards for his work in the community, including the United States Congressional Award for Hispanic Leadership. He is currently on the teaching staff of St. Thomas University. Mr. Rivera is the Pastor / President / Director for the La Puerta Life Center, Inc. in Florida.

**Alan M Ross** is an entrepreneur specializing in corporate turn-around ventures and currently serves as the president of the Electric Power Reliability Alliance (EPRA). Mr. Ross offers the Board the wealth of knowledge he has gained in his experiences as a manager/owner of numerous companies.

References to the experience, qualifications, attributes, or skills of the Trustees are pursuant to the requirements of the Securities and Exchange Commission. They do not indicate that the Board or any Trustee has unique expertise or experience and shall not impose any greater responsibility or liability on such Trustee or the Board by reason thereof.

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **46**

#### BOARD STRUCTURE
The Board is responsible for overseeing the management and operations of the Trust and the Funds. The Board currently consists of ten independent trustees and two trustees who are interested persons in the Trust. Mr. Mathew D. Staver, serves as Chairman of the Board. Mr. Alan Ross serves as Vice Chairman of the Board and the Lead Independent Trustee. Mr. Ross works with Mr. Staver to set the agenda for the Board and Committee meetings and Mr. Ross chairs meetings of the Independent Trustees. Generally, Mr. Ross act as liaisons between the Independent Trustees and the Trust's management during Board meetings.

The Board has two standing committees: the Audit Committee and the Governance Committee. The members of each Committee are not "interested" persons of the Trust (as defined in the 1940 Act).

The **Audit Committee** consists of Messrs. Bissonette – Chairman, Mulder, Copeland and Ms. Nahrstedt. The Audit Committee is responsible for overseeing the Trust's accounting and financial reporting policies and practices, internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of financial statements and the independent audits of the financial statements; acting as a liaison between the independent auditors and the full Board. The Audit Committee meets twice during each calendar year.

The **Governance Committee** consists of Messrs. Ross – Chairman, Rivera, and Mrs. Honeycutt. The Governance Committee is responsible for overseeing the composition of the Board, the qualifications and independence of its members, compensation, education, the Trustees' annual "self-assessment" and other governance matters, as well as the succession of Board members. The Committee meets on an as-needed basis and currently does not accept recommendations from shareholders regarding nominees. The Committee was established in February 2024.

The Independent Trustees have engaged independent legal counsel to advise on regulatory compliance and other topics. This legal counsel also serves as counsel to the Trust. In addition, the Board has engaged a Chief Compliance Officer ("CCO") responsible for overseeing compliance risks. The CCO is also an officer of the Trust and reports to the Board at least quarterly on any material compliance items that have arisen. Annually, they provide the Board with a comprehensive compliance report outlining the effectiveness of the Trust's compliance policies and procedures and those of its service providers. As part of the CCO's risk oversight function, the CCO seeks to understand the risks inherent in the operations of the Trust's series and their advisers and sub-advisers. Periodically, the CCO provides reports to the Board that:

● Assess the quality of the information the CCO receives from internal and external sources;

● Assess how Trust personnel monitor and evaluate risks;

● Assess the quality of the Trust's risk management procedures and the effectiveness of the Trust's organizational

● structure in implementing those procedures;

● Consider feedback from and provide feedback regarding critical risk issues to Trust and administrative and advisory personnel responsible for implementing risk management programs and

● Consider economic, industry, and regulatory developments and recommend changes to the Trust's compliance programs to meet new regulations or industry developments.

Under normal circumstances, the Board meets in person quarterly. It holds four regular meetings annually to consider and act upon matters involving the Trust and the Funds. The Board also may hold special meetings to address matters arising between regular meetings. Beginning in March 2020, the Trustees may conduct quarterly meetings telephonically in accordance with relief granted by the U.S. Securities and Exchange Commission (the "SEC") to ease certain governance obligations in light of current travel concerns related to the COVID-19 pandemic. The Trustees acknowledge that all actions that require a vote of the Trustees at an in-person meeting would be ratified, as required by the SEC's relief, at a later in-person meeting. The Independent Trustees also regularly meet outside management and are advised by legal counsel. These meetings may take place in person or by telephone. Through the Audit Committee, the Independent Trustees consider and address important matters involving the Funds, including those presenting conflicts or potential conflicts of interest for Trust management. The Board has determined that its committee structure helps ensure that the Funds have effective and independent governance and oversight. Given the Adviser's sponsorship of the Trust, that investors have selected the Adviser to provide overall management to the Funds, and Mr. Ally's senior leadership role within the Adviser, the Board elected him Chairman. The Board reviews its structure regularly and believes that its leadership structure, including having at least two thirds Independent Trustees, coupled with the responsibilities undertaken by Mr. Ally as Chair, Mr. Ross as Vice-Chair and Lead Independent Trustee, is appropriate and in the best interests of the Trust, given its specific characteristics. The Board also believes its leadership structure facilitates the orderly and efficient flow of information from fund management to the Independent Trustees.

The Board recognizes that it is impossible to identify all risks that may affect a Fund or to develop processes, procedures, and controls to eliminate or mitigate every occurrence or effect. The Board may change how it conducts its risk oversight role at any time and at its discretion.

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **47**

Trustees' Compensation

The following table indicates the compensation received by each Trustee from the 7 ETF Funds covered in this SAI and from all funds in the Timothy Fund Complex for the calendar year ended December 31, 2025. As of December 31, 2025, there were 16 funds in the Timothy Fund Complex. The Trust does not maintain a retirement plan for its Trustees.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF PERSON, POSITION** | &nbsp;&nbsp;**AGGREGATE COMPENSATION FOR ETF FUNDS <sup>(1)</sup>** | &nbsp;&nbsp;**TOTAL COMPENSATION FROM THE TIMOTHY FUND COMPLEX PAID TO DIRECTORS**  |
| &nbsp;&nbsp;**Interested Trustees** | | |
| &nbsp;&nbsp;Brian Mumbert | $0 | $0 |
| &nbsp;&nbsp;Mathew D. Staver  | $0 | $0 |
| &nbsp;&nbsp;**Independent Trustees** |  |  |
| &nbsp;&nbsp;Dale A. Bissonette | $6110 | $17000 |
| &nbsp;&nbsp;Kenneth Blackwell | $4364 | $12000 |
| &nbsp;&nbsp;Richard W. Copeland | $5031 | $14000 |
| &nbsp;&nbsp;Theron Holladay | $5768 | $16000 |
| &nbsp;&nbsp;Deborah Honeycutt | $5768 | $16000 |
| &nbsp;&nbsp;Anthereca Lane, M.D. | $5768 | $16000 |
| &nbsp;&nbsp;John C. Mulder | $4364 | $12000 |
| &nbsp;&nbsp;Shelly Nahrstedt | $5768 | $16000 |
| &nbsp;&nbsp;Abraham Rivera | $6487 | $18000 |
| &nbsp;&nbsp;Alan M. Ross | $7206 | $20000 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser pays 100% of the Trustee Fees for the ETF Finds. This column lists the proportionate amount of Trustee fees paid by the Adviser. 

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **48**

#### TRUSTEE OWNERSHIP as of 12/31/2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF DIRECTOR <sup>(1)</sup>** | &nbsp;&nbsp;**DOLLAR RANGE OF FUNDS IN THIS SAI** | &nbsp;&nbsp;**AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL FUNDS OVERSEEN BY A DIRECTOR IN THE TIMOTHY PLAN FAMILY OF FUNDS** |
| &nbsp;&nbsp;**Interested Trustees**  | | |
| &nbsp;&nbsp; Brian Mumbert  | $0 | $1 - $10000 |
| &nbsp;&nbsp;Mathew D. Staver | $5000 -$100000 | Over $100,000 |
| &nbsp;&nbsp;**Independent Trustees** |  |  |
| &nbsp;&nbsp;John C. Mulder | $0 | Over $100,000 |
| &nbsp;&nbsp;Richard W. Copeland | $0 | Over $100,000 |
| &nbsp;&nbsp;Dale A. Bissonette | $1 - $10000 | $1 - $10000 |
| &nbsp;&nbsp;Kenneth Blackwell  | $0 | $0 |
| &nbsp;&nbsp;Deborah T. Honeycutt | $0 | $0 |
| &nbsp;&nbsp;Alan Ross | $10001 - $50000 | $10001 - $50000 |
| &nbsp;&nbsp;Abraham M. Rivera | $0 | $0 |
| &nbsp;&nbsp;Anthereca Lane  | $0 | $0 |
| &nbsp;&nbsp;Theron Holliday  | $0 | $10001 - $50000 |
| &nbsp;&nbsp;Shelly Nahrstedt  | $0 | $0 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Trustees, for their services to the Funds, may purchase Class A shares at NAV; commissions normally charged on A share purchases are waived.

**MANAGEMENT OF THE TRUST**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **49**

Section 9 \| Control Persons and Principal Shareholders

Ownership

Control Person. For the purposes of ownership, "control" means the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. A controlling ownership may be detrimental to the other shareholders of a Fund.

#### PRINCIPAL SHAREHOLDERS \| as of March 31, 2026
The following shareholders owned 5% or more of a particular share class of the indicated Funds (the Cash Flow Funds and Fixed Income Fund had not yet launched). Each shareholder that beneficially owns more than 25% of the voting securities of a Fund may be deemed a control person of that class of the Fund's outstanding shares and, thereby, may influence the outcome of matters on which shareholders are entitled to vote. Since the economic benefit of investing in a Fund is passed through to the underlying investors of the record owners of 25% or more of the Fund shares, these record owners considered the beneficial owners of the Fund's shares or control persons of the Fund.

The names and addresses of the record holders and the percentage of the outstanding shares held by such holders are set forth in the following table.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**NAME AND ADDRESS OF OWNER** | &nbsp;&nbsp;**PERCENT OF OWNERSHIP** |
| &nbsp;&nbsp;**Timothy Plan High Dividend Stock ETF** | &nbsp;&nbsp;**Charles Schwab & Co., Inc** <br>2423 E. Lincoln Drive, Pheonix, AZ 85016 | 22% |
|  | &nbsp;&nbsp;**National Financial Services, LLC** <br>499 Washington Blvd., Jersey City, NY 07310 | 20% |
|  | &nbsp;&nbsp;**US Bank N.A./WMIS** <br>1555 N. River Center Dr., Ste. 302, Milwaukee, WI 53212 | 15% |
|  | &nbsp;&nbsp;**American Enterprise Investment Services, Inc.** <br>707 2nd Avenue South, Minneapolis, Mn 53212 | 10% |
|  | &nbsp;&nbsp;**LPL Financial, LLC** <br>4707 Executive Drive, San Diego, CA 92121 | 8% |
|  | &nbsp;&nbsp;**Pershing, LLC** <br>One Pershing Plaza, Jersey City, NJ 07399 | 8% |
| &nbsp;&nbsp;**Timothy Plan International ETF** | &nbsp;&nbsp;**National Financial Services, LLC** <br>499 Washington Blvd., Jersey City, NY 07310 | 32% |
|  | &nbsp;&nbsp;**Charles Schwab & Co., Inc** <br>2423 E. Lincoln Drive, Pheonix, AZ 85016 | 29% |
|  | &nbsp;&nbsp;**Edward D. Jones & CO.** <br>12555 Manchester Rd., St. Louis, MO 63131 | 13% |
|  | &nbsp;&nbsp;**Pershing, LLC** <br>One Pershing Plaza, Jersey City, NJ 07399 | 6% |

---

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **50**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND** | &nbsp;&nbsp;**NAME AND ADDRESS OF OWNER** | &nbsp;&nbsp;**PERCENT OF OWNERSHIP** |
| &nbsp;&nbsp;**Timothy Plan US Large/Mid Cap Core** | &nbsp;&nbsp;**Charles Schwab & Co., Inc** <br>2423 E. Lincoln Drive, Pheonix, AZ 85016 | 30% |
|  | &nbsp;&nbsp;**National Financial Services, LLC** <br>499 Washington Blvd., Jersey City, NY 07310 | 20% |
|  | &nbsp;&nbsp;**US Bank N.A./WMIS** <br>1555 N. River Center Dr., Ste. 302, Milwaukee, WI 53212 | 20% |
|  | &nbsp;&nbsp;**Pershing, LLC** <br>One Pershing Plaza, Jersey City, NJ 07399 | 9% |
|  | &nbsp;&nbsp;**LPL Financial, LLC** <br>4707 Executive Drive, San Diego, CA 92121 | 6% |
| &nbsp;&nbsp;**Timothy Plan US Small Cap Core** | &nbsp;&nbsp;**Charles Schwab & Co., Inc** <br>2423 E. Lincoln Drive, Pheonix, AZ 85016 | 36% |
|  | &nbsp;&nbsp;**National Financial Services, LLC** <br>499 Washington Blvd., Jersey City, NY 07310 | 16% |
|  | &nbsp;&nbsp;**LPL Financial, LLC** <br>4707 Executive Drive, San Diego, CA 92121 | 16% |
|  | &nbsp;&nbsp;**US Bank N.A./WMIS** <br>1555 N. River Center Dr., Ste. 302, Milwaukee, WI 53212 | 11% |

---

#### MANAGEMENT OWNERSHIP
As of December 31, 2025, the Trustees and Officers, as a group, did not own any ETF Funds.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **51**

Section 10 \| Investment Adviser and Other Service Providers

Investment Adviser

The Trust has entered into a written Investment Advisory agreement with Timothy Partners, Ltd. ("TPL" or the "Adviser"), for the provision of Investment Advisory services to each Fund (the "Advisory Agreement"), subject to the supervision and direction of the Trust's Board of Trustees. The Advisory Agreement was last approved by the Trustees, including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 27, 2026.

TPL has arranged for distribution, custody, fund administration, transfer agency and all other services necessary for the Funds to operate. The Adviser receives a fee for its services, (the "Management Fee"). From the Management Fee, the Adviser 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 Adviser's Management Fee is designed to cause substantially all of the Funds' expenses to be paid and to compensate the Adviser for providing services for the Funds.

The Advisory Agreement may be renewed after its initial two year term only so long as such renewal and continuance are specifically approved at least annually by the Board of Trustees or by vote of a majority of the outstanding voting securities of the applicable Fund, and only if the terms of the renewal thereof have been approved by the vote of a majority of the Trustees of the Trust who are not parties thereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment.

More complete factors considered by the Trust's Board of Trustees in renewing the Investment Advisory agreement will be available in the Trust's certified semi-annual report on form N-CSR dated June 30, 2026.

The following schedule lists the Management Fee each Fund each Fund pays to the Adviser, as an annual percentage of its average daily net assets.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FUND** | **MANAGEMENT FEE** |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | 0.52% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | 0.52% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | 0.52% |
| &nbsp;&nbsp;Timothy Plan International ETF | 0.62% |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow ETF | 0.59% |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow Growth ETF | 0.59% |
| &nbsp;&nbsp;Timothy Plan Fixed Income ETF | 0.55% |

---

**INVESTMENT ADVISOR AND OTHER SERVICE PROVIDERS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **52**

The following table sets forth the Management Fees paid to TPL for the fiscal periods ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FUND**  | **2023** | **2024** | **2025** |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | $432006 | $706972 | $1109407 |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | $1075180 | $1252267 | $1550912 |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | $1009961 | $1219635 | $1486555 |
| &nbsp;&nbsp;Timothy Plan International ETF | $536989 | $668453 | $886778 |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow ETF <sup>(1)</sup> | $0 | $0 | $0 |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow Growth ETF <sup>(1)</sup>  | $0 | $0 | $0 |
| &nbsp;&nbsp;Timothy Plan Fixed Income ETF <sup>(1)</sup> | $0 | $0 | $0 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Funds commenced investment operations on May 1, 2026, this information is not available.

At December 31, 2025, the Funds listed below held the following securities of issuers, each of which derived more than 15% of its gross revenues from the business of a broker, dealer, underwriter, or investment adviser:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND**  | **Name of Broker or Dealer** | **Approximate Aggregate Value of Issuer Securities Owned by the Fund at 12/31/2025** |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | Jefferies Financial Group, Inc. | $2342218 |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | Jefferies Financial Group, Inc. | $1013519 |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | Virtu Financial, Inc. | $664101 |

---

#### THE SUB-ADVISORY AGREEMENT
The Sub-Adviser, Victory Capital Management, Inc., serves as the Funds' investment Sub-Adviser pursuant to a written Sub-Advisory agreement. The Sub-Advisory Agreement was last approved by the Trustees, including a majority of the Trustees who are not interested persons of the Trust or any person who is a party to the Agreement, at an in-person meeting held on February 27, 2026 (the " Sub-Advisory Agreement"). Unless sooner terminated, the Sub-Advisory Agreement between the Sub-Adviser and the Adviser, on behalf of the Funds, provides that it will continue in effect as to the Funds for two years and for consecutive one-year terms thereafter, provided that such renewal is approved at least annually by the Trustees or by vote of the majority of the outstanding shares of each such Fund and, in either case, by a majority of the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" (as defined in the 1940 Act) of any party to the Sub-Advisory Agreement, by votes cast in person at a meeting called for such purpose. The Sub-Advisory Agreement is terminable as to any particular Fund at any time on 60 days written notice without penalty by a vote of the majority of the outstanding shares of a Fund, by vote of the Trustees, or as to all applicable Funds by the Adviser. The Sub-Advisory Agreement also terminates automatically in the event of any assignment, as defined by the 1940 Act.

More complete factors considered by the Trust's Board of Trustees in renewing the investment Sub-Advisory Agreement will be available in the Trust's certified semi-annual report on form N-CSR dated June 30, 2026.

#### CONFLICTS OF INTEREST
The Sub-Adviser's portfolio managers are often responsible for managing one or more Funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than a Fund and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts they manage or support. The side-by-side management of the Funds along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less liquid securities or initial public offering; and/or (3) desirable trade allocations, to such other accounts. In addition, certain trading practices, such as cross-trading between Funds or between a Fund and another account, raise conflict of interest issues. The Sub-Adviser has adopted numerous compliance policies and procedures, including a Code of Ethics, brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, the Sub-Adviser has a designated Chief Compliance Officer (selected in accordance with the federal securities

**INVESTMENT ADVISOR AND OTHER SERVICE PROVIDERS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **53**

laws) and compliance staff whose activities are focused on monitoring the activities of Sub-Adviser employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that the Sub-Adviser's compliance program will achieve its intended result.

Other Service Providers

#### ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT
Citi Fund Services Ohio, Inc. ("CFSO") serves as administrator and fund accountant to the Funds, and Citibank, N.A. ("Citibank") serves as transfer agent to the Funds, pursuant to a written Agreement dated November 30, 2018, as amended by and between TPL, CFSO and Citibank (the "Services Agreement"). CFSO and Citibank assist in supervising all operations of the Funds (other than those performed by TPL and/or Victory Capital either as investment Adviser or Sub-Adviser), subject to the supervision of the Board.

Under the Services Agreement, for the services that Citi renders to the Funds, TPL pays Citi an annual fee, computed daily and paid monthly, from the fees it receives from the Funds. In addition, TPL reimburses Citi for all of their reasonable out-of-pocket expenses incurred as a result of providing the services under the Services Agreement.

Unless sooner terminated, the Services Agreement continues in effect as to each Fund for a period of three years and for consecutive one-year terms thereafter, provided that such continuance is approved by the Board or by vote of a majority of the outstanding shares of each Fund and, in either case, by a majority of the Trustees who are not parties to the Services Agreement or "interested persons" (as defined in the 1940 Act) of any party to the Services Agreement. The Services Agreement provides that CFSO shall not be liable for any error of judgment or mistake of law or any loss suffered by the Funds in connection with the matters to which the Services Agreement relates, except a loss resulting from bad faith, willful misfeasance, negligence, or reckless disregard of its obligations and duties under the Services Agreement.

CFSO calculates certain Trust expenses and make certain disbursements; calculates capital gain and net investment income distribution information; prepares shareholder reports and reports to the SEC on Forms N-CEN, N-Q and N-PORT, as applicable; coordinates dividend payments; calculates the Funds' performance information; files the Trust's tax returns; monitors the Funds' status as regulated investment companies under the Code; assists in developing portfolio compliance procedures; assists with regulatory compliance; and assists in the annual audit of the Funds.

Citibank, N.A. ("Citibank"), located at 388 Greenwich St., New York, New York 10013, serves as transfer agent for the Funds and in that capacity pursuant to a Transfer Agency Services Agreement. Under its agreement with the Funds, Citibank has agreed, among other things, to (1) perform and facilitate the performance of purchases and redemptions of Creation Units by Authorized Participants; (2) record and calculate the number of outstanding Fund shares; (3) maintain shareholder accounts; (4) perform duties relating to anti-money laundering and identity theft prevention; and make periodic reports to the Board and regulators regarding its operations.

#### CUSTODIAN
**General.** Citibank, N.A., 388 Greenwich Street, New York, NY, 10013, serves as the custodian of each Fund's assets pursuant to a Global Custodial and Agency Services Agreement dated November 30, 2018, as amended (the "Custody Agreement"). The Custodian's responsibilities include safeguarding and controlling each Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Fund's investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Custodian may, with the approval of a Fund and at its own expense, open and maintain a sub-custody account or accounts on behalf of a Fund, provided that it shall remain liable for the performance of all of its duties under its respective Custody Agreement. The Custodian has entered into a Sub-custodian agreement with Goldman Sachs for derivatives transactions.

**Foreign Custody.** Rule 17f-5 under the 1940 Act, which governs the custody of investment company assets outside the United States, allows a mutual fund's board of directors to delegate to a "Foreign Custody Manager" the selection and monitoring of foreign Sub-custodian arrangements for the Trust's assets. Accordingly, the Board delegated these responsibilities to the Custodian pursuant to the Custody Agreement. As Foreign Custody Manager, the Custodian must (a) determine that the assets of the International Funds held by a foreign Sub-custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market; (b) determine that the Trust's foreign custody arrangements are governed by written contracts in compliance with Rule 17f-5 (or, in the case of a compulsory depository, by such a contract and/or established practices or procedures); and (c) monitor the appropriateness of these arrangements and any material change in the relevant contract, practices or procedures. In determining appropriateness, the Custodian will not evaluate a particular country's investment risks, such as (a)

**INVESTMENT ADVISOR AND OTHER SERVICE PROVIDERS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **54**

the use of compulsory depositories, (b) such country's financial infrastructure, (c) such country's prevailing custody and settlement practices, (d) nationalization, expropriation or other governmental actions, (e) regulation of the banking or securities industry, (f) currency controls, restrictions, devaluations or fluctuations, and (g) market conditions that affect the orderly execution of securities transactions or affect the value of securities. The Custodian will provide the Board quarterly written reports regarding the Trust's foreign custody arrangements.

#### DISTRIBUTOR
Foreside Fund Services, LLC, 3 Canal Plaza, Suite 100, Portland, ME 04101, serves as the distributor of Creation Units (the "Distributor") for the Funds on an agency basis. The Trust has entered into a Distribution Agreement dated January 10, 2023 ("Distribution Agreement"), under which the Distributor agrees to receive orders from Authorized Participants to create and redeem shares in Creation Unit aggregations and transmit such orders to the Trust's Custodian and transfer agent. The Distributor's principal address is Three Canal Plaza, Portland, Maine 04101. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares will be continuously offered for sale only in Creation Units. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. No compensation is payable by the Trust to the Distributor for such distribution services. However, the Adviser has entered into an agreement with the Distributor under which it makes payments to the Distributor in consideration for its services under the Distribution Agreement. The payments made by the Adviser to the Distributor do not represent an additional expense to the Trust or its shareholders.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will solicit orders for the purchase of shares, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor will deliver Prospectuses and, upon request, SAIs to persons purchasing Creation Units and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Exchange Act and a member of FINRA.

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Creation of Creation Units" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Trust and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable, without penalty, by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

#### CODES OF ETHICS
Each of the Trust, the Adviser, and the Sub-Adviser has adopted a Code of Ethics in accordance with Rule 17j-1 under the 1940 Act. The Adviser Code of Ethics applies to all Access Personnel (the Adviser's directors and officers and employees with Investment Advisory duties) and all Supervised Personnel (all of the Adviser's directors, officers and employees). Each Code of Ethics provides that Access Personnel must refrain from certain trading practices. Each Code also requires all Access Personnel (and, in the Adviser Code, all Supervised Personnel) to report certain personal investment activities, including, but not limited to, purchases or sales of securities that may be purchased or held by the Funds. Violations of any Code of Ethics can result in penalties, suspension, or termination of employment.

**INVESTMENT ADVISOR AND OTHER SERVICE PROVIDERS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **55**

Section 11 \| Portfolio Managers

Portfolio Managers

This section includes information about the Funds' portfolio managers, including information concerning other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

#### OTHER ACCOUNTS
The following table lists the number and types of accounts managed by each individual and the assets under management in those accounts as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment <br> Company Accounts** | **Registered Investment <br> Company Accounts** | **Pooled Investment Vehicle <br> Accounts** | **Pooled Investment Vehicle <br> Accounts** | **Other Accounts** | **Other Accounts** | **Other Accounts** |
| &nbsp;&nbsp;**Victory Capital Timothy Plan ETF Funds Portfolio Managers**  | **Number of <br> Accounts** | **Assets <br> Managed (In <br> Millions)** | **Number of <br> Accounts** | **Assets <br> Managed (In <br> Millions)** | **Number of <br> Accounts** | **Assets <br> Managed (In <br> Millions)** | **Total Assets <br> Managed (In <br> Millions)** |
| &nbsp;&nbsp;Lela Dunlap | 40 | $50607.52  | 0 | $0.00  | 0 | $0.00  | $50607.52  |
| &nbsp;&nbsp;Mannik Dhillon | 65 | $72842.54  | 3 | $75.75  | 21 | $2938.93  | $75857.22  |
| &nbsp;&nbsp;Lance Humphrey | 33 | $46372.72  | 0 | $0.00  | 4 | $1420.93  | $47793.65  |
| &nbsp;&nbsp;James F. Jackson, Jr. | 20 | $22242.11  | 5 | $699.19  | 6 | $308.24  | $23249.54  |
| R. Neal Graves | 20 | $22242.11  | 0 | $0.00  | 6 | $308.24  | $22550.35  |
| &nbsp;&nbsp;Zach Winters | 2 | $203.20  | 0 | $0.00  | 0 | $0.00  | $203.20  |
| &nbsp;&nbsp;Jason Lincoln | 4 | $2789.54  | 0 | $0.00  | 0 | $0.00  | $2789.54  |
| &nbsp;&nbsp;Kurt Daum | 8 | $19096.70  | 0 | $0.00  | 0 | $0.00  | $19096.70  |

---

#### FUND OWNERSHIP
As of December 31, 2025, the portfolio managers of the Funds do not own any securities of the Funds.

#### PORTFOLIO MANAGER COMPENSATION
Victory Capital has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of Victory Capital's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help Victory Capital attract and retain high-quality investment professionals, and (3) contribute to Victory Capital's overall financial success.

Each of the Victory Capital portfolio managers receives a base salary plus an annual incentive bonus for managing the Fund, separate accounts, other investment companies, pooled investment vehicles and other accounts (including any accounts for which Victory Capital receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. Victory Capital monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various independent third-party consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark. Each of the investment franchises employed by Victory Capital may earn incentive compensation based on a percentage of Victory Capital's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer or a senior member of each team, in coordination with Victory Capital, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to Victory Capital's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or client accounts

**PORTFOLIO MANAGERS** 

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **56**

relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one-, three-, and five-year rolling performance periods as compared to the performance information of a peer group of similarly-managed competitors.

Victory Capital's portfolio managers may participate in the equity ownership plan of Victory Capital's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

#### PORTFOLIO MANAGER CONFLICTS OF INTEREST
Victory Capital's portfolio managers are often responsible for managing one or more mutual funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than the Portfolio and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts they manage or support. The side-by-side management of the Portfolio along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less liquid securities or initial public offerings; and/or (3) desirable trade allocations, to such other accounts. In addition, to assist in the investment decision-making process for its clients, including the Portfolio, Victory Capital may use brokerage commissions generated from securities transactions to obtain research and/or brokerage services from broker-dealers. Thus, Victory Capital may have an incentive to select a broker that provides research through the use of brokerage, rather than paying for execution only. Certain other trading practices, such as cross-trading between the Portfolio and another account, also may raise conflict of interest issues. Victory Capital has adopted numerous compliance policies and procedures, including a Code of Ethics, and brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, Victory Capital has a designated Chief Compliance Officer (selected in accordance with the federal securities laws) and compliance staff whose activities are focused on monitoring the activities of Victory Capital investment franchises and employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that Victory Capital's compliance program will achieve its intended result.

**PORTFOLIO MANAGERS** 

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **57**

Section 12 \| Proxy Voting Policies and Procedures

Proxy Voting Procedures

The Proxy Voting Policy employed by the Adviser delegates the Sub-Adviser to vote all proxy votes in accordance to the research the Sub-Adviser has conducted. Proposed issues that could result in a conflict with the fundamental BRI filtering of the holdings are referred to the proxy voting officer for review and further direction.

The Adviser hereby appoints Mr. Brian Mumbert as the person responsible for voting all proxies relating to securities held in the Funds' accounts (the "Proxy Voting Officer") when called upon by a Sub-Adviser to vote. The Proxy Voting Officer shall take all reasonable efforts to monitor corporate actions, obtain all information sufficient to allow an informed vote on the matter and ensure that all proxy votes are cast in a timely fashion and in a manner consistent with this Policy.

If, in the Proxy Voting Officer's reasonable belief, it is in the best interest of the Fund shareholders to cast a particular vote in a manner that is contrary to this policy, the Adviser shall submit a request for a waiver to the Board of Trustees of the Trust (the "Board"), stating the facts and reasons for the Proxy Voting Officer's belief. The Proxy Voting Officer shall proceed to vote the proxy in accordance with the decision of the Board.

In addition, if, in the Proxy Voting Officer's reasonable belief, it is in the best interest of the Fund shareholders to abstain from voting on a particular proxy solicitation, the Proxy Voting Officer shall make a record summarizing the reasons for the Proxy Voting Officer's belief and shall present this summary to the Board along with other reports required.

The Funds' Proxy Voting Policy provides that the Funds, in accordance with SEC rules, annually will disclose on Form N-PX the Funds' proxy voting record. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is updated each year by August 31st and is available without charge, upon request, by calling toll-free 800-TIM PLAN (800-846-7526) or by accessing the SEC's website at <u>**sec.gov**</u>.

**PROXY VOTING POLICIES AND PROCEDURES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **58**

Section 13 \| Portfolio Transactions and Brokerage

Subject to the general supervision of the Board and the Adviser, the Sub-Adviser is responsible for making decisions with respect to the purchase and sale of portfolio securities on behalf of the Funds. The Sub-Adviser is also responsible for the implementation of those decisions, including the selection of broker/dealers to effect portfolio transactions, the negotiation of commissions, and the allocation of principal business and portfolio brokerage.

Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United States, these commissions are negotiated. Traditionally, commission rates have generally been fixed for trades on stock markets outside the United States. In recent years, however, an increasing number of overseas stock markets have adopted a system of negotiated rates. It is expected that equity securities will ordinarily be purchased in the primary markets, whether over-the-counter or listed, and that listed securities may be purchased in the over-the-counter market if such market is deemed the primary market. In the case of securities traded on the over-the-counter markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. In underwritten offerings, the price includes a disclosed, fixed commission (the underwriter's concession) or discount.

Fixed income and convertible securities are bought and sold through broker-dealers acting on a principal basis. These trades are not charged a commission, but rather are marked up or marked down by the executing broker-dealer. Neither the Adviser nor the Sub-Adviser know the actual value of the markup/markdown. However, the Adviser has determined that the Sub-Adviser attempts to ascertain whether the overall price of a security is reasonable through the use of competitive bids. Orders to buy or sell convertible securities and fixed income securities are placed on a competitive basis with a reasonable attempt made to obtain three competitive bids or offers. Exceptions are: (1) where the bid/ask spread is 5 basis points or less, provided the order is actually filled at the bid or better for sales and at the ask or better for purchases; (2) securities for which there are only one or two market makers; (3) block purchases considered relatively large; (4) swaps, a simultaneous sale of one security and purchase of another in substantially equal amounts for the same account, intended to take advantage of an aberration in a spread relationship, realize losses, etc.; and (5) purchases and/or sales of fixed income securities for which, typically, more than one offering of the same issue is unobtainable; subject to a judgment by the trader that the bid is competitive.

It is the policy of the Sub-Adviser to obtain the "best execution" of its clients' securities transactions. The Sub-Adviser strives to execute each client's securities transactions in such a manner that the client's total costs or proceeds in each transaction are the most favorable under the circumstances. Commission rates paid on securities transactions for client accounts must reflect comparative market rates.

In purchasing and selling each Fund's portfolio securities, it is the Sub-Adviser's policy to obtain quality execution at the most favorable prices through responsible broker/dealers and, in the case of agency transactions, at competitive commission rates where such rates are negotiable. In selecting broker/dealers to execute a Fund's portfolio transactions, consideration is given to such factors as the price of the security, the rate of the commission, the size difficulty of the order, the reliability, integrity, financial condition, general execution and operational capabilities of competing brokers and dealers, their expertise in particular markets and the brokerage and research services they provide to the Sub-Adviser or the Funds. It is not the Sub-Adviser's practice to seek the lowest available commission rate where it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution.

As permitted by Section 28(e) of the Securities Exchange Act of 1934 , the Sub-Adviser may cause a Fund to pay broker-dealers that provide brokerage and research services a commission rate that exceeds the amount other broker/dealers would have charged for the transaction if the Sub-Adviser determines in good faith that the greater commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker/dealer viewed in terms of either a particular transaction or the Sub-Adviser's overall responsibilities to the Fund or to its other clients. The term "brokerage and research services" includes advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or of purchasers or sellers of securities; furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts; and effecting securities transactions and performing functions incidental thereto such as clearance and settlement.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **59**

The brokerage and research services are in addition to and do not replace the services and research that the Adviser performs, and do not reduce the Investment Advisory fees payable to the Adviser by the Funds. Such information may be useful to the Adviser in serving both the Funds and other clients and, conversely, such supplemental research information obtained by the placement of orders on behalf of other clients may be useful to the Adviser in carrying out its obligations to the Funds.

Brokerage commissions may never be used to compensate a third party for client referrals unless the client has directed such an arrangement. In addition, brokerage commissions may never be used to obtain research and/or services for the benefit of any employee or non-client entity.

The Sub-Adviser, under the oversight of the Adviser, will make a good faith determination that the commissions paid are reasonable in relationship to the value of the services received and continually reviews the quality of execution it receives from and the commission rates charged by the brokers it uses to carry out trades for its clients. The Sub-Adviser will also consider the full range and quality of a broker's services in placing brokerage including, but not limited to, the value of research provided, execution capability, commission rate, willingness and ability to commit capital and responsiveness. The lowest possible commission cost alone does not determine broker selection. The transaction that represents the best quality execution for a client account will be executed. Commission ranges and the actual commission paid for trades of listed stocks and over-the-counter stocks may vary depending on, but not limited to, the liquidity and volatility of the stock and services provided to the Sub-Adviser by the broker.

Some brokers executing trades for the Sub-Adviser may, from time to time, receive liquidity rebates in connection with the routing of trades to Electronic Communications Networks. Since the Sub-Adviser is not a broker, however, it is ineligible to receive such rebates and does not obtain direct benefits for the Funds from this broker practice.

Investment decisions for each Fund are made independently from those made for the other Funds or any other investment company or account managed by the Sub-Adviser. Such other investment companies or accounts may also invest in the same securities and may follow similar investment strategies as the Funds. The Sub-Adviser may combine transaction orders ("bunching" or "blocking" trades) for more than one client account where such action appears to be equitable and potentially advantageous for each account (e.g., for the purpose of reducing brokerage commissions or obtaining a more favorable transaction price.) The Sub-Adviser will aggregate transaction orders only if it believes that the aggregation is consistent with its duty to seek best execution for its clients and is consistent with the terms of Investment Advisory agreements with each client for whom trades are being aggregated. Both equity and fixed-income securities may be aggregated. When making such a combination of transaction orders for a new issue or secondary market trade in an equity security, the Adviser adheres to the following objectives:

● Fairness to the Funds both in the participation of execution of orders for their account, and in the allocation of orders for the accounts of more than one client.

● Allocation of all orders in a timely and efficient manner.

In some cases, aggregating trades may affect the price paid or received by a Fund or the size of the position obtained by the Fund in an adverse manner relative to the result that would have been obtained if only that particular Fund had participated in or been allocated such trades.

The aggregation of transactions for Advisory accounts and proprietary accounts (including partnerships and other accounts in which the Sub-Adviser or its associated persons are partners or participants, and managed employee accounts) is permissible. No proprietary account may be favored over any other participating account and such practice must be consistent with the Sub-Adviser's Code of Ethics.

Equity trade orders are executed based only on trade instructions received from portfolio managers by the trading desk. Portfolio managers may enter trades to meet the full target allocation immediately or may meet the allocation through moves in incremental blocks. Orders are processed on a "first-come, first-served" basis. At times, a rotation system may determine "first-come, first-served" treatment when the equity trading desk receives the same order for multiple accounts simultaneously. The Sub-Adviser will utilize a rotation whereby the Funds, even if aggregated with other orders, are in the first block(s) to trade within the rotation. To aggregate orders, the equity trading desk must determine that all accounts in the order will benefit. Any new trade that can be blocked with an existing open order may be added to the open order to form a larger block. The Sub-Adviser receives no additional compensation or remuneration of any kind as a result of the aggregation of trades. All accounts participating in a block execution receive the same execution price, an average share price, for securities purchased or sold on a trading day. Execution prices may not be carried overnight. Any portion of an order that remains unfilled at the end of a given day shall be rewritten (absent contrary instructions) on the following day as a new order. Accounts with trades executed the next day will receive a new daily average price to be determined at the end of the following day.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **60**

Where the full amount of a block execution is not executed, the partial amount actually executed will be allocated on a pro rata basis whenever possible. The following execution methods maybe used in place of a pro rata procedure: relative size allocations, security position weighting, priority for specialized accounts, or a special allocation based on compliance approval.

After the proper allocation has been completed, excess shares must be sold in the secondary market and may not be reallocated to another managed account.

In making investment decisions for the Funds, the Sub-Adviser will not inquire or take into consideration whether an issuer of securities proposed for purchase or sale by a Fund is a customer of the Sub-Adviser, its parents, subsidiaries or affiliates, and, in dealing with their commercial customers, the Sub-Adviser, its parents, subsidiaries and affiliates will not inquire or take into consideration whether securities of such customers are held by the Funds. Portfolio securities will not be purchased from or sold to the Sub-Adviser, or the Distributor, or any affiliated person of any of them acting as principal, except to the extent permitted by rule or order of the SEC.

The total brokerage commissions paid by each Fund for the fiscal period ended December 31 are listed in the following table:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FUND**  | **2023** | **2024** | **2025** |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | $28432 | $32997 | $46390 |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | $13717 | $13630 | $19866 |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | $19888 | $21963 | $24947 |
| &nbsp;&nbsp;Timothy Plan International ETF | $22174 | $27327 | $35517 |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow ETF <sup>(1)</sup>  | $0 | $0 | $0 |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow Growth ETF <sup>(1)</sup> | $0 | $0 | $0 |
| &nbsp;&nbsp;Timothy Plan Fixed Income ETF <sup>(1)</sup> | $0 | $0 | $0 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Funds commenced investment operations on May 1, 2026, this information is not available.

#### AFFILIATED BROKERAGE
The Board has authorized the allocation of brokerage to affiliated broker-dealers on an agency basis to effect portfolio transactions. The Board has adopted procedures incorporating the standards of Rule 17e-1 under the 1940 Act, which require that the commission paid to affiliated broker-dealers must be "reasonable and fair compared to the commission, fee or other remuneration received, or to be received, by other broker-dealers in connection with comparable transactions involving similar securities during a comparable period of time."

The Trust will not acquire portfolio securities issued by, make savings deposits in, or enter into repurchase or reverse repurchase agreements with the Sub-Adviser or its affiliates. From time to time, when determined by the Sub-Adviser to be advantageous to the Funds, the Sub-Adviser may execute portfolio transactions through affiliated broker-dealers. All such transactions must be completed in accordance with procedures approved by the Board. The percentage of trades executed through an affiliated broker-dealer for a Fund may be higher relative to trades executed by unaffiliated dealers, so long as the trades executed by the affiliated broker-dealer are consistent with best execution.

No payments were made to any affiliated brokers since inception.

#### ALLOCATION OF BROKERAGE IN CONNECTION WITH RESEARCH SERVICES
As of December 31, 2023, Adviser, through agreements or understandings with brokers, or otherwise through an internal allocation procedure, did not direct brokerage transactions of the Timothy Plan Funds to brokers due to research services provided.

#### SECURITIES OF REGULAR BROKERS OR DEALERS
The SEC requires the Trust to provide certain information for those Funds that held securities of their regular brokers or dealers (or their parents) during the Trust's most recent fiscal year.

As of December 31, 2025, the 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, had not held any securities of their regular broker or dealers.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **61**

#### PORTFOLIO TURNOVER
Each Fund may sell a portfolio investment soon after its acquisition if the Sub-Adviser believes that such a disposition is consistent with attaining the Fund's investment objective. The Funds' portfolio turnover rates stated in the Prospectus are calculated by dividing the lesser of each Fund's purchases or sales of portfolio securities for the year by the monthly average value of the portfolio securities. The calculation excludes all securities whose maturities were one year or less at the time of acquisition. Portfolio turnover is calculated on the basis of a Fund as a whole without distinguishing between the classes of shares issued.

The turnover rate for a Fund will vary from year to year and depending on market conditions, turnover could be greater in periods of unusual market movement and volatility. A high portfolio turnover rate (over 100%) will generally involve correspondingly greater transaction costs, which must be borne directly by the Fund and its shareholders. High portfolio turnover may result in the realization of substantial net capital gains. To the extent short-term capital gains are realized, distributions attributable to such gains will be ordinary income for federal income tax purposes.

The table below shows the Timothy Plan portfolio turnover rates for the fiscal periods ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FUND**  | **2023** | **2024** | **2025** |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | 60% | 44% | 47% |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | 30% | 25% | 38% |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | 41% | 34% | 49% |
| &nbsp;&nbsp;Timothy Plan International ETF | 34% | 35% | 32% |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow ETF <sup>(1)</sup> | N/A | N/A | N/A |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow Growth ETF <sup>(1)</sup> | N/A  | N/A | N/A |
| &nbsp;&nbsp;Timothy Plan Fixed Income ETF <sup>(1)</sup> | N/A | N/A | N/A |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Funds commenced investment operations on May 1, 2026, this information is not available.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **62**

Section 14 \| Dividends, Capital Gains and Distributions

The Funds distribute substantially all of their net investment income and net capital gains, if any, to shareholders within each calendar year as well as on a fiscal year basis to the extent required for the Funds to qualify for favorable federal tax treatment. The Funds ordinarily declare and pay dividends separately for each class of shares, from their net investment income. Each Fund declares and pays capital gains annually. Ordinarily, dividends from net investment income, if any, are declared and paid monthly by each Fund.

The amount of a class's distributions may vary from time to time depending on market conditions, the composition of a Fund's portfolio and expenses borne by a Fund or borne separately by a class. Dividends are calculated in the same manner, at the same time and on the same day for shares of each class. However, dividends attributable to a particular class will differ due to differences in distribution expenses and other class-specific expenses.

For this purpose, the net income of a Fund, from the time of the immediately preceding determination thereof, shall consist of all interest income accrued on the portfolio assets of the Fund, dividend income, if any, income from securities loans, if any and realized capital gains and losses on the Fund's assets, less all expenses and liabilities of the Fund chargeable against income. Interest income shall include discount earned, including both original issue and market discount, on discount paper accrued ratably to the date of maturity. Expenses, including the compensation payable to the Adviser, are accrued each day. The expenses and liabilities of a Fund shall include those appropriately allocable to the Fund as well as a share of the general expenses and liabilities of the Trust in proportion to the Fund's share of the total net assets of the Trust.

**DIVIDENDS, CAPITAL GAINS AND DISTRIBUTIONS**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **63**

Section 15 \| Taxes

Information set forth in the prospectuses that relates to federal income taxation is only a summary of certain key federal income tax considerations generally affecting purchasers of shares of the Funds. The following is only a summary of certain additional income and excise tax considerations generally affecting each Fund and its shareholders that are not described in the prospectuses. No attempt has been made to present a complete explanation of the federal tax treatment of the Funds or the implications to shareholders and the discussions here and in each Fund's prospectus are not intended as substitutes for careful tax planning. Accordingly, potential purchasers of shares of the Funds are urged to consult their tax Advisers with specific reference to their own tax circumstances. Special tax considerations may apply to certain types of investors subject to special treatment under the Code (including, for example, insurance companies, banks and tax-exempt organizations). In addition, the tax discussion in the prospectuses and this SAI is based on tax law in effect on the date of the prospectuses and this SAI; such laws and regulations may be changed by legislative, judicial, or administrative action, sometimes with retroactive effect.

#### QUALIFICATION AS A REGULATED INVESTMENT COMPANY
Each Fund intends to qualify as a regulated investment company under Subchapter M of the Code. As a regulated investment company, a Fund is not subject to federal income tax on the portion of its net investment income (i.e., taxable interest, dividends and other taxable ordinary income, net of expenses) and net capital gain (i.e., the excess of long-term capital gains over short-term capital losses) that it distributes to shareholders, provided that it distributes at least the sum of 90% of its net investment income and the excess of net short-term capital gain over net long-term capital loss and 90% of its tax-exempt income (net of expenses allocable thereto) for the taxable year (the "Distribution Requirement") and satisfies certain other requirements of the Code that are described below. Distributions by a Fund made during the taxable year or, under specified circumstances, within twelve months after the close of the taxable year, will be considered distributions of income and gains for the taxable year and will therefore count toward satisfaction of the Distribution Requirement.

If a Fund has a net capital loss (i.e., an excess of capital losses over capital gains), the amount thereof may be carried forward and would retain its character as either a short-term capital loss or a long-term capital loss that can be used to offset such capital gains in future years. There is no limitation on the number of years to which net capital losses may be carried. However, the amount of capital loss that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund.

The following table summarizes the capital loss carryforwards not subject to expiration for the applicable Funds as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FUND**  | **SHORT TERM AMOUNT** | **LONG TERM AMOUNT** | **TOTAL** |
| &nbsp;&nbsp;Timothy Plan US Small Cap Core ETF | $(19316930) | $(9943863) | $(29260793) |
| &nbsp;&nbsp;Timothy Plan US Large/Mid Cap Core ETF | (21507668) | (19244488) | (40752156) |
| &nbsp;&nbsp;Timothy Plan High Dividend Stock ETF | (19355208) | (13408253) | (32763461) |
| &nbsp;&nbsp;Timothy Plan International ETF | (591243) | (3945222) | (4536465) |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow ETF <sup>(1)</sup> | N/A | N/A | N/A |
| &nbsp;&nbsp;Timothy Plan Free Cash Flow Growth ETF <sup>(1)</sup>  | N/A | N/A | N/A |
| &nbsp;&nbsp;Timothy Plan Fixed Income ETF <sup>(1)</sup> | N/A | N/A | N/A |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Funds commenced investment operations on May 1, 2026, this information is not available.

In addition to satisfying the Distribution Requirement, a regulated investment company must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies (to the extent such currency gains are directly related to the regulated investment company's principal business of investing in stock or securities), other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and net income from interests in qualified publicly traded partnerships (the "Income Requirement").

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **64**

A regulated investment company, in determining its investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) for any taxable year, may elect (unless it has made a taxable year election for excise tax purposes as discussed below, in which case different rules apply) to treat all or any part of certain net capital losses incurred after October 31 of a taxable year, and certain net ordinary losses incurred after October 31 or December 31 of a taxable year, as if they had been incurred in the succeeding taxable year.

In addition to satisfying the Income and Distribution Requirements described above, a Fund must satisfy an asset diversification test in order to qualify as a regulated investment company. Under this test, at the close of each quarter of a Fund's taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies and securities of other issuers (provided that, with respect to each issuer, the Fund has not invested more than 5% of the value of the Fund's total assets in securities of each such issuer and the Fund does not hold more than 10% of the outstanding voting securities of each such issuer), and no more than 25% of the value of its total assets may be invested in the securities of any one issuer (other than U.S. government securities and securities of other regulated investment companies), two or more issuers that the Fund controls and that are engaged in the same or similar trades or businesses (other than securities of other regulated investment companies), or the securities of one or more qualified publicly traded partnerships. Generally, an option (call or put) with respect to a security is treated as issued by the issuer of the security, not the issuer of the option. For purposes of asset diversification testing, obligations issued or guaranteed by certain agencies or instrumentalities of the U.S. government, such as the Federal Agricultural Mortgage Corporation, the FFCB, FHLB, FHLMC, FNMA, GNMA and SLMA, are treated as U.S. government securities.

Certain Funds may invest in futures contracts, options on futures contracts and other similar investments that provide exposure to commodities such as gold or other precious metals, energy or other commodities. Income or gain, if any, from such investments may not be qualifying income for purposes of the Income Requirements and a Fund's investments in such instruments may not be treated as an investment in a "security" for purposes of the asset diversification test.

If for any taxable year a Fund does not qualify as a regulated investment company after taking into account cure provisions available for certain failures to so qualify (certain of which would result in the imposition of a tax on the Fund), all of its taxable income (including its net capital gain) will be subject to tax at the regular corporate rate without any deduction for distributions to shareholders and such distributions will be taxable to the shareholders as dividends to the extent of the Fund's current and accumulated earnings and profits. Such distributions may be eligible for: (i) the dividends-received deduction, in the case of corporate shareholders; or (ii) treatment as "qualified dividend income," in the case of non-corporate shareholders. In addition, to qualify again to be taxed as a regulated investment company in a subsequent year, the Fund would be required to distribute to shareholders its earnings and profits attributable to non-qualifying years. Further, if the Fund failed to qualify for a period greater than two taxable years, then, in order to qualify as a regulated investment company in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (i.e., the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

#### EXCISE TAX ON REGULATED INVESTMENT COMPANIES
A 4% non-deductible excise tax is imposed on a regulated investment company that fails to distribute in each calendar year an amount equal to at least the sum of (i) 98% of its ordinary taxable income for the calendar year and (ii) 98.2% of its capital gain net income for the one-year period ended on October 31 of such calendar year (or, with respect to capital gain net income, at the election of a regulated investment company having a taxable year ending November 30 or December 31, for its taxable year (a "taxable year election")). Tax-exempt interest on municipal obligations is not subject to the excise tax. The balance of such income must be distributed during the next calendar year. For the foregoing purposes, any ordinary income or capital gain net income retained by a regulated investment company that is subject to corporate income tax will be treated as having been distributed during the taxable year ending in such calendar year.

Each Fund intends to make sufficient distributions or deemed distributions of its ordinary taxable income and capital gain net income prior to the end of each calendar year to avoid liability for the excise tax. However, investors should note that a Fund may in certain circumstances be required to liquidate portfolio investments to make sufficient distributions to avoid excise tax liability.

#### FUND INVESTMENTS
In general, gain or loss recognized by a Fund on the disposition of an asset will be a capital gain or loss. In addition, gain will be recognized as a result of certain constructive sales, including short sales "against the box." However, gain recognized on the disposition of a debt obligation (including municipal obligations) purchased by a Fund at a market discount (generally, at a price less

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **65**

than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued while the Fund held the debt obligation. In addition, under the rules of Code Section 988, gain or loss recognized on the disposition of a debt obligation denominated in a foreign currency or an option with respect thereto, and gain or loss recognized on the disposition of a foreign currency forward contract, futures contract, option or similar financial instrument, or of foreign currency itself, except for regulated futures contracts or non-equity options subject to Code Section 1256 (unless a Fund elects otherwise), generally will be treated as ordinary income or loss to the extent attributable to changes in foreign currency exchange rates.

Certain transactions that may be engaged in by a Fund (such as regulated futures contracts, certain foreign currency contracts and options on stock indexes and futures contracts) will be subject to special tax treatment as "Section 1256 Contracts." Section 1256 Contracts are treated as if they are sold for their fair market value on the last business day of the taxable year, even though a taxpayer's obligations (or rights) under such Section 1256 Contracts have not terminated (by delivery, exercise, entering into a closing transaction, or otherwise) as of such date. Any gain or loss recognized as a consequence of the year-end deemed disposition of Section 1256 Contracts is taken into account for the taxable year together with any other gain or loss that was recognized previously upon the termination of Section 1256 Contracts during that taxable year. Any capital gain or loss for the taxable year with respect to Section 1256 Contracts (including any capital gain or loss arising as a consequence of the year-end deemed sale of such Section 1256 Contracts) generally is treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss. A Fund, however, may elect not to have this special tax treatment apply to Section 1256 Contracts that are part of a "mixed straddle" with other investments of the Fund that are not Section 1256 Contracts.

A Fund may enter into notional principal contracts, including interest rate swaps, caps, floors and collars. Treasury Regulations provide, in general, that the net income or net deduction from a notional principal contract for a taxable year is included in or deducted from gross income for that taxable year. The net income or deduction from a notional principal contract for a taxable year equals the total of all of the periodic payments (generally, payments that are payable or receivable at fixed periodic intervals of one year or less during the entire term of the contract) that are recognized from that contract for the taxable year, all of the non-periodic payments (including premiums for caps, floors and collars) that are recognized from that contract for the taxable year and any termination payments that are recognized from that contract for the taxable year. No portion of a payment by a party to a notional principal contract is recognized prior to the first year to which any portion of a payment by the counterparty relates. A periodic payment is recognized ratably over the period to which it relates. In general, a non-periodic payment must be recognized over the term of the notional principal contract in a manner that reflects the economic substance of the contract. A non-periodic payment that relates to an interest rate swap, cap, floor, or collar is recognized over the term of the contract by allocating it in accordance with the values of a series of cash-settled forward or option contracts that reflect the specified index and notional principal amount upon which the notional principal contract is based (or under an alternative method provided in Treasury Regulations). A termination payment is recognized in the year the notional principal contract is extinguished, assigned, or terminated (i.e., in the year the termination payment is made).

Income from options on individual securities written by a Fund will not be recognized by the Fund for tax purposes until an option is exercised or lapses. Any gain recognized by a Fund on the lapse of, or any gain or loss recognized by a Fund from a closing transaction with respect to, an option written by the Fund will be treated as a short-term capital gain or loss. If the Fund enters into a closing transaction, the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses at inopportune times.

A Fund may purchase securities of certain foreign investment funds or trusts that constitute passive foreign investment companies ("PFICs") for federal income tax purposes. If a Fund invests in a PFIC, it has three separate options. First, it may elect to treat the PFIC as a qualified electing fund (a "QEF"), in which event the Fund will each year have ordinary income equal to its pro rata share of the PFIC's ordinary earnings for the year and long-term capital gain equal to its pro rata share of the PFIC's net capital gain for the year, regardless of whether the Fund receives distributions of any such ordinary earnings or capital gains from the PFIC, and such amounts would be subject to the 90% and excise tax distribution requirements described above. In order to make this election with respect to a PFIC in which it invests, a Fund must obtain certain information from the PFIC on an annual basis, which the PFIC may be unwilling or unable to provide. Second, a Fund that invests in stock of a PFIC may make a mark-to-market election with respect to such stock. Pursuant to such election, the Fund will include as ordinary income any excess of the fair market value of such stock at the close of any taxable year over the Fund's adjusted tax basis in the stock. If the adjusted tax basis of the PFIC stock exceeds the fair market value of the stock at the end of a given taxable year, such excess will be deductible as ordinary loss in an amount equal to the lesser of the amount of such excess or the net mark-to-market gains on the stock that the Fund included in income in previous years. Solely for purposes of Code Sections 1291 through 1298, the Fund's holding period with respect to its PFIC stock

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **66**

subject to the election will commence on the first day of the first taxable year beginning after the last taxable year for which the mark-to-market election applied. If the Fund makes the mark-to-market election in the first taxable year it holds PFIC stock, it will not incur the tax described below under the third option.

Finally, if a Fund does not elect to treat the PFIC as a QEF and does not make a mark-to-market election, then, in general, (1) any gain recognized by the Fund upon the sale or other disposition of its interest in the PFIC or any excess distribution received by the Fund from the PFIC will be allocated ratably over the Fund's holding period of its interest in the PFIC stock, (2) the portion of such gain or excess distribution so allocated to the year in which the gain is recognized or the excess distribution is received shall be included in the Fund's gross income for such year as ordinary income (and the distribution of such portion by the Fund to shareholders will be taxable as a dividend, but such portion will not be subject to tax at the Fund level), (3) the Fund shall be liable for tax on the portions of such gain or excess distribution so allocated to prior years in an amount equal to, for each such prior year, (i) the amount of gain or excess distribution allocated to such prior year multiplied by the highest corporate tax rate in effect for such prior year, plus (ii) interest on the amount determined under clause (i) for the period from the due date for filing a return for such prior year until the date for filing a return for the year in which the gain is recognized or the excess distribution is received, at the rates and methods applicable to underpayments of tax for such period, and (4) the distribution by the Fund to its shareholders of the portions of such gain or excess distribution so allocated to prior years (net of the tax payable by the Fund thereon) will be taxable to the shareholders as a dividend.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

A Fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Gain or loss on the sale of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.

The Fund may invest in preferred securities or other securities the federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service ("IRS"). To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

The Fund may invest a portion of its net assets in below investment grade securities. Investments in these types of securities may present special tax issues for the Fund. Federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund's ability to distribute sufficient income to preserve its status as a regulated investment company or to avoid the imposition of U.S. federal income or excise tax.

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **67**

#### FUND DISTRIBUTIONS
Each Fund anticipates distributing substantially all of its investment company taxable income (before the dividends paid deduction) for each taxable year. Such distributions will be treated as dividends for federal income tax purposes and may be taxable to non-corporate shareholders at long-term capital gain rates (a "qualified dividend"), provided that certain requirements, as discussed below, are met. Dividends received by corporate shareholders and dividends that do not constitute qualified dividends are taxable as ordinary income. The portion of dividends received from a Fund that are qualified dividends generally will be determined on a look-through basis. If the aggregate qualified dividends received by the Fund are less than 95% of the Fund's gross income (as specially computed), the portion of dividends received from the Fund that constitute qualified dividends will be reported by the Fund and cannot exceed the ratio that the qualified dividends received by the Fund bears to its gross income. If the aggregate qualified dividends received by the Fund equal at least 95% of its gross income, then all of the dividends received from the Fund will constitute qualified dividends.

No dividend will constitute a qualified dividend (1) if it has been paid with respect to any share of stock that the Fund has held for less than 61 days (91 days in the case of certain preferred stock) during the 121-day period (181-day period in the case of certain preferred stock) beginning on the date that is 60 days (90 days in the case of certain preferred stock) before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) if the non-corporate shareholder fails to meet the holding period requirements set forth in (1) with respect to its shares in the Fund to which the dividend is attributable; or (3) to the extent that the Fund (or shareholder, as applicable) is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar or related to stock with respect to which an otherwise qualified dividend is paid.

Qualified dividends are, in general, dividends from taxable U.S. corporations and certain foreign corporations. Dividends from a foreign corporation may be qualified dividends if (1) the stock with respect to which the dividend is paid is readily tradable on an established securities market in the United States, (2) the foreign corporation is incorporated in a possession of the United States or (3) the foreign corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that includes an exchange of information program (and that the Treasury Department determines to be satisfactory for these purposes). The Treasury Department has issued guidance identifying which treaties are satisfactory for these purposes. Notwithstanding the above, dividends received from a foreign corporation that for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a PFIC will not constitute qualified dividends.

Distributions attributable to dividends received by a Fund from domestic corporations will qualify for the 50% dividends-received deduction ("DRD") for corporate shareholders only to the extent discussed below. Distributions attributable to dividends paid by a foreign corporation, a REIT or a corporation exempt from tax generally do not qualify for the DRD.

Ordinary income dividends paid by a Fund with respect to a taxable year may qualify for the 50% DRD generally available to corporations (other than corporations such as S corporations, which are not eligible for the deduction because of their special characteristics, and other than for purposes of special taxes such as the accumulated earnings tax and the personal holding company tax) in proportion to the amount of dividends received by the Fund from domestic corporations for the taxable year. No DRD will be allowed with respect to any dividend (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period (181-day period in the case of certain preferred stock) beginning on the date that is 45 days (90 days in the case of certain preferred stock) before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose under the rules of Code Section 246(c) any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; or (3) to the extent the stock on which the dividend is paid is treated as debt-financed under the rules of Code Section 246A. Moreover, the DRD for a corporate shareholder may be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of Code Section 246(b), which in general limits the DRD to 50% of the shareholder's taxable income (determined without regard to the DRD and certain other items).

If a Fund receives a dividend (other than a capital gain dividend) in respect of any share of REIT stock, then Fund dividends attributable to that REIT dividend income (as reduced by certain fund expenses) may be reported by the Fund as eligible for the 20% deduction for "qualified REIT dividends" generally available to non-corporate shareholders under the Code. However, a dividend from a Fund may not be treated as a qualified REIT dividend (1) if it has been paid with respect to any share of REIT stock that the Fund has held for less than 46 days during the 91-day period beginning on the date that is 45 days before the date on which such

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **68**

share becomes ex-dividend with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) if the non-corporate shareholder fails to meet the holding period requirements set forth in (1) with respect to its shares in the Fund to which the dividend is attributable; or (3) to the extent that the Fund (or shareholder, as applicable) is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar or related to stock with respect to which an otherwise qualified dividend is paid.

A Fund may either retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute any such amounts. If net capital gain is distributed and reported as a capital gain dividend, it will be taxable to shareholders as long-term capital gain, regardless of the length of time the shareholder has held his shares or whether such gain was recognized by the Fund prior to the date on which the shareholder acquired his shares. The Code provides, however, that under certain conditions none of the capital gain recognized upon a Fund's disposition of domestic qualified "small business" stock will be subject to tax (with certain limitations).

Conversely, if a Fund elects to retain its net capital gain, the Fund will be subject to tax thereon (except to the extent of any available capital loss carryovers) at the corporate tax rates. If a Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders of record on the last day of its taxable year treated as if each received a distribution of his pro rata share of such gain, with the result that each shareholder will be required to report his pro rata share of such gain on his tax return as long-term capital gain, will receive a refundable tax credit for his pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit. Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Fund upon filing appropriate returns or claims for refund with the IRS.

Distributions by a Fund in excess of its current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares, as discussed below.

Distributions by a Fund will be treated in the manner described above regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (if that option is available). Distributions reinvested in additional shares of the Fund through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional shares to the same extent as if such distributions had been received in cash. In addition, if the NAV at the time a shareholder purchases shares of a Fund reflects undistributed net investment income, recognized net capital gain, or unrealized appreciation in the value of the assets of the Fund, distributions of such amounts will be taxable to the shareholder in the manner described above, although such distributions economically constitute a return of capital to the shareholder.

Ordinarily, shareholders are required to take distributions by a Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and paid by a Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. In addition, certain other distributions made after the close of the Fund's taxable year may be "spilled back" and treated as paid by the Fund (except for the purposes of the 4% nondeductible excise tax) during such taxable year. In such case, a shareholder will be treated as having received such dividends in the taxable year in which the distributions were actually made. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends and capital gain distributions from a Fund and net gains from the disposition of shares of a Fund.

U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in a Fund.

Each Fund will be required in certain cases to withhold and remit to the U.S. Treasury backup withholding taxes at the applicable rate on distributions paid to any shareholder (1) who has failed to provide a correct taxpayer identification number, (2) who is subject to backup withholding for failure to report the receipt of interest or dividend income properly, or (3) who has failed to certify to the Fund that it is not subject to backup withholding or is an "exempt recipient" (such as a corporation). Amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a shareholder's U.S. federal income tax liability provided the required information is furnished to the IRS.

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **69**

#### SALE OR REDEMPTION OF SHARES
A shareholder will generally recognize gain or loss on the sale of shares of a Fund in an amount equal to the difference between the proceeds of the sale and the shareholder's adjusted tax basis in the shares. All or a portion of any loss may be disallowed if the shareholder purchases other shares of the same Fund within 30 days before or after the sale. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. In general, any gain or loss arising from (or treated as arising from) the sale of shares of a Fund will be considered capital gain or loss and will be long-term capital gain or loss if the shares were held for longer than one year. However, any capital loss arising from the sale of shares held for six months or less will be disallowed to the extent of the amount of exempt-interest dividends received on such shares (unless the loss is with respect to shares of a Fund for which the holding period began after December 22, 2010, and the Fund declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends at least monthly) and (to the extent not disallowed) will be treated as a long-term capital loss to the extent of the amount of capital gain dividends received on such shares. For these purposes, the special holding period rules of Code Section 246(c) (discussed above in connection with qualified dividends, qualified REIT dividends and the dividends-received deduction) generally will apply in determining the holding period of shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

#### TAX SHELTER AND OTHER REPORTING REQUIREMENTS
If a shareholder realizes a loss on the disposition of shares of a Fund of at least $2 million in any single taxable year, or at least $4 million in any combination of taxable years (for an individual shareholder) or at least $10 million in any single taxable year, or at least $20 million in any combination of taxable years (for a corporate shareholder), the shareholder must file with the Internal Revenue Service a disclosure statement on Form 8886. Shareholders should consult their tax Advisers to determine the applicability of this requirement in light of their individual circumstances.

#### FOREIGN TAXATION
Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders of the Fund. With respect to a Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Fund.

#### FOREIGN SHAREHOLDERS
Taxation of a shareholder who, as to the United States, is a nonresident alien individual or foreign corporation ("foreign shareholder"), depends on whether the income from a Fund is "effectively connected" with a U.S. trade or business carried on by such shareholder.

If the income from a Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, subject to the discussion below with respect to "interest-related dividends" and "short-term capital gain dividends," ordinary income dividends (including dividends that would otherwise be treated as qualified dividends to an applicable non-foreign shareholder) paid to such foreign shareholder would be subject to a 30% U.S. withholding tax (or lower applicable treaty rate) upon the gross amount of the

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **70**

dividend. Such foreign shareholder would generally be exempt from U.S. federal income tax, including withholding tax, on gains realized on the sale of shares of a Fund or capital gain dividends unless the foreign shareholder is a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

U.S. withholding tax generally does not apply to amounts properly designated by a Fund as an "interest-related dividend" or a "short-term capital gain dividend." The aggregate amount treated as an interest-related dividend for a year is limited to the Fund's qualified net interest income for the year, which is the excess of the sum of the Fund's qualified interest income (generally, its U.S.-source interest income) over the deductions properly allocable to such income. The aggregate amount treated as a "short-term capital gain dividend" is limited to the excess of the Fund's net short-term capital gain over its net long-term capital loss. In order to qualify for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts.

If the income from a Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then any dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations, and, if the foreign shareholder is a corporation, the shareholder may be subject to an additional "branch profits tax" imposed at the rate of 30% (or lower applicable treaty rate).

In the case of foreign noncorporate shareholders, a Fund may be required to withhold backup withholding taxes at the applicable rate on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless such shareholders furnish the Fund with proper notification of their foreign status.

Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund's assets consist of interests in U.S. real property interests, including certain REITs and U.S. real property holding corporations (as defined in the Code and Treasury Regulations). Fund distributions that are attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund's shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held at least 5% of the Fund's shares, the distribution would be treated as income effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign shareholder's gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than 50% of the value of the Fund's shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5% of the Fund's shares at any time during the five-year period ending on the date of sale. Finally, a domestically controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real property interests. Foreign shareholders are urged to consult their own tax Advisers concerning the particular tax consequences to them of an investment in the Fund.

Under the "Foreign Account Tax Compliance Act" and existing guidance thereunder, commonly known as "FATCA," a 30% withholding tax on dividends (other than capital gains dividends) paid by the Fund generally applies if paid to a foreign entity unless: (i) if the foreign entity is a "foreign financial institution" as defined under FATCA, the foreign entity undertakes certain due diligence, reporting, withholding, and certification obligations, (ii) if the foreign entity is not a "foreign financial institution," it identifies certain of its U.S. investors or (iii) the foreign entity is otherwise excepted under FATCA. If withholding is required under FATCA on a payment related to any Fund distribution, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) on such payment generally will be required to seek a refund or credit from the IRS to obtain the benefit of such exemption or reduction. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify the foregoing requirements. The Funds will not pay any additional amounts in respect of amounts withheld under FATCA. Each investor should consult its tax adviser regarding the effect of FATCA based on its individual circumstances.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty might be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign taxes.

#### COST BASIS REPORTING
A Fund is generally required by law to report to shareholders and the IRS on Form 1099-B "cost basis" information for shares of the Fund acquired on or after September 30, 2019, and sold or redeemed after that date. Upon a disposition of such shares, a Fund will be required to report the adjusted cost basis, the gross proceeds from the disposition, and the character of realized gains or losses

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **71**

attributable to such shares. These requirements do not apply to investments through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement plan. The "cost basis" of a share is generally its purchase price adjusted for dividend reinvestments, returns of capital, and other corporate actions. "Cost basis" is used to determine whether a sale or other disposition of the shares results in a gain or loss.

The Funds will permit shareholders to elect among several IRS-accepted cost basis methods to determine the cost basis in their shares. If a shareholder does not affirmatively elect a cost basis method, then the Fund's default cost basis calculation method, which is currently the average cost method, will be applied to their account. Non-Covered shares (those shares purchased before September 30, 2019 and those shares that do not have complete cost basis information, regardless of purchase date) will be used first for any redemptions made after September 30, 2019, regardless of your cost basis method of election unless you have chosen the specific identification method and have designated covered shares (those purchased after September 30, 2019) at the time of your redemption. The cost basis method elected or applied may not be changed after the settlement date of a sale of shares.

If a shareholder holds shares through a broker, the shareholder should contact that broker with respect to the reporting of cost basis information.

Shareholders are urged to consult their tax Advisers regarding specific questions with respect to the application of the new cost basis reporting rules and, in particular, which cost basis calculation method to elect.

#### EFFECT OF FUTURE LEGISLATION, FOREIGN, STATE AND LOCAL TAX CONSIDERATIONS
The foregoing general discussion of U.S. federal income and excise tax consequences is based on the Code and the Treasury Regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly change the conclusions expressed herein and any such changes or decisions may have a retroactive effect.

Rules of foreign, state and local taxation of ordinary income dividends, qualified dividends, exempt-interest dividends and capital gain dividends from regulated investment companies may differ from the rules for U.S. federal income taxation described above. Shareholders are urged to consult their tax Advisers as to the consequences of these and other foreign, state and local tax rules affecting an investment in a Fund.

**TAXES**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **72**

Section 16 \| Additional Information

#### DESCRIPTION OF SHARES
As a Delaware business trust, the Trust need not hold regular annual shareholder meetings and, in the normal course, does not expect to hold such meetings. The Trust, however, must hold shareholder meetings for such purposes as, for example: (1) approving certain agreements as required by the 1940 Act; (2) changing fundamental investment objectives, policies, and restrictions of the Funds; and (3) filling vacancies on the Board of Trustees of the Trust in the event that less than a majority of the Trustees were elected by shareholders. Under the Trust's Amended and Restated Agreement and Declaration of Trust dated August 19, 2015 ("Declaration of Trust"), each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. Therefore, the Trust expects that there will be no meetings of shareholders for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees holding office have been elected by shareholders or unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act. At such time, the Trustees then in office will call a shareholders meeting. In addition, holders of record of not less than two-thirds of the outstanding shares of the Trust may remove a Trustee from office by a vote cast in person or by proxy at a shareholder meeting called for that purpose at the request of holders of 10% or more of the outstanding shares of the Trust. The Funds have the obligation to assist in such shareholder communications. Except as set forth above, Trustees will continue in office and may appoint successor Trustees.

The Declaration of Trust authorizes the Trustees to issue an unlimited number of shares, which are units of beneficial interest, with no par value. The Declaration of Trust authorizes the Trustees to divide or redivide any unissued shares of the Trust into one or more additional series by setting or changing in any one or more aspects their respective preferences, conversion or other rights, voting power, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption.

Shares have no subscription or preemptive rights and only such conversion or exchange rights as the Trustees may grant in their discretion. When issued for payment as described in the Prospectuses and this SAI, the Trust's shares will be fully paid and non-assessable. In the event of a liquidation or dissolution of the Trust, shares of a Fund are entitled to receive the assets available for distribution belonging to the Fund, and a proportionate distribution, based upon the relative asset values of the respective series, of any general assets not belonging to any particular series that are available for distribution. The Board may classify and reclassify the shares of a Fund into classes of shares at a future date.

Shareholders of the Funds are entitled to one vote per share (with proportional voting for fractional shares) on such matters as shareholders are entitled to vote ("share-based voting"). Alternatively (except where the 1940 Act requires share-based voting), the Trustees in their discretion may determine that shareholders are entitled to one vote per dollar of NAV (with proportional voting for fractional dollar amounts). Shareholders of all series and classes will vote together as a single class on all matters except (1) when required by the 1940 Act or when the Trustees have determined that a matter affects one or more series or classes materially differently, shares shall be voted by individual series or class; and (2) when the Trustees have determined that the matter affects only the interests of a particular series or class, then only shareholders of such series or class shall be entitled to vote thereon.

There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees have been elected by the shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. A meeting shall be held for such purpose upon the written request of the holders of not less than one-third of the outstanding shares. Upon written request by ten or more shareholders of record meeting the qualifications of Section 16(c) of the 1940 Act, (i.e., persons who have been shareholders of record for at least six months and who hold shares having an NAV of at least $25,000 or constituting 1% of the outstanding shares, whichever is less) stating that such shareholders wish to communicate with the other shareholders for the purpose of obtaining the signatures necessary to demand a meeting to consider removal of a Trustee, the Trust will provide a list of shareholders or disseminate appropriate materials (at the expense of the requesting shareholders). Except as set forth above, the Trustees shall continue to hold office and may appoint their successors.

The Declaration of Trust permits the Trustees to take certain actions without obtaining shareholder approval, if the Trustees determine that doing so would be in the best interests of shareholders. These actions include: (a) reorganizing the Fund with another investment company or another series of the Trust; (b) liquidating the Fund; and (c) amending the Declaration of Trust, provided that it is consistent with the fair and equitable treatment of all shareholders and that shareholder approval is not otherwise required by the 1940 Act or other applicable law.

**ADDITIONAL INFORMATION**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **73**

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares, as defined under the 1940 Act, of each series affected by the matter. For purposes of determining whether the approval of a majority of the outstanding shares of a Fund will be required in connection with a matter, the Fund will be deemed to be affected by a matter unless it is clear that the interests of each Fund and any other series in the matter are identical, or that the matter does not affect any interest of other series of the Trust. Under Rule 18f-2, the approval of an Investment Advisory agreement or any change in investment policy would be effectively acted upon with respect to a Fund only if approved by a majority of the outstanding shares of such Fund. However, Rule 18f-2 also provides that the ratification of independent accountants, the approval of principal underwriting contracts and the election of Trustees may be effectively acted upon by shareholders of the Trust voting without regard to a Fund.

#### SHAREHOLDER AND TRUSTEE LIABILITY
The Delaware Statutory Trust Act provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of Delaware corporations and the Declaration of Trust provides that shareholders of the Trust shall not be liable for the obligations of the Trust. The Declaration of Trust also provides for indemnification out of the trust property of any shareholder held personally liable solely by reason of his or her being or having been a shareholder. The risk of a shareholder incurring financial loss on account of shareholder liability is considered to be extremely remote.

The Declaration of Trust states further that to the fullest extent permitted by Delaware law, no Trustee or officer of the Trust shall be personally liable in connection with the administration or preservation of the assets of the Funds or the conduct of the Trust's business; nor shall any Trustee, officer, or agent be personally liable to any person for any action or failure to act except for his own bad faith, willful misfeasance, gross negligence, or reckless disregard of his duties. The Declaration of Trust also provides that all persons having any claim against the Trustees or the Trust shall look solely to the assets of the Trust for payment.

#### DERIVATIVE ACTIONS BROUGHT BY SHAREHOLDERS
Pursuant to the Declaration of Trust, a shareholder may bring a derivative action on behalf of the Trust only if the shareholder or shareholders first make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such action is excused. A demand on the Trustees shall only be excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the action at issue. A Trustee shall not be deemed to have a personal financial interest in an action or otherwise be disqualified from ruling on a shareholder demand by virtue of the fact that such Trustee receives remuneration from his service on the Board or on the boards of one or more investment companies managed by the Adviser or that share the same principal underwriter. For purposes of this requirement, the Board may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

#### DISCLOSURE OF PORTFOLIO HOLDINGS
The Board has adopted policies with respect to the disclosure of each Fund's portfolio holdings by the Fund, the Adviser, or their affiliates. These policies provide that each Fund's portfolio holdings information generally may not be disclosed to any party prior to the information becoming public. Certain limited exceptions are described below. These policies apply to disclosures to all categories of persons, including individual investors, institutional investors, intermediaries who sell shares of a Fund, third parties providing services to the Fund (accounting agent, print vendors, etc.), rating and ranking organizations (Lipper, Morningstar, etc.) and affiliated persons of the Fund.

The Trust's Chief Compliance Officer is responsible for monitoring each Fund's compliance with these policies and for providing regular reports (at least annually) to the Board regarding the adequacy and effectiveness of the policy and recommend changes, if necessary.

**Public Disclosure.** Each business day, each Fund's portfolio holdings information will generally be provided for dissemination through the facilities of the National Securities Clearing Corporation ("NSCC") and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants (as defined below), and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of each Fund in the secondary market. This information typically reflects the Fund's anticipated holdings on the current business day.

**ADDITIONAL INFORMATION**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **74**

For in-kind creations, a basket composition file, which includes the names and quantities of Deposit Securities to deliver in exchange for a Creation Unit of Shares, together with an estimated Cash Component for the current business day, will be publicly disseminated daily prior to the opening of the Exchange via the NSCC. The basket represents one Creation Unit of a Fund. The Trust and the Adviser will not disseminate non-public information concerning a Fund's portfolio holdings. However, access to information concerning a Fund's portfolio holdings may be permitted to personnel of third party service providers, including a Fund's custodian, transfer agent, auditors and counsel, as may be necessary to conduct business in the ordinary course in a manner consistent with such service providers' agreements with the Trust on behalf of a Fund.

The Funds also disclose their complete portfolio holdings in its annual and semiannual reports to shareholders, which are sent to shareholders no later than 60 days after the relevant fiscal period (June 30th and December 31st, respectively) and are available on the Fund's website, VictorySharesLiterature.com. The Funds also file their complete portfolio holdings as of the end of its first and third fiscal quarters (September 30th and March 31st, respectively) with the SEC on Form N-Q no later than 60 days after the relevant fiscal period. You can find these filings on the SEC's website, sec.gov.

**Non-Public Disclosures.** The Adviser may authorize the disclosure of non-public portfolio holdings information under certain limited circumstances. The Funds' policies provide that non-public disclosures of a Fund's portfolio holdings may only be made if: (i) the Fund has a "legitimate business purpose" (as determined by the President of the Trust) for making such disclosure; and (ii) the party receiving the non-public information enters into a confidentiality agreement, which includes a duty not to trade on the non-public information and describes any compensation to be paid to the Fund or any "affiliated person" of the Adviser or Distributor, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser or Distributor.

The Adviser will consider any actual or potential conflicts of interest between the Adviser and a Fund's shareholders and will act in the best interest of the Fund's shareholders with respect to any such disclosure of portfolio holdings information. If a potential conflict can be resolved in a manner that does not present detrimental effects to Fund shareholders, the Adviser may authorize release of portfolio holdings information. Conversely, if the potential conflict cannot be resolved in a manner that does not present detrimental effects to Fund shareholders, the Adviser will not authorize such release.

**Ongoing Arrangements to Disclose Portfolio Holdings.** Each Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business and through financial reporting and news services including publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

As previously authorized by the Board and/or the Trust's executive officers, a Fund periodically discloses non-public portfolio holdings on a confidential basis to various service providers that require such information in order to assist the Fund in its day-to-day operations, as well as public information to certain ratings organizations. These entities are described in the following table. The table also includes information as to the timing of these entities receiving the portfolio holdings information from a Fund. In none of these arrangements does a Fund or any "affiliated person" of the Adviser or Distributor receive any compensation, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser or Distributor.

**ADDITIONAL INFORMATION**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **75**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**TYPE OF SERVICE PROVIDER**  | &nbsp;&nbsp;**NAME OF SERVICE PROVIDER** | &nbsp;&nbsp;**TIMING OF RELEASE OF PORTFOLIO HOLDINGS INFORMATION** |
| &nbsp;&nbsp;Adviser | Timothy Partners, Ltd | Daily |
| &nbsp;&nbsp;Sub-Adviser | Victory Capital Management Inc. | Daily |
| &nbsp;&nbsp;Distributor | Foreside Fund Services, LLC | Daily |
| &nbsp;&nbsp;Custodian | Citibank, N.A. | Daily |
| &nbsp;&nbsp;Fund Accountant | Citi Fund Services Ohio, Inc. | Daily |
| &nbsp;&nbsp;Financial Data Service | FactSet Research Systems, Inc. | Daily |
| &nbsp;&nbsp;Independent Registered Public Accounting Firm | Cohen & Company, Ltd. | Annual Reporting Period: within 15 business days of end of reporting period. |
| &nbsp;&nbsp;Printer for Financial Reports | Merrill Corporation | Up to 30 days before distribution to shareholders |
| &nbsp;&nbsp;Legal Counsel, for EDGAR filings on Forms N-CSR and Form N-Q | Sullivan & Worcester LLP | Up to 30 days before filing with the SEC |
| &nbsp;&nbsp;Ratings Agency | Lipper | Daily, but on the following day |
| &nbsp;&nbsp;Ratings Agency | Morningstar | Daily, but on the following day |
| &nbsp;&nbsp;Financial Data Service | Bloomberg L.P. | Daily, but on the following day |

---

These service providers are required to keep all non-public information confidential and are prohibited from trading based on the information or otherwise using the information, except as necessary in providing services to a Fund.

There is no guarantee that a Fund's policies on use and dissemination of holdings information will protect the Fund from the potential misuse of holdings by individuals or firms in possession of such information.

#### EXPENSES
Unless agreed upon otherwise with a third party, all expenses incurred in administration of the Funds will be charged to a particular Fund, including investment management fees; fees and expenses of the Board; interest charges; taxes; brokerage commissions; expenses of valuing assets; expenses of continuing registration and qualification of the Funds and the shares under federal and state law; share issuance expenses; fees and disbursements of independent accountants and legal counsel; fees and expenses of custodians, including, transfer agents and shareholder account servicing organizations; expenses of preparing, printing and mailing prospectuses, reports, proxies, notices and statements sent to shareholders; expenses of shareholder meetings; costs of investing in underlying funds; and insurance premiums. The Funds are also liable for nonrecurring expenses, including litigation to which they may from time to time be a party. Expenses incurred for the operation of a particular Fund, including the expenses of communications with its shareholders, are paid by that Fund.

#### LEGAL COUNSEL
Sullivan & Worcester, LLP, 1666 K Street, NW, Washington, DC 20006, acts as legal counsel to the Trust and its Independent Trustees and reviews certain legal matters for the Trust in connection with the shares offered by the Prospectus.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland OH 44115, serves as the independent registered public accounting firm for the Funds.

#### MISCELLANEOUS
As used in the Prospectuses and in this SAI, "assets belonging to a fund" (or "assets belonging to the Fund") means the consideration received by the Trust upon the issuance or sale of shares of a Fund, together with all income, earnings, profits and proceeds derived from the investment thereof, including any proceeds from the sale, exchange, or liquidation of such investments and any funds or payments derived from any reinvestment of such proceeds and any general assets of the Trust, which general liabilities and expenses are not readily identified as belonging to a particular series that are allocated to that series by the Trustees.

**ADDITIONAL INFORMATION**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **76**

The Trustees may allocate such general assets in any manner they deem fair and equitable. It is anticipated that the factor that will be used by the Trustees in making allocations of general assets to a particular series will be the relative NAV of each respective series at the time of allocation. Assets belonging to a particular series are charged with the direct liabilities and expenses in respect of that series and with a share of the general liabilities and expenses of each of the series not readily identified as belonging to a particular series, which are allocated to each series in accordance with its proportionate share of the NAVs of the Trust at the time of allocation. The timing of allocations of general assets and general liabilities and expenses of the Trust to a particular series will be determined by the Trustees and will be in accordance with generally accepted accounting principles. Determinations by the Trustees as to the timing of the allocation of general liabilities and expenses and as to the timing and allocable portion of any general assets with respect to a particular series are conclusive.

As used in the Prospectuses and in this SAI, a "vote of a majority of the outstanding shares" of the Fund means the affirmative vote of the lesser of (a) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are represented in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund.

**EACH PROSPECTUS AND THIS SAI ARE NOT AN OFFERING OF THE SECURITIES DESCRIBED IN THESE DOCUMENTS IN ANY STATE IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE. NO SALESPERSON, DEALER, OR OTHER PERSON IS AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION OTHER THAN THOSE CONTAINED IN A PROSPECTUS AND THIS SAI.** 

**WHILE THIS SAI AND EACH PROSPECTUS DESCRIBE PERTINENT INFORMATION ABOUT THE TRUST AND THE FUNDS, NEITHER THIS SAI NOR ANY PROSPECTUS REPRESENTS A CONTRACT BETWEEN THE TRUST OR A FUND AND ANY SHAREHOLDER.** 

**ADDITIONAL INFORMATION**

STATEMENT OF ADDITIONAL INFORMATION (ETFS) **/** **77**

*Intentionally Left Blank*

*Intentionally Left Blank*

![](fp0098586-1_80.jpg)

PART C. OTHER INFORMATION

**Item 28. Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** [**Articles of Incorporation** - Copy of Agreement and Declaration of Trust, of The Timothy Plan,](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [a Delaware Business Trust (effective 2002 the Delaware Statutory Trust Act), filed on April 30,](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [1996, as an Exhibit to Registrant's Post-Effective Amendment and incorporated herein by](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [reference.](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** [**By-Laws** – Copy of Agreement and Declaration of Trust of The Timothy Plan a Delaware](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [Business Trust (effective 2002 the Delaware Statutory Trust Act), filed on April 30, 1996, as an](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [Exhibit to Registrant's Post-Effective Amendment and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c**. [**Instruments Defining Rights of Security Holders** – Copy of Agreement and Declaration of](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [Trust of The Timothy Plan a Delaware Business Trust (effective 2002 the Delaware Statutory](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [Trust Act), filed on April 30, 1996, as an Exhibit to Registrant's Post-Effective Amendment and](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d**. **Investment Advisory Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Registrant's Copy of Consolidated and Restated Investment Advisory Agreement with Timothy Partners, Ltd. filed as an Exhibit to Registrant's Post-Effective Amendment on April 30, 2026, and incorporated herein by reference.](fp0098586-1_ex9928d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Registrant's Copy of Sub-Investment Advisory Agreement by and between Timothy Partners,](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d2.htm) [Ltd and Chartwell Investment Partners of behalf of the Timothy Plan Aggressive Growth](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d2.htm) [Fund, (KNA Small/Mid Cap Growth Fund) filed as an Exhibit to Registrant's Post Effective](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d2.htm) [Annual Amendment effective May 1, 2024, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Registrant's Copy of Sub-Investment Advisory Agreement by and between Timothy Partners,](http://www.sec.gov/Archives/edgar/data/916490/000119312520108069/d903206dex9928d2a.htm) [Ltd. and Chartwell Investment Partners, on behalf of the Timothy Plan Large/Mid Cap](http://www.sec.gov/Archives/edgar/data/916490/000119312520108069/d903206dex9928d2a.htm) [Growth Fund, filed as Exhibit to Registrant's Post Effective Annual Amendment on April](http://www.sec.gov/Archives/edgar/data/916490/000119312520108069/d903206dex9928d2a.htm) [15, 2020, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312520108069/d903206dex9928d2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Registrant's Copy of Sub-Investment Advisory Agreement by and between Timothy Partners,](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99d20.htm) [Ltd. and Eagle Global Advisors , on behalf of the Timothy Plan International Fund, filed as](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99d20.htm) [an Exhibit to Registrant's Post-Effective Amendment on May 2, 2007, and incorporated](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99d20.htm) [herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Registrant's Copy of Sub-Investment Advisory Agreement by and between Timothy Partners,](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99d2.htm) [Ltd. and Eagle Global Advisors, on behalf of the Timothy Plan Israel Common Values Fund,](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99d2.htm) [filed as an Exhibit to Registrant's Post-Effective Amendment on October 11, 2011, and](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99d2.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Registrant's Copy of Sub-Investment Advisory Agreement by and between Timothy Partners,](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d16.htm) [Ltd. and Westwood Management Group, on behalf of the and Timothy Plan Small-Cap](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d16.htm) [Value Fund, filed as an Exhibit to Registrant's Post-Effective Amendment on April 27, 2006,](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d16.htm) [and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Registrant's Copy of Sub-Investment Advisory Agreement by and between Timothy Partners,](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d14.htm) [Ltd. and Westwood Management Group, on behalf of the Timothy Plan Large/Mid Cap](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d14.htm) [Value Fund, filed as an Exhibit to Registrant's Post-Effective Amendment on April 27, 2006,](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d14.htm) [and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312506091108/dex99d14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Copy of Interim Sub-Investment Advisory Agreement with Timothy Partners, Ltd. and](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5.htm) [Barrow, Hanley & Mewhinney & Strauss, on behalf of the Timothy Plan Fixed Income Fund](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5.htm) [, Timothy Plan High Yield Bond Fund, Timothy Growth and Income Fund and Timothy Plan](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5.htm) [Defensive Strategies Fund Fixed Income Allocation dated November 17, 2020, filed as an](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5.htm) [Exhibit to Registrant's Post Effective Annual Amendment on January 28, 2021, and](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Copy of Sub-Investment Advisory Agreement with Timothy Partners, Ltd. and Barrow,](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5a.htm) [Hanley & Mewhinney & Strauss, on behalf of the Timothy Plan Fixed Income Fund ,](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5a.htm) [Timothy Plan High Yield Bond Fund, Timothy Growth and Income Fund and Timothy Plan](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5a.htm) [Defensive Strategies Fund Fixed Income Allocation, filed as an Exhibit to Registrant's Post](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5a.htm) [Effective Annual Amendment on January 28, 2021, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d5a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Copy of Interim Sub-Investment Advisory Agreement with Timothy Partners, Ltd. and](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6.htm) [Chilton Capital Management, LLC on behalf of the Timothy Plan Defensive Strategies Fund](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6.htm) [REIT Allocation, dated November 1, 2020, filed as an Exhibit to Registrant's Post Effective](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6.htm) [Amendment on January 28, 2021, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Copy of Sub-Investment Advisory Agreement with Timothy Partners, Ltd. and Chilton](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6a.htm) [Capital Management, LLC on behalf of the Timothy Plan Defensive Strategies Fund REIT](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6a.htm) [Allocation, filed as an Exhibit to Registrant's Post Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6a.htm) [2021, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312521020301/d65197dex9928d6a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Copy of Sub-Investment Advisory Agreement by and between Timothy Partners, Ltd. and](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d12.htm) [CoreCommodity, LLC, on behalf of the Timothy Plan Defensive Strategies Fund, filed as](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d12.htm) [Exhibit Registrant's Post Effective Amendment on May 1, 2024, and incorporated herein by](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d12.htm) [reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928d12.htm)

---

| | |
|:---|:---|
| (13) | [Copy of Sub-Investment Advisory Agreement by and between Timothy Partners, Ltd. and](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99d3.htm) [Victory Capital Management, Inc, on behalf of the Timothy Plan US Large Cap Core ETF,](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99d3.htm) [Timothy Plan US Small- Cap Core ETF, Timothy Plan International ETF, and Timothy Plan](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99d3.htm) [US High Dividend Stock ETF, filed as an Exhibit to Registrant's Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99d3.htm) [filed on April 30, 2019, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99d3.htm) |
| (13.1) | [Copy of Amendment 3 Sub-Investment Advisory Agreement by and between Timothy Partners, Ltd. and Victory Capital Management, Inc, on behalf of the Timothy Plan Free Cash Flow ETF, the Timothy Plan Free Cash Flow Growth ETF and the Timothy Plan Fixed Income ETF, filed as an Exhibit to Registrant's Post-Effective Amendment Filed on April 30, 2026, and incorporated herein by reference.](fp0098586-1_ex9928d131.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Advisory Fee Waiver Agreement by and between Timothy Partners, LTD and The Timothy Plan (the "Trust"), dated November 21, 2025, is filed as an Exhibit to Registrant's Post-Effective Amendment effective February 1, 2026, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834426001496/fp0096912-1_ex9928d14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e**. **Underwriting Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Copy of Registrant's Underwriting Agreement with Timothy Partners, Ltd., filed as an](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928e1.htm) [Exhibit to Registrant's Post-Effective Amendment effective May 1, 2024, and incorporated](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928e1.htm) [herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928e1.htm)

---

| | |
|:---|:---|
| (2) | [Form of Registrant's Underwriting Agreement with Foreside Distributors, on behalf of the](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928e2.htm) [Timothy Plan ETF Funds, filed as an Exhibit to Registrant's Post-Effective Amendment filed](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928e2.htm) [on January 24, 2023, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928e2.htm) |
| 2.(a) | [Copy of Registrant's Underwriting agreement with Foreside Distributors, on behalf of the Timothy Plan ETF Funds, filed as an Exhibit to the Registrant's Post-Effective Amendment filed on April 30, 2026, and incorporated herein by reference.](fp0098586-1_ex9928e2a.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f**. **Bonus or Profit-Sharing Contracts -** Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g**. **Custodian Agreements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Copy of Registrants Custodian Agreement with Star Bank N.A. (k/n/a U.S. Bank N.A.), filed](http://www.sec.gov/Archives/edgar/data/916490/000095016802001180/dex997.txt) [as an Exhibit to Registrant's Post-Effective Amendment on April 30, 2002, and incorporated](http://www.sec.gov/Archives/edgar/data/916490/000095016802001180/dex997.txt) [herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000095016802001180/dex997.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Copy of Registrants Global Custodian and Agency Services Agreement with Citibank, N.A. for the Timothy Plan ETF](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99g.htm) [Funds, filed as an Exhibit to Registrant's Post-Effective Amendment on April 30, 2019, and](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99g.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99g.htm)

(2.a) [Copy of Registrants Amendment No. 2 to Custodian and Agency Services Agreement with Citibank, N.A. for Timothy Plan, filed as an Exhibit to Registrant's Post-Effective Amendment on April 30, 2026, and incorporated herein by reference.](fp0098586-1_ex9928g2a.htm)

---

| | |
|:---|:---|
| (2.b) | [Copy of Registrants Amendment No.3 to Custodian and Agency Services Agreement with Citibank, N.A. for Timothy Plan, filed as an Exhibit to Registrant's Post-Effective Amendment on April 30, 2026, and incorporated herein by reference.](fp0098586-1_ex9928g2b.htm) |
| (2.c) | [Copy of Registrants Amendment No.4 to Custodian and Agency Services Agreement with Citibank, N.A. for Timothy Plan, filed as an Exhibit to Registrant's Post-Effective Amendment on April 30, 2026, and incorporated herein by reference.](fp0098586-1_ex9928g2c.htm) |
| (3) | [Copy of Registrants Brinks Precious Metals Storage Agreement for the Timothy Plan Funds,](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928g3.htm) [filed as an Exhibit to Registrant's Post-Effective Amendment on January 24, 2023, and](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928g3.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928g3.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Copy of Registrants Custodian Agreement with U.S. Bank National Association, filed as an](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4.htm) [Exhibit to Registrant's Post-Effective Amendment on January 28, 2025, and incorporated](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4.htm) [herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4.htm)

---

| | |
|:---|:---|
| (4.a) | [Copy of Registrants Amendment No. 1 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4a.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4a.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4a.htm) |

---

---

| | |
|:---|:---|
| (4.b) | [Copy of Registrants Amendment No. 2 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4b.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4b.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4b.htm) |

---

---

| | |
|:---|:---|
| (4.c) | [Copy of Registrants Amendment No. 3 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4c.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4c.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4c.htm) |

---

---

| | |
|:---|:---|
| (4.d) | [Copy of Registrants Amendment No. 4 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4d.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4d.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4d.htm) |

---

---

| | |
|:---|:---|
| (4.e) | [Copy of Registrants Amendment No. 5 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4e.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4e.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4e.htm) |

---

---

| | |
|:---|:---|
| (4.f) | [Copy of Registrants Amendment No. 6 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4f.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4f.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4f.htm) |

---

---

| | |
|:---|:---|
| (4.g) | [Copy of Registrants Amendment No. 7 to Custodian Agreement with U.S. Bank National](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4g.htm) [Association, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4g.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g4g.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h**. **Other Material Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Form of Mutual Fund Master Services Agreement with Ultimus Fund Solutions, LLC, filed](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928h1.htm) [as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2024, and](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928h1.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928h1.htm)

---

| | |
|:---|:---|
| (1.a) | [Copy of Mutual Fund Master Services Agreement with Ultimus Fund Solutions, LLC, filed](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928h1a.htm) [as an Exhibit to Registrant's Post-Effective Amendment effective February 1, 2025, and](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928h1a.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928h1a.htm) |

---

---

| | |
|:---|:---|
| (2) | [Copy of Services Agreement with Citi Fund](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99h1.htm) [Services Ohio and Citibank, N.A ., filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99h1.htm) [Amendment on April 29, 2019, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312519128973/d738523dex99h1.htm) |
| (2.a) | [Copy of Registrant's Amendment No.1 to Services Agreement with Citi Fund Services Ohio and Citibank, N.A ., for the Timothy Plan ETF Funds filed as an Exhibit to Registrant's Post-Effective Amendment on January 24, 2023, and incorporated herein by reference.](fp0098586-1_ex9928h2a.htm) |

---

---

| | |
|:---|:---|
| (2.b) | [Copy of Registrant's Amendment No.2 to Services](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928h2b.htm) [Agreement with Citi Fund Services Ohio and Citibank, N.A ., for the Timothy](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928h2b.htm) [Plan ETF Funds filed as an Exhibit to Registrant's Post-Effective Amendment on January](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928h2b.htm) [24, 2023, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928h2b.htm) |

---

---

| | |
|:---|:---|
| (2.c) | [Copy of Registrants Amendment No. 3 to Services Agreement with Citibank, N.A. for the](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928g2c.htm) [Timothy Plan Timothy ETF Funds, filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928g2c.htm) [Amendment on January 24, 2023, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928g2c.htm) |
| (2.d) | [Copy of Registrants Amendment No. 4 to Services Agreement with Citibank, N.A. for](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g2d.htm) [Timothy Plan, filed as an Exhibit to Registrant's Post-Effective Amendment on January 28,](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g2d.htm) [2025, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834425001306/fp0091984-1_ex9928g2d.htm) |
| (2.e) | [Copy of Registrant's Amendment No.5 to Services Agreement with Citi Fund Services Ohio and Citibank, N.A., for the Timothy Plan ETF Funds filed as an Exhibit to Registrant's Post-Effective Amendment on January 24, 2023, and incorporated herein by reference.](fp0098586-1_ex9928h2e.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Copy of Trustee Powers of Attorney filed as an Exhibit to Registrant's Post-Effective Amendment effective February 1, 2026, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834426001496/fp0096912-1_ex9928h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Copy of Northern Lights Consulting Agreement executed January 28, 2022, filed as an](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h4.htm) [Exhibit to Registrant's Post Effective Annual Amendment effective February 1, 2024, and](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h4.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Copy of Goldman Sachs Futures and Options Contract, executed November 8, 2018, filed as](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h5.htm) [an Exhibit to Registrant's Post Effective Annual Amendment effective February 1, 2024 and](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h5.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h5.htm)

---

| | |
|:---|:---|
| (5.a) | [Copy of Amendment 1 to Goldman Sachs Futures and Options Contract, executed, October](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h5a.htm) [30, 2019, filed as an Exhibit to Registrant's Post Effective Annual Amendment effective](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h5a.htm) [February 1, 2024, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h5a.htm) |

---

(5.b) [Copy of Amendment 4 to Goldman Sachs Futures and Options Contract, executed, April 21, 2026, filed as an Exhibit to Registrant's Post Effective Annual Amendment effective May 1, 2026, and incorporated herein by reference.](fp0098586-1_ex9928h5b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Copy of Egan Jones Proxy Services Agreement, effective February 1, 2024, filed as an](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h6.htm) [Exhibit to Registrant's Post Effective Annual Amendment effective February 1, 2024 and](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h6.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424001284/fp0086783-1_ex9928h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Copy of Northern Lights Consulting Agreement, effective February 2, 2022, filed as an](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928h7.htm) [Exhibit to Registrant's Poste Effective Annual Amendment effective May 1, 2024, and](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928h7.htm) [incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834424008367/fp0088171-1_ex9928h7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Copy of Pine Advisors Services Agreement, effective May 1, 2025, filed as an Exhibit to Registrant's Poste Effective Annual Amendment effective May 1, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834425008071/fp0092937-1_ex9928h8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** [**Opinion and Consent of Counsel** – Opinion and Consent of Sullivan & Worcester, LLP , filed herewith.](fp0098586-1_ex9928i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Legality of Shares Opinion, Sullivan & Worcester, LLP, filed herewith.](fp0098586-1_ex9928i1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.** **[Other Opinions](fp0098586-1_ex9928j.htm)** [.](fp0098586-1_ex9928j.htm) [Consent of Cohen & Company, Ltd.](fp0098586-1_ex9928j.htm) – [Filed herewith.](fp0098586-1_ex9928j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k.** **Omitted Financial Statements** - None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l.** [**Initial Capital Agreements** – Investment letters between the Registrant and its initial](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [shareholders, filed as an Exhibit to Registrant's Post-Effective Amendment on April 30, 1996,](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm) [are hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/916490/000095010996002479/0000950109-96-002479-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m**. **Rule 12b-1 Plans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Registrant's Plan of Distribution for Class A Shares, which was filed as an Exhibit to](http://www.sec.gov/Archives/edgar/data/916490/000101270999000183/0001012709-99-000183-index.htm) [Registrant's Post- Effective Amendment on March 18, 1999, and incorporated herein by](http://www.sec.gov/Archives/edgar/data/916490/000101270999000183/0001012709-99-000183-index.htm) [reference.](http://www.sec.gov/Archives/edgar/data/916490/000101270999000183/0001012709-99-000183-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Registrant's Plan of Distribution for Class C shares, which was filed as an Exhibit to](http://www.sec.gov/Archives/edgar/data/916490/000101270999000183/0001012709-99-000183-index.htm) [Registrant's Post-effective Amendment on March 18, 1999, and incorporated herein by](http://www.sec.gov/Archives/edgar/data/916490/000101270999000183/0001012709-99-000183-index.htm) [reference.](http://www.sec.gov/Archives/edgar/data/916490/000101270999000183/0001012709-99-000183-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Registrant's Copy of Amendment to Plan of Distribution for Class A Shares, adding the](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m6.htm) [Timothy Plan High Yield Fund and Timothy Plan International Fund, which was filed as an](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m6.htm) [Exhibit to Registrant's Post-Effective Amendment on May 2, 2007, and incorporated herein](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m6.htm) [by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Registrant's Copy of Amendment to Plan of Distribution for Class C Shares, adding the](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m7.htm) [Timothy Plan High Yield Fund and Timothy Plan International Fund, which was filed as an](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m7.htm) [Exhibit to Registrant's Post-Effective Amendment on May 2, 2007, and incorporated herein](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m7.htm) [by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312507099141/dex99m7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Registrant's Amendment to Plan of Distribution for Class A Shares, adding the Timothy Plan](http://www.sec.gov/Archives/edgar/data/916490/000119312509167352/0001193125-09-167352-index.htm) [Defensive Strategies Fund, which was filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000119312509167352/0001193125-09-167352-index.htm) [Amendment on August 6. 2009, and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312509167352/0001193125-09-167352-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Registrant's Amendment to Plan of Distribution for Class C Shares, adding the Timothy Plan](http://www.sec.gov/Archives/edgar/data/916490/000119312509167352/0001193125-09-167352-index.htm) [Defensive Strategies Fund, which was filed as an Exhibit to Registrant's Post-Effective on](http://www.sec.gov/Archives/edgar/data/916490/000119312509167352/0001193125-09-167352-index.htm) [August 6, 2009, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312509167352/0001193125-09-167352-index.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Registrant's Copy of Amendment to Plan of Distribution for Class C shares, adding the](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99m1.htm) [Timothy Plan Israel Common Values Fund, filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99m1.htm) [Amendment on October 11, 2011, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Registrant's Copy of Amendment to Plan of Distribution for Class A Shares, adding the](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99m2.htm) [Timothy Plan Israel Common Values Fund, which was filed as an Exhibit to Registrant's](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99m2.htm) [Post-Effective Amendment on October 11, 2011, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312511268483/d241713dex99m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Registrant's Copy of Amended Plan of Distribution for Class C shares, adding the Timothy](http://www.sec.gov/Archives/edgar/data/916490/000119312513386771/d603527dex99m11.htm) [Plan Growth and Income Fund, which was filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000119312513386771/d603527dex99m11.htm) [on October 1, 2013, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312513386771/d603527dex99m11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Registrant's Copy of Amended Plan of Distribution for Class A shares, adding the Timothy](http://www.sec.gov/Archives/edgar/data/916490/000119312513386771/d603527dex99m10.htm) [Plan Growth and Income Fund, which was filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000119312513386771/d603527dex99m10.htm) [Amendment on October 1, 2013, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/916490/000119312513386771/d603527dex99m10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n**. **Rule 18f-3 Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Registrant's Copy of Multiple Class Plan filed as an Exhibit to Registrant's Post-Effective](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928n.htm) [Amendment, on January 24, 2023, and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/916490/000139834423000952/fp0081175-3_ex9928n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o.** **Reserved** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**p.** **Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Copy of Code of Ethics for the Timothy Plan, filed as an Exhibit to Registrant's Post- Effective Amendment effective February 1, 2026, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834426001496/fp0096912-1_ex9928p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Copy of Code of Ethics for Timothy Partners Ltd., filed as an Exhibit to Registrant's Post- Effective Amendment effective February 1, 2026, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834426001496/fp0096912-1_ex9928p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Copy of Code of Ethics of Barrow, Hanley, Mewhinney & Strauss, LLC, dated February 14, 2025, filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834425008071/fp0092937-1_ex9928p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Copy of Code of Ethics of Chartwell Investment Partners filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2026, and incorporated herein by reference.](fp0098586-1_ex9928p4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Copy of Code of Ethics of Chilton Capital Management, LLC dated January 2024, filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2026, and incorporated herein by reference.](fp0098586-1_ex9928p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Copy of Code of Ethics of Eagle Global Advisors, LLC, dated November 11, 2024, filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2026, and incorporated herein by reference.](fp0098586-1_ex9928p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Copy of Code of Ethics of CoreCommodity, LLC, dated October 2024, filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/916490/000139834425008071/fp0092937-1_ex9928p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Copy of Code of Ethics of Westwood Management Corp., filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2026, and incorporated herein by reference.](fp0098586-1_ex9928p8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Copy of Code of Ethics of Victory Capital Management, Inc. dated April 1, 2025, filed as an Exhibit to Registrant's Post-Effective Amendment effective May 1, 2026, is hereby incorporated by reference.](fp0098586-1_ex9928p9.htm)

**Item 29.** **Persons Controlled by or Under Common Control with Registrant - None**

**Item 30.** **Indemnification**

Under the terms of the Delaware Business Trust Act (effective 2002 the Delaware Statutory Trust Act) and the Registrant's Agreement and Declaration of Trust and By-Laws, no officer or Trustee of the Trust shall have any liability to the Trust or its shareholders for damages, except to the extent such limitation of liability is precluded by Delaware law, the Agreement and Declaration of Trust or the By-Laws.

The Delaware Business Trust Act, section 3817, permits a business trust to indemnify any trustee, beneficial owner, or other person from and against any claims and demands whatsoever. Section 3803 protects a trustee, when acting in such capacity, from liability to any person other than the business trust or beneficial owner for any act, omission, or obligation of the business trust or any trustee thereof, except as otherwise provided in the Agreement and Declaration of Trust.

The Agreement and Declaration of Trust provides that the Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, and, subject to the provisions of the By-Laws, the Trust out of its assets may indemnify and hold harmless each and every officer and Trustee of the Trust from and against any and all claims, demands, costs, losses, expenses, and damages whatsoever arising out of or related to such Trustee's performance of his or her duties as a officer or Trustee of the Trust; provided that nothing contained in the Agreement and Declaration of Trust shall indemnify, hold harmless or protect any officer or Trustee from or against any liability to the Trust or any shareholder to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

The By-Laws provide indemnification for an officer or Trustee who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right of the Trust), by reason of the fact that such person is or was an agent of the Trust, against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such proceeding, if it is determined that such person acted in good faith and reasonably believed: (a) in the case of conduct in his official capacity as an agent of the Trust, that his conduct was in the Trust's best interests and (b) in all other cases, that his conduct was at least not opposed to the Trust's best interests and (c) in the case of a criminal proceeding, that he had no reasonable cause to believe the conduct of that person was unlawful.

The termination of any proceeding by judgment, order or settlement shall not of itself create a presumption that the person did not meet the requisite standard of conduct set forth above. The termination of any proceeding by conviction, or a plea of nolo contendere or its equivalent, or any entry of an order of probation prior to judgment, shall create a rebuttable presumption that the person did not meet the requisite standard of conduct set forth above.

The By-Laws further provide indemnification for an officer or Trustee who was or is a party or is threatened to be made a party to any proceeding by or in the right of the Trust to procure a judgment in its favor by reason of the fact that the person is or was an agent of the Trust, against expenses actually and reasonably incurred by that person in connection with the defense or settlement of that action if that person acted in good faith, in a manner that person believed to be in the best interests of the Trust and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances.

The By-Laws provide no right to indemnification for any liability arising by reason of willful misfeasance, bad faith, gross negligence, or the reckless disregard of the duties involved in the conduct of an officer's or Trustee's office with the Trust. Further no indemnification shall be made:

(a) In respect of any proceeding as to which an officer or Trustee shall have been adjudged to be liable on the basis that personal benefit was improperly received by him, whether or not the benefit resulted from an action taken in the person's official capacity; or

(b) In respect of any proceeding as to which an officer or Trustee shall have been adjudged to be liable in the performance of that person's duty to the Trust, unless and only to the extent that the court in which that action was brought shall determine upon application that in view of all the relevant circumstances of the case, that person is fairly and reasonably entitled to indemnity for the expenses which the court shall determine; however, in such case, indemnification with respect to any proceeding by or in the right of the Trust or in which liability shall have been adjudged by reason of the disabling conduct set forth in the preceding paragraph shall be limited to expenses; or

(c) Of amounts paid in settling or otherwise disposing of a proceeding, with or without court approval, or of expenses incurred in defending a proceeding which is settled or otherwise disposed of without court approval, unless the required approval as set forth below is obtained.

The By-Laws provide to the extent that an officer or Trustee has been successful, on the merits or otherwise, in the defense of any proceeding as set forth above before a court or other body before whom a proceeding was brought, the officer or Trustee shall be indemnified against expenses actually and reasonably incurred by the officer or Trustee in connection therewith, provided that the Board of Trustees, including a majority who are disinterested, non-party Trustees, also determines that based upon a review of the facts, the officer or Trustee was not liable by reason of the disabling conduct also as set forth above.

Except as provided for in the preceding paragraph, the By-Laws provide that any indemnification provided therein shall be made by the Trust only if authorized in the specific case on a determination that indemnification of the officer or Trustee is proper in the circumstances because the officer or Trustee has met the applicable standard of conduct as set forth above and is not prohibited from indemnification because of the disabling conduct also as set forth above, by:

(a) A majority vote of a quorum consisting of Trustees who are not parties to the proceeding and are not interested persons of the Trust (as defined in the Investment Company Act of 1940);

(b) A written opinion by an independent legal counsel; or

(c) The shareholders; however, shares held by an officer or Trustee who is a party to the proceeding may not be voted on the subject matter.

The By-Laws permit expenses incurred in defending any proceeding as set forth above to be advanced by the Trust before the final disposition of the proceeding if (a) receipt of a written affirmation by the officer or Trustee of his good faith belief that he has met the standard of conduct necessary for indemnification as set forth therein and a written undertaking by or on behalf of the officer or Trustee, such undertaking being an unlimited general obligation to repay the amount of the advance if it is ultimately determined that he has not me those requirements, and (b) a determination would not preclude indemnification as set forth therein. Determinations and authorizations of payments must be made in the manner specified above for determining that the indemnification is permissible.

No indemnification or advance is permitted under the By-Laws, with limited exceptions as set forth therein, in any circumstances where it appears:

(a) That it would be inconsistent with a provision of the Agreement and Declaration of Trust of the Trust, a resolution of the shareholders, or an agreement in effect at the time of accrual of the alleged cause of action asserted in the proceeding in which the expenses were incurred or other amounts were paid which prohibits or otherwise limits indemnification; or

(b) That it would be inconsistent with any condition expressly imposed by a court in approving a settlement.

The Trustees and officers of the Trust are entitled and empowered under the Agreement and Declaration of Trust and By-Laws, to the fullest extent permitted by law, to purchase errors and omissions liability insurance with assets of the Trust, whether or not a Fund would have the power to indemnify him against such liability under the Agreement and Declaration of Trust or By-Laws.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to the Trustees, the officers, the underwriter or control persons of the Registrant pursuant to the foregoing provisions, the Registrant has been informed that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in that Act and is, therefore, unenforceable.

**Item 31. Business and Other Connections of the Investment Manager**

---

| | |
|:---|:---|
| (1.) | Covenant Funds, Inc., a Florida corporation and the managing general partner of the advisor, Timothy Partners, Ltd. Arthur D. Ally, is President and 75% shareholder of this corporation. |

---

**Item 32. Principal Underwriter.**

(1.a) Timothy Partners, Ltd. is the principal underwriter for the Trust and currently acts only as an underwriter for the Trust.

(1.b) The table below sets forth certain information as to the Underwriter's directors, officers and control persons:

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with the Underwriter** | **Positions and Offices with the Trust** |
| Arthur D. Ally <br> 1055 Maitland Center Commons<br> Maitland, FL 32751  | President of Timothy Partners, Ltd. | None |

---

(1.c)

**Item 33.** **Location of Accounts and Records.**

Each account, book or other document required to be maintained by Section 31(a) of the 1940 Act and Rules 17 CFR 270.31a-1 to 31a-3 promulgated thereunder, is maintained by the Trust at 1055 Maitland Center Commons, Maitland, Florida 32751, except for those maintained by the Trust's custodians, US Bank, N.A., 425 Vine Street, Cincinnati, Ohio, 45202, CitiBank, N.A. 388 Greenwich Street, New York, NY 10013 and the Registrant's administrator, transfer, redemption/ dividend disbursing agent and accounting services agent, Ultimus Fund Solutions, LLC., 4221 N. 203rd St, Suite 100, Elkhorn, NE 68022-3474.

Each adviser (or sub-adviser) will maintain physical possession of the accounts, books and other documents required to be maintained by Rule 31a-1(f) at the address of record for each separate series of the Trust that the adviser manages.

**Item 34.** **Management Services None**

**Item 35.** **Undertakings.**

Registrant hereby undertakes, if requested by the holders of at least 10% of the Registrant's outstanding shares, to call a meeting of shareholders for the purpose of voting upon the question of removal of a director(s) and to assist in communications with other shareholders in accordance with Section 16(c) of the 1940 Act, as though Section 16(c) applied.

Registrant hereby undertakes to furnish each person to whom a prospectus is delivered with a copy of its latest annual report to shareholders, upon request and without charge.

Registrant hereby undertakes to carry out all indemnification provisions of its Agreement and Declaration of Trust and By-Laws in accordance with Investment Company Act Release No. 11330 (Sept. 4, 1980) and successor releases.

Insofar as indemnifications for liability arising under the Securities Act of 1933, as amended ("1933 Act"), may be permitted to directors, officers and controlling person of the Registrant pursuant to the provision under Item 27 herein, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication.

<u>EXHIBIT INDEX</u>

---

| | |
|:---|:---|
| Exhibit Number | Description |
| [28.d. (1)](fp0098586-1_ex9928d1.htm) | [Consolidated Amended and Restated Advisory Agreement with TPL](fp0098586-1_ex9928d1.htm) |
| [28.d. (13.1)](fp0098586-1_ex9928d131.htm) | [Amendment No. 3 to Victory Sub-Advisory Agreement](fp0098586-1_ex9928d131.htm) |
| [28.e. (2.a)](fp0098586-1_ex9928e2a.htm) | [Amendment No. 1 to Foreside Distribution Agreement](fp0098586-1_ex9928e2a.htm) |
| [28.g. (2.a)](fp0098586-1_ex9928g2a.htm) | [Amendment No. 2 to Citi Global Custody and Agency Services Agreement](fp0098586-1_ex9928g2a.htm) |
| [28.g. (2.b)](fp0098586-1_ex9928g2b.htm) | [Amendment No. 3 to Citi Global Custody and Agency Services Agreement](fp0098586-1_ex9928g2b.htm) |
| [28.g. (2.c)](fp0098586-1_ex9928g2c.htm) | [Amendment No. 4 to Citi Global Custody and Agency Services Agreement](fp0098586-1_ex9928g2c.htm) |
| [28.h.(2. a)](fp0098586-1_ex9928h2a.htm) | [Amendment No.1 to Citi Services Agreement](fp0098586-1_ex9928h2a.htm) |
| [28.h.(2. e)](fp0098586-1_ex9928h2e.htm) | [Amendment No. 5 to Citi Services Agreement](fp0098586-1_ex9928h2e.htm) |
| [28.h.(5. b)](fp0098586-1_ex9928h5b.htm) | [Amendment No. 4 to Goldman Sachs & Co Futures and Options on Futures Contract](fp0098586-1_ex9928h5b.htm) |
| [28.p. (4)](fp0098586-1_ex9928p4.htm) | [Chartwell Investment Code of Ethics](fp0098586-1_ex9928p4.htm) |
| [28.p. (5)](fp0098586-1_ex9928p5.htm) | [Chilton Capital Management Code of Ethics](fp0098586-1_ex9928p5.htm) |
| [28.p. (6)](fp0098586-1_ex9928p6.htm) | [Eagle Global Advisors Code of Ethics](fp0098586-1_ex9928p6.htm) |
| [28.p. (8)](fp0098586-1_ex9928p8.htm) | [Westwood Code of Ethics](fp0098586-1_ex9928p8.htm) |
| [28.p. (9)](fp0098586-1_ex9928p9.htm) | [Victory Capital Management Code of Ethics](fp0098586-1_ex9928p9.htm) |
| [28. i](fp0098586-1_ex9928i.htm) | [Consent of Sullivan & Worcester, LLP](fp0098586-1_ex9928i.htm) |
| [28. i (1)](fp0098586-1_ex9928i1.htm) | [Legality of Shares Opinion, Sullivan & Worcester, LLP](fp0098586-1_ex9928i1.htm) |
| [28. j](fp0098586-1_ex9928j.htm) | [Consent of Cohen & Company, Ltd](fp0098586-1_ex9928j.htm) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act, and the Registrant has duly caused this Post-Effective Amendment to the Registrant's Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the city of Maitland and the State of Florida on April 30, 2026.

---

| | |
|:---|:---|
| **THE TIMOTHY PLAN** | **THE TIMOTHY PLAN** |
| By: | /s/ Brian Mumbert |
|  | BRIAN MUMBERT |
|  | President of Board |

---

Pursuant to the requirements of the Securities Act, this Amendment to the Registrant's Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| Signature | &nbsp;&nbsp;Title | &nbsp;&nbsp;Date |
| /s/ Brian Mumbert | Trustee/President | April 30, 2026 |
| BRIAN MUMBERT |  |  |
| /s/ Mathew D. Staver\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| MATHEW D. STAVER |  |  |
| /s/ Deborah Honeycutt\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| DEBORAH HONEYCUTT |  |  |
| /s/ Dale Bissonette\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| DALE BISSONETTE |  |  |
| /s/ Anthereca Lane\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| ANTHERECA LANE |  |  |
| /s/ Alan M. Ross\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| ALAN M. ROSS |  |  |
| /s/ Richard W. Copeland\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| RICHARD W. COPELAND |  |  |
| /s/ Abraham M. Rivera\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| ABRAHAM M. RIVERA |  |  |
| /s/ Theron Holladay\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| THERON HOLLADAY |  |  |
| /s/ John C. Mulder\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| JOHN C. MULDER |  |  |
| /s/ Shelly Nahrstedt\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| SHELLY NAHRSTEDT |  |  |
| /s/ Kenneth Blackwell\* | &nbsp;&nbsp;Trustee | April 30, 2026 |
| KENNETH BLACKWELL |  |  |
| /s/ Greg Ally\* | &nbsp;&nbsp;Treasurer | April 30, 2026 |
| GREG ALLY |  |  |

---

 

*\*By: <u>/s/ Brian Mumbert, Attorney</u>-in-Fact, pursuant to powers of attorney incorporated herein by reference as filed with SEC with Post Effective Amendment No.126 effective February 1, 2026.*

## Exhibit 99.28

**THE TIMOTHY PLAN INVESTMENT ADVISORY AGREEMENT<br> JANUARY 19, 1994<br> CONSOLIDATED AND RESTATED<br> AS OF FEBRUARY 26, 2021<br> As Amended February 26, 2026**

**THIS AGREEMENT,** originally made by and between **THE TIMOTHY PLAN,** a Delaware business trust, (hereinafter called the "Trust") and **TIMOTHY PARTNERS, LTD.,** a Florida limited partnership, (hereinafter called "Investment Adviser") as of January 19, 1994, and as amended from time to time from that date to the present, is hereby consolidated and restated as of February 26, 2021.

**WITNESSETH:**

**WHEREAS,** the Trust has been organized and operates as an investment company registered under the Investment Company Act of 1940 (the "1940 Act") and engages in the business of investing and reinvesting its assets in securities, and the Investment Adviser is a registered Investment Adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and engages in the business of providing investment management services; and

**WHEREAS,** the Trust has selected the Investment Adviser to serve as the investment adviser for the Trust effective as of the date of this Agreement.

**NOW, THEREFORE,** in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

2. The Trust shall conduct its own business and affairs and, excepting the Timothy Plan Exchanged Traded Funds (the "ETFs") for which the Advisor bears most of the expenses, shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its corporate existence; the maintenance of its own books, records and procedures; dealing with its own shareholders; the payment of dividends; transfer of stock, including issuance, redemption and repurchase of shares; preparation of share certificates; reports and notices to shareholders; calling and holding of shareholders' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; and taxes. Partners and employees of the Investment Adviser say be trustees, officers and employees of the funds of which Timothy Partners, Ltd. is Investment Adviser. Partners and employees of the Investment Adviser who are trustees, officers and/or employees of the Trust shall not receive any compensation from the Trust for acting in such dual capacity.

In the conduct of the respective businesses of the parties hereto and in the performance of this Agreement, the Trust and Investment Adviser may share facilities common to each, with appropriate proration of expenses between them.

3. (a) The Investment Adviser shall place and execute Trust orders for the purchase and sale of portfolio securities with broker/dealers. Subject to the primary objective of obtaining the best available prices and execution, the Investment Adviser will place orders for the purchase and sale of portfolio securities for the Trust with such broker/dealers as it may select from time to time, including brokers who provide statistical, factual and financial information and services to the Trust, to the Investment Adviser, or to any other fund for which the Investment Adviser provides investment advisory services and/or with broker/dealers who sell shares of the Trust or who sell shares of any other fund for which the Investment Adviser provides investment advisory services. Broker/dealers who sell shares of the funds of which Timothy Partners, Ltd. is Investment Adviser, shall only receive orders for the purchase or sale of portfolio securities to the extent that the placing of such orders is in compliance with the Rules of the Securities and Exchange Commission and the Financial Industry Regulatory Authority ("FINRA").

(b) Notwithstanding the provisions of subparagraph (a) above and subject to such policies and procedures as may be adopted by the Board of Trustees and officers of the Trust, the Investment Adviser may ask the Trust and the Trust may agree to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that transaction, in such instances where it and the Investment Adviser have determined in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or the Investment Adviser's overall responsibilities with respect to the Trust and to other funds for which the Investment Adviser exercises investment discretion.

4. As compensation for the services to be rendered to the Trust by the Investment Adviser under the provisions of this Agreement, each series of the Trust set forth on Schedule A shall pay to the Investment Adviser from such series' assets an annual fee equal to the percentage of the daily average net assets of such series as shall be set forth on Schedule A, payable on a monthly basis.

If this Agreement is terminated prior to the end of any calendar month, the management fee for each series of the Trust shall be prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 10 days after the date of termination.

5. The services to be rendered by the Investment Adviser to the Trust under the provisions of this Agreement are not to be deemed to be exclusive, and the Investment Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

6. The Investment Adviser, its partners, employees, and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual.

7. In the absence of willful misfeasance, bad faith, gross negligence, or a reckless disregard of the performance of duties of the Investment Adviser to the Trust, the Investment Adviser shall not be subject to liabilities to the Trust or to any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise.

8. The Trust agrees that, in the event that the Investment Adviser ceases to be the Trust's investment adviser for any reason, the Trust will (unless the Investment Adviser otherwise agrees in writing) promptly take all necessary steps to propose to the shareholders at the next regular meeting that the Trust change to a name not including the word "Timothy." The Trust agrees that the word "Timothy" in its name is derived from the name of the Investment Adviser and is the property of the Investment Adviser for copyright and all other purposes and that therefore such word may be freely used by the Investment Adviser as to other investment activities or other investment products.

9. This Agreement shall be executed and become effective as of the date written below if approved by the vote of a majority of the outstanding voting securities of the Trust. For any additional series of the Trust to be included in this Agreement in the future, this Agreement shall become effective as to such series upon approval of the Board of Trustees pursuant to the requirements of the Investment Company Act of 1940., and be approved by the vote of a majority of the outstanding voting securities of such series. This Agreement shall continue in effect for a period of two years and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board of Trustees or by vote of a majority of the outstanding voting securities of the Trust and only if the terms and the renewal hereof have been approved by the vote of a majority of the Trustees of the Trust who are not parties hereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. No amendment to this Agreement shall be effective unless the terms thereof have been approved by the vote of a majority of the outstanding voting securities of the Trust and by the vote of a majority of Trustees of the Trust who are not parties to the Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time, without the payment of a penalty, on sixty days' written notice to the Investment Adviser of the Trust's intention to do so, pursuant to action by the Board of Trustees of the Trust or pursuant to a vote of a majority of the outstanding voting securities of the Trust. The Investment Adviser may terminate this Agreement at any time, without the payment of penalty on sixty days' written notice to the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination, and except for the obligation of the Trust to pay to the Investment Adviser the fee provided in Paragraph 4 hereof, prorated to the date of termination. This Agreement shall automatically terminate in the event of its assignment.

10. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

11. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities"; "interested persons"; and "assignment" shall have the meaning defined in the Investment Company Act of 1940.

IN WITNESS WHEREOF, the parties hereto have caused their corporate seals to be affixed and duly attested and their presents to be signed by their duly authorized officers the 26<sup>th</sup> day of February, 2026.

---

| | | |
|:---|:---|:---|
| Attest: | THE TIMOTHY PLAN | THE TIMOTHY PLAN |
| /s/ Greg Ally | By: | /s/ Brian Mumbert |
| Grey Ally | Brian Mumbert, President | Brian Mumbert, President |
| Attest: | TIMOTHY PARTNERS, LTD. | TIMOTHY PARTNERS, LTD. |
|  | By: COVENANT FUNDS, INC. | By: COVENANT FUNDS, INC. |
|  | Managing General Partner | Managing General Partner |
| /s/ Shannon Mumbert | By: | /s/ Arthur D. Ally |
| Shannon Mumbert | Arthur D. Ally, President | Arthur D. Ally, President |

---

**SCHEDULE A<br> TO INVESTMENT ADVISORY AGREEMENT<br> DATED JANUARY 19, 1994<br> CONSOLIDATED AND RESTATED<br> AS OF FEBRUARY 26, 2021<br> As Amended February 26, 2026**

---

| | |
|:---|:---|
| **Name of Trust Series** | **Investment <br> Advisory Fee** |
| Timothy Plan Small/Mid Cap Growth Fund (F/K/A Timothy Plan Aggressive Growth Fund) | 0.85% |
| Timothy Plan Large/Mid Cap Growth Fund | 0.85% |
| Timothy Plan Small Cap Value Fund | 0.85% |
| Timothy Plan Large/Mid Cap Value Fund | 0.85% |
| Timothy Plan Growth and Income Fund | 0.85% |
| Timothy Plan International Fund | 1.00% |
| Timothy Plan Israel Common Value Fund | 1.00% |
| Timothy Plan Defensive Strategies Fund | 0.60% |
| Timothy Plan Fixed Income Fund | 0.60% |
| Timothy Plan High Yield Bond Fund | 0.60% |
| Timothy Plan Strategic Growth Fund | 0.65% |
| Timothy Plan Conservative Growth Fund | 0.65% |
| Timothy Plan US Large/Mid Cap Core ETF | 0.52% |
| Timothy Plan Small Cap Core ETF | 0.52% |
| Timothy Plan High Dividend Stock ETF | 0.52% |
| Timothy Plan International ETF | 0.62% |
| Timothy Plan Free Cash Flow ETF | 0.59% |
| Timothy Plan Free Cash Flow Growth ETF | 0.59% |
| Timothy Plan Fixed Income ETF | 0.55% |

---

## Exhibit 99.28

**AMENDMENT NO. 3 TO SUB-ADVISORY AGREEMENT**

**THIS AMENDMENT NO. 3** dated as of February 26, 2026, to the Sub-Advisory Agreement dated as of February 25, 2019 (the **"Agreement")** is made by and between the Timothy Partners, Ltd., a Florida Limited Partnership **("Advisor"),** and Victory Capital Management Inc., a New York corporation **("Sub-Advisor").** Capitalized terms not otherwise defined herein are to be ascribed the meaning set forth in the Agreement

**WITNESSETH:**

**WHEREAS**, the Advisor and the Sub-Advisor entered into the Agreement for investment advisory services to the funds set forth on Schedule A of the Agreement, as amended;

**WHEREAS,** the Advisor and the Sub-Advisor desire to amend the Agreement to reflect the addition of three new exchange-traded funds (the **"Funds");** and

**NOW, THEREFORE,** in consideration of the foregoing and subject to the terms and conditions set forth herein, the parties hereby agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Schedule A</u>** to the Agreement is hereby supplemented by adding the new Funds effective February 26, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Other Provisions.</u>** Except as amended hereby, the parties acknowledge that all other provisions of the Agreement
 shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties have executed or caused this Amendment to the Agreement to be executed as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **VICTORY CAPITAL MANAGEMENT INC.** | **VICTORY CAPITAL MANAGEMENT INC.** | **TIMOTHY PARTNERS, LTD.** | **TIMOTHY PARTNERS, LTD.** |
| By: | /s/ Michael Policarpo | By: | /s/ Brian Mumbert |
| Name: | Michael Policarpo | Name: | Brian Mumbert |
| Title: | President, CFO & CAO | Title: | Chief Operations Officer |

---

**Schedule A**

**Sub-Advisory Fee Schedule**

Timothy Plan Free Cash Flow ETF (TPFC)

Timothy Plan Free Cash Flow Growth ETF (TPFG)

Timothy Plan Fixed Income ETF (TPFI)

For each Fund, commencing at the launch of each ETF, the management fee payable by the Advisor to the Sub-Advisor under the Sub-Advisory Agreement shall be 0.225% of each Fund's assets under management, subject to the Sub-Advisor being paid no less than a minimum monthly fee of $1,500 for each Fund by the Advisor.

## Exhibit 99.28

**FIRST AMENDMENT TO**

**ETF DISTRIBUTION AGREEMENT**

This first amendment ("<u>Amendment</u>") to the ETF Distribution Agreement (the "<u>Agreement</u>") dated as of January 10, 2023, by and between Timothy Plan and Foreside Fund Services, LLC (together, the "Parties") is effective as of March 20, 2026.

**WHEREAS,** the Parties desire to amend the Agreement to reflect an updated address for the Distributor; and,

**WHEREAS,** the Parties wish to amend Exhibit A of the Agreement to reflect an updated Funds List; and,

**WHEREAS,** Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE,** for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. Capitalized terms not otherwise defined herein shall have the meanings set forth in Agreement.

2. All references in the Agreement to the address of Distributor as Three Canal Plaza, Suite 100, Portland, ME 04101 are hereby deleted in their entirety and replaced by 190 Middle Street, Suite 301, Portland, ME 04101.

3. Exhibit A of the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

4. Except as expressly amended hereby, all the provisions of the Agreement shall remain unamended and in full force and effect to the same extent as if fully set forth herein.

5. This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| **TIMOTHY PLAN** | **TIMOTHY PLAN** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: | /s/ Greg Ally | By: | /s/ Teresa Cowan |
| Name: | Greg Ally | Name: | Teresa Cowan |
| Title: | Treasurer | Title: | President |
| Date: | 20 March 2026 | Date: | 3.20.26 |

---

**EXHIBIT A**

Timothy Plan US Large/Mid Cap Core ETF

Timothy Plan High Dividend Stock ETF

Timothy Plan US Small Cap Core ETF

Timothy Plan International ETF

Timothy Plan Free Cash Flow ETF

Timothy Plan Free Cash Flow Growth ETF

Timothy Plan Fixed Income ETF

## Exhibit 99.28

**AMENDMENT NO.2**

**TO**

**GLOBAL CUSTODIAL AND AGENCY SERVICES AGREEMENT**

**This AMENDMENT No.1 ("Amendment")** is made as of October 27, 2022, by and between Timothy Plan **("Client")** and Citibank, N.A. **("Custodian",** together with the Client, the **"Parties"),** to that certain Global Custodial and Agency Services Agreement dated November 30, 2018, between the Client and Service Provider **("Agreement").** All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS,** pursuant to the Agreement, the Custodian performs certain custodial services for the Client;

**WHEREAS,** the Parties agree to amend Appendix A of the Agreement to reflect the addition of the Timothy Plan Market Neutral ETF along with the corresponding authorized participant fees; and

**NOW, THEREFORE,** in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Custodian hereby agree as follows:

1. <u>Amendment to Appendix A of the Agreement — List of Funds.</u> 

The List of Funds located in Appendix A of the Agreement is hereby deleted in its entirety and replaced with the List of Funds located in Appendix A attached to the end of this Amendment.

2. <u>Representations and Warranties.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has full power and authority to enter into and perform this Amendment and
that it has provided this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Custodian represents that it has full power and authority to enter into and perform this Amendment.

3. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede
all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions
of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement in the Agreement (as it existed prior to this Amendment) and in every
other agreement, contract or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as
amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment
or modification to this Amendment shall be valid unless made in writing and executed by both Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment are included for convenience only and are not to be used to construe
or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken
together, shall constitute one and the same agreement.

**IN WITNESS WHEREOF,** the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **TIMOTHY PLAN** | **TIMOTHY PLAN** |
| By: | /s/ Aruthur Ally |
| Name: | Aruthur Ally |
| Title: | President |
| Date: | 11/7//22 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ Patrick E. Curtin |
| Name: | Patrick E. Curtin |
| Title: | Managing Director |
| Date: | November 8th, 2022 |

---

**Appendix A**

To the Global Custodial and Agency Services Agreement

**List of Funds**

---

| | |
|:---|:---|
| **Fund Name** | **Authorized Participant Fee Per Create/Redeem (USD)** |
| Timothy Plan US Large/Mid Cap Core ETF | 500 |
| Timothy Plan High Dividend Stock ETF | 250 |
| Timothy Plan US Small Cap Core ETF | 250 |
| Timothy Plan International ETF | 4500 |
| Timothy Plan US Large/Mid Core Enhanced ETF | 500 |
| Timothy Plan High Dividend Stock Enhanced ETF | 250 |
| Timothy Plan Market Neutral ETF\* | $2250 |

---

\* This fund is expected to launch on or about January 9, 2023.

## Exhibit 99.28

**AMENDMENT NO.3**

**TO**

**GLOBAL CUSTODIAL AND AGENCY SERVICES AGREEMENT**

**This AMENDMENT No.3 ("Amendment")** is made as of March **1,** 2026, by and between Timothy Plan **("Client")** and Citibank, N.A. **("Custodian",** together with the Client, the **"Parties"),** to that certain Global Custodial and Agency Services Agreement dated November 30, 2018, between the Client and Service Provider **("Agreement").** All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS,** pursuant to the Agreement, the Custodian performs certain custodial services for the Client;

**WHEREAS,** the Parties now wish to amend the Agreement pursuant to this Amendment to revise the List of Funds set forth in Appendix A of the Agreement; and

**NOW, THEREFORE,** in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Custodian hereby agree as follows:

1. <u>Amendment to Appendix A of the Agreement - List of Funds.</u> 

The List of Funds located in Appendix A of the Agreement is hereby deleted in its entirety and replaced with the List of Funds located in Appendix A attached to the end of this Amendment.

2. <u>Representations and Warranties.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has full power and authority to enter into and perform this Amendment and
that it has provided this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Custodian represents that it has full power and authority to enter into and perform this Amendment.

3. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede
all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions
of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement in the Agreement (as it existed prior to this Amendment) and in every
other agreement, contract or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as
amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment
or modification to this Amendment shall be valid unless made in writing and executed by both Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment are included for convenience only and are not to be used to construe
or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken
together, shall constitute one and the same agreement.

**IN WITNESS WHEREOF,** the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **TIMOTHY PLAN** | **TIMOTHY PLAN** |
| By: | /s/ Brian Mumbert |
| Name: | Brian Mumbert |
| Title: | President |
| Date: | 3/6/26 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ Chistopher Ravn |
| Name: | Chistopher Ravn |
| Title: | Managing Director, CBNA VP |
| Date: | 3-18-26 |

---

**Appendix A - List of Funds**

---

| |
|:---|
| Timothy Plan US Large/Mid Cap Core ETF |
| Timothy Plan High Dividend Stock ETF |
| Timothy Plan US Small Cap Core ETF |
| Timothy Plan International ETF |
| Timothy Plan Free Cash Flow ETF\* |
| Timothy Plan Free Cash Flow Growth ETF\* |
| Timothy Plan Fixed Income ETF \* |

---

\* Scheduled to launch in May 2026.

## Exhibit 99.28

**AMENDMENT NO.4**

**TO**

**SERVICES AGREEMENT**

**This AMENDMENT No.4 ("Amendment")** is made as of May 20, 2024, by and among Timothy Plan **("Client")** and Citibank, N.A. **("Citibank"),** and Citi Fund Services Ohio, Inc. **("CFSO",** together with Citibank, the **"Service Provider"** and, with the Client, the **"Parties"),** to that certain Services Agreement dated November 30, 2018, between the Client and Service Provider **("Agreement")**. All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS,** pursuant to the Agreement, Service Provider performs certain fund administration, fund accounting, and transfer agency services for the Client; and

**WHEREAS,** the Parties now wish to amend the Agreement pursuant to this Amendment to account for the addition of tailored shareholder reporting and publishing services.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Service Provider hereby agree as follows:

1. <u>Amendment to Schedule 2 — Services</u>.

Schedule 2 of the Agreement is hereby deleted in its entirety and replaced with the Schedule 2 attached to the end of this Amendment.

2. <u>Amendment to Exhibit A — Fee Letter</u>.

Exhibit A — Fee Letter of the Agreement is hereby deleted in its entirety and replaced with the Exhibit A — Fee Letter attached to the end of this Amendment.

3. <u>Amendment to Attachment 1 to Fee Letter — Fee Schedule</u>.

Attachment 1 to Fee Letter — Fee Schedule is hereby deleted in its entirety and replaced with the Attachment 1 to Fee Letter — Fee Schedule attached to the end of this Amendment.

4. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has full power and authority to enter into and perform this Amendment and
that it has provided this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider represents that it has full power and authority to enter into and perform this Amendment.

5. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede
all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions
of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement in the Agreement (as it existed prior to this Amendment) and in every
other agreement, contract or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as
amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment
or modification to this Amendment shall be valid unless made in writing and executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment are included for convenience only and are not to be used to construe
or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken
together, shall constitute one and the same agreement.

[Remainder of page intentionally left blank. Signatures follow on next page.]

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **TIMOTHY PLAN** | **TIMOTHY PLAN** |
| By: | /s/ Art Ally |
| Name: | Art Ally |
| Title: | President |
| Date: | May 20, 2024 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ Peggy Vena |
| Name: | Peggy Vena |
| Title: | VP |
| Date: | 5/21/24 |
| **CITI FUND SERVICES OHIO, INC.** | **CITI FUND SERVICES OHIO, INC.** |
| By: | /s/ John Danko |
| Name: | John Danko |
| Title: | President |
| Date: | May 20, 2024 |

---

**Schedule 2 to Services Agreement -- Services** 

**Appendix A -- Fund Administration Services provided by CFSO**

Service Provider shall provide the Services listed on this <u>Schedule 2</u> to the Client and any series thereof listed on <u>Schedule 4</u> (each, a ***"Fund"***), subject to the terms and conditions of the Agreement (including the Schedules).

**I.** **Services** 

1. <u>Financial Statements and other SEC Filings</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each Fund, prepare for review and approval of the Client drafts of (i) the annual report to Shareholders
and (ii) the semi-annual report. Subject to review and approval by the Client, file the final versions thereof on Form N-CSR with the
SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prepare and file the Fund's Form N-CEN annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assist with the layout and printing of the Funds' semi-annual and annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prepare and file holdings reports on Form N-Q with the SEC, as required at the end of the first and third
fiscal quarters of each year, effective through the period ending April 30, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prepare and file holdings reports on Form N-PORT with the SEC, as required at the end of each month, effective
for the period beginning March 1, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Typesetting and EDGAR Filing Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Own and manage the typesetting for all annual and semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coordinate reviews and signoffs with the Client and other appropriate 3rd parties prior to delivering
the typeset reports to the financial printer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Edgarization and filing of regulatory reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Prepare Tailored Shareholder Reporting ("TSR") production and filing (semi-annual).

2. <u>Certain Operational Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculate contractual Fund expenses and make disbursements for the Funds, including trustee and vendor
fees and compensation and annual reporting of such on IRS Forms 1099-MISC and 1096, as applicable. Disbursements shall be subject to review
and approval of an Authorized Person and shall be made only out of the assets of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prepare an annual projection of the Funds' non-asset based expense accruals prior to the beginning of
each fiscal year of each Fund and monitor actual and accrued expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Compute, as appropriate, each Funds' dividend payables and dividend factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Assist the Client's transfer agent with respect to the payment of dividends and other distributions to
Shareholders that have been approved by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Calculate performance data of the Funds for dissemination to (i) the Client, including the Board, (ii)
up to fifteen (15) information services covering the investment company industry and (iii) other parties, as requested by the Client and
agreed to by Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assist the Client in developing appropriate portfolio compliance procedures for each Fund, and provide
compliance monitoring services with respect to such procedures as reasonably requested by the Client, <u>provided</u> that such compliance
must be determinable by reference to the Fund's accounting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Assist the Client with portfolio compliance monitoring in accordance with Rule 22e-4(b) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Daily liquidity classifications of portfolio securities held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Daily monitoring of compliance with the Fund's established Highly Liquid Investment Minimum (HLIM);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Daily monitoring of compliance with the Fund's 15% illiquid holdings maximum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Monthly liquidity classification of portfolio securities on Form N-PORT effective December 1, 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Monitor and advise the client and the Funds on their regulated investment company status under the Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assist the Client and Fund Counsel in responding to routine regulatory examinations or investigations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Monitor wash sales annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Prepare informational schedules for use by the Client's auditors in connection with such auditor's preparation
of the Client's tax returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Coordinate with independent auditors concerning the Client's regular annual audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Upon the Client's request, the Service Provider will assist the Client with the following: (a) semi-annual
reviews of financial reports, (b) revisions to policies, procedures and code of ethics, (c) preparation of responses for regulatory examinations
and inquiries, and (d) layout of print of prospectuses and semiannual and annual reports to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Provide support for the Annual Prospectus Update, including, but not limited to, providing the required
financial information for the filings.

**II.** **Notes and Conditions Related to Fund Administration Services** 

1. With respect to any document to be filed with the SEC, the Client shall be responsible for all expenses
associated with causing such document to be converted into an EDGAR format prior to filing, as well as all associated filing and other
fees and expenses.

2. If requested by the Client with respect to a fiscal period during which Service Provider served as financial
administrator, Service Provider will provide a sub-certification pertaining to Service Provider's services consistent with the requirements
of the Sarbanes-Oxley Act of 2002.

**Schedule 2 to Services Agreement -- Services<br> Appendix B -- Fund Accounting Services provided by CFSO**

**I.** **Services** 

1. <u>Record Maintenance</u> 

Maintain the following books and records of each Fund pursuant to Rule 31a-1 (the ***"Rule"***) under the Investment Company Act of 1940, as amended (the ***"1940 Act"***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Journals containing an itemized
 daily record in detail of all purchases and sales of securities, all receipts and disbursements
 of cash and all other debits and credits, as required by subsection (b)(1) of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) General and auxiliary ledgers reflecting all asset, liability, reserve, capital, income and expense accounts,
including interest accrued and interest received, as required by subsection (b)(2)(i) of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Separate ledger accounts required by subsection (b)(2)(ii) and (iii) of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A monthly trial balance of all ledger
 accounts (except shareholder accounts) as required by subsection (b)(8) of the Rule.

2. <u>Accounting Services</u> 

Perform the following accounting services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Allocate income and expense and calculate
 the net asset value per share ( ***"NAV"***) of each class of shares offered
 by each Fund in accordance with the relevant provisions of the applicable Prospectus of each
 Fund and applicable regulations under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Apply securities pricing information as
 required or authorized under the terms of the valuation policies and procedures of the Client
 ( ***"Valuation Procedures"***), including (A) pricing information from
 independent pricing services, with respect to securities for which market quotations are
 readily available, (B) if applicable to a particular Fund or Funds, fair value pricing information
 or adjustment factors from independent fair value pricing services or other vendors approved
 by the Client (collectively, *" **Fair Value Information Vendors*** ")
 with respect to securities for which market quotations are not readily available, for which
 a significant event has occurred following the close of the relevant market but prior to
 the Fund's pricing time, or which are otherwise required to be made subject to a fair
 value determination under the Valuation Procedures, and (C) prices obtained from each Fund's
 investment adviser or other designee, as approved by the Board. The Client instructs and
 authorizes Service Provider to provide information pertaining to the Funds' investments
 to Fair Value Information Vendors in connection with the fair value determinations made under
 the Valuation Procedures and other legitimate purposes related to the services to be provided
 hereunder.

Note: The Client acknowledges that while Service Provider's services related to fair value pricing are intended to assist the Client and the Board in its obligations to price and monitor pricing of Fund investments, Service Provider does not assume responsibility for the accuracy or appropriateness of pricing information or methodologies, including any fair value pricing information or factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Coordinate the preparation of reports that are prepared or provided by Fair Value Information Vendors
which help the Client to monitor and evaluate its use of fair value pricing information under its Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Verify and reconcile with the Funds' custodian all daily trade activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Compute, as appropriate, each Fund's net income and capital gains, dividend payables, dividend factors,
7-day yields, 7-day effective yields, 30-day yields, and weighted average portfolio maturity; (and other yields or standard or non-standard
performance information as mutually agreed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Review daily the net asset value calculation and dividend factor (if any) for each Fund prior to release,
check and confirm the net asset values and dividend factors for reasonableness and deviations, and distribute net asset values to National
Securities Clearing Corporation via the portfolio composition file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Determine and report unrealized appreciation and depreciation on securities held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amortize premiums and accrete discounts on fixed income securities purchased at a price other than face
value, in accordance with the Generally Accepted Accounting Principles of the United States or any successor principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Update fund accounting system to reflect rate changes, as received from a Fund's investment adviser or
a third party vendor, on variable interest rate instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Post Fund transactions to appropriate categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Accrue expenses of each Fund according to instructions received from the Client's Administrator, and submit
changes to accruals and expense items to authorized officers of the Client (who are not Service Provider employees) for review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Determine the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
and (3) income and expense accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Provide accounting reports in connection with the Client's regular annual audit, and other audits and
examinations by regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Provide such periodic reports as the parties shall agree upon, as set forth in a separate schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Assist the Client in identifying instances where market prices are not readily available, or are unreliable,
each as set forth within parameters included in the Client's Valuation Procedures.

3. <u>Financial Statements and Regulatory Filings</u> 

Perform the following services related to the financial statements and related regulatory filing obligations for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide monthly a hard copy of the unaudited financial statements described below, upon request of the
Client. The unaudited financial statements will include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unaudited Statement of Assets and Liabilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unaudited Statement of Operations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unaudited Statement of Changes in Net Assets, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Unaudited Condensed Financial Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provide accounting information for the following: (in compliance with Reg. S-X, as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Federal and state income tax returns and federal excise tax returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Client's annual reports with the SEC on Forms N-CEN and the N-CSR,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Client's quarterly schedules of investment for filing with the SEC on Form N-Q, effective through
the period ending April 30, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Client's monthly schedules of investment for filing with the SEC on Form N-PORT, effective for the
period beginning March 1, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Client's annual and semi-annual shareholder reports and quarterly Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) registration statements on Form N-1A and other filings relating to the registration of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) reports related to Service Provider's monitoring of each Fund's status as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) annual audit by the Client's auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) examinations performed by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Calculate turnover and expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Calculate daily spread between NAV and market price of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prepare schedule of Capital Gains and Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Provide daily cash report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Maintain and report security positions and transactions in accounting system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Prepare Broker Commission Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Monitor expense limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Maintain list of failed trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Provide unrealized gain/loss report.

**II.** **Notes and Conditions Related to Fund Accounting Services** 

1. The Client acknowledges and agrees that although Service Provider's services related to fair value pricing
are intended to assist the Client and its Board in its obligations to price and monitor pricing of Fund investments, Service Provider
is not responsible for the accuracy or appropriateness of pricing information or methodologies, including any fair value pricing information
or adjustment factors other than as set forth in clause 2(E)(ii) of the Agreement.

**Schedule 2 to Services Agreement -- Services**

**Appendix C -- Transfer Agency Services provided by Citibank, N.A.**

**I.** **Services** 

I. <u>Shareholder Transactions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Perform and facilitate the performance of purchases and redemptions of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Issue Shares of the applicable Fund in Creation Units for settlement with purchasers through DTC as the
purchaser is authorized to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prepare and transmit by means of DTC's book entry system payments for dividends and distributions on or
with respect to the Shares declared by the Client on behalf of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Record the issuance of Shares of the Fund
 and maintain a record of the total number of Shares of the Fund which are outstanding, and,
 based upon data provided to it by the Fund, the total number of authorized Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prepare and transmit to the Client and the Client's administrator and to any applicable securities exchange
(as specified to Service Provider by the Client or its administrator) information with respect to purchases and redemptions of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Calculate and transmit on each Business Day to the Client's administrator the number of outstanding Shares
for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Transmit on each Business Day to the Client, the Client's administrator and DTC the amount of Shares purchased
on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction
basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to each
Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed.

2. <u>Compliance Reporting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide reports to the Securities and Exchange Commission and FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prepare and distribute appropriate Internal
 Revenue Service forms for corresponding Fund.

3. <u>Shareholder Account Maintenance</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maintain the record of the name and address of DTC or its nominee as the sole shareholder of a Fund (the  ***"Shareholder"***) and the number of Shares issued by the Fund and held by the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Maintain account documentation files for Shareholder.

4. <u>Anti-Money Laundering Services</u> 

In each case consistent with and as required or permitted by the written anti-money laundering program of the Client ("***AML Program***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Perform monitoring and reporting as may be reasonably requested by the Client's CCO.

5. <u>Order Portal</u> 

Service Provider will process Authorized Participant trades via the Citi Order Portal or a successor system of similar quality. In the event of a systems issue, Service Provider will be responsible for providing an alternative process to ensure order acceptance. (This service will commence with the launch of the Timothy Plan Market Neutral ETF.)

**II.** **Notes and Conditions Related to Transfer Agency Services** 

1. Service Provider may require any or all of the following in connection with the original issue of Shares:
(a) Instructions requesting the issuance, (b) evidence that the Board has authorized the issuance, (c) any required funds for the payment
of any original issue tax applicable to such Shares, and (d) an opinion of the counsel to the Client about the legality and validity of
the issuance.

2. Service Provider shall have no obligation, when recording the issuance of Shares, to monitor the issuance
of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility
of the Fund.

3. Pursuant to purchase orders received in good form and accepted by or on behalf of the Client by the Distributor,
Service Provider will register the appropriate number of book entry only Shares in the name of DTC or its nominee as the sole shareholders
for each Fund and deliver Shares of such Fund in Creation Units on the business day next following the trade date to the DTC Participant
Account of the Custodian for settlement.

4. Pursuant to such redemption orders that the Client's index receipt agent receives from the Distributor,
the Client or its agent, Service Provider will redeem the appropriate number of Shares of the applicable Fund in Creation Units that are
delivered to the designated DTC Participant Account of Custodian for redemption and debit such shares from the account of the Shareholder
on the register of the applicable Fund.

5. Service Provider will issue Shares of the applicable
 Fund in Creation Units for settlement with purchasers through DTC as the purchaser is authorized
 to receive. Beneficial ownership of Shares shall be shown on the records of DTC and DTC Participants
 and not on any records maintained by Service Provider. In issuing Shares of the applicable
 Fund through DTC to a purchaser, Service Provider shall be entitled to rely upon the latest
 Instructions that are received from the Client or its agent by the Index Receipt Agent (as
 set forth in Section 3 of this Agreement) concerning the issuance and delivery of such shares
 for settlement.

6. Service Provider will not issue any Shares for a Fund where it has received an Instruction from the Client
or written notification from any federal or state authority that the sale of the Shares of such Fund has been suspended or discontinued,
and Service Provider shall be entitled to rely upon such Instructions or written notification.

7. The Client acknowledges and agrees that deviations requested by the Client from Service Provider's written
transfer agent compliance procedures ("  ***Exceptions***") may involve operational and compliance risks, including a
substantial risk of loss. Service Provider may in its sole discretion determine whether to permit an Exception. Exceptions must be requested
in writing and shall be deemed to remain effective until the Client revokes the Exception request in writing. Notwithstanding any provision
in this Agreement that expressly or by implication provides to the contrary, as long as Service Provider acts in good faith, Service Provider
shall have no liability for any loss, liability, expenses or damages to the Client or any Shareholder resulting from such an Exception.

8. Service Provider is hereby granted such power and authority as may be necessary to establish one or more
bank accounts for the Client with such bank or banks as are acceptable to the Client, as may be necessary or appropriate from time to
time in connection with the transfer agency services to be performed hereunder. The Client shall be deemed to be the customer of such
bank or banks for purposes of such accounts and shall execute all requisite account opening documents in connection with such accounts.
To the extent that the performance of such services hereunder shall require Service Provider to disburse amounts from such accounts in
payment of dividends, redemption proceeds or for other purposes hereunder, the Client shall provide such bank or banks with all instructions
and authorizations necessary for Service Provider to effect such disbursements.

9. Client represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) by virtue of its Charter, Shares that are redeemed by the Client may be resold by the Client and (ii)
all Shares that are offered to the public are covered by an effective registration statement under the Securities Act of 1933, as amended
and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Client has adopted the AML Program, which has been provided to Service Provider and the Client's
AML Compliance Officer, (ii) the AML Program has been reasonably designed to facilitate Compliance by the Client with applicable anti-money
laundering Laws and regulations (collectively, the "  ***Applicable AML Laws***") in all relevant respects, (iii) the
AML Program and the designation of the AML Compliance Officer have been approved by the Board, (iv) the delegation of certain services
thereunder to Service Provider, as provided in Schedule 2 of this Agreement, has been approved by the Board, and (v) the Client will submit
any material amendments to the AML Program to Service Provider for Service Provider's review and consent prior to adoption.

10. The Client hereby represents that the sale of Shares are not subject to Blue sky laws and the Service
Provider shall not be responsible for any registration, notification, tracking or other function related to the Blue Sky laws of any state.

**Exhibit A**

**Fee Letter**

To: Timothy Plan

1055 Maitland Center Cmns

Maitland, FL 32751

Date: May 20, 2024

Dear Mr. Ally,

We are writing to confirm the following fees which relate to the Services to be provided under the Services Agreement dated September 27, 2018 between the Client and the Services Provider, as amended. Capitalized terms used but not defined herein shall have the meaning given to them in the Services Agreement.

The Client agrees to pay all fees, expenses, charges, and obligations incurred from time-to-time for any services pursuant to the Services Agreement as determined in accordance with the terms of the fee schedule attached hereto as Attachment 1 (the "**Fee Schedule**"), the Services Agreement, and as may otherwise be agreed in writing from time-to-time between the Parties.

This fee letter may be executed in several counterparts, each of which will be an original, but all of which together will constitute one and the same agreement.

By signing the acknowledgment below, you agree to this fee letter and the Fee Schedule. Please return a signed duplicate of this fee letter to Troy Huliba at troy.huliba@citi.com.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| /s/ John Danko | /s/ John Danko |
| John Danko | John Danko |
| Director | Director |
| **ACKNOWLEDGED AND AGREED TO:** | **ACKNOWLEDGED AND AGREED TO:** |
| By: | Art Ally |
| Title: | President |
| Date: | May 20, 2024 |
| Timothy Plan | Timothy Plan |

---

**Attachment 1 to Fee Letter** 

**Fee Schedule**

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>FEES:</u>** 

The Client shall pay the following fees to Service Provider as compensation for the Services rendered hereunder. All Fees shall be aggregated and paid monthly.

**Asset Based Fees (applied to aggregate Trust assets):**

---

| | |
|:---|:---|
| First $500 Million in Assets | 5.00 bps |
| Next $500 Million in Assets | 4.00 bps |
| Assets greater than $1 Billion in Assets | 3.00 bps |

---

**Per Fund Minimum Fee:**

Each fund is subject to an annual minimum of $36,000. The greater of the Fund minimum or the individual Fund's pro rata allocation of the asset based fees is to be applied to each month as the monthly fee.

**Annual Per Unit Fees:** 

---

| | |
|:---|:---|
| Index Receipt Agent per fund | $3000 |
| SOC-1 / SSAE 16 Charges (per class) | $125 |
| Form N-PORT | $14,000 per fund |
| Sleeve fee | $1,000 per sleeve |
| Liquidity Risk Management | $3,000 per fund |
| Rule 18f-4 Support |  |
| &nbsp;&nbsp;&nbsp;Standard Service | $5,000 per fund |
| &nbsp;&nbsp;&nbsp;Lite Service | $1,500 per fund |
| **Tailored Shareholder Reporting ("TSR")** | $1,500 per TSR produced |
| **Typesetting and EDGAR Filing Services** | $3,000 per year |

---

**Security Pricing Fees** 

---

| | |
|:---|:---|
| **Asset Type** | **Per Month Per Unique Security ($)** |
| Equities | 0.85 |
| Asset Backed | 9.80 |
| General Bonds | 4.90 |
| Government Bonds | 6.05 |
| Complex Debt | 20.90 |
| Listed Derivatives | 0.85 |
| Simple OTCs | 20.50 |
| Mid Tier OTCs | 37.40 |
| Complex OTCs | 78.00 |

---

**Notes**

&nbsp;&nbsp;&nbsp;&nbsp;1. Monthly rates reflected are based upon current primary pricing vendor selections

&nbsp;&nbsp;&nbsp;&nbsp;2. Each "Asset Type" can typically be expected to include the following security types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Equities: Domestic Equity, Foreign Equity, Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Asset Backed: ABS, MBS, CMOs, CMBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) General Bonds: US Investment Grade Corporate Bonds, US High Yield Corporate Bonds, International Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Government Bonds Agency Debt, US Government Bonds, Money Market, Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Complex Debt: Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Listed Derivatives: Futures, options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Simple OTC: Interest Rate Swap, OTC Options, Currency Forwards, Currency Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Mid Tier OTC: Total Return Swap, Asset Swaps, Cross Currency Swaps, Credit Default Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Complex OTC: Exotic Options, Volatility Swaps, CDOs, CLOs

&nbsp;&nbsp;&nbsp;&nbsp;3. Security Pricing Valuation Services will not be subject to the annual fee increase

&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>OUT-OF-POCKET EXPENSES AND MISCELLANEOUS CHARGES:</u>** 

In addition to the above fees, Service Provider shall be entitled to receive payment for the following out-of-pocket expenses and miscellaneous charges:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Reimbursement of Expenses.</u> The Client shall reimburse Service Provider for its out-of-pocket expenses
reasonably incurred in providing Services, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All freight and other delivery and bonding charges incurred by Service Provider in delivering materials
to and from the Client and in delivering all materials to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The cost of obtaining security and issuer information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The cost of CD-ROM, computer disks, microfilm, or microfiche, and storage of records or other materials
and data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Costs of postage, bank services, couriers, stock computer paper, statements, labels, envelopes, reports,
notices, or other form of printed material (including the cost of preparing and printing all printed material) which shall be required
by Service Provider for the performance of services to be provided hereunder, including print production charges incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All copy charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any expenses Service provider shall incur at the written direction of the Client or a duly authorized
officer of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The cost of tax data services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Regulatory filing fees, industry data source fees, printing (including board book production expenses)
and typesetting services, communications, delivery services, reproduction and record storage and retention expenses, and travel related
expenses for board / client meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any additional expenses reasonably incurred by Service Provider in the performance of its duties and obligations
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Miscellaneous Service Fees and Charges.</u> In addition to the amounts set forth in paragraphs (1)
and 2(A) above, Service Provider shall be entitled to receive the following amounts from the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) System development fees, billed at the rate of $150 per hour, as requested and pre-approved by the Client,
and all systems-related expenses, agreed in advance, associated with the provision of special reports and services pursuant to any of
the Schedules hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Fees for development of custom interfaces pre-approved by the Client, billed at the rate of $150 per hour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Ad hoc reporting fees pre-approved by the Client, billed at the rate of $150 per hour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Expenses associated with Service Provider's anti-fraud procedures as it pertains to new account review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Check and payment processing fees; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Costs of rating services.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>ANNUAL FEE INCREASE:</u>** 

Commencing on the one-year anniversary of the Effective Date and annually thereafter, with written notice to the Client at least 90 days prior to the annual contract anniversary, the Service Provider may annually increase the fixed fees and other fees expressed stated dollar amounts in this Agreement by up to an amount equal to the most recent annual percentage increase in consumer prices for services as measured by the United States Consumer Price Index entitled "All Services Less Rent of Shelter" or a similar index should such index no longer be published. Service Provider shall provide Client with 60 days written notice prior to an increase, with the understanding that such notice shall not include the increase as such amount will not be known.

## Exhibit 99.28

**AMENDMENT NO.1**

**TO**

**SERVICES AGREEMENT**

**This AMENDMENT No.1** ("**Amendment**") is made as of July 28, 2021, by and among Timothy Plan ("**Client**") and Citibank, N.A. ("**Citibank**"), and Citi Fund Services Ohio, Inc. ("**CFSO**", together with Citibank, the "**Service Provider**" and, with the Client, the "**Parties**"), to that certain Services Agreement dated November 30, 2018, between the Client and Service Provider ("**Agreement**"). All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS,** pursuant to the Agreement, Service Provider performs certain services for the Client;

**WHEREAS,** the Parties agree to amend the List of Funds to reflect the addition of the Timothy Plan US Large/Mid Core Enhanced ETF and the Timothy Plan High Dividend Stock Enhanced ETF along with the corresponding authorized participant fees; and

**NOW, THEREFORE,** in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Service Provider hereby agree as follows:

1. <u>Amendment to Annex to Schedule 2 — List of Funds</u>.

Annex to Schedule 2 of the Agreement is hereby deleted in its entirety and replaced with the following Annex to Schedule 2 attached to the end of the Amendment.

2. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has full power and authority to enter into and perform this Amendment and
that it has provided this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider represents that it has full power and authority to enter into and perform this Amendment.

3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede
all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions
of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement in the Agreement (as it existed prior to this Amendment) and in every
other agreement, contract or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as
amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment
or modification to this Amendment shall be valid unless made in writing and executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment are included for convenience only and are not to be used to construe
or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken
together, shall constitute one and the same agreement.

[Remainder of page intentionally left blank. Signatures follow on next page.]

**IN WITNESS WHEREOF,** the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **TIMOTHY PLAN** | **TIMOTHY PLAN** |
| By: | /s/ Arthur Ally |
| Name: | Arthur Ally |
| Title: | President |
| Date: | 6.21.2021 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ Dominic Crowe |
| Name: | Dominic Crowe |
| Title: | Managing Director |
| Date: | 6-21-2021 |
| **CITI FUND SERVICES OHIO, INC.** | **CITI FUND SERVICES OHIO, INC.** |
| By: | /s/ Dominic Crowe |
| Name: | Dominic Crowe |
| Title: | President |
| Date: | 6-21-2021 |

---

**Annex to Schedule 2 to Services Agreement**

**List of Funds**

---

| | |
|:---|:---|
| **Fund Name** | **Authorized Participant Fee Per Create/Redeem (USD)** |
| Timothy Plan US Large/Mid Cap Core ETF | 500 |
| Timothy Plan High Dividend Stock ETF | 250 |
| Timothy Plan US Small Cap Core ETF | 250 |
| Timothy Plan International ETF | 4500 |
| Timothy Plan US Large/Mid Cap Core Enhanced ETF | 500 |
| Timothy Plan High Dividend Stock Enhanced ETF | 250 |

---

## Exhibit 99.28

**AMENDMENT NO.5**

**TO**

**SERVICES AGREEMENT**

**This AMENDMENT No.5** ("**Amendment**") is made as of March 1, 2026, by and among Timothy Plan ("**Client**") and Citibank, N.A. ("**Citibank**"), and Citi Fund Services Ohio, Inc. ("**CFSO**", together with Citibank, the "**Service Provider**" and, with the Client, the "**Parties**"), to that certain Services Agreement dated November 30, 2018, between the Client and Service Provider ("**Agreement**"). All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS,** pursuant to the Agreement, Service Provider performs certain fund administration, fund accounting, and transfer agency services for the Client; and

**WHEREAS,** the Parties now wish to amend the Agreement pursuant to this Amendment to revise the List of Funds set forth in the Annex to Schedule 2 of the Agreement.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Service Provider hereby agree as follows:

1. <u>Amendment to Annex to Schedule 2 - List of Funds</u>.

Annex to Schedule 2 of the Agreement is hereby deleted in its entirety and replaced with the following Annex to Schedule 2 attached to the end of this Amendment.

2. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has full power and authority to enter into and perform this Amendment and
that it has provided this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider represents that it has full power and authority to enter into and perform this Amendment.

3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede
all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions
of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement in the Agreement (as it existed prior to this Amendment) and in every
other agreement, contract or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as
amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment
or modification to this Amendment shall be valid unless made in writing and executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment are included for convenience only and are not to be used to construe
or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken
together, shall constitute one and the same agreement.

[Remainder of page intentionally left blank. Signatures follow on next page.]

**IN WITNESS WHEREOF,** the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **TIMOTHY PLAN** | **TIMOTHY PLAN** |
| By: | /s/ Brian Mumbert |
| Name: | Brian Mumbert |
| Title: | President |
| Date: | 3/6/26 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ Peggy Vena |
| Name: | Peggy Vena |
| Title: | VP |
| Date: | March 18, 2026 |
| **CITI FUND SERVICES OHIO, INC.** | **CITI FUND SERVICES OHIO, INC.** |
| By: | /s/ John Danko |
| Name: | John Danko |
| Title: | President |
| Date: | March 17, 2026 |

---

**Annex to Schedule 2 to Services Agreement** 

**List of Funds**

---

| |
|:---|
| Timothy Plan US Large/Mid Cap Core ETF |
| Timothy Plan High Dividend Stock ETF |
| Timothy Plan US Small Cap Core ETF |
| Timothy Plan International ETF |
| Timothy Plan Free Cash Flow ETF\* |
| Timothy Plan Free Cash Flow Growth ETF\* |
| Timothy Plan Fixed Income ETF \* |

---

\* Scheduled to launch in May 2026.

## Exhibit 99.28

**AMENDMENT #4 TO**

**FUTURES AND OPTIONS ON FUTURES ACCOUNT AGREEMENT**

This Amendment dated April 21, 2026 shall serve as an amendment to the Futures and Options on Futures Account Agreement for Timothy Plan dated November 8, 2018 (the "Agreement") by and between each customer identified on the Schedule A attached to the Agreement, separately and not jointly (each a "Customer"), and GOLDMAN, SACHS & CO.

The Schedule A attached to the Agreement shall be amended to add the following Customers:

**TIMOTHY PLAN FREE CASH FLOW ETF<br> TIMOTHY PLAN FREE CASH FLOW GROWTH ETF**

**TIMOTHY PLAN FIXED INCOME ETF**

And remove the following Customers:

**TIMOTHY PLAN US LARGE/MID CAP CORE ENHANCED ETF<br> TIMOTHY PLAN HIGH DIVIDEND STOCK ENHANCED ETF<br> TIMOTHY PLAN MARKET NEUTRAL ETF**

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed in its name and on behalf by a duly authorized representative as of the aforementioned day and year.

---

| | |
|:---|:---|
| Timothy Plan on behalf the funds listed on Schedule A | Timothy Plan on behalf the funds listed on Schedule A |
| By: | /s/ Brian Mumbert |
| Name: | Brian Mumbert |
| Title: | President |

---

**Schedule A**<br> To the Futures and Options on Futures Account Agreement<br> For<br> Timothy Plan<br> Dated November 8, 2018

Timothy Plan US Large/Mid Cap Core ETF<br> Timothy Plan High Dividend Stock ETF<br> Timothy Plan US Small Cap Core ETF<br> Timothy Plan International ETF

Timothy Plan Free Cash Flow ETF

Timothy Plan Free Cash Flow Growth ETF

Timothy Plan Fixed Income ETF

Dated: April 21, 2026

## Exhibit 99.28

**CONSENT OF SULLIVAN & WORCESTER LLP** 

We hereby consent to the use of our name and any reference to our firm in the Registration Statement of The Timothy Plan (the "Trust"), included as part of Post-Effective Amendment No. 129 to the Trust's Registration Statement on Form N-1A (File No. 033-73248). In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| /s/ Sullivan & Worcester LLP |
| Sullivan & Worcester LLP |

---

Washington, DC

April 30, 2026

## Exhibit 99.28

![](tp_2.jpg)

April 30, 2026

Timothy Plan Free Cash Flow ETF, Timothy Plan Free Cash Flow Growth ETF and Timothy Plan Fixed Income ETF, each a series of The Timothy Plan

1055 Maitland Center Commons

Maitland, FL 32751

Ladies and Gentlemen:

We have acted as counsel to The Timothy Plan, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 129 to its Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "Amendment") relating to the issuance by the Trust of an unlimited number of shares of beneficial interest, with no par value per share (the "Shares") in respect of Timothy Plan Free Cash Flow ETF, Timothy Plan Free Cash Flow Growth ETF and Timothy Plan Fixed Income ETF, each a series of the Trust.

We have examined copies, either certified or otherwise proved to be genuine to our satisfaction, of the Trust's Declaration of Trust ("Declaration of Trust") and By-Laws ("By-laws"), and other documents relating to its organization, operation, and proposed operation, and we have made such other investigations as, in our judgment, are necessary or appropriate to enable us to render the opinion expressed below.

We express no opinion herein as to any laws other than Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act") and the federal laws of the United States. We call to your attention that our opinion herein is based solely upon our examination of the Delaware Statutory Trust Act as currently in effect.

This letter expresses our opinion as to the provisions of the Declaration of Trust, but does not extend to the Delaware Uniform Securities Act, or to other state securities laws.

Based upon the foregoing and subject to the qualifications set forth herein, we hereby advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is validly existing as a statutory trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust is authorized to issue an unlimited number of shares of beneficial interest, the Shares have
been duly and validly authorized by all action of the Trustees of the Trust, and no action of the shareholders of the Trust is required
in such connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares, when issued in accordance with the Declaration of Trust and By-laws, will be legally issued,
fully paid and non-assessable by the Trust.

April 30, 2026

We understand that this opinion is to be used in connection with the registration of the Shares for offering and sale pursuant to the 1933 Act. We consent to the filing of this opinion with and as a part of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations promulgated thereunder. We also hereby consent to the use of our name as legal counsel in the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Sullivan & Worcester LLP |
| SULLIVAN & WORCESTER LLP |
| DM/RLS |

---

## Exhibit 99.28

![](tp_3.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 26, 2026, relating to the financial statements and financial highlights 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, four of the portfolios constituting The Timothy Plan, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Other Service Providers" and "Financial Highlights" in the Prospectus and "Additional Information" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

April 29, 2026

![](tp_5.jpg)

## Exhibit 99.28

Raymond James Investment Management<br> Code of Ethics

April 1, 2025

Carillon Fund Distributors<br> Chartwell Investment Partners<br> ClariVest Asset Management<br> Eagle Asset Management<br> Gibbs Capital Management "A division of Eagle Asset Management"<br> Strategic Investment Management services "A division of Eagle Asset Management"<br> Scout Investments<br> Reams Asset Management

Page \| 1

Contents

---

| | |
|:---|:---|
| I. Introduction | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Firms | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purpose of the Code of Ethics | 4 |
| II. Fiduciary Duty and Client Interests | 4 |
| III. Compliance with Laws, Rules, and Regulations | 5 |
| IV. Defined Terms | 5 |
| V. Prohibited Acts: Conflicts of Interest | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Trading | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Gifts and Entertainment | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Receiving or Offering of Gifts: | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Receiving or Giving of Entertainment: | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Political Contributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. IPO Allocation Policy for Clients | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Taking Advantage of Advisory Client or Fund Opportunities | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Diversion of Firm Business or Investment Opportunity | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Using Position or Influence for Personal Benefit at Expense of Clients | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conflicts of Interest Among Clients | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Disclosure of Confidential Information | 10 |
| VI. Prohibited Acts: Off-Channel Communications | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Social Media | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Sites Prohibited from Business Uses | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Messaging Apps Prohibited from Business Use | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting Requirements | 11 |
| VII. Reporting Violations | 11 |
| VIII. Code of Ethics Review Committee | 12 |
| IX. Review and Sanctions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Determination | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sanctions | 12 |
| X. Approval and Amendment | 14 |
| XI. Annual Certification | 14 |
| XII. Inquiries Regarding the Code | 15 |

---

Annex: Insider Trading Policy <br> Whom Does the Policy Cover? <br> What Information is Material?

Page \| 2

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;What Information is Non-Public? |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Disclosure |
| &nbsp;&nbsp;&nbsp;&nbsp;Procedures to follow if an Employee Believes that he/she Possesses Material, Non-Public Information |
| &nbsp;&nbsp;&nbsp;&nbsp;Restrictions on spreading false or misleading rumors |
| Annex: Personal Trading Policy |
| &nbsp;&nbsp;&nbsp;&nbsp;Scope of the Policy |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-Clearance Requirements |
| &nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements for Access Persons |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal Trading Policy Annex Definitions |
| Appendix 1: Statement of General Policy Regarding IPO Allocations |
| Appendix 2: RJIM Reportable Funds |
| Appendix 3: Code of Ethics Review Committee |

---

Page \| 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Firms

This Code of Ethics "the Code" has been adopted by Raymond James Investment Management ("RJIM") and its Affiliates. At the time of this publication RJIM's affiliates are comprised of Carillon Fund Distributors, Chartwell Investment Partners, ClariVest Asset Management, Eagle Asset Management, Gibbs Capital Management "A division of Eagle Asset Management", Strategic Investment Management services "A division of Eagle Asset Management", Scout Investments and Reams Assert Management. References herein to "the Firm" means RJIM and each individual Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purpose of the Code of Ethics

This Code has been adopted by the Firm in order to establish rules of conduct for persons who are associated with the Firm and in order to comply with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "IC Act"), and Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act"). Under Rule 204A-1 of the Advisers Act, investment advisers registered with the Securities and Exchange Commission ("SEC") must establish codes of ethics that define conduct standards and ensure compliance with federal securities laws. Our Code is predicated on the principle that each Firm owes a fiduciary duty to its Clients.<sup>1</sup> Accordingly, Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of their Firm's Clients.

The Code cannot cover every law, rule, or policy and should not replace common sense, good judgment, or the need for additional guidance when necessary. This Code applies to all Employees, Access Persons, their Immediate Family, and Independent Fund Trustees, in each case as described more fully herein. It is the responsibility of each person subject to this Code to read and understand which sections apply to you.

The Code is accompanied by other policies that are referred to in this document. The Firm reserves the right to modify the Code and related policies at any time without prior notice. Additionally, the Firm has exclusive authority to administer and interpret all policies within this Code.

Please remember that Employees and Access Persons also are subject to all Raymond James Financial policies, including the <u>Raymond James Code of Business Conduct and Ethics, Insider Trading Policy, and Political Contribution Policy</u>. Should any portion of this Code conflict with a Raymond James policy, the more restrictive policy shall apply.

Any questions with respect to the Firm's Code of Ethics should be directed to the Firm's Chief Compliance Officer (CCO) or their designee. As discussed in greater detail below, Employees must promptly report any violations of the Code of Ethics to the CCO. All reported Code of Ethics violations will be treated as being made on an anonymous basis. Independent Fund Trustees should consult with the Fund CCO with regard to any questions concerning their responsibilities under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Fiduciary Duty and Client Interests

Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of their Clients. At all times, Employees must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Place Client interests ahead of the Firm's – As a
fiduciary, the Firm must act in the best interests of its Clients. This means avoiding conflicts of interest and not putting personal
or financial interests ahead of the Clients' interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Engage in personal investing only if in full compliance with the
Firm's Code of Ethics – Access Persons must review and abide by the Firm's Personal Trading Policy, and all Employees
must review and abide by the Firm's Insider Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Avoid taking advantage of your position – Employees must
not accept investment opportunities, gifts or other gratuities from individuals seeking to conduct business with the Firm, or on behalf
of an Advisory Client, unless in compliance with the Gifts and Entertainment Policy set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Maintain full compliance with the Federal Securities Laws –
Employees must abide by the standards set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the IC Act.

<sup>1</sup> S.E.C. v. Capital Gains Research, Inc., 375 U.S. at 191-192 (1963).

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The fiduciary duty owed to each Firm's Clients establishes a relationship of trust and confidence. It requires the Firm to always act with the utmost integrity, honesty, and good faith. Failure to fulfill these duties can lead to legal consequences and damage the Firm's reputation in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Compliance with Laws, Rules, and Regulations

All persons subject to this Code are subject to the general anti-fraud prohibitions under Section 17(j) of the IC Act. This Code should be read in conjunction with RJIM or each Affiliate's Compliance Manual and policies and procedures, as applicable. Accordingly, it is unlawful for an Employee, in connection with the purchase or sale, directly or indirectly, of a Security held or to be acquired by a Reportable Fund (hereafter referred to as Fund) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employ any device, scheme or artifice to defraud a Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Engage in any act, practice, or course of business that operates
or would operate as a fraud or deceit upon any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Engage in any manipulative practice with respect to a Fund.

In addition, pursuant to Section 206 of the Advisers Act, it is unlawful for the Firm or its Employees directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employ any device, scheme or artifice to defraud any Advisory Client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Engage in any transaction, practice or course of business which operates as a fraud or deceit upon any Advisory Client or prospective
client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Defined Terms

**Access Person**— means (1) any Employee who has access to nonpublic information regarding any Clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund, (2) any Employee who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic, (3) any natural person in a control relationship of any Carillon Fund or affiliate who obtains information concerning recommendations made to a Carillon Fund with regard to the purchase and sale of securities by the Carillon Fund; and (4) excludes those persons defined as 'contractors' via human resources, unless it is deemed such contractor would have ongoing access to Material, Nonpublic Information; and (5) excludes Non-Employee directors of the Firm, provided they have no knowledge of pending or current program trading activity in the securities they are trading.

**Advisory Client** or **Client**—Each Carillon Fund and any other client who is provided investment advice by Raymond James Investment Management or its affiliates.

**Affiliate –** the following Registered Investment Adviser ("RIA") affiliates of Raymond James Investment Management: (i.) Chartwell Investment Partners; (ii.) ClariVest Asset Management LLC; (iii.) Eagle Asset Management, Inc.; (iv.) Gibbs Capital Management; (v.) Strategic Investment Management; (vi.) Scout Investments, including its Reams Asset Management Division. The term Affiliate also includes (vii.) Carillon Fund Distributors, Inc.; and (viii.) Carillon Family of Funds.

**Automatic Investment Plan**—a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership**— In accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "34 Act"), Access Persons are deemed to have beneficial ownership of securities if they possess a direct or indirect pecuniary interest, enabling them to profit from securities transactions. Indirect pecuniary interests include securities held by Immediate Family, partnerships where an Access Person serves as a general partner, limited liability companies where an Access Person acts as a manager/member, an entity in which the Employee has an equity interest, provided the Employee also has or shares investment control over the securities held by such entity, and any account over which the Employee may otherwise be deemed to have control. Access Persons are not deemed to have a pecuniary interest in securities held by entities where they have equity stakes, unless they exert significant control. Access Persons are considered beneficial owners of trust-held securities if they are trustees with vested interests, possess vested beneficial interests, or are settlors/grantors of trusts (excluding cases where beneficiary consent is necessary to revoke the trust).

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**Carillon Fund(s)**—The investment companies of the Carillon Family of Funds

**Chief Compliance Officer (CCO)** – The CCO is the chief compliance officer of RJIM.

**Compliance Department**—Employees designated to administer components of the compliance program for Raymond James Investment Management and its Affiliates. The CCO is a member of, and is responsible for supervising, the Compliance Department.

**Contribution —** a gift, subscription, loan, advance, deposit of money, or any item of value provided to an Official, political party, political action committee, or organization classified under IRC 501c(4), as applicable**.**

**Covered Associate** – (a) the Firm's general partner, managing member or executive officer, or other individual with a similar status or function; (b) any Employee; (c) any political action committee controlled by the Firm or by any of its Covered Associates; or (d) Immediate Family.

**Cryptocurrency Securities** – Any security that is associated with a company and/or issuer that is affiliated with a cryptocurrency business operation. A listing of prohibited Cryptocurrency Securities is provided on the <u>RJ Cryptocurrency Related Securities List</u>.

**Dual Employee** — any person who is employed by two or more of RJIM, an Affiliate, or another affiliated company of RJIM that has adopted its own Code of Ethics subject to Rule 204A-1 and/or 17j-1.

**Employee** — any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of the Firm, or other person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm. This includes individuals who serve as Carillon Fund officers, trustees or directors working in any Raymond James Investment Management or CFD business unit (including sales staff or other personnel performing duties for Raymond James Investment Management and Affiliates, even if employed by another entity such as Raymond James Financial, Inc.). May include contract and temporary Employees.

Certain of the policies, procedures, and restrictions referred to in this Code also apply to Immediate Family. The Code also applies to any other account over which the Employee is deemed to have Beneficial Ownership.

Independent Fund Trustees, as defined below, are not Employees hereunder.

**Equivalent Security** — any Reportable Security issued by the same entity as the issuer of a security, including options, rights, warrants, preferred stock, restricted stock, bonds, and other obligations of that issuer.

**Excluded Accounts** -- The following account types or their non-U.S. equivalents, provided they do not have individual securities or commodity trading capabilities:

Account held directly with a mutual fund company;

Company retirement account (e.g., 401(k));

Donor-advised fund

Health Savings Account;

Account holding exclusively unit investment trusts;

Accounts holding exclusively commodities

Municipal fund-only account;

Qualified tuition program (e.g., 529 plans);

Account restricted to variable contracts (e.g., annuities);

Treasury Direct accounts which hold EE Series and/or I Series savings bonds only

Monthly investment plan account; or

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Bank or credit union accounts

Digital asset, cryptocurrency, or virtual currency accounts

Peer-to-peer payment applications (e.g., PayPal, Venmo)

These account types are exempt from regulatory disclosure requirements. .

**Federal Securities Laws** — Means the Securities Act of 1933 (the "33 Act"), 34 Act, the Sarbanes-Oxley Act of 2002, IC Act, Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Government Entity** –means any State or political subdivision of a State, including: (i) any agency, authority, or instrumentality of the State or political subdivision; (ii) a pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a State general fund; (iii) a plan or program of a government entity; and (iv) officers, agents, or employees of the State or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

**Immediate Family** — Immediate Family includes an Access Person's or Covered Person's spouse or domestic partner, children under the age of 18 (regardless of whether or not sharing the same household) and any of the following relationships sharing the same household: child over the age of 18, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in- law, including adoptive relationships.

**Independent Fund Trustee**— a trustee of the Carillon Funds who is not an "interested person" of the Carillon Funds as that term is defined in the IC Act.

**Initial Public Offering (IPO)**— an offering of securities registered under the 33 Act by an issuer which immediately before the registration of such securities was not subject to the reporting requirements of Sections 13 or 15(d) of the 34 Act.

**Investment Company** — a company registered as such under the IC Act, including but not limited to, open-end mutual funds, closed-end mutual funds, and unit investment trusts, but does not include a money market mutual fund.

**Large Cap Securities**—specific securities exempted from the Short-Term Trading and Blackout Period restrictions of the Personal Trading Policy, due to their substantial market capitalization or significant trading volumes. The current exempted securities are the constituents of the S&P 500 Index as of January 1, 2025. The securities will be reevaluated periodically by the Compliance Department.

**Limited Offering**—a Security that has a market capitalization of less than $500 million or a security that is exempt from registration pursuant to Rules 504, 505 or 506 or under Section 4(2) or 4(6) of the Securities Act of 1933.

**Managed Account** – Blind trusts (where there is no visibility over the selection of investments and no control over them), discretionary accounts (where a broker/wealth manager acts with complete discretion and with no direction from the Employee's or Immediate Family's financial advisor, or self-direction capability for the Employee or Immediate Family) or other accounts over which you do not have any influence or control are Reportable Investment Accounts but do not require pre-clearance of Reportable Securities.

**Material Investigation**—an investigation that leads to the imposition of a significant remedial action for a violation of the Code.

**Material, Nonpublic Information** – undisclosed information that, if revealed, could be reasonably deemed significant to an investor's decision in buying or selling a company's securities. While not exhaustive, examples include financial results, future earnings projections, merger news, changes in management, and other sensitive details not yet made public. This information is both undisclosed and unavailable to the general public, and its potential impact on investment decisions necessitates careful consideration.

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**Official** - An incumbent, candidate or successful candidate for elective office of a Government Entity.

**Outside Investment Account –** is a Reportable Investment Account held at a non-Raymond James broker/dealer, or at any other financial institution, in which individual securities transactions can be affected.

**Pre-Clearance Officer**—the so-designated individual at RJIM (or that person's designee) as set forth below as amended from time to time.

**Raymond James or RJF**--includes Raymond James Investment Management's parent company, Raymond James Financial, Inc. (RJF), and affiliated broker dealers of RJF including Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS).

**Reportable Fund or Fund** – Any pooled investment vehicle for which the Firm serves as an investment adviser as defined in section 2(a)(20) of the IC Act. (See Appendix 2 RJIM Reportable Funds)

**Reportable Investment Account**—means the following Securities accounts: any personal account of an Access Person and any account in which an Access Person has Beneficial Ownership, except for Excluded Accounts.

**Reportable Security—** a Security, except that it does not include: (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificate of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money-market funds; (iv) shares issued by open-end registered investment companies other than a Reportable Fund; (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies other than a Reportable Fund.

**Securities Transaction**— a purchase or sale of Reportable Securities or Equivalent Securities.

**Security**—any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, real estate investment trust, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**Social Media** — defined as Facebook, X (formerly, Twitter), YouTube, LinkedIn, as well as Internet blogs and other interactive forums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Prohibited Acts: Conflicts of Interest

All Employees have an affirmative duty of care, loyalty, honesty, and good faith, and to act in the best interests of their Clients. Compliance with this duty is best served by avoiding conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Client. A "conflict of interest" occurs when an individual's personal interests interfere or appear to interfere with Client interests. A conflict may arise when a person takes actions or has interests that make it difficult to perform their duties with respect to the client objectively and effectively. Conflicts of interest may also arise when a person receives improper benefits, or members of their family receive improper personal benefits resulting from their position.

Employees must avoid conduct or activities that may appear to be a conflict or impropriety. Any Employee that becomes aware of a potential conflict is required to bring it to the attention of their supervisor and/or the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Trading

In accordance with Rule 17j-1 under the IC Act and Rule 204A-1 under the Advisers Act, the purpose of the Personal Trading Policy is to prevent fraudulent, deceptive, or manipulative conduct and to ensure that the personal securities transactions of Access Persons do not interfere with the best interests of Clients. All Access Persons are expected to adhere to the highest ethical standards and comply with the provisions outlined in Personal Trading Policy Annex attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Receiving or Offering of Gifts:

The Firm and its Employees are prohibited from giving or receiving anything of value exceeding $100 per year as a result of their relationship with the Firm. The appropriateness of gifts must be evaluated on a case-by-case basis, and gifts must not be part of a pattern of frequent giving. Cash or cash equivalents cannot be given or received as gifts. Customary and reasonable gifts given or received in recognition of infrequent, commonly recognized life events or based on a long-standing personal relationship are excluded from the gift limit threshold. Promotional materials that display the corporate or other business logo do not count toward the $100 limit, so long as they do not exceed $25 in value. Gifts must be appropriately documented in the company records, including the value and name of the recipient, in accordance with the company's recording system. Compliance will review these records, and gifts given/received by registered representatives will be reported to the Board of Directors of the Carillon Funds principal underwriter. Note that a meal or other entertainment is considered a gift when the giver does not attend the event with the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Receiving or Giving of Entertainment:

Employees are prohibited from offering, giving, accepting, authorizing or soliciting anything of value to improperly obtain, retain, award or reward business or secure any other advantage. (See Raymond James Anti-Bribery and Anti-Corruption Policy). It is also the policy of the Firm that Employees are prohibited from giving or accepting entertainment in excess of five hundred dollars ($500) per person per event to/from clients, prospects, vendors, etc. Entertainment must be appropriately documented (with value and name of the recipient) in the company records in accordance with the company's recording system. This reporting obligation will not apply to entertainment of insubstantial value (such as promotional items or meals, provided it does not exceed $50 in value.). These records will be reviewed by Compliance. Gift and Entertainment records of FINRA-registered Employees will be reported to the Board of Directors of the Carillon Funds principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities

Outside business activities by Employees must be disclosed to the RJIM CCO or their designee using the Firm's Outside Business Activity system, or designated disclosure process. While employed or affiliated with RJIM, you must receive approval prior to engaging in an outside business activity. If you are not participating in an outside business activity, you must attest annually in the Outside Business Activity System, when received, by selecting "Disclose None". This attestation confirms that you are not participating in an outside business activity. Outside business activities include, but are not limited to:

● Engaging in an activity or providing a service for which compensation or benefits (direct or indirect) are received, or where there is a reasonable expectation of compensation or benefits

● Acting or serving as a control person as described below:

● Acting as, or being named as, a control person [e.g., power of attorney (such as financial or medical), successor trustee, executor named in will] for an individual that is a non-immediate family member. For purposes of the Outside Business Activities Policy, immediate family members include a person's parents, mother-in-law or father-in-law, spouse or domestic partner, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in-law, children (including stepchildren), and any other individual to whom the person provides, directly or indirectly, more than 25% of a person's income in the prior calendar year.

● Serving as a control person for an immediate family member, as defined immediately above (e.g., current trustee, current executor, active power of attorney).

● Knowingly being named as a beneficiary of a client of Raymond James who is not an immediate family member, as defined above.

● Being an employee or independent contractor of a non-Raymond James entity.

● Owning, operating, or engaging in a business venture independent of Raymond James.

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● Founding or serving in a leadership capacity (e.g., director, officer, or board/committee/council member) of a non-Raymond James entity.

● Sponsoring or hosting a non-profit or charitable event, when the purpose of the event is to solicit contributions or donations in which you have control of the funds.

● Holding or seeking election or appointment to a political or government office of a federal, state, provincial, municipal, or local government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Political Contributions

Covered Associates are prohibited from making Contributions without prior approval on Form 1828. Employees must abide by the Anti- Bribery & Corruption policy and submit Form 1828 and receive approval from Compliance before making any political contributions. The maximum allowable contribution to a candidate for whom a contributor can vote is $350 per election. If the contributor cannot vote for the candidate, the maximum allowable contribution is $150 per election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. IPO Allocation Policy for Clients

All Access Persons must comply with the Statement of General Policy Regarding IPO Allocations which is attached as (Appendix 1) to this Code. In general, the policy prohibits improper actions taken in order to obtain greater access to Initial Public Offerings for Clients. Access Persons should not purchase or commit to purchase from certain brokers additional shares of an IPO in the immediate after-market trading in order to obtain larger IPO allocations. Access Persons should not engage in excessive trading or increase portfolio turnover in order to obtain larger IPO allocations by generating more commission business for brokers that provide access to IPOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Taking Advantage of Advisory Client or Fund Opportunities

Access Persons are prohibited from taking personal advantage of any opportunity properly belonging to Advisory Clients. This includes, but is not limited to, acquiring Securities for one's own account that would otherwise be acquired for an Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Diversion of Firm Business or Investment Opportunity

No Employee may acquire, or receive personal gain or profit from, any business opportunity that comes to their attention as a result of their association with the Firm and in which they know the Firm might be expected to participate or have an interest in participating, without disclosing in writing all necessary facts to the CCO, offering the particular opportunity to the Firm, and obtaining written authorization to participate from the CCO.

Any personal or family interest of an Employee in any Firm business activity or transaction must be immediately disclosed to the CCO. For example, if an Employee becomes aware that a transaction being considered or undertaken by the Firm may benefit, either directly or indirectly, an Employee or a family member thereof, the Employee must immediately disclose this possibility to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Using Position or Influence for Personal Benefit at Expense of
Clients

Access Persons are prohibited from causing or attempting to cause an Advisory Client to purchase, sell or hold any Security in a manner calculated to create any personal benefit to the Access Person.

● If an Access Person or an Immediate Family member stands to materially benefit from an investment decision for an Advisory Client that the Access Person is recommending or participating in, the Access Person must disclose that interest to persons with authority to make investment decisions and to the CCO. Based on the information given, a decision will be made as to whether to restrict the Access Person's participation in causing the Advisory Client to purchase or sell a Security in which the Access Person has an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Conflicts of Interest Among Clients

Employees should not favor the interests of one Client over another Client. Inappropriate favoritism of one client over another client constitutes a breach of fiduciary duty. Dual Employees should ensure each client is treated equitably to mitigate any potential conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Disclosure of Confidential Information

Employees are prohibited from revealing non-public information relating to the investment intentions, activities or portfolios of an Advisory Client except to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) persons whose responsibilities require knowledge of the information,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) regulatory authorities who have appropriate jurisdiction with respect to such matters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) third parties who utilize such information for ratings or performance analysis or who provide services pursuant to a written contract with confidentiality provisions.

Further details regarding disclosure may be found in the Compliance Manual. Dual Employees will not disclose confidential information of RJIM, any one of its Affiliates, or any of their Clients to the personnel of RJIM, any of its other Affiliates or any of their Clients except as necessary to conduct business of the Firm without the prior approval of the impacted entity's Chief Compliance Officer. Dual Employees will not disclose confidential information of RJIM, any of its Affiliates, or any of their Clients, to the personnel of other Raymond James subsidiaries without the prior approval of RJIM's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Prohibited Acts: Off-Channel Communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Social Media

The following policy is being adopted to minimize the risk that the use of social media websites by Employees could be deemed advertising by the Firm. The use of social media websites by Employees could be deemed advertising depending on the content, context and recipient of the information disclosed on such a site.

In addition to complying with this policy all Employees are expected to read and comply with all standards set forth in the Raymond James Social Media policy as listed in the Raymond James Associate Handbook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Sites Prohibited from Business Uses

Employees may not post or share any information on any social media site, blog or bulletin board regarding RJIM, its Affiliates, any of its/their Clients, investment products or anything related to business of any Firm without pre-approval from the Compliance Department, other than basic "resume like" professional biography data such as the company name, the Employee's correct title and employment dates, and other information included in the Employee's biography. In addition, Employees may not like, share, or repost content created and posted on the social media pages for Raymond James Financial, any of its affiliates, RJIM, the Affiliates and any employees thereof unless otherwise approved by the Compliance Department to re-post.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Messaging Apps Prohibited from Business Use

Employees may not use text messaging, social media communications apps, or encrypted messaging apps, including but not limited to WhatsApp, to discuss or promote business of the Firms without pre-approval from the Compliance Department. All communication regarding business of the Firms must be conducted via approved and monitored channels such as the Firm's email systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting Requirements

On a quarterly basis, the Compliance Department will request that all Employees attest that they have not used a personal social media account or web page for any business uses. Additionally, a member of the Compliance Department will periodically review the activity on the Firm's Social Media Accounts to confirm compliance with this Social Media Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Reporting Violations

All Employees are required to report any violation of this Code of Ethics promptly to their CCO. The CCO will periodically report to the RJIM Code of Ethics Review Committee to discuss any violations and any corresponding waivers. Additionally, the CCO shall report violations to the RJIM, Carillon Fund Distributors Board of Directors and to the Carillon Family of Funds CCO, who will inform Carillon Family of Funds' **Independent Fund Trustees** as well as any third-party funds' boards pursuant to 17j-1 under the IC Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Code of Ethics Review Committee

The Code of Ethics Review Committee (the "COE Committee") shall investigate any reported or suspected violation of the Code and, as appropriate, take such actions as are authorized by this Code. The COE Committee also shall review the Code at least once a year, in light of legal and business developments and experience in implementing the Code. The RJIM CCO will prepare an annual report to the President of RJIM, CFD, and the Affiliates that:

● initially summarizes existing procedures concerning personal investing and, thereafter, any changes in the procedures made during the past year,

● identifies any Material Investigations during the past year, and

● identifies any recommended changes in existing restrictions or procedures based on the experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

Members of the COE Committee are set forth in Appendix 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Review and Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Determination

The COE Committee is charged with the responsibility of conducting informal hearings, assessing mitigating factors, and imposing sanctions consistent with the Code's Sanction Guidelines. The RJIM CCO will arrange for a meeting of the Committee in cases where a violation of one or more applicable provisions of this Code has occurred and the guidelines suggest a monetary penalty, written reprimand, termination or more serious action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sanctions

The CCO and the COE Committee have the authority to impose sanctions which may include, but are not limited to, a letter of censure, suspension or termination of employment. As part of any sanction, the Committee may require the Employee to reverse the trade(s) in question and forfeit any profit or absorb any loss derived therefrom. Any amounts that are paid/disgorged by an Access Person under this Code shall be paid to RJIM and held by the Firm to be paid to a charity of RJIM's choosing. Failure to abide by a directive to reverse a trade may result in the imposition of additional sanctions or termination.

The table below is a sanction guide for failure to comply with the Code. Actual sanction may vary based on severity and the discretion of CCO or COE Committee. The Committee will document instances in which variations from the Sanctions Guidelines were authorized due to mitigating factors.

---

| | | | |
|:---|:---|:---|:---|
| **Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** | **Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** | **Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** | **Sanctions applicable to all Employees of RJIM and its Affiliates subject to this Code of Ethics** |
| **Violation** | **Sanction for First Offense** | **Sanction for Second Offense** | **Sanction for Third Offense** |
| Unapproved posting or sharing business material on social media | Written reprimand; social account must be added to Firm social media monitoring system within 30 days. | Defined as second social post after the written reprimand or failure to link social account to social media monitoring in 30 days.<br>Written reprimand and/or monetary penalty. | Defined as third social media post after two written reprimands or failure to link social accounts in 60 days.<br>Monetary penalty,<br> suspension or<br> Termination. |
| **Use of unapproved <br> marketing materials** | Warning or written reprimand. | Defined as the second instance of utilizing unapproved marketing materials following the issuance of a warning or written reprimand. A warning or written reprimand and/or monetary penalty may be imposed.<br>If the first offense is deemed severe, the sanctions for a second offense may be applied. | Defined as the third instance of utilizing unapproved marketing materials following two warnings or written reprimands. Sanctions may include a monetary penalty, suspension, or termination.<br>If the first or second offense is deemed severe, the sanctions for a third offense may be applied. |

---

Page \| 12

---

| | | | |
|:---|:---|:---|:---|
| No broker statements or confirms on file or evidence that duplicate statements have been requested | Written warning | Defined as after 30 days of no action: Written reprimand and/or monetary penalty | Defined as after 60 days of no action: Monetary penalty, freeze trading accounts for 30-90 days and/or suspension or termination |
| Trading without receiving appropriate pre-clearance or trading outside the approval period | Written warning | Written reprimand and/or freeze trading accounts for 30- 90 days and/or monetary penalty | Monetary penalty, freeze trading accounts for 30-180 days and/or suspension or termination |
| Trading after being denied approval | Monetary penalty, freeze trading accounts for 30-90 days and/or suspension or termination | See 1<sup>st</sup> Offense | See 1<sup>st</sup> Offense |
| Trading within the 7-day blackout period | Written reprimand, Reversal of trade and forfeiture of profits, Monetary Penalty, Freeze Trading accounts for 30-90 days and/or Suspension / Termination | See 1<sup>st</sup> Offense | See 1<sup>st</sup> Offense |
| Failure to file an Initial or Annual Holdings Report | Defined as not filed within 10 or 30 days, as applicable: Written warning | Defined as not filed within 30 days on more than one occasion or not filed within 60 days: Written reprimand and/or monetary penalty | Defined as not filed within 30 days on more than two occasions or not filed within 90 days: Monetary penalty, freeze trading accounts for 30- 90 days and/or suspension or termination |
| Failure to file a Quarterly Transaction Report | Defined as not filed within 30 days: Written warning | Defined as not filed within 30 days on more than one occasion or not filed within 60 days: Written reprimand and/or monetary penalty | Defined as not filed within 30 days on more than two occasions or not filed within 90 days: Monetary penalty, freeze trading accounts for 30- 90 days and/or suspension or termination |

---

Page \| 13

---

| | | |
|:---|:---|:---|
| Failure to file an Annual Code Acknowledgement and Certification Form | Defined as not filed within 30 days: Written warning | Defined as not filed within 30 days on more than one occasion or not filed within 60 days: Written reprimand and/or monetary penalty |
| Commission of a Prohibited Act not otherwise specifically addressed in this Code section | Written reprimand, Monetary penalty, freeze trading accounts for 30-90 days and/or suspension or termination | See 1<sup>st</sup> Offense |
| Purchasing a Security within 60 days of a sale of the same Security or selling a Security within 60 days of the purchase of the same Security, if the Security is held by the Firm and results in a profit. | Written Reprimand, Reversal of trade and forfeiture of profits, and/or Monetary Penalty | Monetary Penalty, Freeze Trading accounts for 30- 90 days and/or Suspension / Termination See 2<sup>nd</sup> Offense |
| Serving on the Board of a publicly traded company without prior written consent | Written reprimand, Monetary Penalty, and/or Suspension / Termination | See 1<sup>st</sup> Offense |

---

**Monetary penalties that may be assessed depending on the Employee's title:**

---

| | |
|:---|:---|
| Assistant Vice President and Staff: | $100 to $500 |
| Vice President: | $500 to $1,000 |
| Senior Vice President: | $1,000 to $2,500 |
| Executive Vice President and above: | $2,500 to $5,000+ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Approval and Amendment

The CCO may delegate any of the responsibilities, powers and authorities conferred by this Code. Such delegation may be to an individual, a committee or both. This Code may be amended from time to time by the RJIM CCO. The RJIM CCO will communicate any amendments to the Affiliate CCOs so that they may report the changes to their Clients as necessary. The CCO may establish, in their discretion, certain supplemental procedures to this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or to assist the CCO in administration of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Annual Certification

Within 10 days of their hire date, each newly hired Employee shall certify that they have received, read and understand this Code of Ethics by executing the Initial Holdings Report in StarCompliance. Thereafter, annually, each Employee will be required to certify that they have received, read, understand and complied with each section of this Code of Ethics on the certification form set forth in StarCompliance. Additionally, annually, each Employee will complete the RJF Code of Ethics certification page certifying they have received, read, understood and complied with all the requirements of the RJF Code.

Page \| 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XII. Inquiries Regarding the Code

Please contact the Compliance Department or the CCO if you have any questions about this Code or any other compliance-related matters.

Page \| 15

**<u>Code of Ethics –</u>**

**<u>Insider Trading Policy Annex</u>**

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of Material, Non-Public Information by any person associated with such investment adviser. In accordance with Section 204A, the Firm has instituted the following procedures to prevent the misuse of Material, Non-Public Information.

Securities laws have been interpreted to prohibit the following activities:

● Trading by an insider while in possession of Material, Non-Public Information; or

● Trading by a non-insider while in possession of Material, Non-Public Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

● Communicating Material, Non-Public Information to others in breach of a fiduciary duty.

**<u>Whom Does the Policy Cover?</u>**

This policy covers all Employees. This policy also covers any transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the Employee is an officer, director or 10% or greater stockholder and a partnership of which the Employee is a partner unless the Employee has no direct or indirect control over the partnership.

**<u>What Information is Material?</u>**

Individuals may not be held liable for trading on inside information unless the information is material. Information is generally viewed to be "material" where: (i) there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision; (ii) the disclosure of the information would be viewed by the reasonable investor as having significantly altered the 'total mix' of information made available; or (iii) the disclosure of the information is reasonably certain to have a substantial effect on the market price of the security. Advance knowledge of the following types of information is generally regarded as Material:

● Dividend or earnings announcements

● Write-downs or write-offs of assets

● Additions to reserves for bad debts or contingent liabilities

● Expansion or curtailment of company or major division operations

● Merger, joint venture announcements

● New product/service announcements

● Discovery or research developments

● Criminal, civil and government investigations and indictments

● Pending labor disputes

● Debt service or liquidity problems

● Bankruptcy or insolvency problems

● Tender offers, stock repurchase plans, etc.

● Recapitalization

Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company, or the securities of several companies. The misuse of Material, Non-Public Information applies to all types of securities, including equity, debt, commercial paper, government securities and options.

Material Information does not have to relate to a company's business. For example, Material Information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

**<u>What Information is Non-Public?</u>**

In order for issues concerning inside trading to arise, information must not only be material, but also Non-Public.

Once Material, Non-Public Information has been effectively distributed to the investing public, it is no longer classified as Material, Non-Public Information. However, the distribution of Non-Public Information must occur through commonly recognized channels for the classification to change. In addition, the information must not only be publicly disclosed, but also there must be adequate time for the public to receive and digest the information. Lastly, Non-Public Information does not change to public information solely by selective dissemination.

Employees must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material, Non-Public Information. Whether the "tip" made to the Employee makes him/her a "tippee" depends on whether the corporate insider expects to benefit personally, either directly or indirectly, from the disclosure. The "benefit" is not limited to a present or future monetary gain; it could be a reputational benefit or an expectation of a quid pro quo from the recipient by a gift of the information. Employees may also become insiders or tippees if they obtain Material, Non-Public Information from acquaintances, at social gatherings, by overhearing conversations, etc.

**<u>Selective Disclosure</u>**

Employees must never disclose proposed/pending trades to any client or other individual/entity outside of the Firm (other than the entity trading the security for the Firm), except in connection with the transition of a client's funds into or out of a Firm strategy. Additionally, the Firm must be careful when disclosing the composition of Clients' portfolios without obtaining consent from the Compliance Department. Federal Securities Laws may specifically prohibit the dissemination of such information and doing so may be construed as a violation of the Firm's fiduciary duty to Clients. Selectively disclosing the portfolio holdings of a client's portfolio to certain investors/outside parties may also be viewed as the Firm engaging in a practice of favoritism. Including information regarding Clients' portfolio holdings in marketing materials and the Firm's website is subject to the Compliance Department's approval in accordance with the Firm's Marketing policy and procedures. All inquiries that are received by Employees to disclose portfolio holdings must be reported to the Compliance Department before such holdings are provided. In determining whether or not to approve the dissemination of holdings information, the Compliance Department will consider, among other things, how current the holdings information is. However, in no case will the Compliance Department approve the dissemination of holdings information that is less than one (1) month old (except for limited holdings information (such as top-ten holdings) or information provided in connection with an upcoming account funding or transition, which may be disseminated before it is one (1) month old). the Firm may also maintain other practices applicable to holdings disclosure policies as agreed with clients.

The Firm will provide Clients with certain information relating to the holdings or performance of their accounts, as requested. All Clients are provided with the opportunity to request such information to ensure that no selective disclosure of such information has occurred.

**<u>Procedures to follow if an Employee Believes that he/she Possesses Material, Non-Public Information</u>**

If an Employee has questions as to whether they are in possession of Material, Non-Public Information, they must inform the CCO as soon as possible. From this point, the Employee and CCO will conduct research to determine if the information is likely to be considered important to investors in making investment decisions, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in inside trading, Employees:

● Shall not trade the securities of any company in which they are deemed insiders who may possess Material, Non-Public Information about the company.

● Shall only engage in personal securities transactions in accordance with the Firm's Personal Trading Policy and the securities laws.

● Shall not discuss any potentially Material, Non-Public Information with colleagues, except as specifically required by their position.

● Shall not proceed with any trading of a company if they possess Material, Non-Public Information about that company until the CCO informs the Employee of the appropriate course of action.

The Firm's Compliance Department (or its designee) will periodically review a sampling of employee emails and instant messages to look for evidence of violations of this policy.

**<u>Restrictions on spreading false or misleading rumors</u>**

Market events in 2008 highlighted the potential impact of false rumors on stock prices, and regulators including the SEC responded by reminding market participants that they are prohibited from intentionally spreading false rumors to impact the financial condition of an issuer.

Employees are prohibited from spreading rumors that they know are false or misleading with the intention of impacting a security price and/or profiting from its dissemination; for example, by shorting a stock and saying the company is in danger of collapse. If an Employee obtains information that it believes may be false or misleading, the Employee will notify the CCO before conducting any trading based on that information.

The Firm's Compliance Department (or its designee) will periodically review a sampling of Employee emails and instant messages to look for evidence of violations of this policy. The Compliance Department will maintain documentation regarding any such violations.

**<u>Insider Trading Policy Annex Definitions</u>**

The terms defined herein shall carry the same meaning as ascribed to them in the Raymond James Investment Management Code of Ethics.

**<u>Annex – Code of Ethics<br> Personal Trading Policy</u>**

This Personal Trading Section of the Code of Ethics (the "Code") is established pursuant to Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 and applies to all Access Persons of each Firm. The purpose of this policy is to prevent fraudulent, deceptive, or manipulative conduct and to ensure that the personal securities transactions of Access Persons do not interfere with the best interests of Clients. All Access Persons are expected to adhere to the highest ethical standards and comply with the provisions outlined herein.

**Scope of the Policy**

**Employees and Access Persons**

This Policy applies to all Access Persons and Immediate Family members.

**Fund Independent Trustees**

The Code's reporting requirements do not apply to Fund Independent Trustees as long as they had no knowledge that the Firm traded or considered trading in a security within 15 days of their own transaction in that security. The report must be submitted to the Fund CCO within 30 days of the quarter end.

**Reportable Investment Accounts**

The trading and reporting rules set forth herein apply to all Reportable Investment Accounts.

**Outside Investment Account Approval:**

Outside Investment Accounts that are not Managed Accounts must be closed and the positions transferred to a Raymond James account within 90 calendar days of becoming an Employee with Raymond James unless the outside account is approved by the CCO and the RJF Compliance Department. No Access Person shall open an Outside Investment Account without receiving written pre-approval from the Compliance Department. Approval for opening or maintaining an Outside Investment Account is requested using the Account Disclosure form located in StarCompliance. All Access Persons must maintain Reportable Investment Accounts with an affiliated Raymond James Broker-Dealer, as per RJF corporate policy, unless the Reportable Investment Account is a Managed Account or the Access Person is granted an exception by the Compliance Department and the RJF Compliance Department. The trading and reporting rules set forth herein apply to all Outside Investment Accounts granted an exception. Access Persons seeking permission to open a Managed Account must provide a fully executed account management agreement to the CCO as part of their request.

**Short-Term Trading**

Unless otherwise approved by the Compliance Department, no Access Person shall purchase a Security within 60 calendar days of the sale of that Security (or an Equivalent Security) or sell a Security within 60 calendar days of the purchase of the Security (or an Equivalent Security), if that Security is an equity holding of the Firm, and if the transaction would result in a profit. Notwithstanding the foregoing, the short-term trading restriction described in this section shall not apply to Large Cap Securities.

If an Access Person violates this provision, then the Access Person must sell the position and must forfeit all profits on the transaction to a charitable organization designated by Raymond James Investment Management. (Does not apply to transactions involving Raymond James Financial, RJF, stock).

This restriction shall not apply to Securities Transactions where pre-clearance is not required under the Code.

**Blackout Period**

No Access Person may execute a Securities Transaction within seven calendar days of a purchase or sale of the same Reportable Security (or an Equivalent Security) by any Advisory Client managed by the Firm. For example, if an Advisory Client trades a Security on day one, day eight (or the next trading day, whichever is later) is the first day Access Persons may execute a Securities Transaction for that Security. This provision does not apply to transactions made in Managed Accounts. If an Access Person executes a Securities Transaction within seven calendar days of a purchase or sale of the same Reportable Security (or an Equivalent Security) by any Advisory Client managed by the Firm, then the RJIM CCO or their designee will review the trade, trade size, trade patterns, indication of insight, and determine whether or not a violation of the Code has occurred. Notwithstanding the foregoing, the blackout period restriction described in this section shall not apply to Large Cap Securities.

**Contrary Trades**

Access Persons who trade contrary to Advisory Client account activity in a security within seven calendar days before or after the conclusion of an investment strategy's activity may need to submit a memo to the CCO or their designee explaining the decision to buy/sell contrary to the activity.

**Pre-Clearance Requirements**

Access Persons are required to obtain pre-clearance from the Pre-clearance Officer or designated compliance personnel before executing any Securities Transactions for which pre-authorization is required as outlined herein. Access Persons must submit a request for pre-clearance, providing details of the proposed transaction, including the Security to be traded, the quantity, and the account. The Pre-Clearance Officer may authorize or deny any pre-clearance request based upon the provisions contained in this Policy and the overall Code of Ethics, including any transaction deemed by the CCO or their designee to involve a conflict of interest, possible diversion of corporate opportunity, or an appearance of impropriety.

Cryptocurrency Trading Restrictions:

● No Access Person may trade any Cryptocurrency Securities not listed on a national exchange or prohibited under RJF's Higher Risk Securities Policy.

● No Access Person may be involved in any crypto-based activities (e.g., cryptocurrency mining or participation in an Initial Coin Offering) beyond purchasing cryptocurrency for their own cryptocurrency wallet.

**Preclearance Process**

Pre-clearance requests must be submitted via an electronic system (StarCompliance) or, in limited circumstances (e.g., in the event of a system malfunction) via email to <u>RJIMCompliance@RJInvestmentManagement.com</u>. If the request is approved, the authorization is valid until the end of the day in which the approval is granted. Any personal trade subject to these pre-clearance requirements that is placed as a "limit order" must also be placed as a "day order."

No Access Person may engage in activities that would be considered "market timing" and in violation of the respective Fund's frequent trading policy. No Access Person may participate in an IPO in a Reportable Investment Account. Access Persons must have written pre-clearance from the Chief Compliance Officer or their designee for securities transactions involving Limited Offerings. The Chief Compliance Officer or the designee shall (a) obtain from the Access Person full details of the proposed transaction; and (b) conclude that the Security does not fit the investment strategy recommended by the Firm and if so, that no Clients have any foreseeable interest in the Firm purchasing such Security on their behalf. The Chief Compliance Officer or the designee may request a copy of any offering materials (subscription agreement, etc.) associated with the Limited Offering. Pre-clearance requests for Limited Offerings must be submitted via

**Advisor Access > My Practice > Compliance >Outside Business Activities**

Initial participation in any of the following types of investments or trading activities must be pre-approved by the Firm's Chief Compliance Officer. If approval is granted, the Access Person must arrange to have periodic statements sent to the Firm's Chief Compliance Officer or their designee:

● Direct Participation Programs/Limited Partnerships (DPP/LP)

● Hedge Funds

● Interval Funds

● Investment Clubs

In some instances, should pre-clearance be approved and the Access Person place the trade, revocation of the initial approval may be necessary. For example, should the position approved be executed by the Firm after the Access Person placed the trade, their trade may need to be canceled. Any costs associated with the cancellation will be at the Access Person's expense.

**Preclearance Requirements**

Access Persons are responsible for obtaining pre-clearance for these specified investment types before engaging in any transactions for themselves or their Immediate Family. Failure to obtain pre-clearance for these investments is a violation of the personal trading policy and may result in disciplinary action as described in the Sanctions section of the Code of Ethics.

*<u>Pre-clearance Securities</u>*:

 

---

| | |
|:---|:---|
| Corporate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual company stocks<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bonds issued by corporate entities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Options where the underlying investment is a corporate stock<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● American Depository Receipts (ADRs)<br>Exceptions: Commercial paper and face amount certificates do not require pre-clearance. |
| Reportable Funds | Trading of any Reportable Fund in any type of account (including IRAs, 401(k)s, 529 plans, etc.)<br>Exceptions:<br> ● Subsequent pre-clearance of a Reportable Fund is not required for transactions that are part of an Automatic Investment Plan, automatic rebalancing, or redemption plan (i.e., systematic withdrawal). Changes in the total amount of the Automatic Investment Plan or systematic withdrawal do not require pre-clearance.<br> ● Loans from plans including Reportable Funds do not require pre-clearance. |
| Real Estate Based Investments | ● Real Estate Investment Trusts (REITs)<br> ● Collateralized Mortgage Obligations (CMOs) |
| Certain Exchange Traded Products | ● Closed-end funds that are not continuously offered do require pre-clearance.<br> ● Exchange Traded Products restricted by RJF's Higher Risk Security Policy. Refer to the Raymond James <u>Restricted Trading List</u>. |

---

*Exemptions from Pre-Clearance Requirements*:

 

Access Persons are not required to obtain pre-clearance for the following types of transactions:

**1. Securities Transactions in Managed Accounts:**

Securities Transactions within Managed Accounts are exempt from pre-clearance requirements.

**2. Discretionary Transactions by Financial Advisors:**

Access Persons are not required to obtain pre-clearance for transactions involving Reportable Securities that are executed at the discretion of their financial advisor.

**3. Acquisition of Reportable Securities through Corporate Actions:**

Access Persons are not required to pre-clear transactions involving Reportable Securities acquired through stock dividends, dividend reinvestments, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions applicable to all holders of the same class of securities.

**4. Tender Offers and Rights Exercise:**

Pre-clearance is not necessary for tender offers in Reportable Securities conditioned on the tender offer's acquisition of all securities of the same class. Additionally, the exercise of rights issued by an issuer pro rata to all holders of a class of its securities does not require pre-clearance.

Pre-clearance is not necessary for tender offers in Reportable Securities conditioned on the tender offer's acquisition of all securities of the same class. Additionally, the exercise of rights issued by an issuer pro rata to all holders of a class of its securities does not require pre-clearance.

**5. Certain Collective Investment Vehicles:**

Transactions involving open-end funds that are not Reportable Funds are exempt from pre-clearance. This includes open-end mutual funds, money-market mutual funds, continuously offered closed-end funds, and index funds. Unit investment trusts <sup>1</sup>also fall under this exemption.

**6. Certain Banking Products:**

Most banking products, including Bankers Acceptances and Certificates of Deposit (CDs), do not require pre-clearance. For specific inquiries, Access Persons are encouraged to contact compliance.

**7. Securities Issued by the US Government:**

Securities issued by the federal government, such as Treasury Bills, T-Bonds, and municipal bonds and notes, are exempt from pre-clearance requirements.

**8. Annuities & Life Insurance:**

Both fixed and variable annuities, as well as life insurance products, can be purchased without pre-clearance. Trading in variable accounts also does not require pre-clearance, except when the underlying investment is a Reportable Fund.

**9. Securities Transactions in Excluded Accounts**

Securities Transactions within Excluded Accounts are exempt from pre-clearance requirements.

**Prohibited Transactions**

Access Persons and their Immediate Family are generally prohibited from trading securities subject to Raymond James Higher Risk Securities Policy. Refer to the Raymond James <u>Restricted Trading List</u>.

**Reporting Requirements for Access Persons**

**Access Persons and Immediate Family** 

All Access Persons, including their Immediate Family, are required to provide certain periodic information to the Firm's CCO or their designee regarding their trading activity and holdings. Certain transactions that are exempt from the reporting requirements are listed below. Failure to provide the required data in a timely fashion will subject the Access Person to disciplinary action as outlined in the Code.

<sup>1</sup> **<u>Please Note:</u>** Unit Investment Trusts do not require pre-clearance if the unit investment trust is invested exclusively in unaffiliated mutual funds; securities which are not eligible for purchase or sale by an investment company or other Investment Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Initial Holdings Report.* 

Any person who becomes an Access Person must submit, within 10 days of becoming an Access Person, an Initial Holdings Report (via StarCompliance) listing all of their Reportable Securities and all of their Reportable Investment Accounts. The information in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Quarterly Transaction Reports / Duplicate Confirmations and Statements.* 

Every Access Person who establishes a Reportable Investment Account during the quarter or who gains Beneficial Ownership in a Reportable Investment Account during a quarter, must complete the required section pertaining to new accounts in the Quarterly Transaction Report. This Report must be submitted to the Compliance Department via StarCompliance within 30 business days after the completion of each calendar quarter unless the Annual Holdings Report is also being completed during that quarter.

When possible, and unless transmitted to the Firm electronically, every Access Person must arrange for the Compliance Department to receive directly from any external broker, dealer, mutual fund company, or bank in question, duplicate copies of each confirmation and periodic statement for any Securities Transaction in any Reportable Securities during the quarter for which that Access Person is required to obtain pre-clearance. All copies must be received no later than 30 business days after the end of the calendar quarter or submit a Quarterly Transaction Report within 30 business days after the completion of each calendar quarter. Each confirmation or statement must disclose the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. description of the Security (including the title, exchange ticker
symbol or CUSIP, interest rate and maturity date, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the number of shares and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the nature of the transaction (e.g., purchase, sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the price of the Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. the name of the broker, dealer, bank, or mutual fund through
which the trade was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Annual Holdings Report.* 

Each RJIM Access Person must submit an Annual Holdings Report via StarCompliance listing all Reportable Securities in a Reportable Investment Account. The information in the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the report is submitted. The completed report should be submitted to the CCO or their designee within 30 days of the request from the CCO or their designee.

**Exemptions, Disclaimers and Availability of Reports**

*Availability of Reports.*

All information supplied pursuant to this Code will be kept in the strictest of confidence unless disclosed for legal, regulatory or business reasons as described in this section. The information may be available for inspection by the Trustees of the Carillon Family of Funds, President of CFD, the Code of Ethics Review Committee, the applicable CCO, the Pre-Clearance Officer, the Access Person's department manager (or designee), any party to which any investigation is referred by any of the foregoing, the Securities and Exchange Commission, any self-regulatory organization with appropriate jurisdiction, and any state securities commission with appropriate jurisdiction.

*Retention of Records.*

 

All reports or information supplied will be retained according to the retention policies of the Funds or the applicable Firm, unless otherwise noted.

**Personal Trading Policy Annex Definitions**

Capitalized terms used herein shall carry the same meaning as ascribed to them in the Raymond James Investment Management Code of Ethics.

**<u>Appendix 1</u>**

**<u>Statement of General Policy Regarding IPO Allocations</u>**

● Portfolio managers and traders may not take any improper action in order to obtain greater access to IPOs.

● Portfolio managers and traders should not engage in excessive trading or increase portfolio turnover in order to obtain larger IPO allocations by generating more commission business for brokers that provide access to IPOs.

● Portfolio managers and traders may not purchase or commit to purchase from certain brokers additional shares of an IPO in the immediate after-market trading in order to obtain larger IPO allocations; i.e., portfolio managers and traders may not explicitly or implicitly engage in a quid pro quo between the initial IPO allocation and the subsequent after-market purchases by the Firm. (However, absent such an explicit or implicit quid pro quo, portfolio managers and traders properly can determine to fill an unfilled IPO order with purchases in the secondary market from the same broker from whom they acquired the IPO shares.)

● Portfolio managers and traders may not pay commissions to certain brokers in excess of customary and reasonable commissions in order to obtain larger IPO allocations. (However, subject to best execution standards and appropriate disclosures in the Firm's Form ADV registration statement and any applicable mutual fund registration statements, portfolio managers and traders may consider access to IPOs as one factor, among others, in selecting broker-dealers with whom they trade.)

● Portfolio managers and traders may not make IPO allocation decisions regarding client accounts based upon subsequent market movements or based upon any factors or guidelines not articulated in the applicable compliance policies and applicable disclosures.

● Allocations should be fair and equitable to all clients to the extent practicable.

● Allocations should comply with information disclosed to clients in, as applicable, the advisory contracts, the Firm's Form ADV registration statement, and any applicable mutual fund registration statement.

● Allocations should be pro rata to applicable groups of clients where feasible. If not pro rata, allocations should comply with applicable policies and procedures and should be consistent with information disclosed to clients.

● Allocations may not continually favor particular accounts unless such practice has been disclosed to clients.

● Hot IPOs generally may not be allocated to accounts where the Firm, its principals, or its affiliates maintain an ownership interest.

<u>Appendix 2</u>

<u>RJIM Reportable Funds</u>

<u>Carillon Family of Funds</u>

Carillon Chartwell Real Income Fund

Carillon Chartwell Mid Cap Value Fund

Carillon Chartwell Short Duration High Yield Fund

Carillon Chartwell Small Cap Growth Fund

Carillon Chartwell Small Cap Value Fund

Carillon ClariVest Capital Appreciation Fund

Carillon ClariVest International Stock Fund

Carillon Eagle Growth & Income Fund

Carillon Eagle Mid Cap Growth Fund

Carillon Eagle Small Cap Growth Fund

Carillon Reams Core Bond Fund

Carillon Reams Core Plus Bond Fund

Carillon Reams Unconstrained Bond Fund

Carillon Scout Mid Cap Fund

Carillon Scout Small Cap Fund

<u>Advised by RJIM Affiliates</u>

Acuitas US Microcap Fund

Bridge Builder Small / Mid Cap Fund

First Trust Enhanced Equity Income Fund

Pear Tree Quality Fund

Principal Mid Cap Growth Fund III

Prudential Investment Select Mid Cap Retirement Portfolio

PSF Mid-Cap Equity

Russell Investment Company Russell Short Duration Bond Fund

Russell RIIFL Core Bond Fund (Russell Institutional Funds, LLC)

Russell RIIFL Low Duration Bond Fund (Russell Institutional Funds, LLC)

Russell RTC Fixed Income II Fund (Russell Trust Company Commingled Employee Benefit Funds Trust)

Russell RTC Multi-Manager Bond Fund (Russell Trust Company Commingled Employee Benefit Funds Trust)

The Timothy Plan Aggressive Growth Fund (open-end)

The Timothy Plan Large/Mid Cap Growth Fund (open-end)

TransAmerica International Stock Fund

Variable Portfolio - Partners Small Cap Growth Fund a series of Columbia Funds Variable Series Trust II

**<u>Appendix 3</u>**

**<u>Code of Ethics Committee</u>**

---

| | |
|:---|:---|
| Javier Alvarez | 727-567-5383 |
| Damian Sousa | 727-567-4656 |
| Eric Wilwant | 727-567-4677 |
| Bob Kendall | 727-567-4685 |
| Ed Rick | 727-573-3858 |
| Susan Walzer | 727-567-3526 |
| Robert Morrison\* | 727-567-4246 |
| Chih-Pin Lu\* | 727-567-5820 |

---

\* Non-Voting Members

## Exhibit 99.28

**APPENDIX I**

**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purpose** 

Chilton Capital Management LLC (the "Company" or "Firm") maintains a policy of strict compliance with the highest standards of ethical business conduct and the provisions of applicable federal securities laws, including rules and regulations promulgated by the U.S. Securities and Exchange Commission (the "SEC"). In particular, Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and Section 204A under the Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1940 Act, the "Rules"), requires the Company to adopt a written code of ethics containing provisions reasonably necessary to prevent an "Access Person"<sup>138</sup> from engaging in any act, practice or course of business prohibited by the Rules. This Code of Ethics (the "Code") applies to each employee, partner, member, director, officer and manager of the Company, as well as other persons under the supervision and control of the Company, including interns, temporary or contract workers (each, an "Employee").

This Code is predicated on the principle that the Company owes a fiduciary duty to all of its advisory clients. Every fiduciary has the duty and a responsibility to act in the utmost good faith and in the best interests of the client and to always place the client's interests first and foremost. Accordingly, the Company's Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of the Company's advisory clients. The Company's advisory clients are each, a "Client" and collectively, the "Clients"<sup>139</sup>.

In addition, this Code has been adopted to ensure that Employees who have knowledge of Client transactions will not be able to act thereon to the disadvantage of the Company or its Clients. It is the responsibility of each Employee to understand the various laws applicable to such Employee and to conduct personal securities transactions in a manner that does not interfere with the transactions of the Company or its Clients, or otherwise take unfair advantage of the Company or its Clients. Furthermore, the purpose of this Code is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of Client transactions and investment intentions of the Company and its Clients may abuse their fiduciary duty to the Clients of the Company, and otherwise to deal with the types of conflict of interest situations addressed by the Rules, including establishing procedures that, taking into consideration the nature of the Company's business, are reasonably designed to prevent misuse of material non-public information in violation of the federal securities laws by persons associated with the Company.

The Code does not address every possible situation that may arise. Consequently, every Employee is responsible for exercising good judgment, applying ethical principles, and bringing violations or potential violations of the Code to the attention of the Chief Compliance Officer of the Company (the "CCO"). Any questions regarding the Company's Code should be directed to the CCO. Please see "Reporting of Violations" below for more information.

<sup>138</sup> "*<u>Access Person</u>*" means any employee, partner, member, director, officer, or manager of the Company, as well as other persons under the supervision and control of the Company, including interns, temporary or contract workers who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of securities by an advisory client of the Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales. ***The Company treats all Employees as Access Persons for the purpose of this Code.***

<sup>139</sup> The terms "*<u>Client</u>*" or "*<u>Clients</u>*" have the same meaning as defined in <u>Section I.A.2.</u> of the Company's Manual.

APPX III – Page 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Condition of Employment or Service with the Company** 

This Code applies to each Employee of the Company. Employees shall read and understand this Code and uphold the standards of the Code in their day-to-day activities at the Company. Compliance with the Code shall be a condition of employment or continued affiliation with the Company and conduct not in accordance herewith shall constitute grounds for sanctions (including, without limitation, reprimands, restrictions on activities, disgorgement, termination of employment, or removal from office). Each Employee shall acknowledge their receipt, understanding, and agreement to comply with this Code. Such signed acknowledgement shall be submitted to the CCO via the Compliance Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Administration of Code** 

The CCO of the Company is responsible for the general administration of the policies and procedures set forth in this Code. The CCO shall review all reports submitted, answer questions regarding the Company's policies and procedures, update this Code as required from time to time, and arrange for appropriate records to be maintained, including copies of all reports submitted under this Code. The CCO shall be responsible for all aspects of administering and all interpretive issues arising under this Code. The CCO is responsible for considering any requests for exceptions to, or exemptions from, the Code. Any exceptions to, or exemptions from, the Code shall be subject to such additional procedures, reviews, and reporting as may be deemed appropriate by the CCO. Furthermore, the CCO is responsible for the periodic review of the policies and procedures of the Company for adequacy and effectiveness of implementation.

In connection with maintaining the Company's compliance program, the Company has retained IQ-EQ Partners, LLC ("IQ-EQ"), a third-party service provider, to assist in the administration of the Company's compliance program, as well as coordinating an annual review of the compliance program. To facilitate compliance reporting and documentation, IQ-EQ hosts an online compliance reporting tool, "gVue" (the "Compliance Portal"). Employees submit various reporting and disclosure obligations via the Compliance Portal. IQ-EQ and the CCO work together in the review and approval of disclosures made via the Compliance Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reporting of Violations** 

It is the policy of the Company that any violation or suspected violation of applicable laws or of this Code shall be immediately reported to the CCO. An Employee must not conduct individual investigations, unless authorized to do so by the CCO. If an Employee who in good faith raises an issue regarding a possible violation of law, regulation or Company policy or any suspected illegal or unethical behavior, the Company will strive to keep confidential the identity of any such Employee. Complete confidentiality may not be possible in every case, however, where investigation and regulatory reporting may be required. Nonetheless, the Company will not permit retribution, harassment or intimidation of any Employee who in good faith makes any such report. To aid reporting, the Company has adopted the compliance concern reporting and certification form which all Employees must complete and submit to the CCO quarterly via the online Compliance Portal. In the event that the CCO determines that a violation of law has occurred or is likely, the Company will conduct an internal investigation which it will attempt to complete within sixty (60) days following the report by such Employee. Possible Employee sanctions include, without limitation, letters of censure, suspension, termination of employment or such other course of action as may be appropriate under the circumstances.

The CCO will maintain a record of all material breaches of the policies detailed in this Code, as well as the findings of any internal investigations conducted.

APPX III – Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Whistleblower Protection** 

For the avoidance of doubt, nothing in this Code including the Manual, is designed to prevent or impede an Employee from acting in accordance with applicable federal or state whistleblower statutes, including but not limited to Section 21F(h)(1) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rules 21F-2 and 21F-17 thereunder. Furthermore, it is the Company's policy that no Employee who submits a complaint made in good faith or reports a violation to a regulatory or law enforcement authority will experience retaliation or any penalty whatsoever. Any Employee who believes he or she has been subject to retaliation or reprisal as a result of reporting a concern or making a complaint is to report such action to the CCO; a member of the Company's senior management team in the event the concern pertains to the CCO; IQ-EQ via the online Compliance Portal; the Company's outside legal counsel; or the relevant regulatory or law enforcement authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Recordkeeping Requirements** 

The Company shall maintain the following records at its principal place of business:

● a copy of each Code in effect during the past five (5) years;

● a record of any violation of the Code and any action taken as a result of the violation for at least five (5) years after the end of the fiscal year in which the violation occurs;

● a copy of each personal trading report required by this Code;

● a record of all persons required to make reports currently and during the past five (5) years;

● a record of all persons who are or were responsible for reviewing these reports during the past five (5) years; and

● a record of any decision (and the reasons supporting such decision) to approve any person's purchase of securities in an initial public offering or private placement, for at least five (5) years after approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Standards of Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Company Conduct** 

The following general principles guide the Company's corporate conduct:

● The Company will act in accordance with applicable laws and regulations;

● The Company will provide products and services designed to help clients achieve their financial goals;

● The Company will conduct business fairly, in open competition;

● The Company will provide employment opportunities without regard to race, color, sex, pregnancy, religion, age, national origin, ancestry, citizenship, disability, medical condition, marital status, sexual orientation, veteran status, political affiliation, or any other characteristic protected by federal or state law; and

● The Company will support the communities in which it operates.

APPX III – Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Employee Conduct** 

The following general principles should guide the individual conduct of each Employee:

● Employees will not take any action that will violate any applicable laws or regulations, including all federal securities laws;

● Employees will adhere to the highest standards of ethical conduct;

● Employees will maintain the confidentiality of all information obtained in the course of employment with the Company;

● Employees will bring any issues reasonably believed to place the Company at risk to the attention of the CCO (except as otherwise permitted or required by applicable law);

● Employees will not abuse or misappropriate the Company's or any Client's assets or use them for personal gain;

● Employees will disclose any activities that may create an actual or potential conflict of interest between the Employee, the Company, and/or any Client;

● Employees will deal fairly with Clients and other Employees and will not abuse their position of trust and responsibility with Clients or otherwise take inappropriate advantage of his or her position with the Company;

● Employees will comply with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Falsification or Alteration of Records** 

Falsifying or altering records or reports of the Company, preparing records or reports that do not accurately or adequately reflect the underlying transactions or activities of the Company or its Clients, or knowingly approving such conduct is prohibited. Examples of prohibited financial or accounting practices include:

● Making false or inaccurate entries or statements in any Company or Client books, records, or reports that intentionally hide or misrepresent the true nature of a transaction or activity;

● Manipulating books, records, or reports for personal gain;

● Failing to maintain required books and records that completely, accurately, and timely reflect all business transactions;

● Maintaining any undisclosed or unrecorded Company or Client funds or assets;

● Using funds for a purpose other than the described purpose;

● Making a payment or approving a receipt with the understanding that the funds will be, or have been, used for a purpose other than what is described in the record of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Competition and Fair Dealing** 

The Company seeks to outperform its competition fairly and honestly. The Company seeks competitive advantages through superior performance, not through unethical or illegal business practices. Stealing proprietary information, possessing trade secret information obtained without the owner's consent, or inducing such disclosures by past or present Employees of other companies is prohibited. Each Employee should endeavor to respect the rights of and deal fairly with the Company's Clients, vendors, service providers, suppliers, and competitors. No Employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional unfair dealing practice. Employees should not falsely disparage or make unfair negative comments about its competitors or their products and services. Negative public statements concerning the conduct or performance of any former Employee of the Company should also be avoided.

APPX III – Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Prohibition against Insider Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Company Policy** 

Investment advisers and their employees often have access to material information about a public company that has not been publicly disseminated. Federal and state securities laws generally make it unlawful for any person to trade in securities of a publicly-traded issuer while in possession of material, non-public information concerning such issuer or its securities. It is also unlawful to pass material, non-public information to others (a practice known as "tipping"). The persons covered by these restrictions are not only "insiders" of publicly-traded issuers, but also any other person who, under certain circumstances, learns of material, non-public information about an issuer, such as attorneys, investment banking analysts, and investment managers.

Violations of these restrictions may have severe consequences for both the Company and its Employees. Trading on material, non-public information or communicating such information to others is punishable by imprisonment and criminal fines. In addition, employers may be subjected to liability for insider trading or tipping by Employees. Broker-dealers and investment advisers may be held liable for failing to take measures to deter securities laws violations where such failure is found to have substantially contributed to or permitted a violation.

In light of these rules, the Company has adopted the general policy, applicable to all Employees that an Employee may not trade in any Client or personal account in the securities of any publicly-traded issuer about which the Employee possesses material, non-public information, nor "tip" others about such information.

The laws of insider trading are continuously changing. Employees may legitimately be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can forestall disciplinary action or complex legal problems. Employees should notify the CCO immediately if they have any questions as to the propriety of any actions or about the policies and procedures contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Explanation of Insider Trading** 

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If any Employee has any questions, they should consult the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **What is Material Information?** 

"*<u>Material information</u>*" is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes, but is not limited to:

● business combinations (such as mergers or joint ventures),

● changes in financial results,

● changes in dividend policy,

● changes in earnings estimates,

● significant litigation exposure,

● new product or service announcements,

● private securities offerings,

● plans for recapitalization,

APPX III – Page 5

● repurchase of shares or other reorganization plans,

● antitrust charges,

● labor disputes,

● pending large commercial or government contracts,

● significant shifts in operating or financial circumstances (such as major write-offs and strikes at major plants), and

● extraordinary business or management developments (such as key personnel changes).

Material information also may relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information from *The Wall Street Journal*'s "Heard on the Street" column.

No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. If an Employee is in receipt of non-public information that they believe is not material, they should confirm such determination with the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **What is Non-Public Information?** 

Information is non-public until it has been effectively communicated to the market place. One must be able to point to some fact to show that the information is generally public. For example, information found in a report publicly filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal or other publications of general circulation would be considered public.

If the information is not available in the general media or in a public filing, it should be treated as non-public. If an Employee is uncertain whether or not information is non-public, they should contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Specific Sources of Material Non-Public Information** 

Below is a list of potential sources of material, non-public information that Employees of the Company may periodically access. If an Employee accesses or utilizes any of these sources of information, whether in connection with their employment duties or otherwise, they should be particularly sensitive to the possibility of receiving material non-public information about a publicly-traded company, and immediately notify the CCO if they feel that they have received material non-public information. This list is provided for general guidance and is not an exclusive list of all possible sources of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Contacts with Public Companies** 

Contacts with public companies represent an important part of the Company's research efforts. The Company may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly-available information.

Employees must be especially alert to the potential for access to sensitive information during such contacts. Information received from company representatives during a conference call that is open to the investment community is public. The disclosure of this type of information is covered by SEC Regulation FD.

APPX III – Page 6

Difficult legal issues arise, however, when, in the course of contacts with public companies, Employees become aware of material, non-public information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Company must make a judgment as to its further conduct. To protect themselves, the Company, and its Clients, Employees should contact the CCO immediately if they believe that they may have received material, non-public information.

It is the Company's policy that all calls or meetings with any employee of a public company must be reported to the CCO via the online Compliance Portal. To the extent that any meeting or contact is not open to the investment community, the CCO may require that Employees issue a standard notification at the beginning of the meeting that they do not wish to receive non-public information. The CCO or designee will maintain a list of all Company contacts with public companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Contacts with Research Consultants** 

Employees may wish to engage the services of a third-party research firms (a "*<u>Consulting Service</u>*"), to assist in their research efforts. Generally, such Consulting Services provide access to experts (each a "*<u>Consultant</u>*") across a variety of industries and disciplines. Employees must be especially alert to the potential for access to material non-public or confidential information during such contacts.

Any engagement of a new Consulting Service or Consultant must be pre-approved by the CCO via the Compliance Portal. In addition, Employees must notify the CCO prior to each contact (whether a call or meeting) with any previously approved Consultant. The CCO or designee will maintain a list of all Company contacts with Consultants.

The following guidelines apply to all Employee contacts with Consulting Services and Consultants:

● Prior to any conversation with a Consultant, Employees must remind or inform such Consultant that (i) the Company invests in publicly-traded securities and (ii) neither the Company nor the Employee wish to receive material, non-public information or confidential information that the Consultant is under a duty, legal or otherwise, not to disclose;

● The Consultant must acknowledge that he or she is unaware of any conflict with any law, regulation or duty owed to any person or entity that may arise by providing the Company or its Employees with his or her services, or inform the Employee or the Company otherwise;

● If a Consultant inadvertently discloses material non-public information regarding any company, the Employee must contact the CCO immediately, who will determine if the company must be added to the Restricted List;

● The CCO may chaperone calls with Consultants;

● Employees may not discuss any company (public or private) with which a Consultant is affiliated, including but not limited to a director, trustee, officer, employee or any other known affiliation;

● Employees are reminded of their non-disclosure obligations regarding Company information contained in the Company's Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** **Tender Offers** 

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary volatility in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule that expressly forbids trading and "tipping" while in possession of material, non-public information regarding a tender offer received from the tender offeror, the target company, or anyone acting on behalf of either. In light of these rules, it is the Company's general policy, which is applicable to all Employees that any Employee in possession of material, non-public information regarding a tender offer is prohibited from trading the tender offer issuer or the target issuer in any Client or personal account and is prohibited from "tipping" others about such information. Any Employee in possession of material, non-public information regarding a tender offer must report it immediately to the CCO.

APPX III – Page 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** **Bank Debt** 

The Company may wish to invest in the bank debt of a public issuer. Investors in bank debt are often privy to material non-public information provided to lenders and investors. Should an Employee decide they need to access private information of a bank debt issuer, they should notify the CCO immediately. Employees are prohibited from accessing non-public information of a bank debt issuer on any loan tracking systems (*i.e.*, Intralinks, SyndTrak Online) without the approval of the CCO. Even if they decide to not access such information, they should exercise caution as there is a heightened risk of inadvertent exposure to private information when investing in bank debt. Any Employee in possession of material, non-public information regarding bank debt must report it immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** **Directorships and Committee Memberships** 

Employees may not serve on the board of any company whose securities are publicly traded, or of any company in which the Company or any Client account owns securities, without the prior approval of the CCO or designee. Additionally, Employees may not be a member of the board of directors, creditor's committee or similar committee, group or informal organization of credit holders, or have similar status with a public issuer, without the prior approval of the CCO or designee.

All outside activities conducted by an Employee must be approved prior to participation by the CCO by completing Outside Business Activities Questionnaire via the Compliance Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** **Confidentiality Agreements** 

The Company may enter into confidentiality agreements with issuers, their representatives, or third-party firms relating to the evaluation of a potential transaction in an issuer's securities. All confidentiality agreements must be disclosed and reviewed by the CCO prior to execution. Confidentiality agreements generally require the Company to maintain information received thereunder in confidence but may also contain other provisions such as restrictions on trading, restrictions on use of the information or a requirement to destroy or return such information. Employees should be particularly sensitive to information they receive pursuant to a confidentiality agreement as such information is likely to be material non-public information. Employees should also be knowledgeable regarding any restrictions or representations with respect to such information contained in a confidentiality agreement so as to avoid a breach thereunder. If an Employee is uncertain as to their rights and obligations under a confidentiality agreement, they should contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** **Market Rumors** 

Creating or spreading a rumor that is known to be untrue with the intent of affecting the market price of a security could constitute an unlawful attempt to manipulate market prices and should be avoided at all times. In addition, making investment decisions or otherwise acting on information received as a market rumor can carry significant risk for the Company and the Employee, given the inherent lack of certainty that a market rumor is accurate and/or does not constitute material non-public information. Employees should contact the CCO prior to acting on or sharing any information received as a market rumor.

APPX III – Page 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** **Penalties for Insider Trading** 

Employees may face severe penalties if they trade securities while in possession of material, non-public information, or if they improperly communicate non-public information to others. The consequences of illegal insider trading may include:

● The Company may terminate their employment;

● They may be subject to criminal sanctions which may include a fine of up to $5,000,000 per offense and/or up to twenty years imprisonment;

● The SEC can recover Employees' profits gained or losses avoided through illegal trading, and a penalty of up to three times the profit from the illegal trades;

● The SEC may issue an order permanently barring Employees from the securities industry;

● Employees may be sued by investors seeking to recover damages for insider trading violations.

● Civil penalties of up to the greater of $1 million or three times the amount of profits gained, or losses avoided by an Employee; and

● Restrictions on the Company's ability to conduct certain of its business activities.

Insider trading laws provide for penalties for "controlling persons" of individuals who commit insider trading. Accordingly, under certain circumstances, a supervisor of an Employee who is found liable for insider trading may also be subject to penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compliance Procedures** 

The following procedures have been established to aid Employees in addressing situations where they have access to material non-public information relating to any company. Each Employee must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability, and criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiii.** **Identifying Material Non-public Information** 

Before executing any trade for themselves or others, including Client accounts, Employees must determine whether they have access to material, non-public information. Employees should ask themselves the following questions:

● Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially affect the market price of the securities if disclosed?

● Is the information non-public? To whom has this information been provided? Has the information been effectively communicated to the marketplace by appearing in publications of general circulation? Is the information already available to a significant number of other traders in the market?

If after consideration of the foregoing Employees believe that the information is material and non-public, or if they have questions as to whether the information is material and non-public, they should take the following steps:

● Report the matter immediately to the CCO;

● Do not purchase or sell the securities on behalf of themselves or others, including any Client account;

● Do not communicate the information within or outside of the Company other than to the CCO and other persons who "need to know" such information in order to perform their job responsibilities at the Company.

APPX III – Page 9

Upon the determination by the CCO that the information received is material and non-public, the CCO will instruct the Trading Desk of securities that the firm is exposed to for non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiv.** **Confidentiality of Material Non-Public Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.***  ***Communications*** 

Information in Employees' possession that they identify as material and non-public may not be communicated to anyone, including any person within the Company other than the CCO and those persons who "need to know" such information in order to perform their job responsibilities at the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b.***  ***Information Handling*** 

Employees should take all appropriate actions to safeguard any material, non-public information in their possession. Care should be taken that such information is secure at all times. For example, Employees should not leave documents or papers containing material, non-public information on their desks or otherwise for people to see; access to files containing material, non-public information and computer files containing such information should be restricted; and conversations containing such information, if appropriate at all, should be conducted in private.

An Employee may not make unauthorized copies of material, non-public information. Additionally, Employees must ensure the disposal of any material, non-public information in their possession is authorized (for example, material, nonpublic information obtained pursuant to a confidentiality agreement may be required to be returned in certain circumstances). Upon termination of their employment with the Company, Employees must return to the Company any material, non-public information (and all copies thereof in any media) in their possession or under their control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General** 

The Company has adopted the following general principles governing personal investment activities by Company personnel:

● the interests of Client accounts will be placed in front of any Employee personal transaction. Appropriate investment opportunities must be made for the Company's Clients before the Company, or any Employee may act on them;

● all personal securities transactions will be conducted in such a manner as to avoid any actual, potential or perceived conflicts of interest or abuse of an individual's position of trust and responsibility; and

● all Employees will connect read-only feed with an online Compliance Portal for any discretionary accounts. The software runs all Employee trades in these accounts against the Company's Restricted List daily and provides exception reports for any violations to the CCO within 24 hours. The CCO or designee reviews these reports daily.

APPX III – Page 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Pre-Clearance Procedures** 

Prior to executing a personal securities transaction in any Covered Security (defined below), in which the Employee has, or acquires, any direct or indirect beneficial ownership, the Employee must obtain approval from the applicable Portfolio Managers as follows: (i) for REIT securities, Employees must obtain approval from the REIT Portfolio Managers; and (ii) for Non-REIT securities, Employees must obtain approval from the Non-REIT Portfolio Managers. Additionally, once such personal securities transaction is approved by the applicable Portfolio Managers, Employees must also obtain approval from the Trading Desk. An Employee is presumed to have beneficial ownership of Covered Securities that are held by his or her immediate family members sharing the Employee's household. Employees must obtain such pre-approval from the applicable Portfolio Managers and Trading Desk, prior to executing a personal securities transaction in any Covered Security by submitting a pre-clearance form via the Compliance Portal.

All approved securities transactions must be executed on the same day that the pre-clearance is obtained. Post-approval of personal Covered Securities transactions is not permitted. No Employee can pre-approve their own personal securities transactions. It is the Company's policy that a segregation of duties must exists between individuals involved in the approval process of personal securities transactions. In the event an Employee is unable to obtain approval from the applicable Portfolio Managers and Trading Desk, the Employee shall not make any transaction in any Covered Security. Employees must obtain approval from the applicable Portfolio Managers and Trading Desk prior to executing a transaction in any Covered Security. All pre- clearance requests are confirmed through the online Compliance Portal utilized by the Company. IQ-EQ has been retained to aid in the daily administration of the compliance program of the Company. The compliance staff at IQ-EQ monitors the online Compliance Portal during business hours to ensure that all pre-clearance requests are addressed and confirmed.

Actions that occur without the direction of the Employee will be exempt from these requirements (*i.e.,* option expiration, called bond, converted security, etc.). Additionally, please see below "*Covered Securities*" and "*Exceptions from Reporting Requirements of Employees*" of this Code for exemptions to the trade pre-clearance requirement.

In authorizing any transaction in a Covered Security, the CCO or duly appointed designee may consider the extent to which the Employee has access to pending investment decisions, the number of Covered Security transactions already approved for such Employee within the past six (6) months, whether the Employee has made unreasonable use of the Company's resources during business hours in arriving at a personal investment decision, and any other factors that are, in the opinion of the CCO or duly appointed designee, pertinent to the matter. In the rare case where approval is given for a transaction involving an initial public offering or a limited offering, additional written disclosure will be required and will be maintained by the CCO. No approval will be given which would result in an Employee's holdings exceeding one-half of one percent (1/2 of 1%) of a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Covered Security** 

"*<u>Covered Security</u>*" means a security as defined in Section 2(a)(36) of the 1940 Act, which includes: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

APPX III – Page 11

Except that "Covered Security" does not include:

● direct obligations of the Government of the United States;

● bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and

● shares issued by open-end investment companies registered under the 1940 Act, not managed by the Company (*i.e.,* money market funds and open-end mutual funds).

References to a Covered Security in this Code *(e.g*., a prohibition or requirement applicable to the purchase or sale of a Covered Security) shall be deemed to refer to and to include any warrant for, option in, or security immediately convertible into that Covered Security, and shall also include any instrument that has an investment return or value that is based, in whole or in part, on that Covered Security (collectively, "Derivatives"). Therefore, except as otherwise specifically provided by this Code: (i) any prohibition or requirement of this Code applicable to the purchase or sale of a Covered Security shall also be applicable to the purchase or sale of a Derivative relating to that Covered Security; and (ii) any prohibition or requirement of this Code applicable to the purchase or sale of a Derivative shall also be applicable to the purchase or sale of a Covered Security relating to that Derivative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Restricted List** 

No Employee personal securities transactions will be permitted in any security that is currently on the Company's Restricted List. All Employee personal securities transactions are subject to monitoring in order to ascertain any pattern of conduct which may evidence use of material non-public information obtained in the course of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Participation in IPOs and Secondary Offerings** 

No Employee may acquire any security in an initial public offering ("IPO") or secondary public offering ("SPO") without the prior approval of the CCO. Generally, no approval will be given for any Employee to purchase securities of a publicly owned corporation that is making an initial public offering, except in connection with the exercise of rights issued in respect of securities such employee owns. The reason for this rule is that it precludes the appearance that an Employee has used the Company's Clients' market stature as a means of obtaining for himself or herself "hot" issues that would otherwise not be offered to him or her. Any realization of short-term profits may create at least the appearance that an investment opportunity that should have been available to Clients was diverted to the personal benefit of an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Private Placements** 

Private placements of any kind (including, but not limited to, limited partnership investments, limited liability companies, hedge funds, private equity funds, real estate, oil and gas partnerships and venture capital investments) may only be acquired with pre-approval of the CCO, and, if approved, will be subject to monitoring for possible future conflicts. A request for approval of a private placement must be submitted in advance of the proposed date of investment by completing an Outside Activities Questionnaire via the Compliance Portal.

APPX III – Page 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Blackout Period and Prohibition against Front Running** 

An Employee may not purchase or otherwise acquire direct or indirect beneficial ownership of any Covered Security, and may not sell or otherwise dispose of any Covered Security in which he or she has direct or indirect beneficial ownership, if at the time of entering into the transaction: (1) a Client has purchased or sold the Covered Security during the current trading day, or is purchasing or selling or intends to purchase or sell the Covered Security in the next trading day; or (2) the Company has within the last trading day considered purchasing or selling the Covered Security for a Client or within the next trading day intends to consider purchasing or selling the Covered Security for a Client.

It is the Company's policy that Employees are prohibited from executing a personal transaction in a Covered Security if a trade order for a Client account for the same Covered Security remains unexecuted. Such restriction shall be effective for one (1) trading day before and after any such Client account. Information regarding Client trading must not be used in any way to influence trades in personal accounts or in other accounts of the Client, including those of other Employees. Trading ahead of a Client's order is known as "*front-running*" and is prohibited.

Each Employee is prohibited from buying or selling for either a Client account or an Employee personal account (i) an option while in possession of non-public information concerning a block transaction by a Client account in the underlying stock, or (ii) an underlying security while in possession of non-public information concerning a block transaction by a Client account in an option covering that security (the "*inter-market front running*"). This prohibition extends to trading in stock index options and stock index futures while in possession of non-public information concerning a block transaction in a component stock of an index.

No Employee shall recommend any transaction in any Covered Securities by a Client without having disclosed to the CCO his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Employee's beneficial ownership of any Covered Securities of such issuer; any contemplated transaction by the Employee in such Covered Securities; any position the Employee has with such issuer; and any present or proposed business relationship between such issuer and the Employee (or a party in which the Employee has a significant interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Short-Term Trading Profits** 

Short-term trading, *i.e*., profiting in the purchase and sale or sale and purchase of the same (or equivalent) Covered Securities within thirty (30) trading days, is strongly discouraged and approval will generally not be given. The Company believes that short-term trading by Employees may increase the risk of conflicts of interest, affect an individual's investment judgment, and in some instances, divert an individual's attention from the best interests of the Company's Clients. Where one or both sides of a short-term trade have not been precleared, there is presumably already a violation and the whole matter may be handled with disgorgement of profits being only one alternative available to the CCO.

APPX III – Page 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reportable Personal Accounts** 

All Employees must provide, to the CCO or designee, a written or electronic disclosure in the Personal Account Disclosure Form via the Compliance Portal certifying all Reportable Personal Accounts within ten (10) days after first becoming an Employee and within thirty (30) days after the end of any calendar quarter in which any Reportable Personal Accounts, including new Reportable Personal Accounts established during the quarter. For the purposes of this Code, Reportable Personal Accounts include any account in which any securities are held for the direct or indirect benefit of the Employee, including any accounts that holds securities in which the Employee has, or acquires, any direct or indirect beneficial ownership. An Employee is presumed to be a beneficial owner of securities that are held by his or her immediate family members sharing the Employee's household. When an Employee has a substantial measure of influence or control over an account, but not direct or indirect beneficial ownership (as for example when the Employee serves as executor or trustee for someone outside his or her immediate family, or manages or helps to manage a charitable account), such account shall not be subject to this Code, but in all transactions involving any such account the Employee will be expected to conform to the spirit of these rules and specifically avoid any activity that conflicts or might appear to conflict with the best interests of the Company's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Reporting Requirements of Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Holdings Reports** 

All Employees must submit and certify each Covered Security in which the Employee has, or acquires, any direct or indirect beneficial ownership by completing the Employee Securities Holding Report via the Compliance Portal or by completing the form via the Compliance Portal within ten (10) days after first becoming an Employee (the "<u>Initial Holdings Report</u>"). The information contained in the Employee Securities Holding Report must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Employee.

Additionally, all Employees must submit and certify annually each Covered Security in which the Employee has, or acquires, any direct or indirect beneficial ownership by completing the Employee Securities Holding Report via the Compliance Portal or by completing the form via the Compliance Portal by January 31<sup>st</sup> of each year (the "Annual Holdings Report"), provided, however, that an Employee need not provide information within the annual Employee Securities Holding Report if such information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company. The information contained in the annual Employee Securities Holding Report must be current as of a date no more than forty-five (45) days prior to the date the Employee Securities Holding Report is submitted.

A report must be submitted even if no purchases or sales of Covered Securities were made during the period covered by the report. The Initial Holdings Report and Annual Holdings Report must include all of the following information in the Employee Securities Holding Report: (i) the title, number of shares and principal amount of each Covered Security in which the Employee had any direct or indirect beneficial ownership; (ii) the name of any broker, dealer or bank with whom the Employee maintains an account in which any securities are held for the direct or indirect benefit of the Employee; and (iii) the date that the report is submitted by the Employee. As stated above in "Reportable Personal Accounts" of this Code, all Employees must provide, to the CCO or designee the Personal Account Disclosure Form via the Compliance Portal certifying all Reportable Personal Accounts within ten (10) days after first becoming an Employee and within thirty (30) days after the end of any calendar quarter in which any Reportable Personal Accounts, including new Reportable Personal Accounts established during the quarter.

APPX III – Page 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Quarterly Transactions Reports** 

All Employees must file a written or electronic Quarterly Transactions Report via the Compliance Portal or in the form via the Compliance Portal within thirty (30) days after the end of each calendar quarter that identifies all Covered Security transactions made during the quarter, provided, however, that an Employee need not provide information within the Quarterly Transactions Report if such information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company.

A Quarterly Transactions Report must be submitted even if no purchases or sales of Covered Securities were made during the period covered by the report. Quarterly Transactions Reports must include all Covered Security transaction information and brokerage account information, including the dates, the nature of the transaction, and the date the report is being submitted. If a new personal account was opened the Quarterly Transactions Report must specify to that affect and also include identifying information about the account, the date the account was established, and the date the report is being submitted. As stated above in "Reportable Personal Accounts" of this Code, all Employees must provide, to the CCO or designee upon establishing any new Reportable Personal Account, a written or electronic disclosure in the Personal Account Disclosure Form via the Compliance Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Exceptions from Reporting Requirements of Employees** 

An Employee will be exempted from the "Pre-Clearance Procedures" and "Reporting Requirements of Employees" of this Code with respect to transactions effected for, and Covered Securities held in, any account over which the Employee has no direct or indirect influence or power to control or influence investment decisions in the account ("Personal Managed Account"). A Personal Managed Account is an account that meets the following criteria: (i) the account is managed by a third party investment manager (i.e., financial planner or wealth manager or trustee) that is an independent unaffiliated professional; and (ii) the Employee has no direct or indirect influence or power to control or influence investment decisions in the account, including: (a) suggesting purchases or sales of investments to the trustee or third-party discretionary manager; (b) directing purchases or sales of investments; or (b) consulting with the trustee or third-party discretionary manager as to the particular allocation of investments to be made in the account. However, all Employees must provide, to the CCO or designee, a disclosure via the Compliance Portal certifying all Personal Managed Accounts within ten (10) days after first becoming an Employee and within thirty (30) days after the end of any calendar quarter in which any new Personal Managed Accounts were established during the quarter period. Furthermore, all Employees who have reported having such Personal Managed Accounts, by completing the Personal Managed Account Disclosure Form in form of an assignment via the Compliance Portal. In addition, the Employee will be required to provide reports of holdings and/ or transactions (including, but not limited to, duplicate account statements and trade confirmations) made in the Employee's Managed Accounts at the request of the CCO or designee.

An Employee will be exempted from the "Pre-Clearance Procedures" and "Quarterly Transaction Report" with respect to securities that are purchased as part of automated payroll deductions/contributions to an Employee's 401(k), other automated contributions to a mutual fund after tax savings plan (i.e., Automatic Investment Plan or AIP), and automatic dividend reinvestment transactions. However, as stated above "Reportable Personal Accounts" of this Code, all Employees must provide, to the CCO, a written or electronic disclosure in the Personal Account Disclosure Form via the Compliance Portal certifying all Reportable Personal Accounts within ten (10) days after first becoming an Employee and within thirty (30) days after the end of any calendar quarter in which any Reportable Personal Accounts, including new Reportable Personal Accounts established during the quarter.

APPX III – Page 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Review** 

The CCO shall be responsible for (i) notifying Employees of their reporting obligations under this Code and (ii) reviewing the reports submitted by each Employee under this Code. The CCO may assign the review of Employee reports to a designee, however, no person shall be allowed to review or approve his or her own reports, and reports shall be reviewed by the CCO or other officer who is senior to the person submitting the report. The CCO shall maintain records of all reports filed pursuant to these procedures.

All Employee personal securities transactions are subject to monitoring in order to ascertain any patterns of conduct which may evidence conflicts with the principles of this Code, including patterns of front-running or other inappropriate behavior.

A Principal will ensure that the CCO's own trades and transaction reports are reviewed and pre-cleared timely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Political Contributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Company Contributions** 

Company funds or gifts may not be furnished, directly or indirectly, to a government official, government employee or politician for the purpose of obtaining or maintaining business on behalf of the Company. Such conduct is illegal and may violate federal and state criminal laws. Assistance or entertainment provided to any government office should never, in form or substance, compromise the Company's arms- length business relationship with the government agency or official involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Foreign Corrupt Practices Act** 

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government, or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. The Company and its Employees must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA by submitting a pre-clearance form via the Compliance Portal.

APPX III – Page 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Pay-to-Play** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Background** 

SEC Rule 206(4)-5 prohibits "pay-to-play" practices by investment advisers that seek to provide investment advisory services to government entities (i.e., any state or political subdivision of a state, including: any agency, authority or instrumentality of the state, a pool of assets sponsored or established by the state, a plan or program of a government entity; and officers, agents, or employees of the state acting in their official capacity). The rule applies to government assets managed by the Company, whether in a separate account or a pooled investment vehicle. Rule 206(4)-5 prohibits:

● An adviser's receipt of compensation from a government entity for two years following any contribution by the adviser or certain of its personnel ("covered associates"), to certain officials of a government entity ("covered official");

● Payments by an adviser or any covered associate to a promoter for their solicitation of government entities unless the third-party solicitor is a registered representative of a broker-dealer or registered investment adviser subject to pay-to-play regulations; and

● An adviser and its covered associates from soliciting or coordinating contributions for an official of a government entity to which the adviser is seeking to provide advisory services, or payments to a political party of a state or locality where any adviser is providing or seeking to provide advisory services to a government entity.

The rule also prohibits acts done indirectly, which, if done directly, would result in a violation of the rule.

The look back provisions of the rule require an investment adviser to look back in time to determine whether it will be subject to any business restrictions under the rule when employing or engaging a person who would be considered a covered associate due to such person's triggering contribution to an official of a government entity. The two-year time out is not triggered by a contribution made by a natural person more than six (6) months prior to becoming a covered associate, unless he or she, after becoming a covered associate, solicits investors. As a result, the full two-year look back applies only to covered associates who solicit for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.***  ***Definitions*** 

 ****

A **<u>contribution</u>** means any gift, subscription, loan, advance, or deposit of money or anything of value made for: (i) the purpose of influencing any election for federal, state or local office; (ii) payment of debt incurred in connection with any such election; or (iii) transition or inaugural expenses of the successful candidate for state or local office.

This includes not only monetary contributions, but also in-kind contributions such as payment for services or use of facilities, personnel or other resources to benefit any federal, state or local candidate campaign, political party committee, or other political committee or political organization exempt from federal income taxes under Section 527 of the Internal Revenue Code (such as the Republican or Democratic Governors Association), or the inaugural committee or transition team of a successful candidate. Volunteer services provided to a campaign by Employees on their own personal time are not treated as contributions.

A **<u>covered associate</u>** includes any of the following: (i) the Company's general partners, executive officers or other individuals with a similar status or function; (ii) any Employee who solicits government entities for the Company and any person who supervises, directly or indirectly, such Employee; and (iii) any political action committee controlled by the Company or its covered associates.

A **<u>government entity</u>** is defined as any state and local governments and political subdivisions thereof, including their agencies and instrumentalities and pools of assets sponsored or established by the foregoing (such as public pension funds and participant-directed investment programs for the benefit of the public (*e.g.,* 529 college tuition savings programs) or government employees (*e.g.,* 403(b) and 457 retirement plans)).

APPX III – Page 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Compliance Procedures** 

The following procedures will apply to political contributions by the Company and its Employees:

● all contemplated contributions to any state or local candidate or official/incumbent, state or local official/incumbent who is a political candidate running for federal office, or political action committees ("PACs") by any Employee will require pre-clearance from the CCO or appointed designee <sup>181</sup> by submitting a pre-clearance request via the Compliance Portal.

● coordination of, or solicitation by, the Company of political contributions to a government official, or payment to a political party of a state or locality, will not be permitted;

● newly hired or promoted Employees who will be considered covered associates will be required to disclose any political contributions made in the past two (2) years to determine if the look back provisions will apply by completing and submitting a New Employee Political Contribution Declaration Form via the Compliance Portal; and

● any new relationships with third-party solicitors will require pre-approval from the CCO or appointed designee.

In addition, the CCO may require periodic certifications from Employees that they have not made any political contributions in violation of the Company's policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **De Minimis Exemption** 

Although all contributions to any state or local candidate or official/incumbent, state or local official/incumbent who is a political candidate running for federal office, or PACs by Employees must be pre-approved, contributions to any such state or local candidate or official/incumbent which are less than the statutory *de minimis* amounts will be approved. Contributions will be approved if:

● the Employee is entitled to vote for the candidate and the contribution does not exceed $350 per election; or

● the Employee is <u>not</u> entitled to vote for the candidate and the contribution does not exceed $150 per election.

The specificity of the requirements significantly limits the availability of the exception. Further, an adviser with less than 50 employees can only rely on the returned contribution exception twice in a 12-month period (three times for advisers with more than 50 employees) and an adviser can never use the returned contribution exception for the same covered associate twice. In addition, Rule 206(4)-5 allows an adviser to apply for an order exempting it from the two-year time-out requirement in the event of an inadvertent violation that falls outside of the exceptions set forth above when, according to the SEC, the imposition of the time-out provision is unnecessary to achieve the Rule's intended purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Other Limited Exemptions** 

Pursuant to the "returned contribution" exception, if a covered associate of an adviser makes a contribution that triggers the two-year time-out period solely because he or she was not entitled to vote for the official at the time of the contribution, the Company can effectively undo the contribution under very narrow circumstances. To be eligible for the returned contribution exception:

APPX III – Page 18

● the contribution had to be less than $350;

● the Company must have discovered the contribution within four (4) months of the date of such contribution; and

● the Company must cause the contributor to re-collect the contribution within sixty (60) days after the Company discovers the contribution.

The specificity of the requirements significantly limits the availability of the exception. Further, an adviser with less than fifty (50) employees can only rely on the returned contribution exception twice in a twelve (12) month period (three (3) times for advisers with more than 50 employees) and an adviser can never use the returned contribution exception for the same covered associate twice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Recordkeeping** 

Rule 206(4)-5 also requires the Company to keep records of contributions made by the Company and its covered associates to government officials and candidates, payments to state or political parties and PACs, a list of its covered associates and government entities that invest or have invested in the past five (5) years with the Company, or a pooled investment vehicle managed by the Company. The Company must also maintain records of the names and addresses of each regulated third-party adviser or broker-dealer to whom the Company provides payment for the solicitation of a government entity.

The CCO is responsible for ensuring that the Companies and their employees comply with Rule 206(4)-5 as well as with the record keeping requirements under Rule 204-2(a)(18)(ii) of the Advisers Act. Specifically, the CCO or designee must maintain a political contribution log that will have the following information required by Rule 204-2(a)(18)(ii):

● The name and title of each contributor;

● The name and title (including any city/county/State or other political subdivision) of each recipient of a contribution or payment;

● The amount and date of each contribution or payment; and

● Whether any such contribution was the subject of the exception for certain returned contributions pursuant to section 206(4)-5(b)(2) of the Advisers Act.

Additionally, the CCO will ensure that the Company is maintaining the following records:

● A list containing the names, titles, and business and residence addresses of all "covered associates".

● A current list of all government entities to which the adviser provides (or has provided in the past five (5) years) advisory services, or which are (or were) investors in any covered investment pool to which the adviser provides (or has provided in the past five (5) years) advisory services.

Furthermore, the CCO or designee must on a routine basis, but in no case less than once in a calendar quarter, conduct searches through public databases for any undisclosed political contributions made by Employees.

APPX III – Page 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General** 

Under Section 206 of the Advisers Act, the duty of the Company to refrain from fraudulent conduct includes an obligation to disclose material facts whenever the failure to do so would defraud any client and prospective client. The Company's duty to disclose material facts is particularly pertinent whenever the Company is in a situation involving a conflict or potential conflict of interest with a client or prospective client. The type of disclosure required by the Company in such a situation will depend upon all the facts and circumstances, but as a general matter, the Company must disclose all material facts regarding the potential conflict of interest so that clients and prospective clients can make informed decisions whether to enter into or continue an advisory relationship with the Company or whether to take some action to protect himself against the specific conflict of interest involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Investment Conflicts** 

Employees who are planning to invest in or make a recommendation to invest in a security for any Client, and who have a material interest in the security or a related security, must first disclose such interest to the CCO. The CCO shall conduct an independent review of the recommendation to purchase the security for Clients and written evidence of such review shall be maintained by the CCO. Employees shall not fail to timely recommend a suitable security to, or purchase or sell a suitable security for, a Client in order to avoid an actual or apparent conflict with a personal transaction in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Prohibited Conduct with Clients** 

It is a violation of an Employee's duty of loyalty to the Company and its Clients for any Employee, without the prior written consent of the CCO, to:

● rebate, directly or indirectly, to any person, firm, corporation or association, other than the Company, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Company or a Client account;

● accept, directly or indirectly, from any person, firm, corporation or association, other than the Company, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Company or a Client account;

● own any stock or have, directly or indirectly, any financial interest in any other organization engaged in any securities, financial or related business, except for a minority stock ownership or other financial interest in any business which is publicly-owned; or

● borrow money from any of the Company's suppliers or Clients; *provided, however*, that (i) the receipt of credit on customary terms in connection with the purchase of goods or services is not considered to be a borrowing within the foregoing prohibition and (ii) the acceptance of loans from banks or other financial institutions on customary terms to finance proper and usual activities, such as home mortgage loans, is permitted except where prohibited by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Outside Activities of Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Policy** 

All outside activities conducted by an Employee which either (i) involve serving as a director, manager, member, trustee, general or managing partner or officer of, or as a consultant to, any outside business corporation, partnership or organization including family owned businesses, and charitable, non-profit, and political organizations; (ii) involve a substantial time commitment; or (iii) involve employment, teaching assignments, lectures, public speaking, publication of articles, or radio or television appearances must be approved beforehand by the CCO. The CCO may require full details concerning the proposed outside activity including the number of hours involved and the compensation to be received. Outside activities will be approved only if conflict of interest issues can be satisfactorily resolved and all of the necessary disclosures are made in applicable disclosure documents, including Part 2 of the Company's Form ADV. Employees may not serve on the board of any company whose securities are publicly traded, or of any company in which the Company or any Client account owns securities, without the prior approval of the CCO.<sup>187</sup> If an Employee is permitted to serve on the board of a publicly traded entity, he or she will be isolated from those persons who make investment decisions with respect to the securities of that entity, through a "fire wall" or other such procedures as determined by the CCO. The Company reserves the right to modify or withdraw approval at any time at its sole discretion if it determines that a previously approved relationship may result in an actual conflict of interest, or the appearance of an actual or potential conflict of interest in the future.

APPX III – Page 20

Once an outside activity has been approved by the CCO, an Employee may engage in such activity and nothing contained herein should be deemed to restrict or otherwise impair such Employee's ability to perform services related to such outside activity; provided, however, the Employee remains subject to the policies and procedures set forth herein to the extent that any of Employee's approved outside activities (or any duties or services associated herewith) relate to the Company and/or its Clients and to the extent that any actual or potential conflicts of interest arise from such activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Compliance Procedures** 

All outside activities conducted by an Employee must be approved prior to participation by the CCO by completing Outside Business Activities Questionnaire via the Compliance Portal or by completing the form attached to this Code.

The CCO may require full details concerning the outside activity including the number of hours involved and any compensation to be received. In addition, in connection with any approval of an outside activity, such approval may, at the discretion of the CCO, be subject to certain conditions deemed necessary or appropriate to protect the interests of the Company or any Client.

In addition, to the extent that the Company files a Form U-4 for an Employee seeking to engage in an outside business activity, the Form U-4 may need to be updated to reflect the activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Policy** 

The Company recognizes the value of fostering good working relationships with individuals and firms doing business or seeking to do business with the Company. Subject to the guidelines below, Employees are permitted, on occasion, to accept gifts and invitations to attend entertainment events. However, Employees should always act in the best interests of the Company and its Clients and should avoid any activity that might create an actual or perceived conflict of interest or impropriety in the course of the Company's business relationships. Employees should not accept any gifts or entertainment invitations that have the likelihood of influencing their decisions regarding the business transactions involving the Company. Employees should contact the CCO to discuss any offered activity or gift that may create such a conflict. The Company reserves the right to prohibit the acceptance or retention of a gift or offer of entertainment, regardless of value, as it may determine in its sole discretion.

APPX III – Page 21

Generally, Employees may not accept, or give, any investment opportunity, gift, gratuity or other thing of more than nominal value, from any person or entity that does business, or desires to do business, with the Company directly or on behalf of an advisory Client. Nominal gifts should not be accepted or given if, to a reasonable observer, it might appear that the gift would influence the recipient's business decisions. Employees may, however, generally accept gifts from a single giver so long as their aggregate annual value is "nominal" within normal social and business standards. Notwithstanding the foregoing, Employees must obtain the approval of the CCO before giving or accepting any gift valued at $200 or more. Employees may also attend or provide business meals, business related conferences, sporting events and other entertainment events at the expense of the giver, so long as the expense is reasonable within normal social and business standards and both the giver, and the recipient employee(s) are present. Notwithstanding the foregoing, Employees must obtain the approval of the CCO before giving or accepting any entertainment event valued at $1,000 or more. Whenever reasonably possible, such employee(s) must inform the CCO prior to the event taking place, and in any event within two (2) business days after the event. Employees must report and provide details of any gift, gratuity or other thing of more than nominal value to the CCO.

Notwithstanding the foregoing, Employees may not give or receive a gift or provide entertainment that is inappropriate under the circumstances or is otherwise inconsistent with applicable law or regulations. All questions relating to this policy should be directed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Compliance Procedures** 

The Company has adopted the following principles and procedures governing gifts and entertainment:

● Any gifts or entertainment of significant nominal value (as defined above) offered from an existing or prospective firm service provider or counterparty must be approved by the CCO by completing Gift and Entertainment Approval Form via the Compliance Portal;

● Employees may not accept more than two (2) gifts or attend more than two (2) entertainment events per year, regardless of value, given or sponsored by the same person or entity without approval from the CCO via the Compliance Portal;

● Employees may not request or solicit gifts or particular entertainment events;

● No gift of cash or cash equivalents may be accepted;

● Items such as pens, coffee mugs or clothing items with a counterparty's logo are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Confidentiality and Privacy Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Company Information** 

The protection of confidential business information is vital to the interests and the success of the Company. Employees may not disclose to third parties, or use for their own personal benefit, any information regarding:

● Advice by the Company to its Clients;

● Securities or other investment positions held by the Company or its Clients;

● Transactions on behalf of the Company or its Clients;

● The name, address or other personal identification information of Clients or investors;

● Personal financial information of Clients or investors, such as annual income, net worth or account information;

● Investment and trading systems, models, processes and techniques used by the Company;

● Company business records, Client files, personnel information, financial information, Client agreements, supplier agreements, leases, software, licenses, other agreements, computer files, business plans, analyses;

APPX III – Page 22

● Any other non-public information or data furnished to the Employee by the Company or any Client or investor in connection with the business of the Company or such Client or investor; or

● Any other information identified as confidential or which the Employee may otherwise be obligated to keep confidential.

The information described above is the property of the Company and should be kept strictly confidential. Employees may not disclose any such information to any third party without the permission of the CCO or another authorized officer of the Company, except for a purpose properly related to the business of the Company or a Client of the Company (such as to a Client's independent accountants or administrator) or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Client Information and Privacy Policy** 

The Company is required by federal regulations to adopt certain procedures designed to protect all Client confidential and nonpublic information and to safeguard personal information contained in both paper and electronic records. The following policy (the "Privacy Policy") is designed to meet the standards set forth in the federal regulations as well as the Commonwealth of Massachusetts Standards for Protection of Personal Information (to the extent that such standards are applicable). For purposes of this Privacy Policy, the term Client includes, where appropriate, investors in Funds managed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Implementation** 

The Company is committed to (i) safekeeping personal information collected from potential, current and former Clients and (ii) safeguarding against the unauthorized acquisition or use of unencrypted data or encrypted electronic data regarding each Client. The proper handling of personal information is one of the Company's highest priorities.

To this end, the CCO has been designated to implement, maintain, review and revise, as necessary, a comprehensive information security program. The primary objectives for the CCO is to identify and assess any and all reasonably foreseeable internal and external risks to the security, confidentiality and/or integrity of any electronic, paper or other records containing personal information, and to evaluate and improve, where necessary, the effectiveness of current safeguards for limiting such risks. To this end, the Company:

● employs ongoing Employee training;

● sets policy for Employees relating to the storage, access and transportation of Client records and personal information;

● reviews the scope of security measures at least annually;

● reasonably monitors its information systems, including for unauthorized use or access; and

● reasonably reviews and tests electronic encryption and other elements of its computer security system (including its secure user authentication protocols, secure access control measures and system security agent software).

The CCO or designee shall review all contractual relationships with third-party service providers engaged by the Company to ensure adequate protections are in place with respect to the safeguarding of personal information.

APPX III – Page 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Client Information** 

The Company collects and keeps only such information that is necessary for it to provide the services requested by its Clients and to administer its Clients' business with the Company. For instance, the Company may collect nonpublic personal information (such as name, address, social security number, assets, income, net worth, copies of financial documents and other information deemed necessary to evaluate the Client's financial needs) from Clients when they complete a subscription or other form. The Company may also collect nonpublic personal information from Clients or potential clients as a result of transactions with the Company, its affiliates, its Clients or others (such information to include information received from outside vendors to complete transactions or to effect financial goals).

The Company does not disclose any nonpublic personal information about our current or former consumers or customers to nonaffiliated third parties, except as permitted by law. For example, pooled investment vehicles have no employees, they conduct their business affairs through third parties that provide services pursuant to agreements with the pooled investment vehicles (as well as through its officers and directors).

The Company recognizes and respects the privacy expectations of each Client and believes that the confidentiality and protection of Client information is one of the Company's fundamental responsibilities. The Company is committed to maintaining the confidentiality, integrity and security of its Clients' personal information and will handle personal Client information only in accordance with Regulation S-P and any other applicable laws, rules and regulations. The Company will ensure: (i) the security and confidentiality of Client records and information; (ii) that Client records and information are protected from any anticipated threats and hazards; and (iii) that unauthorized access to, or use of, customer records or information is protected against.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Sharing Information** 

The Company only shares the nonpublic personal information of its Clients with unaffiliated entities or individuals (i) as permitted by law and as required to provide services to the Company's Clients, such as with representatives within our Company, securities clearing firms, insurance companies and other services providers of the Company, or (ii) to comply with legal or regulatory requirements. The Company may also disclose nonpublic personal information to another financial services provider in connection with the transfer of an account to such financial services provider. Further, in the normal course of business, the Company may disclose information it collects about Clients to entities or individuals that contract with the Company to perform servicing functions such as recordkeeping or computer-related services. Finally, the Company may make good faith disclosure of the nonpublic personal information of its Clients to regulators who have regulatory authority over the Company.

Companies hired to provide support services to the Company are not allowed to use personal information for their own purposes and are contractually obligated to maintain strict confidentiality. When the Company provides personal information to service providers, it requires these providers to agree to safeguard such information, to use the information only for the intended purpose and to abide by applicable law. In accordance with the aforementioned Privacy Policy, the Company, through the CCO, may require service providers to provide periodic reports outlining their privacy policies. The CCO shall discuss the Company's Privacy Policy and security issues with each service provider on an annual basis.

The Company will determine that the policies and procedures of its third-party service providers are reasonably designed to safeguard customer information and require only appropriate and authorized access to, and use of, customer information through the application of appropriate administrative, technical, physical, and procedural safeguards that comply with applicable federal standards and regulations. The Company directs each of its service providers to adhere to the Company's privacy policy and to its respective Clients' privacy policies and to take all actions reasonably necessary so that the Company and its Clients are in compliance with the provisions of 17 CFR 248.30, including, as applicable, the development and delivery of initial and annual privacy notices and maintenance of appropriate and adequate records. The Company will require its service providers to restrict access to nonpublic personal information about customers to those Employees who need to know that information to provide products or services to customers.

APPX III – Page 24

The Company may require its service providers to provide periodic reports to its Clients outlining their privacy policies and implementation and promptly report to the Company any material changes to their privacy policy before, or promptly after, their adoption.

The Company does not (x) provide personally identifiable information to mailing list vendors or solicitors for any purpose or (y) sell information relating to its Clients to any outside third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Employee Access to Information** 

Only Employees with a valid business reason have access to Clients' personal information. These Employees are educated on the importance of maintaining the confidentiality and security of such information and are required to abide by the Company's information handling practices. The Company employs reasonable procedures to prevent terminated Employees from accessing records containing personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Protection of Information** 

The Company maintains security standards to protect Clients' information, whether written, spoken, or electronic. To that end, the Company restricts access to nonpublic personal information to Company personnel who need to know such information in order to provide services to Clients. All electronic or computer files containing such information is password secured and firewall protected from access by unauthorized persons. The Company periodically updates and checks its systems to ensure the protection and integrity of information.

The Company also maintains reasonable restrictions upon physical access to records containing personal information and stores such records in secure facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** **Maintaining Accurate Information** 

The Company's goal is to maintain accurate, up to date Client records in accordance with industry standards. The Company has procedures in place to keep information current and complete (including the timely correction of inaccurate information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** **E-Mail** 

Should a Client send the Company a question or comment via e-mail, the Company will share the Client's correspondence only with those Employees or agents most capable of addressing the Client's question or concern. All written communications pertaining to such question or comment will be retained by the Company until such time as the Company believes (in its good faith judgment) that it has provided the Client with a complete and satisfactory response. After that time, the Company may archive it according to the requirements of applicable securities laws.

APPX III – Page 25

Please note that, unless expressly advised otherwise, the Company's e-mail facilities do not provide means for completely secure and private communications. Although every attempt will be made to keep Client information confidential, from a technical standpoint, there is still a risk. For that reason, please do not use e-mail to communicate information to the Company that is considered to be confidential. If the Client wishes, communications with the Company may be conducted via telephone or by facsimile. Additional security is available to Clients if they equip their Internet browser with 128-bit "secure socket layer" encryption, which provides more secure transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** **Disclosure of Privacy Policy** 

The Company recognizes and respects the privacy concerns of its potential, current and former Clients. The Company is committed to safeguarding this information. As a member of the financial services industry, the Company provides this Privacy Policy for informational purposes to Clients and Employees and will distribute and update it as required by law. The Privacy Policy is also available upon request. Please see the Company's Privacy Policy Notice attached to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** **Violations** 

The Company imposes reasonable disciplinary measures, which may include termination, for violations of its Privacy Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Prohibition Against Manipulative Trading Practices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Prohibition Against Window Dressing** 

Window dressing is sometimes undertaken by unscrupulous portfolio managers near the end of the quarter or year to improve the appearance of portfolio/fund performance before presenting it to clients or shareholders. To window dress, the fund manager will sell-off positions with large losses and purchase well-performing and well-known positions near the end of the quarter or year. These securities are then reported as part of the fund's holdings. While this may have little effect on actual performance, it can mislead the investor or shareholder. Window dressing is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Prohibition Against Pumping:** 

Pumping is bidding up the value of a fund's holdings right before the end of a period at which time performance is measured (and/or reported to tracking services). Pumping is effected by placing a large number of orders on existing holdings, which, if there is a sufficient quantity on order, drives up the value the various positions and thus of the fund. This practice is also known as "marking the close." Pumping creates a temporary gain, but the securities that are pumped will usually revert to the lower prices. Thus, pumping is not only a form of market manipulation, but hurts investors, including investors purchasing fund shares at the time of the manipulation. Portfolio pumping (or marking the close) is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compliance Procedures** 

In terms of manipulative trading practices, the CCO, with the assistance of IQ-EQ, will periodically compare portfolio/fund turnover at the end of a reporting period in comparison to the portfolio/fund turnover during longer periods to identify patterns of activity that could demonstrate the intent to pump the Client's portfolio (*i.e.,* manipulate trading to boost performance at the end of a period) or to window dress (*i.e*., improve the appearance of the Client's portfolio or its performance before it is reported to Clients). This is accomplished by computing the Client's portfolio turnover rates for the five or ten days before and after quarter ends for a two or three-year period and compare these short-period turnover rates, both individually and on average, to the Client's portfolio turnover for the account or fund for one-year period.

APPX III – Page 26

**<u>Violations</u>**

The Company impose reasonable disciplinary measures, which may include termination, for violations of its Prohibition Against Manipulative Trading Policy.

APPX III – Page 27

## Exhibit 99.28

**XVI. CODE OF ETHICS FOR ALL EMPLOYEES**

**<u>A. DEFINITIONS</u>**

The following defined terms are used throughout this Code.

"Control" means the power to exercise a controlling influence over the management or policies of a company, unless the power is solely the result of an official position with the company. Any person who has Beneficial Ownership of more than 25% of the voting securities of a company is presumed to control the company.

"Digital Security" includes any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens".

"Security" includes any instrument considered a "security" under Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act, which generally includes stocks, bonds, mutual funds, certificates of deposit, options, interests in private placements, Digital Securities, futures contracts on other securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things.

"Reportable Securities" means <u>any</u> Security other than "Exempted Securities," which are direct obligations of the United States Government, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and shares issued by open-end investment companies registered under the 1940 Act, other than Reportable Funds. For purposes of this Code, Reportable Securities also includes all Digital Securities.

"Reportable Funds" are any investment companies registered under the 1940 Act i) for which Eagle serves as an investment manager (sub-adviser or co-adviser), or ii) whose investment adviser or principal underwriter controls Eagle, is controlled by Eagle, or is under common control with Eagle.

"Beneficial Ownership" shall have the same meaning as set forth in Rule 16a-1(a) (2) of the Securities Exchange Act of 1934, as amended (the Securities Exchange Act). Subject to the specific provisions of that Rule, it shall generally mean having directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, a direct or indirect pecuniary interest in a Security. An individual is generally considered to have beneficial ownership of Securities held directly or indirectly by immediate family members sharing the same household. Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria. Such employee or immediate family member may or may not have decision-making authority with respect to such account.

"Fee Paying Family Accounts" are Eagle fee paying clients that are related to Eagle Access Persons.

"Model Trades" are trades decided upon by Eagle's investment committee and then executed into fully discretionary client accounts.

"Non-model Trades" are account maintenance type of trades that do not involve changes to a model portfolio and are placed by the Portfolio Manager assigned to the account. Examples of Non-model Trades include trades placed for new accounts, terminated accounts, or because contributions or withdrawals have been made to or from an account.

"Portfolio Managers" are Edward Allen, John Gualy, Steven Russo, Brian Quattrucci, Alex Meier, and Michael Cerasoli.

"Restricted List" is a list of securities that Eagle has received material non-public information on or that Eagle has entered into a confidentiality agreement with. Employees are prohibited from trading in any issuers appearing on the Restricted List in client and personal accounts. No exceptions will be made to this policy.

"Initial Public Offering" means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act.

"Secondary Public Offering" is a one-time offering of stock to the public which is not an Initial Public Offering.

"Limited Offering" means an offering of Securities exempt from registration under the Securities Act pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

"Exempt Account" means a personal trading account in which an employee has a Beneficial Ownership interest and over which the CCO has determined that the employee exercises no direct or indirect influence or control.

**<u>B. GENERAL PROVISIONS</u>**

In developing these policies and procedures, Eagle considered the material risks associated with administering this Code of Ethics. This analysis included risks such as:

● Employees do not understand the fiduciary duty that they, and Eagle, owe to Clients;

● Employees and/or Eagle fail to identify and comply with all applicable Federal Securities Laws;

● Employees do not report personal securities transactions;

● Employees trade personal accounts ahead of Client accounts;

● Employees are not aware of Eagle's pre-clearance requirements;

● Employees do not notify the CCO of potential violations of the Code of Ethics;

● Eagle does not retain employee written acknowledgements that they received the code and any amendments; and

● Employees are improperly influenced by excessive gifts or entertainment.

Eagle has established the following guidelines to mitigate these risks.

These rules apply to every employee of the Company. All employees must complete the Code of Ethics and Regulatory Compliance Manual Acknowledgement Form (Exhibit B), within the first 10 days of employment by the Company and annually thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Laws and Regulations.** You are expected to comply with all applicable laws and regulations, including the Code of Ethics and policies of the Company. These include, without limitation, tax and securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Conflicts of Interest.** You are expected to avoid conduct that is contrary to the interests of the Company and any Client, or that gives the appearance of such a conflict of interest. The Code of Ethics is predicated on the principle that Eagle owes a fiduciary duty to its Clients.<sup>1</sup> Accordingly, employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of Clients. At all times, Eagle will be mindful to:

●  ***Place client interests ahead of Eagle's*** – As a fiduciary, Eagle will serve in its Clients' best interests. In other words, employees may not benefit at the expense of Clients.

●  ***Engage in personal investing that is in full compliance with Eagle's Code of Ethics*** – Employees must review and abide by Eagle's Personal Securities Transaction and Insider Trading Policies.

●  ***Avoid taking advantage of your position*** – Employees must not accept investment opportunities, gifts or other gratuities from individuals seeking to conduct business with Eagle, or on behalf of a Client, unless in compliance with the Gift Policy below.

●  ***Maintain full compliance with the Federal Securities Laws*** – Employees must abide by the standards set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

 ****

Any questions with respect to Eagle's Code of Ethics should be directed to the CCO. As discussed in greater detail below, employees must promptly report any violations of the Code of Ethics to the CCO. All reported Code of Ethics violations will be treated as being made on an anonymous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Gifts, Etc.** You must not seek or accept any gift, favor, preferential treatment, or special arrangement of Material Value from any provider or prospective provider of goods or services to a Company or a Client.

<u>Employees' Receipt of Business Meals, Tickets to Sporting Events and Other Entertainment</u> - Employees may attend business meals, sporting events and other entertainment events at the expense of a giver, provided that the expense is reasonable, not lavish or extravagant in nature. Regardless of whether or not the employee is accompanied to the event by the giver, if the estimated cost of the employee's portion of the meal, event, etc. is greater than $300, the employee must report his/her attendance at the event to the CCO. If the event is highly publicized such that the tickets may be selling in excess of face value, the employee must consider the mark-up for the reporting requirements. Employees are prohibited from providing entertainment that may appear lavish or excessive and must obtain approval from the CCO to provide entertainment in excess of $300 to any client, investor, prospect, or individual or entity that Eagle does or is seeking to do business with.

<sup>1</sup> S.E.C. v. Capital Gains Research, Inc., 375 U.S. at 191-192 (1963).

<u>Employees' Receipt/Giving of Gifts</u> - Employees must report their intent to accept or provide gifts over $300 (either one single gift, or in aggregate on an annual basis) to the CCO. In addition, Employees must complete a Report of Gifts & Entertainment, attached hereto as Exhibit N, on a quarterly basis and submit it to the CCO or his designee. Reasonable gifts received or given on behalf of the Company shall not require reporting. Examples of reasonable gifts include, but are not limited to, holiday gift baskets and lunches brought to Eagle's offices by service providers.

"Material Value" includes such items as tickets for theater, musical, sporting or other entertainment events on a recurring basis; costs of transportation and/or lodging to locations outside of Houston, unless approved in advance by a Partner of Eagle as having a legitimate business purpose; personal loans on terms more favorable than generally available for comparable credit standing and collateral; or preferential brokerage or underwriting commissions or spreads or allocations of shares or interests in an investment. If you are offered anything, to be on the safe side, check with the CCO.

<u>Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"</u> – The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. Eagle and its Employees must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA *except* food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.

Employees must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Political Contributions.** Please refer to Eagle's Political and Charitable Contributions, and Public Positions policy and procedures in section XIII of this Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Improper Payments.** You may not pay, offer, or commit to pay any amount that might be or appear to be a bribe or kickback in connection with the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Confidential Information.** You may not disclose to anyone, whether inside or outside the Company, any Company trade secrets or proprietary or confidential information unless you have been authorized to do so. You must keep confidential, and not discuss with anyone other than employees with a valid business purpose, information regarding Client investment portfolios, actual or proposed securities trading activities of any Client, or investment research developed in the Company. You should take appropriate steps, when communicating the foregoing information internally, to maintain confidentiality, for example, by using sealed envelopes, limiting computer access, and speaking in private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Outside Directorships, Etc.** You may not serve as a director, officer, employee, trustee, or general partner of any corporation or other entity, whether or not you are paid, without the prior written approval of the CCO of Eagle. You may serve any charitable or non-profit organization without such approval except you may not serve on a finance or investment committee of any external entity, including charitable or non-profit organizations, without the prior written approval of the CCO of Eagle.

All employees shall be required to notify the CCO or his designee on behalf of the Company of the existence of any and all securities accounts maintained by the employee with any foreign or domestic brokerage firm, bank, investment adviser or other financial institution. Further, all employees shall be required to notify the CCO or his designee prior to opening a securities account with another firm including but not limited to any foreign or domestic brokerage firm, bank, investment adviser or other financial institution.

**<u>C. PERSONAL SECURITIES TRANSACTIONS</u>**

***Who is Covered.*** The Code applies to all of the Company's employees.

 ****

This Policy covers not only your personal Securities transactions, but also those of your Immediate Family (children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law living in your household, as well as adoptive relationships that meet the above criteria) or accounts over which you have control or beneficial ownership.

***What Accounts are Covered.*** This Policy applies to Securities transactions in all accounts (other than Exempt Accounts) in which you or members of your Immediate Family have a direct or indirect beneficial ownership interest. Employees who claim they have no direct or indirect influence or control over an account are also required to complete the Exempt Accounts Certification attached hereto as Exhibit I initially upon commencement of their employment and on an annual basis thereafter.

Normally, an account is covered by this Policy if it is (a) in your name, (b) in the name of a member of your Immediate Family, (c) of a partnership in which you or a member of your Immediate Family are a partner with direct or indirect investment discretion, (d) of a trust of which you or a member of your Immediate Family are a beneficiary and a trustee with direct or indirect investment discretion, and (e) of a closely held corporation in which you or a member of your Immediate Family hold shares and have direct or indirect investment discretion.

*Reminder*: When this Policy refers to "you," "employee," or "your transactions," it includes your Immediate Family and accounts in which you or they have a direct or indirect beneficial ownership.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Pre-Clearance: All Securities.** You must pre-clear all purchases and sales of Reportable Securities, except that you do <u>not</u> have to pre-clear:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a purchase of publicly traded equity Securities if the value
of such purchase would not exceed $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a sale of publicly traded equity Securities if the value of such
sale would not exceed $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a purchase of investment grade, non-convertible debt Securities,
if the value of such purchase would not exceed $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a sale of investment grade, non-convertible debt Securities,
if the value of such sale would not exceed $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a <u>bona fide</u> gift of Securities that you make or receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. an automatic, non-voluntary transaction, such as a stock dividend,
stock split, spin-off, and automatic dividend reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a transaction pursuant to a tender offer that is applicable <u>pro rata</u> to all stockholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Model Trades made at least one day following the completion of
the full model rotation.

The exemptions from pre-clearance in clauses (1) through (4) above do not apply to trading in any Security that Eagle's Investment Committee is considering buying or selling within the next five business days. No pre-clearance of a transaction for any of those Securities will be granted, and no employees are allowed to trade any of those Securities until one day after the Security trades in client accounts have been completed. In addition, the CCO may suspend your use of these four exemptions from pre-clearance if the CCO concludes that you have engaged in excessive personal trading or that pre-clearance by you is otherwise warranted. <u>Personal trades in the same direction as a Client are subject to at least a one-day blackout, and such trades are deemed pre-approved when adhering to the blackout period as described below</u>.

Remember that the term "Security" is broadly defined. For example, an option on a Security is itself a Security, and the purchase, sale and exercise of the option is subject to pre-clearance. A pre-clearance approval normally is valid only during the day on which it is given, subject to the exceptions noted below.

Special consideration is given to the pre-clearance of illiquid securities and good-'til-canceled (GTC) trades. Eagle Compliance may pre-approve personal trading in illiquid securities or GTC trades if it is a non-model or non-client held security. If granted, any GTC approval is valid for the calendar quarter in which the approval was granted. After quarter end, a request for approval may be resubmitted if GTC approval is still wanted.

Employees and their family members must obtain required pre-clearances before they complete the transactions. Eagle reserves the right to disapprove any proposed Securities transaction. All pre-clearance requests must be submitted to the Compliance team and will be reviewed as soon as reasonably practicable.<sup>2</sup> The Compliance team will verify with the appropriate investment team if Eagle intends to trade the requested securities in a model block trade within the next five (5) business days. If trading is anticipated, the request will be denied. If a transaction is denied authorization, no explanation will be provided. No order for a Securities transaction may be placed prior to the receipt of authorization. Once pre-clearance is granted to an employee, unless revoked, such employee may only transact in that Security for the remainder of the trading day on which the authorization is granted (unless pre-clearance is given for illiquid securities or GTC trades). If the Securities transaction is not executed, or not fully executed, by such time or if the employee wishes to transact in that security on the following or any other day, they must obtain approval from the Compliance team.

Fee Paying Family Accounts and Exempt Accounts are not subject to the pre-clearance policy. In addition, prior written clearance is not required for Exempted Securities and Model Trades made at least one day following the completion of the full model rotation.

**<u>Initial and Secondary Public Offerings.</u>** You may not purchase or otherwise acquire any Security in an Initial Public Offering or a Secondary Public Offering without prior written approval of the CCO. You may apply to the CCO for prior written approval to make such a purchase, but approval will be granted only in extraordinary circumstances. Accordingly, the Company discourages such applications. You may be given approval to purchase a Security in an Initial or Secondary Public Offering, for example, pursuant to the exercise of rights you have as an existing bank depositor or insurance policyholder to acquire the Security in connection with the bank's conversion from mutual or cooperative form to stock form, or the insurance company's conversion from mutual to stock form. The Company must maintain a record of any approval to acquire a Security in an Initial or Secondary Public Offering, with the reasons supporting the approval, for at least five years after the end of the fiscal year in which the approval is granted.

**<u>Limited Offerings.</u>** You may not purchase or otherwise acquire any Security in a Limited Offering, except with the prior approval of the CCO. Such approval will only be granted when you can establish that there is no conflict or appearance of conflict with any Client or other possible impropriety (such as when the Security in the Limited Offering is appropriate for purchase by a Client, or when your participation in the Limited Offering is suggested by a person who has a business relationship with the Company or expects to establish such a relationship). Examples where approval might be granted, subject to the particular facts and circumstances, are a personal investment in a private fund or limited partnership in which you would have no involvement in making recommendations or decisions, or your investment in a closely held corporation or partnership started by a family member or friend. The Company must maintain a record of any approval to acquire a Security in a Limited Offering, with the reasons supporting the approval, for at least five years after the end of the fiscal year in which the approval is granted. The subscription document relating to the Private Funds managed by Eagle shall serve as documentation of the pre-approval of investments in the funds.

<sup>2</sup> The Chief Compliance Officer must have prior written clearance from the CEO for his/her personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Prohibited and Restricted Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Short Sales.</u>** You may not sell short any Security, except that you may (i) sell short a Security if you own at least the same amount of the Security you sell short (selling short "against the box"); (ii) sell short U.S. Treasury futures and stock index futures based on the S&P 500 or other broad based stock indexes; and (iii) sell short shares of Exchange Traded Funds for the purpose of hedging like securities in your portfolio. Selling short any security for speculative purposes is expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Options.</u>** You may not engage in option transactions with respect to any Security, except that you may purchase a put option or sell a call option on Securities that you own. In this case, options trading is relative to the amount of stock owned. You must own enough shares of the underlying security to deliver if assignment occurs upon expiration of the put or call (e.g. 100 shares per 1 call). You may also purchase call options for the purpose of replicating a long position in underlying Securities you do not own or increase your position in underlying Securities you do own. All holdings of options used to represent a long position must be held for a minimum of 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Short-term Trading.</u>** You are strongly discouraged from engaging in excessive short-term trading of Securities. The purchase and sale, or sale and purchase, of the same or equivalent Securities within sixty (60) days are generally regarded as short-term trading**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Additional Restrictions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Personal Benefit.** You may not cause or recommend a Client
to take action for your personal benefit. Thus, for example, you may not trade in or recommend a security for a Client in order to support
or enhance the price of a security in your personal account, or "front run" a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Clients Trade First.** Portfolio Managers requesting pre-clearance, must<br>
communicate their research conclusion about the Security being purchased or sold. Before a Portfolio Manager purchases or sells a Security,
Clients must be afforded the opportunity to act upon Eagle's recommendations regarding such Security. Portfolio Managers may not
purchase or sell any Security for which they have coverage responsibility unless either (i) the Portfolio Manager has first broadly communicated
his research conclusion regarding that Security and afforded suitable Clients sufficient time to act upon your recommendation (as set
forth below), or (ii) the Portfolio Manager has first determined, with the prior concurrence of the CCO, that investment in that Security
is not suitable for any Client. Portfolio Managers may purchase or sell Securities for which they do not have client coverage responsibility
after first obtaining pre-clearance from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Model Trades.** Employees may not purchase or sell any Security that Eagle's Investment Committee
is considering buying or selling, within the next five business days, until one day after a Model Trade has been completed for all discretionary
client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Personal Trades in Same Direction as Client: One-Day Blackout**. Portfolio Managers may not purchase
or sell any Security for their personal account until at least one day after Non-model Trades. Purchases and sales of such securities,
with the exception of IPO's or Private Securities, made following the blackout period of at least one day are deemed pre-approved
by the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Trading before Communicating a Recommendation or Rating**. If Eagle is in the process of making a
new or changed recommendation or rating for a Security for which the Portfolio Managers have coverage responsibility, but they have not
yet broadly communicated their research conclusions and recommendations or ratings for such Security, Portfolio Managers are prohibited
from trading in that Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Restricted List**. Employees may never transact in any Security on the Restricted List.

As a member of the portfolio management team, if you enter into a Security transaction for your personal account of a type described above, you must disclose such transactions to the CCO. Depending on the circumstances, the CCO may or may not elect to impose penalties for such transactions. Such penalties may include payment to the client account the difference between the portfolio managers and client's sales or purchase price for the Security, if the portfolio manager's price was higher (sales) or lower (purchases).

Fee Paying Family Accounts are not subject to these restrictions. Instead, such accounts are treated as regular fee paying client accounts.

**3*.* Prohibited Transactions:** You are prohibited from purchasing or selling any security, either personally or for any Client, while you are in the possession of material, non-public information concerning the security or its issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Reporting Requirements.** You are required to provide the following reports of your Reportable Securities holdings and transactions to the CCO. Remember that your reports also relate to members of your Immediate Family and accounts that you control or over which you have beneficial ownership.

***<u>Initial Report of Holdings</u>*<u>.</u>** Within ten (10) days after you become an Eagle employee, you must submit to the CCO a report of your holdings of Reportable Securities, including the title, number of shares and principal amount of each Reportable Security held at the time you became an employee. (Exhibit G). The holdings report must be current as of a date not more than 45 days prior to the individual becoming an access person. The holdings report must also include Reportable Securities of immediate family members of those living in your household. The report must collect the name of any broker, dealer or bank with which you maintain an account for trading or holding any type of Securities, whether stocks, bonds, mutual funds, or other types. Please list any accounts that hold Reportable securities in Exhibit G and any accounts that hold non-Reportable securities in Exhibit J, described further below.

 ****

Whenever possible employees are requested to report securities accounts directly through Eagle's Axys system by arranging with their broker for direct downloads of transactions. Employees directly reporting accounts through Axys are required to verify the accuracy of the list of Securities and Securities Accounts as recorded on the system on an annual basis, or on or before January 30th of each year, via Exhibit H, and as a part of the Quarterly Transaction Report described further below. The report shall be current as of December 31st. Employees who are not able to arrange for direct reporting through Axys should arrange to have duplicate brokerage statements sent to the CCO.

***<u>Initial and Annual Report of Non-Reportable Securities Accounts</u>***

 ****

On or before February 14<sup>th</sup> of each year, you must submit to the CCO a report of the name of any broker, dealer or bank with which you maintain an account for trading or holding any type of securities, whether stocks, bonds, mutual funds, Digital Securities, or other types, regardless of whether the securities therein are considered Reportable**.** Please list any accounts that hold any non-Reportable securities accounts in Exhibit J. Note that you are not required to submit the transactions therein if all transactions are in only non-Reportable securities.

***<u>Quarterly Transaction Reports.</u>*** Within (30) days after the end of each calendar quarter, you must submit to the CCO a report of your transactions in Reportable Securities during that quarter, including the date of the transaction, the title, the interest rate and maturity date (if applicable), and the number of shares and principal amount of each Security in the transaction, the nature of the transaction (whether a purchase, sale, or other type of acquisition or disposition, including a gift), the price of the Security at which the transaction was effected, and the name of the broker, dealer or bank with or through which the transaction was effected. (Exhibit H) If you established an account with a broker, dealer or bank in which any Security was held during that quarter, you must also attest that such accounts have been included in the report completed.

 ****

Because your 4<sup>th</sup> Quarter Transaction Report also serves as your ***Annual Holdings Report***, you must sign off on Exhibit H even if (i) copies of all of your account statements are provided to the CCO for that quarter (see paragraph 8, "Account Statements," below), or (ii) all of the information required in such report is, on a current basis, already in the records of Eagle through direct downloads into the Axys system.

***<u>Annual Report of Limited Offerings</u>***

 ****

On or before February 14<sup>th</sup> of each year, you must submit to the CCO a report of any limited offerings, to include any interests in private placements such as limited partnerships and limited liability corporations. As a reminder, any transaction in a limited offering must be pre-cleared by Compliance at the time of purchase or sale as well as listed in the form (Exhibit K).

**Exceptions from Reporting Requirements**

There are limited exceptions from certain of the reporting requirements noted above. Specifically, an employee is not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Quarterly Reporting Form for any transactions effected pursuant
to an automatic investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any of the three (3) reports (i.e., Quarterly Reporting Form, Initial Reporting Forms and Annual Reporting
Forms) with respect to Securities held in Exempt Accounts. Note however, that the CCO may request that an employee provide documentation
to substantiate that the employee had no direct or indirect influence or control over the Exempt Account (e.g., investment advisory agreement,
etc.). The certification is attached in the Appendix as Exhibit I, Exempt Accounts Certification.

**<u>D. RESPONSIBILTIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of List of employees: Notification. The CCO or his designee shall maintain a list of all employees, including that date of hire and date any employee left employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review of Securities Reports. The CCO or his designee shall ensure that all Initial and Annual Reports of Securities Holdings and Quarterly Transaction Reports, together with all and Account Statements are received by Eagle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Annual Certification by Employees. Each employee of the Company must certify annually that he or she has read and understood the Code of Ethics and has complied and will comply with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Recordkeeping Requirements. The Company shall maintain the following records at its principal place of business and make these records available to the Securities and Exchange Commission ("Commission") or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) copies of the Code of Ethics currently in effect and in effect at any time within the past five years,
to be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a record of any violation of the Code of Ethics and of any action taken as a result of the violation,
to be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a copy of each transaction and holding report, to be maintained for at least five years after the end
of the fiscal year in which the report is made or information provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a record of all persons, currently or within the past five years, who are or were subject to the code
of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a copy of each Annual Report to a Fund Board referred to in paragraph 5 above, to be maintained for at
least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Confidentiality. All reports and other documents and information supplied by any employee of the Company or employee in accordance with the requirements of this Code of Ethics shall be treated as confidential but are subject to review as provided herein and in the Procedures, by the Partners of Eagle, by representatives of the Commission, or otherwise as required by law, regulation, or court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Interpretations. If you have any questions regarding the meaning or interpretation of the provisions of this Code of Ethics, please consult with the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Violations and Sanctions. Any employee of a Company who violates any provision of this Code of Ethics shall be subject to sanction, including but not limited to censure, a ban on personal Securities trading, disgorgement of any profit or taking of any loss, fines, and suspension or termination of employment. Each sanction shall be recommended by the CCO and approved by a Partner of Eagle.

In adopting and approving this Code of Ethics, the Company does not intend that a violation of this Code of Ethics necessarily is or should be considered to be a violation of Rule 17j-1 under the Investment Company Act of 1940 or Rule 204A-1.

**<u>E. REPORTING VIOLATIONS</u>**

Every employee must immediately report any violation of the Code to the CCO. All reports, which may be submitted anonymously, will be treated confidentially and investigated promptly and appropriately. The Company will not retaliate against any employee who reports a violation of the Code in good faith and any retaliation constitutes a further violation of the Code. Notwithstanding the foregoing, the Company may discipline any employee that violates the Code. The CCO or his designee will keep records of any violation of the Code, and of any action taken as a result of the violation.

**<u>F. EXCEPTIONS TO THE CODE</u>**

The Compliance Officer may, under very limited circumstances, grant an exception from the requirements of the Code on a case-by-case basis, provided that:

● The employee seeking the exception provides the Compliance Officer with a written statement detailing the efforts made to comply with the requirement from which the employee seeks an exception. The Compliance Officer believes that the exception would not harm or defraud a Fund or client, violate the general principles stated in the Code or compromise the employee's or the Firm's fiduciary duty to any Fund or client; and

● The employee provides any supporting documentation that the Compliance Officer may request from the employee.

No exceptions may be made to the fundamental requirements contained in the Code that have been adopted to meet applicable rules under the Investment Company Act and the Advisers Act.

## Exhibit 99.28

![](fp0098586-1_03.jpg)

CODE OF ETHICS

Westwood Holdings Group, Inc.<br> Westwood Management Corp.<br> Westwood Trust

Westwood Advisors, L.L.C.

Broadmark Asset Management, LLC<br> Salient Advisors, LP

Salient Capital, LP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The purpose of this Code of Ethics is to promote honest and ethical conduct, focus the Board of Directors and management of Westwood Holdings Group, Inc. ("WHG") and its subsidiaries on areas of ethical risk, provide guidance to directors, officers and employees to help them recognize and deal with ethical issues, provide mechanisms to report unethical conduct and help to preserve the culture of honesty and accountability at the Companies (as defined below).

This Code of Ethics establishes rules of conduct for persons who are associated with the Companies. The Code governs their personal investment and other investment-related activities and is designed to prevent violations of the applicable federal securities laws and mitigate conflicts of interest.

The basic rule is very simple: Put the client's interests first. The rest of the rules elaborate this principle. This Code is intended to assist the Companies in fulfilling their obligations under the law. Article II sets forth to whom the Code applies, Article III deals with personal investment activities, Article IV deals with other sensitive business practices, and subsequent parts deal with reporting and administrative procedures.

The Code is very important to the Companies and their employees. Violations can not only cause the Companies embarrassment, loss of business, legal restrictions, fines and other punishments, but for employees can lead to demotion, suspension, termination, ejection from the securities business, and large fines.

Annually, each Covered Person will receive a copy of this Code and any amendments thereto and will provide the Chief Compliance Officer with a written acknowledgment of their receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Applicability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Code applies to each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Companies named or described at the top of page one of the Code and all entities that are under common management with these Companies
or otherwise agree to be subject to the Code ("Affiliates").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any officer, employee-director, or employee of any Company or Affiliate, and, as may be determined by the Chief Compliance Officer
on a case-by-case basis, any other non-employee, consultant, or long-term contract employee of any Company or Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In the case of any non-employee, consultant, or long-term contract employee, the Chief Compliance Officer shall notify such individual
as to whether he or she is considered a Covered Person or a Limited Access Person (each as defined below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Beneficial Ownership.</u> Ownership of a security where a Covered Person, directly or indirectly, through any contract, arrangement,
understanding, relationship, or otherwise has or shares (1) Voting power which includes the power to vote, or to direct the voting of,
such security; and/or, (2) Investment power which includes the power to dispose, or to direct the disposition of, such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Chief Compliance Officer.</u> The person designated as WHG's Chief Compliance Officer. Actions and approvals to be taken
by the Chief Compliance Officer under this Code may be delegated by the Chief Compliance Officer to other members of the Legal and Compliance
Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Clients.</u> Investment advisory accounts maintained with any of the Companies or Affiliates by any person, other than Covered
Person Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Companies.</u> The companies named or described at the top of page one of this 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;5. <u>Compliance Monitoring System.</u> My Compliance Office (also known as MCO) or such other similar system or software as the Companies
may use from time to time for their electronic compliance monitoring activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covered Persons.</u> The Companies and the persons described in item (A) above. Any reference to "Covered Person" shall
include all "Limited Access Persons" except as otherwise specified in this 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;7. <u>Covered Person Account.</u> Includes all advisory, brokerage, trust or other securities furtures, and/or commodities accounts or
forms of direct Beneficial Ownership in which one or more Covered Persons and/or one or more members of a Covered Person's immediate
family have a substantial proportionate economic interest excluding 529 Plans and any accounts with Westwood Trust for the benefit of
the employee or their immediate family over which such individuals do not have investment discretion. Immediate family includes a Covered
Person's spouse and minor children and any family member living in the same household as the Covered Person. A substantial proportionate
economic interest will generally be 10% of the equity in the account in the case of a Covered Person and 25% of the equity in the account
in the case of all Covered Persons in the aggregate whichever is first applicable. Investment partnerships and similar indirect means
of ownership other than registered open-end investment companies are also treated as accounts.

The following accounts are not considered Covered Person Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Accounts in which one or more Covered Persons and/or their immediate family have a substantial proportionate interest which are maintained
with persons who have no affiliation with the Companies and with respect to which no Covered Person has, in the judgment of the Chief
Compliance Officer after reviewing the terms and circumstances, any direct or indirect influence or control over the investment or portfolio
execution process are not Covered Person Accounts (a "Managed Account")

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|:---|:---|
| 2 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Bona fide error accounts of the Companies and the Affiliates are not considered Covered Person Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Accounts of immediate family members of Limited Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Limited Access Person. A part -time employee, independent contractor or consultant, or intern who may
engage in investment advisory, investment management, or sales/client service activities as approved by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Executive Manager.</u> The Chief Executive Officer ("CEO"), the co-Directors of Equity Portfolios, the Director of
Equity Research of WHG, the Director of Multi Asset Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Fund Clients.</u> Clients that are the private funds and the registered investment companies or series thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Managed Index Solutions Accounts. Accounts managed by Westwood's Chicago-based Market Index Solutions team which are designed
to replicate or track a securities index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Portfolio Managers.</u> Covered Persons who are principally responsible for investment decisions with respect to any Westwood Strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Security.</u> Any financial instruments treated as a security for investment purposes and any related instruments such as futures,
forward or swap contracts entered with respect to one or more securities. However, the term Security does not include securities issued
by the Government of the United States (e.g., Treasury bonds, Treasury notes, and Treasury bills), bankers' acceptances, bank certificates
of deposit, and commercial paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Westwood Strategy.</u> Products managed and controlled by (a) Westwood Management Corp., other than the Custom Asset Allocation
accounts and Market Index Solutions Accounts, (b) Westwood Advisors, L.L.C., (c) Westwood Trust, with respect to its proprietary model
accounts only, (d) Salient Advisors, LP, or (e) Broadmark Asset Management, LLC. For the sake of additional clarity, a strategy that is
managed by an unaffiliated sub-advisor or independent third party is not considered a Westwood Strategy unless the sub-advisor or third
party is deemed to be a Limited Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Personal Account Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Holdings Report</u> 

No later than 10 business days after beginning employment or otherwise becoming a Covered Person, each Covered Person must submit an Initial Holdings Report through the Compliance Monitoring System containing the following information for all accounts that can hold securities excluding 529 Plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each Security in which the Covered Person had any direct or indirect Beneficial
Ownership when the person became a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Covered Person maintained an account in which any Securities were held for the
direct or indirect benefit of the Covered Person as of the date the person became a Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Monitoring of Covered Accounts</u> 

Covered Persons must direct brokerage and other firms with which they have Covered Person Accounts to furnish to the Chief Compliance Officer on a timely basis duplicate copies of confirmations of, and account statements concerning, all personal Securities transactions or to allow an electronic feed of such statements and confirmations to the Compliance Monitoring System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quarterly Transaction Reports</u> 

Every Covered Person must submit a quarterly transaction affirmation through the Compliance Monitoring System, containing the information set forth in paragraph C.2. below with respect to transactions in any Security in which such Covered Person has or by reason of such transactions acquires, any direct or indirect Beneficial Ownership in the Security, subject to the exceptions listed below in paragraph E. The required Transaction Report information is provided in the Compliance Monitoring System quarterly transaction affirmation for all personal brokerage accounts that are directly linked in the system. For those accounts that are not directly linked in the Compliance Monitoring System, the Covered Person must certify that they have reported all brokerage accounts containing reportable securities in the system and that they have requested from the broker that Westwood receive duplicate statements and transaction confirmations for all non-linked accounts. If the necessary transaction and brokerage account information is not being provided to Westwood through either of the above methods, the Covered Person must create and upload a Transaction Report into the Compliance Monitoring System as part of their quarterly transaction affirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Transaction Report must be submitted to the Chief Compliance Officer no later than 30 days after the end of the calendar quarter
in which the transaction or account to which the report relates was effected or established, and the report must contain the date that
the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Transaction Report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date,
number of shares and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Covered Person submits the report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This report must contain the following information with respect to accounts established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The name of the broker, dealer or bank with whom the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In addition to the quarterly transaction affirmation, employees with Managed Accounts will be required to certify in the Compliance
Monitoring System on a quarterly basis that they have fully delegated investment responsibility for such accounts to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Electronic or duplicate brokerage statements in lieu of reports.

A Covered Person will be deemed to have complied with the quarterly transaction report requirements of this Article III insofar as the Chief Compliance Officer receives in a timely fashion monthly or quarterly brokerage statements uploaded to the Compliance Monitoring System on which all transactions required to be reported hereunder are described or an electronic feed of such statements and confirmations through the Compliance Monitoring System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Transaction Report Exceptions

A Covered Person is not required to submit a report in the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Covered Person need not make a report with respect to any transactions over which such person does not
have any direct or indirect influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Covered Person need not make a report with respect to any transactions effected pursuant to an automatic investment plan (this includes
dividend reinvestment plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Ownership Admission</u> 

Any report submitted to comply with the requirements of this Article III may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Annual Holdings Report</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;1. Each Covered Person must certify on an annual basis that he or she has disclosed or reported all personal
Securities transactions required to be disclosed or reported under the Code and that he or she is not subject to any regulatory disability
described in the annual certification form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Annual Holdings Reports will be submitted through the Compliance Monitoring System. The report will contain the following information
(which information must be current as of a date no more than 30 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount
of each Security in which the Covered Person had any direct or indirect Beneficial Ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom the Covered Person maintains an account in which any Securities are held for the
direct or indirect benefit of the Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following Covered Person Accounts are only required to be reported and monitored annually as part of the Annual Holdings Report
and are not subject to the intra-year monitoring set forth above in paragraph B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Managed Accounts - accounts in which one or more Covered Persons and/or their immediate family have a substantial proportionate interest
which are maintained with persons/entities who have no affiliation with the Companies and with respect to which no Covered Person has,
in the judgment of the Chief Compliance Officer after reviewing the terms and circumstances, any direct or indirect influence or control
over the investment or portfolio execution process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 401(k) accounts that can only hold mutual funds or substantially similar investment options and not individual securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Personal Trading Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Basic Restriction on Investing Activities</u> 

If a Security is owned in any Westwood Strategy, excluding municipal securities, such Security or related Security (such as an option, warrant or convertible security) may not be purchased or sold for any Covered Person Account subject to the previously owned related Security exception set forth in paragraph (B) and permitted exceptions set forth in paragraph (H) below. If a Covered Person owns a Security that is subsequently purchased in any Westwood Strategy, the Covered Person may not sell such Security until it is sold out of all Westwood Strategies subject to the permitted exceptions set forth in paragraph (H) below. If a purchase or sale order is pending for any Westwood Strategy by any Company or Affiliate, any request to purchase or sell such Security or any related Security (such as an option, warrant or convertible security) for a Covered Person Account will be denied unless the request complies with the permitted exceptions set forth in paragraph (H) below. If a Security is under active consideration for purchase in any Westwood Strategy by any Company or Affiliate, any request to purchase or sell such Security or any related Security (such as an option, warrant or convertible security) for a Covered Person Account may be denied at the discretion of the Chief Compliance Officer and the Executive Manager.

For further restrictions on the purchase or sale of WHG securities, please refer to the Amended and Restated Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Investments Owned Prior to Employment (Amnesty Period)</u> 

If a Security or a related Security that is owned in a Westwood Strategy is also owned by a Covered Person when such person becomes a new employee, such Covered Person will have two weeks from the date of their employment orientation (the "Amnesty Period") to decide whether they want to sell their position in the Security, and all sales must occur within the Amnesty Period. After Amnesty Period, all future transactions in such Security will be subject to paragraph (A). Covered Persons must obtain pre-clearance approval for any Security or related Security traded during the two-week window.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Public Offerings</u> 

No Security or related Security may be acquired in an initial public offering ("IPO") for any Covered Person Account, unless the IPO is granted as part of an employee benefit plan to a non-employee Covered Person (for example, an employee's spouse is awarded IPO shares from his or her employer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Blackout Period</u> 

No Security or related Security may be bought, sold or exercised for any Covered Person Account during the period commencing three (3) business days prior to and ending three (3) business days after the purchase or sale (or entry of an order for the purchase or sale) of that Security or any related Security pursuant to an investment strategy for the account of any Client unless the transaction falls under the exception set forth in paragraph III.(B) or complies with the permitted exceptions set forth in paragraph (H). A client transaction is considered to be pursuant to an investment strategy when it is effected as a result of a change to Westwood's investment strategy. A client transaction is generally not considered to be pursuant to an investment strategy if it is effective to trim or add to an existing position to bring the account into greater alignment with the strategy or as a result of contributions or withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Short-Term Trading</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;1. No shares of WHG stock or any Security or related Security that is held within a Westwood Strategy may, within a 60-day period, be bought and
sold or sold and bought at a profit for any Covered Person Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purpose of the short-term trading restriction, the expiration of an option within 60 days of the initial purchase or sale
is not considered a sale of a Security. If WHG stock or any Security or related Security that is held within a Westwood Strategy is, within
a 60-day period, bought and sold or sold and bought for a profit in violation of this provision in any Covered Person Account, then any
resulting profits must be disgorged. For purposes of disgorgement, profit recognition is based upon the difference between the most recent
purchase and sale prices for the most recent transactions. Accordingly, profit recognition for disgorgement purposes may differ from the
capital gains calculations for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The use of any disgorged profits will be at WHG's discretion, and the employee will be responsible for any tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Exempt Transactions</u> (No Preclearance Required)

The following transactions are exempt from the restrictions set forth in paragraphs (A) (securities in Westwood strategy), (B) (restrictions following 2-week amnesty) and (D) (blackout period) above and <u>do not require</u> pre-clearance under paragraph (H) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participation in an ongoing automatic investment plan including 401K plans or an issuer's dividend reinvestment or stock purchase
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;2. Participation in any transaction over which no Covered Person had any direct or indirect influence or control, involuntary transactions
(such as mergers, inheritances, gifts, etc.);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The donation of Company stock does not require pre-clearance approval so long as the director, officer or employee donating the stock
complies with the Company's Insider Trading Policy and does not possess material nonpublic information about the Company at the
time of donation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and sales of shares of registered open-end investment companies other than shares of investment companies advised or sub-advised
by the Companies ("Non-Affiliated Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Westwood Strategies Advised by Limited Access Persons</u> 

In the case of a Limited Access Person, the requirements, and prohibitions of paragraphs (A) through (F) shall only apply to any Westwood Strategies which are advised by the Limited Access Person or about which the Limited Access Person has knowledge of pending or proposed trades. For the sake of additional clarity, any such Westwood Strategy advised by a Limited Access Person shall be considered to be a Westwood Strategy for purposes of this Code with respect to any other Covered Person (for example, employee transactions in securities owned in a Westwood Strategy advised by a Limited Access Person are subject to the de minimis exception set forth in Section (H)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Permitted Limited Exceptions (Preclearance Required)</u> 

Purchases and sales of the following Securities for Covered Person Accounts are subject to the pre-clearance requirements of paragraph (H) above but exempt from the restrictions set forth in paragraphs (A) (securities in a Westwood strategy), (D) (blackout period) and (E) (short term trading) above if such purchases and sales comply with the pre-clearance requirements of paragraph (H) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *De minimis* trades of any Security or related Security (such
as an option, warrant or convertible security) that is owned in a Westwood Strategy, subject to the following parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The issuer of the security must have a common equity market capitalization greater than $5 billion USD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The transaction is limited to 100 shares or $10,000 USD (whichever value is greater);

● Examples:

● XYZ stock is in a Westwood strategy and has a market capitalization of greater than $5 billion at a stock price of $105. 100 shares of XYZ have a value of $10,500. This is greater than $10,000. Therefore, the permissible de minimis trade that could be approved is up to 100 shares resulting in a trade of $10,500.

● ABC stock is in a Westwood strategy and has a market capitalization of greater than $5 billion at a stock price of $85. 100 shares of ABC is worth $8,500 and $10,000 would buy 117 shares of ABC. Therefore, the permissible de minimis trade that could be approved is up to 117 shares resulting in a trade of $9,945.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Covered Persons are limited to a maximum of 3 such de minimis trades per month; de minimis bond trades may be consolidated within
a calendar month, with approval; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subject to these parameters, a Covered Person may sell a Security that is owned in a Westwood Strategy or buy a Security that Westwood
is selling out of a Strategy; however, a Covered Person cannot take a position contrary to the position taken in a Westwood Strategy (e.g.,
cannot short a Security or hold a long PUT position in a Security where Westwood holds long position in the Security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shares of registered open-end investment companies and certain other pooled vehicles advised or sub-advised by the Companies ("Affiliated
Funds"). For reference, a list of such funds which require pre-clearance is set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exchange traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The exercise of voluntary corporate actions is exempt if the pre-clearance procedures for the purchase of the security to which the
actions relate were satisfied.

In addition to the exceptions set forth above, purchases and sales of Securities for Covered Person Accounts that are established for the sole purpose of product development are exempt from the restrictions set forth in paragraphs (A), (D), and (E) above and do not need to comply with the requirements of paragraph (H) below if such accounts are disclosed as Managed Accounts in the Compliance Monitoring System and are subject to regular review by the Risk Management team to ensure compliance with the investment strategy for which the product is being developed and to ensure the product development account is not being favored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Pre-Clearance of Personal Securities Transactions</u> 

Unless exempt from pre-clearance as set forth in this Code, no Security or related Security (such as an option, warrant or convertible security) may be bought, sold or exercised for a Covered Person Account (other than a Covered Person Account of a Limited Access Person as provided below) unless (i) the Covered Person obtains prior approval from an Executive Manager and the Chief Compliance Officer; (ii) the approved transaction is completed on the same day or within two (2) business days after approval is received; and (iii) the Chief Compliance Officer or an Executive Manager does not rescind such approval prior to execution of the transaction. (See paragraph (K) below for details of the Pre- Clearance Process.) Pre-clearance of personal securities transactions is typically executed through the Compliance Monitoring System.

The pre-clearance requirements set forth in the preceding paragraph (I) do not apply to the purchase, sale or exercise of a Security in a Covered Person Account of a Limited Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Westwood Private Funds and Other Private Placements</u> 

The purchases or sales of Securities by Covered Persons that are not publicly traded (including shares or other participation in Westwood-affiliated or third party private funds) ("Private Securities Transactions") will be reviewed on a case-by-case basis by the Chief Compliance Officer. The Covered Person requesting approval of a Private Securities Transaction shall (1) provide full details of the proposed transaction (2) include the applicable private placement memorandum or similar document and (3) disclose whether the Covered Person might receive any compensation from the proposed Private Securities Transaction or from the fund or issuer of the securities. The Chief Compliance Officer may approve the Private Securities Transaction if the Chief Compliance Officer concludes that (1) the Covered Person's investment in the Security would not disadvantage a Client's investment in the Security or operate to usurp a Client's opportunity to make an investment in the Security, and (2) the proposed Private Securities Transaction would be otherwise consistent with the Covered Person's and any Company's regulatory requirements including supervisor approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Pre-Clearance Process</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;1. No Security may be purchased or sold for any Covered Person Account (other than accounts of Limited Access Persons as provided below)
unless the particular transaction has been approved as required by this Code in the Compliance Monitoring System or in writing by an Executive
Manager and the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For Covered Person Accounts covered by paragraph K.1. above, an electronic pre-clearance request must be submitted through the Compliance
Monitoring System, and an emailed notification of pre-clearance must be received prior to the entry of an order. If an employee cannot
enter an electronic pre-clearance request through the Compliance Monitoring System for any reason, a pre-clearance request can be made
by completing and submitting a Trading Approval Form, attached as Exhibit B, to the Chief Compliance Officer for approval by the Chief
Compliance Officer or Executive Manager prior to the entry of an order.

After reviewing the proposed trade and the level of potential investment interest on behalf of Clients in the Security in question, the Chief Compliance Officer or Executive Manager shall approve (or disapprove) a pre-clearance request on behalf of a Covered Person. Transactions described in paragraph (H) above will generally be approved unless it is believed for any reason that the Covered Person Account should not trade in such Security at such time. The Chief Compliance Officer may establish automated processes for approving certain types of transactions in lieu of manual pre-trade reviews. The Compliance staff generally shall seek to approve or deny trades submitted before 11 am central on the same business day and by the next business day for trades submitted after 11 am.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once a Covered Person's pre-clearance request is approved, the transaction must be executed within two (2) full business days
after receiving approval ("Approved Period"). For example, a trade approved Monday morning before or during market hours could
be executed Monday, Tuesday or Wednesday. A trade approved Monday evening after market hours could be executed Tuesday or Wednesday.

If the Covered Person's trading order request is not approved, or is not executed within the Approved Period, the clearance lapses, although such trading order request may be resubmitted after such lapse. An exception to this rule applies when pre-clearance is requested for a transaction in WHG stock during an open Trading Window, in which case the pre-clearance remains effective throughout the Trading Window and expires when either the requested number of shares has been executed or the Trading Window closes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading pre-clearance approval for the Chief Compliance Officer must be obtained from the General Counsel or Associate General Counsel
and an Executive Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Chief Compliance Officer shall review all pre-clearance requests, all initial, quarterly and annual disclosure certifications
and the trading activities on behalf of all Westwood Strategies with a view to ensuring that all Covered Persons are complying with the
spirit as well as the detailed requirements of this Code. The Chief Compliance Officer shall periodically review confirmations from brokers
to assure that all transactions effected for Covered Person Accounts are effected in compliance with this 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;6. No Security may be purchased or sold for any Covered Person Account of a Limited Access Persons pursuant to an update of an investment
strategy for which the Limited Access Persons provided investment advise or about which the Limited Access Person has knowledge prior
to the implementation of the corresponding update in Client Accounts. For the sake of further clarity, a Limited Access Person may only
enter into investment strategy update transactions in their Covered Person Accounts at the same time or after such updates are transacted
in Client Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Investment-Related Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Material Nonpublic Information</u> 

A Covered Person may come in contact with material nonpublic information about WHG or any other issuer in the ordinary course of business or based on a personal or professional affiliation with an issuer. In no case may a Covered Person conduct personal trades in the securities of an issuer while in possession of material nonpublic information about the issuer; and, at times, trading in the securities of any such issuer may be limited or restricted for all Covered Persons and/or for the firm as a whole even if only one Covered Person is aware of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Wall Cross Securities.</u> In the ordinary course of business, a Covered Person may receive access to material nonpublic information
about another issuer related to a "wall-crossed" or "pre-marketed" public offering deal. Upon receipt of such
information, the Covered Person shall immediately inform the Compliance Department that he or she possesses such information and/or that
a Westwood strategy may participate in the deal. The Compliance Department shall then add the security to a firm-wide Wall Cross restricted
list in the trade order management system(s) and to the restricted lists in the Compliance Monitoring System to restrict all firm and
personal trades involving any such security. The restricted lists in these systems will automatically block any trades until the Compliance
Department removes the security from the restricted lists. Securities shall only be removed from the lists once the information has been
made public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Employee-Affiliated Securities.</u> A Covered Person may receive
access to material nonpublic information about another issuer based on a personal or professional affiliation with the issuer (an "Employee-Affiliated
Security"). For example, a Covered Person may serve on the board of directors of another issuer, or a Covered Person's spouse
may be employed by an issuer and have access to material nonpublic information. The Compliance Department identifies any such affiliations
based on the outside business activities and initial and ongoing holdings disclosures that all Covered Persons are required to make in
the Compliance Monitoring System. When an Employee-Affiliated Security is identified, the Compliance Department shall place the security
on a watch list in the trade order management system(s) and the Compliance Monitoring System. Firm-level and personal trade requests
involving any such security will be automatically restricted and flagged for review by the Compliance Department, at which point the
Chief Compliance Officer shall review the proposed trade and determine whether it is appropriate to lift the restriction for the trade
under the circumstances. In making such determination, the Chief Compliance Officer shall consider (a) the nature of the affiliation
with the issuer, (b) any limitations the issuer has placed on transactions in its securities, (c) the likelihood that the employee affiliated
with the security is aware of material nonpublic information and/or could have shared it, (d) who is requesting the trade and whether
the trade is for a Covered Person Account or a Client account, (e) the size, timing, and direction of the trade, (f) past practice, and
(g) such other factors as may be relevant under the circumstances. The Chief Compliance Officer shall document the reasons for the determination.
The security shall remain on the watch list until the affiliation has ended, at which point the Chief Compliance Officer or other senior
member of the Compliance Department will authorize the removal of the restrictions on the security.

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| 11 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Conflicts of Interest** 

Covered Persons are prohibited from engaging in any activity, practice, or act which conflicts with, or appears to conflict with, the interests of the Companies, its customers, or vendors.

Covered Persons are required to fully disclose any potential conflict of interest to the Compliance Department via the Compliance Monitoring System.

A conflict of interest exists when you, knowingly or unknowingly, engage in any activity that may compromise you, another employee, or the Company in its relationship with a customer, vendor, or competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Gifts & Entertainment.</u> Potential conflicts of interest with a customer, vendor, or competitor may include soliciting business
for personal gain, accepting gifts other than those of nominal value (not more than $100), or requesting favors, discounts, or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts Received: No Covered Person shall accept any gift or other item of more than $100 in value from any Client, competitor, or any
person or entity that does business with or on behalf of any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Entertainment Received: Covered Persons shall report accepted offers of entertainment (dinners, sports/concert events, etc.) from
any person or entity that does business with or on behalf of any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Gifts Given: No Covered Person shall give gifts or other items of more than $100 in value to any Client, competitor, vendor or any
person or entity that does business with or on behalf of any Client when acting in their capacity as representatives of the Companies,
except with the approval of the President, Chief Executive Officer or Chief Compliance Officer; Covered Persons shall report all gifts
or other items of value given to any Client, competitor, vendor or any person or entity that does business with or on behalf of any Client
in all instances where such Covered Persons are acting in their capacity as representatives of the Companies;

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|:---|:---|
| 12 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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![](fp0098586-1_03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Entertainment Given: Covered Persons shall report all offers of entertainment accepted by any Client, competitor, vendor or any person
or entity that does business with or on behalf of any Client in all instances where such Covered Persons are acting in their capacity
as representatives of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Reporting of gifts and entertainment given or received shall be made through the Compliance Monitoring
System or through our expense management system in the case of reimbursable gifts that are given, which must include detail of the gift
or entertainment, recipients or attendees and value of the gift or entertainment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Westwood's Compliance Department (in conjunction with all employees servicing Clients) shall track all gifts and entertainment,
if any, offered to and accepted by Taft-Hartley Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Outside Business Activities</u>.

Potential conflicts of interest may arise in connection with a Covered Person's activities outside the scope of their employment with the Company. All Covered Persons are required to disclose their outside business activities upon hire and are required to obtain pre-clearance approval for any new outside business activities engaged in after hire. No Covered Person shall participate in any outside business activity without prior written authorization from his or her supervisor and the Chief Compliance Officer based upon a determination that the activity would not be inconsistent with the interests of the Company or Clients or in violation of this Code or the Code of Business Conduct. Generally, outside business activities requiring disclosure and/or pre-clearance approval fall under the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Outside Activities: Activities that must be reported and/or pre-cleared include (i) any outside activity involving work for another
financial services firm or (ii) any recurring outside activity, whether for compensation or not, that regularly obligates the Covered
Person to consistently take time off work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Service as a Director or Trustee: No Covered Person shall serve (i) as a director on the board of a publicly traded company, or any
company with which the Companies do or may do business, or any company in which any Westwood Strategy has an interest, or on the board
of a professional organization, (ii) as a trustee at a charitable or other non-profit organization with which the Companies do or may do
business, or (iii) in any other position that may involve a level of influence or control over
the financial dealings or decisions of any such organization, without prior written authorization from the Chief Compliance Officer
and the Covered Person's supervisor based upon a determination that the board service would not be inconsistent with the interests
of the Clients or in violation of this Code or the Code of Business Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>SEC Pay-to-Play Rule – Political Contributions</u> 

Covered Persons are permitted to make political contributions to elected officials, candidates, and others in a manner that is consistent with regulatory requirements and Westwood's Policies & Procedures Manual. Any Covered Person (other than Limited Access Persons who comply with paragraph (C)9 below) who is a "Covered Associate," as defined in the SEC Rule 204-2 (the "Pay-to-Play Rule", is referred to as a "Rule 204-2 Covered Associate." Rule 204-2 Covered Associate shall generally mean any:

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| 13 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any executive officer of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Covered Person who solicits a government entity for the investment advisory services and any person who supervises, directly or indirectly, such Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any political action committee controlled by the investment adviser or by any person described in (i) or (ii) above.

Whether a Covered Person is a Rule 204-2 Covered Associate will be determined by the Chief Compliance Officer on a case by case basis.

It is never appropriate to make or solicit political contributions or provide gifts or entertainment for the purpose of improperly influencing the actions of public officials. Accordingly, our policy is to restrict, monitor, and require prior approval of any political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Every 204-2 Covered Associate who is newly hired or Covered Person who becomes a Rule 204-2 Covered Associate must provide information
to the Chief Compliance Officer no later than 30 days after his or her date of hire regarding any political contributions made within
the preceding two years of his or her date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prior to accepting a new advisory client that is a government entity, the Chief Compliance Officer will review any political contributions
made by Rule 204-2 Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No political contribution may be made by any Rule 204-2 Covered Associates unless the contribution has been approved by the Chief
Compliance Officer in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. An electronic pre-clearance request must be submitted through the Compliance Monitoring System (including the name and title of the
recipient, the amount, and the anticipated date of the contribution), and an emailed notification of pre-clearance must be received before
the contribution is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. After reviewing the proposed contribution to the candidate and the level of potential involvement the Companies may have with such
candidate or a government entity with which such candidate is or may become affiliated, the Chief Compliance Officer, and an Executive
Manager when appropriate, will approve (or disapprove) a pre-clearance request as expeditiously as possible. Proposed contributions will
generally be approved unless it is believed for any reason that the Rule
204-2 Covered Associate's contribution may currently or in the future violate the Pay-to-Play Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Contribution pre-clearance approval for the Chief Compliance Officer must be obtained from both another member of the Legal Team and
an Executive Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On an annual basis, all Rule 204-2 Covered Associates must submit disclosure certifications regarding their political contributions
and must ensure that all required information (including the name and title of each recipient, the amount, and the exact date each contribution
was ultimately made) is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. On an annual basis, all Covered Persons must submit a certification with respect to their activities on behalf of the Companies with
respect to any sales activities involving government entities.

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| 14 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. No Limited Access Persons may solicit any "government entity" as defined in the SEC's Pay-To-Play Rules, including
any sales, marketing, client service activities or communications directed at a client or prospective client that is a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disclosure of Conflicts</u> 

Full disclosure to the Compliance Department of any potential conflict of interest is required as soon as such potential conflict is discovered. If you believe that unusual circumstances justify your engaging in an activity that may result in a conflict of interest, you may request in writing that the Compliance Department review the situation and grant a waiver in consultation with senior management, which consists of the Chief Executive Officer, Chief Compliance Officer, and Director of Fiduciary Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reports and Additional Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Reporting of Violations</u> 

Violations of the Code of Ethics must be promptly reported to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Anonymous reporting is acceptable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All violations will be reviewed by the Compliance Department and/or the Westwood Holdings Group, Inc. Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Board Reporting for Fund Clients</u> 

At least annually (or quarterly in the case of Items 4 and 5 below), each of the Companies that has a Fund Client or that provides principal underwriting services for a Fund Client, shall, together with each Fund Client, furnish a written report to the Board of Directors of the Fund Client that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under the Code since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies that Companies have developed procedures concerning Covered Persons' personal trading activities and reporting requirements
relevant to such Fund Clients that are reasonably necessary to prevent violations 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;3. Recommends changes, if any, to the Fund Clients' or the Companies' Codes of Ethics or procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provides a summary of any material or substantive violations of this Code by Covered Persons with respect to such Fund Clients which
occurred during the past quarter and the nature of any remedial action taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Describes any material or significant violations or "exceptions" to any provisions of this Code of Ethics as determined
under Article VI below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Certifications** 

Annually, each Covered Person must certify that he or she has read and understood the Code and recognizes that he or she is subject to such Code. A Covered Person's initial Code of Ethics certification will be submitted through the Compliance Monitoring System. All other certifications will be submitted through the Compliance Monitoring System.

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| 15 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Sanctions** 

Upon discovering that a Covered Person has not complied with the requirements of this Code, the Compliance Department will determine appropriate sanctions. The Chief Compliance Officer will consult on sanctions with senior management and the Covered Person's supervisor if necessary. In addition, the Board of Directors of the relevant Company or of the relevant Fund Client, whichever is most appropriate under the circumstances, may impose on that person whatever sanctions the Board deems appropriate, including, among other things, disgorgement of profit, censure, suspension, or termination of employment. Violations of requirements of this Code by employees or Covered Persons and any sanctions imposed in connection therewith shall be reported not less frequently than quarterly to the Board of Directors of any relevant Company or Fund Client, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Waivers** 

The Compliance Department, in consultation with senior management, when necessary, reserves the right to grant, on a case-by-case basis, waivers to any provisions under this Code that would not be violations of Rule 204A-1. Any waivers made hereunder will be maintained in writing by the Compliance Department.

Requests for waivers to the personal investing restrictions set forth in Article III of this Code must be submitted in writing to the Chief Compliance Officer along with any Trading Approval request required for the transaction. Following are guidelines that will be considered when reviewing requests for personal investing restriction waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access to research/analyst information: an employee requesting a waiver should have little or no access
to research/analyst information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. De minimis trade: if an employee requests a waiver for a transaction in a security that is held in a Westwood
Strategy, the transaction must, in the opinion of the Chief Compliance Officer, be a de minimis trade, i.e., a small number of shares
in a security with sufficient market capitalization and trading volume such that is not likely to adversely affect the price of the security;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Expiration of stock options: the exercise of stock options granted by a previous employer that are about
to expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Preservation of Documents** 

This Code, a copy of each report by a Covered Person, a record of any violation of this Code and any action taken as a result of the violation, a record of all written acknowledgments for each Covered Person, any written report made hereunder by the Companies or the Chief Compliance Officer, lists of all persons required to make reports, a list of any waivers, and the reasons therefor, with respect to Article III, and any records with respect to transactions pursuant to Article III above, shall be preserved with the records of the relevant Company and any relevant Fund Client for the period required by Rule 204A-1 and Rule 17j-l.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XII.** **Other Laws, Rules and Statements of Policy** 

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of such person adopted by the Companies, the Affiliates or the Fund Clients.

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| 16 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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All activities of the Company must be conducted in full compliance with all applicable laws and regulations. Senior management should be informed regarding all matters pertinent to the Company's position regarding such laws and regulations. The Company expects all employees to follow the spirit as well as the letter of the law. In addition, Covered Persons are expected to fully comply with the Company's Amended and Restated Insider Trading Policy that prohibits illegal insider trading and the use of material non-public information. All employees are expected to cooperate fully with the Company's internal and outside auditors, attorneys, and regulatory examiners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XIII.** **Further Information** 

If any person has any question with regard to the applicability of the provisions of this Code generally or with regard to any Securities transaction or transactions, they should consult the Chief Compliance Officer.

***Updated August 7, 202***5

 ****

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| 17 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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**Exhibit A**

**List of Affiliated Funds That Require Pre-Clearance for Personal Investing Activities**

Westwood Quality Value Fund – WHGLX & WWLAX

Westwood Quality MidCap Fund – WWMCX

Westwood Quality SMidCap Fund – WHGMX

Westwood Quality SmallCap Fund – WHGSX

Westwood Quality AllCap Fund – WQAIX

Westwood Alternative Income Fund – WMNIX

Westwood Income Opportunity Fund – WHGIX & WWIAX

Westwood Multi-Asset Income Fund – WHGHX & WSDAX

Westwood Salient MLP & Energy Infrastructure – SMPLX

Westwood Real Estate Income Fund – KIFYX

Westwood Broadmark Tactical Growth Fund – FTGWX

Westwood Broadmark Tactical Plus Fund – SBTIX

Morningstar U.S. Equity Fund – MSTQX

Teton Westwood Equity Fund

Teton Westwood Balanced Fund

Westwood LBRTY Global Equity ETF – BFRE

Westwood Enhanced Energy Income ETF – WEEI<br> Westwood Enhanced Midstream Income ETF – MDST

Principal Investors Fund – LargeCap Value Fund III

RBC Private U.S. Value Equity Pool

Timothy Plan Large/Mid-Cap Value Fund

Timothy Plan Small-Cap Value Fund

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|:---|:---|
| 18 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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**Exhibit B**

<u>PRE-CLEARANCE TRADING APPROVAL FORM</u>

I, _________________________________________________ (name), am a Covered Person or authorized officer thereof and seek pre-clearance to engage in the transaction described below, for the benefit of myself or another Covered Person:

<u>Acquisition or Disposition</u> (circle one)

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| |
|:---|
| Name of Account: |
| Account Number: |
| Date of Request: |
| Security (Name & Ticker): |
| Amount or # of Shares: |
| Broker: |

---

If the transaction involves a Security that is not publicly traded, a description of proposed transaction, source of investment opportunity and any potential conflicts of interest:

I hereby certify that, to the best of my knowledge, the transaction described herein is not prohibited by the Code of Ethics and that the opportunity to engage in the transaction did not arise by virtue of my activities on behalf of any Client.

Signature:   Print Name:  

<u>Approved or Disapproved:</u> (circle one)

Date of Approval:  

Signature:   Print Name:  

Compliance Approval:  

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|:---|:---|
| 19 Investing Where It Counts \| | ![](fp0098586-1_04.jpg) |

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## Exhibit 99.28

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|:---|:---|
| ![](fp0098586-1_05.jpg) | ![](fp0098586-1_06.jpg) |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Code of Ethics for Victory Capital Management Inc. and<br> WestEnd Advisors, LLC

Effective April 1, 2025

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

Previously updated: July 1, 2023

**1.** **Introduction** **1** 

**2.** **Definitions** **2** 

**3.** **Culture of Compliance** **4** 

**4.** **Policy Statement on Insider Trading** **5** 

A. Introduction 5

B. Scope of the Policy Statement 5

C. What is Material Information? 5

D. What is Non-Public Information? 6

E. Identifying Inside Information 7

F. Contact with Public Companies 7

G. Tender Offers 7

H. Protecting Sensitive Information 7

I. Trading in Securities Listed on Exchanges in Other Countries 8

J. Public Company Confidential Records 8

**5.** **Conflicts of Interest** **8** 

A. Gifts and Entertainment 9

B. Political Contributions 10

C. Outside Business Activities 11

D. Other Prohibitions on Conduct 12

E. Review of Employee Communications 13

**6.** **Standards of Business Conduct** **13** 

**7.** **Personal Trading, Code of Ethics Reporting and Certifications** **13** 

A. Employee Investment Accounts 13

B. Employee Investment Account Reporting 14

C. Personal Trading Requirements and Restrictions 15

D. Representation and Warranties 18

E. Quarterly and Annual Certifications of Compliance 18

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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| | | | |
|:---|:---|:---|:---|
|  | F. | Review Procedures | 19 |
|  | G. | Recordkeeping | 19 |
|  | H. | Whistleblower Provisions | 19 |
|  | I. | Confidentiality | 19 |
|  | J. | Reporting to the Board of Directors of Affiliated Funds | 19 |
| **8.** |  | **Code of Ethics Violation Guidelines** | **20** |
| **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds | **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds | **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds | i |
| **Appendix 2** – Approved Brokers List | **Appendix 2** – Approved Brokers List | **Appendix 2** – Approved Brokers List | ii |
| **Appendix 3** – Investment Account Disclosure | **Appendix 3** – Investment Account Disclosure | **Appendix 3** – Investment Account Disclosure | iii |
| **Appendix 4** – Preclearance and Reporting By Security Type | **Appendix 4** – Preclearance and Reporting By Security Type | **Appendix 4** – Preclearance and Reporting By Security Type | iv |
| **Appendix 5** – ETFs Eligible for De Minimis Transaction Exemption | **Appendix 5** – ETFs Eligible for De Minimis Transaction Exemption | **Appendix 5** – ETFs Eligible for De Minimis Transaction Exemption | vi |
| **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | vii |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**1. INTRODUCTION**

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws. Victory Capital Management Inc. ("VCM") and WestEnd Advisors, LLC ("WestEnd") are both registered investment advisers under the Advisers Act and also both wholly owned subsidiaries of Victory Capital Holdings, Inc. ("VCH"). WestEnd and VCM, together with VCM's subsidiaries, RS Investments (UK) Limited, RS Investments (Hong Kong) Limited, and RS Investment Management (Singapore) Pte. Ltd. (collectively the "Affiliated Advisers"), have adopted this Code of Ethics ("Code"), which sets forth the standards of business conduct that are required of Access Persons*.* As an adviser to regulated investment companies, VCM also adopts this Code in adherence to Rule 17j-1<sup>1</sup> under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Officers and employees of RS Investments (Hong Kong) Limited and RS Investment Management (Singapore) Pte. Ltd. should also review the related Code supplements.

VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the ticker symbol "VCTR." As a public company, compliance policies were adopted that apply to VCH and the Affiliated Advisers (collectively "Victory Capital'). The VCH policies are in addition to the compliance program of the Affiliated Advisers. In particular, the policies that apply to Victory Capital include: (1) Code of Business Conduct and Ethics, (2) Corporate Communications Policy and (3) Insider Trading Policy. Affiliated Advisers make these policies readily available to their Access Persons.

Victory Capital Services, Inc. ("VCS"), is a Victory Capital affiliated broker-dealer that (i) provides marketing and distribution support for the Victory Funds and the 529 Plan; (ii) introduces retail customers to the Victory Funds and the 529 Plan on a direct-application basis; and (iii) introduces retail customers to a clearing broker-dealer pursuant to a fully-disclosed clearing arrangement.

Access Persons have a responsibility to adhere to the highest ethical principles. Thus, the Code imposes obligations in addition to those required under applicable laws and regulations. The Code is a minimum standard of conduct. Additionally, Access Persons must act in accordance with their fiduciary duty owed to Affiliated Adviser clients. Therefore, literal compliance with the Code will not protect an Access Persons if their behavior otherwise violates their fiduciary duty. If an Access Person is uncertain as to the intent or purpose of any provision of the Code, or whether a proposed action is compatible with their fiduciary duty, they should consult the appropriate Affiliated Adviser Chief Compliance Officer ("CCO") or a member of the Compliance team.

The Affiliated Advisers recognize the importance of an Access Person's ability to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, the Affiliated Advisers have implemented certain standards and limitations designed to minimize these conflicts.

Victory Capital's reputation is of paramount importance; therefore, the Affiliated Advisers will not tolerate blemishes due to careless personal trading or other conduct prohibited by the Code. Consequently, Material Violations (as defined herein) of the Code may be subject to harsh sanctions. Frequent violations of the Code may result in limitations on personal securities trading or other disciplinary actions, which can include termination of employment.

<sup>1</sup> Rule 17j-1 requires that fund advisers adopt written codes of ethics and have procedures in place to prevent their personnel from abusing their access to information about the fund's securities trading and requires "access persons" to submit reports periodically containing information about their personal securities holdings and transactions.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**2. DEFINITIONS**

"<u>Access Person</u>" means any employee of VCM. It also includes anyone deemed an Access Person by a CCO. As a matter of practice, the Board of Directors of the Victory Portfolios, Victory Portfolios II, Victory Portfolios III, Victory Portfolios IV, Victory Variable Insurance Funds, Victory Variable Insurance Funds II, and the Pioneer Closed-End Funds (collectively the "Victory Funds") generally consists of members who are not employees or officers of Victory Capital, or their affiliates. Unless designated by the COO, a non-employee director is not treated as an "access person" within the meaning of Rule 204A-1 under the Advisers Act and is not treated as either an "access person" or an "advisory person" of VCM.

"<u>Affiliated Funds</u>" means any individual series portfolio of the Victory Funds, as well as other sub-advised affiliates listed in Appendix 1, each an investment company registered under the Investment Company Act.

"<u>Automatic or Periodic Investment Plan</u>" is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

"<u>Beneficial Interest</u>" means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts (including Non-Victory Capital Employee Compensation Programs, Non-Victory Capital Employee Stock Participation Program, and Employer-Sponsored Retirement Plan Accounts), Uniform Transfers to Minors Act accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Department. Such questions will be resolved in accordance with, and this definition shall be interpreted in a manner consistent with, the definition of "beneficial owner" set forth in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

"<u>Blackout Period</u>" means seven (7) calendar days before through seven (7) calendar days after the date a client trade is executed for VCM or the month in which a security is added to the Securities Under Consideration list for WestEnd.

"<u>Business Entertainment</u>" includes any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, and any transportation or lodging accompanying or related to such activity or event, including any entertainment activity offered in connection with an educational event or business conference, irrespective of whether any business is conducted during, or is attendant to, such activity.

"<u>Covered Government Official</u>" means a 1) state or local governmental official; 2) candidate for state or local office; or 3) federal candidate currently holding state or local office. A governmental "official" includes an incumbent, candidate, or successful candidate for elective office of a state or local government entity, if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, by a state or a political subdivision of a state.

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"<u>De Minimis Security</u>" means an ETF listed in Appendix 5 of this Code of Ethics. In certain situations, a client trade in a De Minimis Security may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

"<u>De Minimis Trade</u>" means a Personal Trade Request that at the time is request is either 1) for an equity security with a market capitalization between $3 billion and $50 billion and the market value for the request is less than $10,000 or 2) for an equity security with a market capitalization above $50 billion and the market value for the request is less than $50,000. In certain situations, a De Minimis Trade may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

"<u>Exempt Securities</u>" means 1) direct obligations of the U.S. Government; 2) bankers' acceptances, bank certificates of deposit and commercial paper; 3) investment grade, short-term debt instruments, including repurchase agreements; 4) shares held in money market funds; 5) variable insurance products that invest in funds for which an Affiliated Adviser does not act as adviser or sub-adviser; 6) open-end mutual funds for which an Affiliated Advisers does not act as adviser or sub-adviser; and 7) investments in qualified tuition programs ("529 Plans"). Exempt Securities do not need to be pre-cleared.

"<u>Franchise</u>" means a group of employees who report directly or indirectly to the same Chief Investment Officer that oversees a brand-named strategy

"<u>Immediate Family</u>" means all family members who share the same household, including but not limited to, a spouse, domestic partner, fiancée, parents, grandparents, children, grandchildren, siblings, step-siblings, step-children, step-parents, or in-laws. Immediate Family includes adoptive relationships and any other relationships (whether or not recognized by law) that a CCO determines could lead to conflicts of interest, diversions of corporate opportunity, or create the appearance of impropriety.

"<u>Initial Holdings Report</u>" is a report that discloses all securities holdings of every Access Person, which must be submitted to the Compliance Department within ten (10) calendar days of becoming an Access Person.

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

"<u>Managed Accounts</u>" means investment advisory or brokerage accounts over which an Access Person has no direct or indirect influence or control in the investment decisions or activities.

"<u>Material Non-Public Information" or "MNPI</u>" means information that is both <u>material</u> *and* <u>non-public</u> that might have an effect on the market for a security. Access Persons who possess MNPI must not act or cause others to act on such information.

"<u>Material Violation</u>" means any violation of this Code or other misconduct deemed material by a CCO, in conjunction with the Compliance Committee or the VCM Board of Directors.

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"<u>Maximum Allowable Trades</u>" means Access Persons are limited to 15 trades in individual securities per calendar quarter across their Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade towards the Maximum Allowable Trades in a quarter. Individual securities transactions that do not require pre-clearance (i.e. open-end mutual funds, dividend reinvestments) will not count towards the Maximum Allowable Trades.

"<u>MCO</u>" means MyComplianceOffice, which is a web-based compliance system used to track and approve employee personal trading, gifts and entertainment, political contributions, and outside business activities, store policies, and facilitate employee certifications and manage other compliance objectives.

"<u>Personal Account</u>" means an investment account in which an employee retains investment discretion.

"<u>Personal Trading" or "Personal Trades</u>" means trades or transactions by Access Persons in their Personal Accounts.

"<u>Proprietary Product</u>" is a fund or product in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

"<u>Reportable Fund</u>" means any investment company registered under the Investment Company Act for which an Affiliated Adviser is an investment adviser or a sub-adviser, or any registered investment company whose investment adviser or principal underwriter controls Victory Capital, is controlled by Victory Capital, or is under common control with Victory Capital. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

"<u>Reportable Security</u>" means any security that is not an Exempt Security, for which Access persons must submit holdings and transaction reports. See the list of Exempt Securities under *Appendix 4*, as defined by rule 204A-1 under the Investment Advisers Act of 1940.

"<u>RIC</u>" means a Regulated Investment Company.

"<u>Short-Sell" or "Short-Selling</u>" means the sale of a security that is not owned by the seller. Access Persons may not take a short position in a security. However, mutual funds or ETFs that correspond to the inverse performance of a broad-based index are not considered to be Short-Sales. For example, buying (long) the ProShares Short S&P500 ETF is permitted. Employees may also trade in funds that track a volatility index.

"<u>Solutions Team</u>" means any employee who is a member of the Solutions Platform group, generally involved in passive investments.

"<u>Victory Capital Stock</u>" means securities offered by VCH or any subsidiary through a registration statement that has been declared effective by the SEC (e.g. "VCTR").

**3. CULTURE OF COMPLIANCE**

The Affiliated Advisers' primary objective is to provide value through investment advisory, sub-advisory and other financial services to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals, pension funds, and retail clients.

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The Affiliated Advisers require that all dealings on behalf of existing and prospective clients be handled with honesty, integrity and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, the Affiliated Advisers are fiduciaries that owe their clients a duty of undivided loyalty, and you have a responsibility to act in a manner consistent with this duty. You must actively work to avoid the possibility that the advice or services provided to clients is, or gives the appearance of being, based on your self-interest or the interests of the Affiliated Advisers and not in the clients' best interests. Violations of the Code must be reported promptly to the appropriate CCO or his/her designee.

You must act solely in the best interests of our clients. Statutory and regulatory requirements impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities to clients and you must comply fully with these rules and regulations. Your respective Compliance Department professionals are available to assist you in meeting these requirements.

Since no set of rules can anticipate every possible situation, it is essential that you obtain guidance from the appropriate CCO, Chief Legal Officer ("CLO"), or their designees when you are unsure how to follow these rules in letter and in spirit. It is your responsibility to fully understand and comply with the Code and other applicable policies or seek guidance from a CCO. Technical compliance with the Code and its procedures will not necessarily validate an action. Any activity that compromises the Affiliated Advisers integrity, even if it does not expressly violate a rule, may result in further action from a CCO. In some instances, a CCO holds discretionary authority to apply exceptions under the Code. In a CCO's absence, the CLO may act in his or her place.

The Affiliated Advisers' fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the sections that follow.

**4. POLICY STATEMENT ON INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Introduction**

The Affiliated Advisers seek to foster a culture of compliance, a reputation for integrity, professionalism and values, and endeavors to protect the confidence and trust placed in us by our clients. To further that goal, this Policy Statement implements procedures to deter the misuse of MNPI in securities transactions.

The term "insider trading" is not defined in the federal securities laws but refers generally to the situation when a person trades while aware of MNPI or communicates MNPI to others in breach of a duty of trust or confidence.

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While the law concerning insider trading is not static, it is generally understood that the law prohibits any of the following:

● Trading by an insider, while aware of MNPI;

● Trading by a non-insider, while aware of MNPI, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

● Communicating MNPI to others in breach of a duty of trust or confidence.

Trading securities while in possession of MNPI or improperly communicating that information to others may result in stringent penalties. Criminal sanctions may include fines of up to $5,000,000, twenty years' imprisonment, or both. The civil penalty for a violator may be an amount up to three times the profit (or loss avoided) as a result of the insider trading violation, and a permanent bar from working in the securities industry. Investors may sue and seek to recover damages for insider trading violations.

Regardless of whether a regulatory inquiry occurs, the Affiliated Advisers take seriously any violation of this Policy Statement. Such violations constitute grounds for disciplinary sanctions, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Scope of the Policy Statement**

This Policy Statement is drafted broadly and will be applied and interpreted in a similar manner. It applies to all Access Persons and to transactions in any security participated in by Immediate Family members of Access Persons or trusts or corporations controlled by Access Persons.

Any questions relating to this Policy Statement should be directed to a CCO or his/her designee. You must notify compliance immediately if you have any reason to believe that a violation of this Policy Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. What is Material Information?**

Trading on inside information is not a basis for liability unless the information relied upon is deemed to be material. "Material" information is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. If the disclosure of that information would be expected to alter the total mix of information that is publicly available about that company, then the information is considered material. Any questions about whether information is material should be directed to a member of compliance.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earning results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information about a company could be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company, or the securities of several companies. Material information does not have to relate to a company's business. For example, in *Carpenter v. U.S.*, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What is Non-Public Information?**

For issues concerning insider trading to arise, information must not only be material, it must also be "non-public". Non-public information is information that has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an "insider" is also deemed non-public information. For non-public information to become public information, it must be disseminated through recognized channels of distribution designed to broadly reach the securities marketplace.

Facts verifying that the information is public (and therefore has become generally available) may include, for example, and without limitation, disclosure in:

● National business and financial wire service, such as Dow Jones or Reuters;

● National news service or newspaper, such as AP or The Wall Street Journal; or

● Publicly disseminated disclosure document, such as a proxy statement or prospectus.

The circulation of rumors or "talk on the street", even if accurate, widespread and reported in the media, does not constitute the requisite public disclosure. In addition, the information must not only be publicly disclosed, there must also be adequate time for the market to digest the information. Material non-public information is not made public by selective dissemination. Material information improperly disclosed only to institutional investors or to a fund analyst or a favored group of analysts retains its status as "non-public" information that must not be disclosed or otherwise misused.

Partial disclosure does not constitute public dissemination. So long as any material component of the "inside" information has yet to be publicly disclosed, the information is deemed non-public and may not be misused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Identifying Inside Information**

Before executing any Personal Trades or trades for client accounts, Access Persons must determine whether they have access to MNPI. If you believe that you might have access to MNPI, you should take the following steps:

● Report the information and proposed trade immediately to a CCO or a member of compliance;

● Do not purchase or sell the securities as Personal Trades or for clients without written clearance to do so from a CCO or a member of compliance; and

● Do not communicate the inside information other than to compliance and, if necessary, your direct manager.

A member of the Compliance Department will determine whether the information is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Contact with Public Companies**

The Affiliated Advisers contact with public companies may help form the basis of investment decisions. Legal issues may arise if, in the course of these contacts, you become aware of MNPI. This could happen, for example, if a company's chief financial officer were to prematurely disclose quarterly results, or an investor relations representative selectively discloses adverse news to a handful of investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Tender Offers**

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC forbids trading and "tipping" while in possession of MNPI regarding the receipt of a tender offer, the tender offeror, the target company or anyone acting on behalf of either of these parties. You should exercise caution any time you become aware of non-public information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Protecting Sensitive Information**

You are responsible for safeguarding all confidential information relating to investment research, fund and client holdings, including analyst research reports, investment meeting discussions or notes, and current fund or client transaction information, regardless whether such information is deemed MNPI. Other types of information (for example, marketing plans, employment issues and shareholder identities) may also be confidential and should not be shared with individuals outside the company unless approved by a CCO or an executive officer.

You are expressly prohibited from knowingly spreading any false rumor concerning any company, or any purported market development, that is designed to impact trading in or the price of that company's or any other company's securities, and from engaging in any other type of activity that constitutes illegal market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Trading in Securities Listed on Exchanges in Other Countries**

Trading in securities listed on exchanges in other countries is governed by the laws of that country. When trading in such securities, you must ensure compliance with applicable law, which in all relevant cases prohibits trading on the basis of MNPI or price-sensitive information, as those terms are defined in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Public Company Confidential Records**

VCH's and Affiliated Adviser records must always be treated as confidential and must not be disclosed or used for any purpose at any time other than for the normal course of business. Information learned about other entities in a special relationship with VCH, such as acquisition, joint venture and partnership negotiations, is confidential and must not be disclosed without proper authorization.

At all times, you are prohibited from making any recommendation or expressing any opinion as to trading in Victory Capital Stock

See VCH's *Corporate Communications Policy* and *Insider Trading Policy* for more information.

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**5. CONFLICTS OF INTEREST**

A "conflict of interest" exists when your interests may be contrary to our clients' and shareholders' interests. A conflict may arise if you take action or have business, financial or other interests that may make it difficult to perform your work objectively and effectively.

Conflicts of interest may arise, for example, if you or your Immediate Family member receives improper personal benefits (for example, personal loans, services, or payment for services) as a result of your position at an Affiliated Adviser or you gain personal enrichment or benefits through access to confidential information. Conflicts may also arise if you or an Immediate Family member holds a financial interest in a company that does business with an Affiliated Adviser or has outside business interests that may result in divided loyalties or compromised independent judgment. Conflicts may also arise when making securities investments for Proprietary Products or Personal Accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for Personal Trading or other conduct that violates your fiduciary duties to clients. You are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. Any questions regarding a conflict of interest or potential conflict of interest should be directed to a manager, a CCO or a representative of compliance.

The following areas represent many common types of conflicts of interests and the procedures to be followed; however, the list is not intended to be all-inclusive. A summary is provided for each case, but further details can be found in the related policies and procedures for your specific Affiliated Adviser. To the extent there is a conflict between an Affiliated Adviser's related policies and procedures and the requirements of the Code, the Code shall prevail. For questions related to conflicts of interest, please contact a member of your Affiliated Adviser's compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Gifts and Entertainment** 

<u>Gifts</u>

Giving or receiving gifts or other items of value to or from persons doing business or seeking to do business with an Affiliated Adviser could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, such conduct is only permitted in accordance with the limitations stated herein.

Affiliated Adviser policies on gifts and entertainment are derived from industry practices. You should be aware that there are various laws and regulations that prohibit you from giving anything of value to employees of various financial institutions in connection with attempts to obtain any business transaction with the institution, which is viewed as a form of bribery. If there is any question about the appropriateness of any particular gift, you should consult a member of compliance.

Under no circumstances may a gift be received as any form of compensation for services provided by an Affiliated Adviser or an Access Person. Gifts of nominal value may be given to or accepted from present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship. You are required to pre-clear all gifts given and received in MCO, and promptly report all gifts given in the Affiliated Adviser's expense reporting system. Any gifts received must promptly be disclosed in MCO. Gifts from an individual or entity may not exceed $100 in aggregate value in any calendar year unless pre-approval is obtained from your direct manager and compliance.

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Gifts of up to $100 per person per year may be provided to present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship.

Additional policies concerning gifts may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

<u>Entertainment</u>

You may sponsor and participate in Reasonable and Customary Business Entertainment. Any Business Entertainment that is not Reasonable and Customary must be pre-approved by a CCO and your manager. You must accompany the persons being entertained for an entertainment activity to qualify as permissible Business Entertainment. All Business Entertainment expenses must be reported promptly in the applicable expense reporting system, listing each attendee at the entertainment event. The receipt of Business Entertainment must be disclosed promptly after each occurrence in MCO, with the exception of infrequent business meals that cost no more than $25 per person. If the client, broker, service provider, vendor or supplier is not present, the entertainment is considered a gift. Items that are normally associated with entertainment that are given or received during a virtual event can be considered entertainment as long as the appropriate parties are in attendance at the virtual event.

Additional policies concerning gifts and entertainment may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Political Contributions**

SEC regulations limit political contributions to Covered Government Officials by employees of investment advisory firms and certain affiliated companies. The SEC's "Pay-to-Play" Rule 206(4)-5 (the "Rule") prohibits advisers from receiving any compensation for providing investment advice to a government entity within two years after a contribution has been made by the adviser or one of its covered associates. The two-year time out is triggered by a political contribution to an official of a government entity. The date of the contribution starts the time out.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an elected official or candidate for whom the individual is not entitled to vote. Many U.S. cities, states and other government entities have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. While contributions to candidates in federal elections would generally not raise any issues under state or local laws, contributions to state and local officials are generally not approved. Prior to the commencement of employment, you must disclose all political contributions in the past 2 years to Human Resources. During employment, you must receive approval from compliance through MCO before making personal political contributions at all levels. Political contributions which require pre-approval include, but are not limited to, the following:

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● Covered Government Officials;

● Federal candidate campaigns and affiliated committees;

● Political Action Committees (PACs) and Super PACs; and

● Non-profit organizations that may engage in political activities, such as 501(c)(4), 501(c)(6) organizations, and 527 organizations

Note: U.S. national political party donations (e.g. Democratic or Republican) do not require preclearance, provided the donation is not earmarked for a specific candidate.

Contributions include:

● Monetary contributions, gifts or loans;

● "In kind" contributions (e.g. donations of goods or services or underwriting or hosting fundraisers);

● Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, purchasing tickets to inaugural events);

● Contributions to joint fund-raising committees; or

● Contributions made by a PAC that is controlled by an Access Person.

See the *Political Contributions Policy* (F-2) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Outside Business Activities**

Prior to commencement of employment with VCM, all Outside Business Activities ("OBAs") must be disclosed to Human Resources. During employment and prior to commencement of any new OBA, you must fill out and submit an OBA request form in MCO. You are responsible for notifying compliance of any material OBA changes and must review, update and certify quarterly to your OBA activities.

<u>Holding Political Office/Appointments</u>

You must avoid any political appointment that may conflict with the performance of your duties on behalf of the Affiliated Advisers and their clients. Prior written approval must be obtained from a CCO before holding political office and, if approved, must be confirmed annually through the compliance certification process. You must expressly remove yourself from any discussions and decisions regarding products or services offered by the Affiliated Advisers.

<u>Outside Employment or Business Activities</u>

You may pursue other interests on your own time as long as the activity doesn't conflict, interfere, or reflect negatively on the Affiliated Advisers or their clients. However, full-time employees should consider their position to be their primary employment.

All outside business activities must be reported to and pre-approved by both your manager and a CCO (or CCO designee). Outside employment or business activities may be considered any activity conducted by you for another organization or business purpose that is outside the scope of your job function with the Affiliated Advisers. This includes, but is not limited to, being an employee, independent contractor, consultant, sole proprietor, officer, director or partner of another organization, or being compensated by, or having the reasonable expectation of compensation from, any other person or organization as a result of any business activity outside the scope of the relationship with the Affiliated Advisers. Certain activities are <u>not</u> considered reportable OBAs, including any non-investment related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.

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Passive investments requirements are governed by the Limited Offerings and Private Placement sections of this Code. If you are unsure if a specific activity is an OBA or passive investment, you should consults with a member of compliance.

Absent prior approval of a CCO and the Chief Executive Officer, you or your Immediate Family member may not serve on the board of directors of any publicly traded company or investment company. You or your Immediate Family member's service on a for-profit private company's board of directors must also be pre-approved by your direct manager and a CCO or CLO, and reported on the your annual Code certification.

All outside employment or business activities must be reported to and pre-approved by both your direct manager and a CCO and reported on your quarterly certification. You are prohibited from the commencement of any outside employment or business activities until a CCO's approval within MCO has occurred.

In addition to these outside employment or business activity procedures, if you are a registered representatives of VCS, you must also adhere to related requirements as set forth in VCS's Written Supervisory Procedures Manual.

See the *Outside Business Activity* Policy (F-4) for more information.

<u>Bequests</u>

A bequest is the act of leaving or giving something of value in a will. The acceptance of a bequest from a client, vendor or business partner may raise questions about the propriety of that relationship. Any potential or actual bequest in excess of $100 made to you by a client, vendor, or business partner under a will or trust agreement must be reported to compliance, unless the grantor is a member of your immediate family. Such bequests shall be subject to the approval of your direct manage and a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Other Prohibitions on Conduct**

In addition to the specific prohibitions detailed elsewhere in the Code, you are subject to a general requirement not to engage or participate in any act or practice that would defraud Affiliated Adviser clients. This general prohibition includes, among other things:

● Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud a client;

● Omitting to state a material fact, or failing to provide any information necessary to properly clarify any statements made, in light of the circumstances, thereby creating a materially misleading impression;

● Misuse of client confidential information;

● Making investment decisions, changing internal research ratings and trading decisions other than exclusively for the benefit and in the best interest of our clients;

● Using information about investment or trading decisions or changes in research ratings (whether considered, proposed or made) to benefit or avoid economic injury to an Access Person or anyone other than our clients.

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● Taking, delaying or failing to take any action with respect to any research recommendation, report or rating or any investment or trading decision for a client in order to avoid economic injury to an Access Person or anyone other than a client;

● Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

● Revealing to any other person (except in the normal course of your duties on behalf of a client) any information regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

● Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or engaging in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Review of Employee Communications**

All correspondence related to the Affiliated Advisers' business and any client correspondence is subject to review by compliance. The Affiliated Advisers are required to maintain original records of employee correspondence that is communicated on approved devices (such as through email). In addition, the Affiliated Advisers are required to monitor employee communications and compliance with conflicts of interest and insider trading policies and procedures. Consequently, all employee communications, including emails and other forms of electronic communication are archived and subject to review for compliance purposes. You are advised that you should have no expectation of privacy regarding personal communications that are sent or received on company-provided or connected electronic devices or communication platforms, such as instant messages or emails.

Additionally, you are prohibited from sending client communications via any personal email account, instant messaging, text or other method that is not captured in our archiving system. You may only use an Affiliated Adviser's e-mail system, instant messaging system, Bloomberg and other explicitly approved methods for business-related communications. You are permitted to communicate on an Affiliated Adviser's e-mail system connected through personal mobile devices such as smartphones. See the appropriate technology policy for more information*.*

**6. STANDARDS OF BUSINESS CONDUCT**

● You have a duty to place the interests of client accounts first and not take advantage of your position at the expense of clients

● You must not mislead or defraud any clients by any statement, act or manipulative practice.

● All personal securities transactions must be conducted in a manner to avoid any actual, potential, or appearance of, a conflict of interest, or any abuse of your position of trust and responsibility.

● You may not induce or cause a client to take action, or not to take action, for personal benefit.

● You may not share portfolio holdings information except as permitted by the applicable portfolio holdings disclosure policy. See the policy for more information.

● You must notify a CCO or CLO, as soon as reasonably practical, if you are arrested, arraigned, indicted or plead no contest or guilty to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related civil proceeding or any administrative or disciplinary action.

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**7. PERSONAL TRADING, CODE OF ETHICS REPORTING AND CERTIFICATIONS**

Personal Trading is a privilege granted by the Affiliated Advisers that may be withdrawn at any time. All personal investment activities must be conducted in accordance with your fiduciary duty and the requirements of the Code at all times. The CCOs have complete discretion over all Personal Trading activity and have no obligation to explain any denial or restriction relating thereto. You may be required to disgorge any gains generated (or losses avoided) from Personal Trading violations. Access Persons must maintain adequate records of all Personal Trading transactions and be prepared to disclose those transactions to compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Employee Investment Accounts**

Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Managed Accounts and Personal Accounts with select brokers supported by MCO through direct electronic feeds ("Approved Brokers"). Any accounts held with a broker that is not on the Approved Broker List must be transferred to an Approved Broker within 90 days of the commencement of employment.

On a case-by-case basis, compliance may approve certain accounts held with brokers that are not on the Approved Brokers List. Compliance must still receive statements for each of these types of accounts, regardless of whether they are Managed or Personal Accounts.

For a list of Approved Brokers see *Appendix 2 – Approved Brokers List.* For a summary of account disclosure requirements see *Appendix 3 – Investment Account Disclosure.* For a summary of preclearance requirements see *Appendix 4 – Preclearance and Reporting By Security Type.*

<u>Managed Accounts</u>

Access Persons may open and maintain Managed Accounts with Approved Brokers. With the exception of IPOs and Limited Offerings, the requirements listed below under Personal Trading Requirements and Restrictions do not apply to Managed Accounts. Participation in an IPO or a private placement in a Managed Account still requires prior approval of a CCO or his/her designee.

Managed Accounts require the following:

● They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

● At the end of each quarter, <u>all employees</u> must certify that all Managed Accounts have been disclosed and verify all transactions are correctly reflected in MCO;

● The employee must certify and compliance must be able to independently verify that the account is truly discretionary; and

● Access Persons must certify quarterly that they had no direct or indirect influence or control over any transactions that occurred in their Managed Accounts.

Failure to adhere to these requirements could lead to disciplinary actions and penalties up to and including termination.

<u>Personal Accounts</u>

Access Persons may open and maintain Personal Accounts at Victory Capital Services and with brokers on the Approved Brokers List (see Appendix 2). All requirements listed below under Personal Trading Requirements and Restrictions apply to Personal Accounts.

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Personal Accounts require the following:

● They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

● At the end of each quarter, <u>all employees</u> must certify that all Personal Accounts have been disclosed and verify all Personal Trades or transactions are correctly reflected in MCO.

Access Persons acknowledge and agree that the Affiliated Advisers may request and obtain information regarding Personal Accounts from broker-dealers. Affiliated Advisers may use personal information, including name, address and social security numbers, to identify and verify employee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Employee Investment Account Reporting** 

<u>Investment Account Disclosure</u>

All Personal Accounts and Managed Accounts must be disclosed to and approved by compliance prior to trading or on the next quarterly certification, whichever is sooner. New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

<u>Initial Holdings Report/Annual Holdings Report</u>

No Personal Trading will be authorized before compliance has received a completed Initial Holdings Report as part of the new hire on-boarding process. Any exceptions must be approved by a CCO. The Initial Holdings Report must be submitted to compliance within ten (10) calendar days of becoming an Access Person. All Access Persons must submit a similar report annually to compliance. These reports must include the following information:

● The date when the individual became an Access Person (Initial Holdings Report only);

● The name of each Personal Account in which any securities are or could be held in the Beneficial Interest of the Access Person, and the name of the broker-dealer or financial institution holding these accounts;

● Current holdings in private placements (or non-public offering), including private equity, hedge funds or partnerships; and

● Each Reportable Security or Reportable Fund in which the Access Person has a Beneficial Interest, including title, number of shares, and principal amount. Holdings information must be current as of 45 calendar days before the report is submitted.

<u>Quarterly Securities Transaction Report</u>

At the end of each quarter, every Access Person must verify his or her Personal Trades or transactions in Personal Accounts through MCO by submitting a Securities Transaction Report ("STR") no later than 30 calendar days following the end of each calendar quarter (whether or not trades were made). The STR must include:

● A description of any transaction in a Reportable Security or Reportable Fund effected during the preceding quarter, such as the date, number of shares, principal amount of securities involved, nature of the transaction (i.e., a buy or a sell), price, and the name of the broker/dealer or financial institution that effected the transaction; and

● The name and number for any account established in the preceding quarter

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Certain transactions are exempt from the quarterly reporting requirement. See *"Summary of Preclearance Requirements"* in *Appendix 4 – Preclearance and Reporting By Security Type* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Personal Trading Requirements and Restrictions** 

<u>Prohibited Securities and Transactions</u> 

Commodities, currencies, futures, options, and selling securities short are prohibited in Personal Accounts.

Investments in companies under common control of VCH are also prohibited in Personal Accounts.

<u>Pre-clearance Requirement</u> 

You must obtain compliance approval prior to executing a transaction that requires pre-clearance (see Appendix 4 – *Preclearance and Reporting By Security Type)*. Approval may only be requested by submitting a *Personal Trade Pre-Clearance Request* ("PTR") in MCO. Compliance approval expires at the end of the trading day approval was provided (see exception granted to Covered Persons, as defined in VCH's *Insider Trading Policy*). In certain circumstances, an approved and executed Personal Trade may need to be broken or profits disgorged (e.g. a Blackout Period triggered by subsequent client trading).

*Cryptocurrencies* – Trading in cryptocurrencies must be pre-cleared using the appropriate section of the Trade Pre-Clearance form within MCO. Such trades must be executed either in an account at a firm that is on our approved broker list (see Appendix 2) or in an account that does not offer any security trading capability. Accounts established to trade cryptocurrencies that do not have security trading capabilities must be reported in MCO. Receiving pre-clearance approval does not relieve you of your fiduciary duty and the responsibility to follow the spirit of the Code.

 

Compliance will review cryptocurrency trade requests for perceived or actual conflicts. As a general rule, compliance expects that cryptocurrencies traded on common crypto exchanges (e.g. Coinbase) will not pose a conflict and would be approved. Trades in cryptocurrencies will not be subject to the Short-Term Trading Period or count towards your Maximum Allowable Trades, however compliance may deny trades if it determines an actual or perceived conflict exists or an employee is trading too frequently. Decisions for approval and denial are the sole responsibility of compliance and are final.

You should be aware that the regulatory environment continues to evolve with respect to cryptocurrencies. In the future, you may be required to divest crypto holdings or hold them only at approved account providers if deemed necessary to meet regulatory requirements.

<u>Prohibition on Personal Trades Ahead of Client Pending Orders</u>

You are prohibited from executing Personal Trades in securities where you are aware of any pending orders in such securities by any Franchise that, if executed, would trigger a Blackout Period, create a conflict, or disadvantage a client. Adherence to the above Pre-Clearance Requirement does not provide relief from this prohibition.

<u>Franchise Blackout Period</u> 

The Franchise Blackout Period is triggered by all client trades within an employee's specific Franchise. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the blackout period.

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Employees may not make De Minimis Trades in the same security on consecutive trading days. The LCR Department does not provide exceptions to the Franchise Blackout Period beyond De Minimis Trades and ETFs.

<u>Standard Blackout Period</u> 

For all other employees (e.g. support staff) and the Victory Solutions Team the Standard Blackout Period is triggered by all client trades. Therefore, a Personal Trade by an employee during a Blackout Period in the same name as any client is generally prohibited. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the Standard Blackout Period. Employees may not make De Minimis Trades in the same security on consecutive trading days. The appropriate CCO, or his/her designee, may determine that a nonvolitional client trade (e.g. cash flow trading) did not trigger a Blackout Period. In such cases, Compliance will confirm that there are no other potential conflicts before approving or reviewing a Personal Trade. Additionally, in certain situations (e.g. shared office spaces), the CCO, or his/her designee, may apply the Standard Blackout Period to Franchises.

<u>Private Equity Prohibitions</u>

Employees who are part of a franchise that invests in private equity on behalf of clients are prohibited from investing in any publicly-listed portfolio companies held by such franchise. Publicly-listed companies that are not portfolio companies but are in similar sectors and industries as those that are held will be reviewed on a case-by-case basis for potential conflicts.

<u>Short-Term Holding Period</u> 

Personal Trading must be for investment purposes rather than for speculation. You may not purchase and sell or sell and purchase the same security within sixty (60) calendar days, calculated on a LIFO basis. This means each purchase will require you to hold your entire position in that security for 60 days. Similarly, this means each sale will require you not to purchase that name for 60 days. Excess profits (or losses avoided) as a result of violating this restriction may be subject to disgorgement. You should carefully consider whether you have the conviction to hold an entire position or refrain from adding to a position for at least 60 days before engaging in buy or sell transactions. See exceptions related to trading in Victory Capital stock. The Short-Term Holding Period only applies to transactions that require pre-clearance.

The appropriate CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Maximum Allowable Trades</u>

You are limited to 15 Personal Trades in individual securities per calendar quarter across your Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade. Transactions listed in the "Reportable ONLY (Preclearance NOT Required)" section of Appendix 4 do not count toward the 15 allowable trades. A CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Prohibition on Small Market Capitalization Securities</u>

Personal Trade purchases in smaller market capitalization stocks of $3 billion market capitalization or less are prohibited. Due to potential conflicts associated with such names, Victory reserves this universe for client use. New hires who hold names in such securities or existing employees who hold names that have since gone below $3 billion should speak to the LCR Department prior to submitting a request to sell.

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<u>IPO Rule</u>

You may <u>not</u> directly or indirectly acquire a Beneficial Interest in any securities offered in an IPO or in an Initial Coin Offering (ICO), in a Personal Account or Managed Account, without prior approval of a CCO or his/her designee.

<u>Limited Offerings (Private Placements)</u> 

You may <u>not</u> acquire a Beneficial Interest in a private placement without the prior approval of a CCO or his/her designee. Prior approval is required whether investing directly or through a Personal Account or Managed Account. Private placements, such as investment in a private company, investments in a hedge fund or other private investment fund are reportable through the preclearance process. Subsequent capital contributions and full or partial redemptions must be precleared through MCO.

<u>Market Timing Mutual Fund Transactions</u>

You shall not participate in any activity that may be construed as market timing of mutual funds. Specifically, you shall <u>not</u> engage in excessive trading or market timing activities as described in each prospectus of a Proprietary Product or Reportable Fund.

<u>Trading in Victory Capital Stock</u>

Victory Capital Stock (VCTR) is a Reportable Security under the Code and any transaction in VCTR in a Personal Account must be precleared. You may be eligible for certain benefits related to VCTR, such as participation in the ESPP and grants of stock options or restricted stock. Certain transactions related to these benefits will require pre-clearance. For a summary of pre-clearance requirements for VCTR see *Pre-Clearance Requirements for Victory Capital Stock* under *Appendix 4 – Preclearance and Reporting By Security Type*. If you are uncertain whether a transaction requires pre-clearance, you should consult with compliance prior to trading.

VCTR transactions related to the above employee benefits will not trigger the Short-Term Holding Period in a Personal Account. Likewise, VCTR transactions in a Personal Account will not affect an employee's ability to exercise such employee benefits.

Covered Persons, as defined in VCH's *Insider Trading Policy,* will have 3 business days upon receipt of approval to effect transactions in VCTR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Representations and Warranties**

Each time you submit a PTR, you shall be deemed to make the following representations and warranties:

● You are not in possession of any MNPI for the requested security;

● You are not aware of any client trading in the same security during any Blackout Period to which you are subject

● You have not traded the same position in the opposite direction, in the past 60 days (Mandatory Short-Term Holding Period);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Quarterly and Annual Certifications of Compliance**

You are required to certify quarterly that you have disclosed all reportable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Political activity and contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Personal Trading Accounts, including Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Trades.

You are required to certify annually to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have read, understand and complied with this Code and other related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You have read, understand and complied with Victory Capital's Corporate Information Protection and
Technology Use Policy (A-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You have provided and verified all reportable holdings data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You have answered all additional questions and disclosures within the Annual Code of Ethics Certification
in an accurate and truthful manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Review Procedures**

Compliance will maintain review procedures consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Recordkeeping**

All Code of Ethics records will be maintained pursuant to the provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Whistleblower Provisions**

If you believe that there has been a violation of this Code, any federal law, or regulation of any governmental agency or entity, you must promptly notify VCM and WestEnd via: 1) a Chief Legal Officer, 2) a Chief Compliance Officer, or 3) the anonymous VCM Hotline at 800-854-9055.

Nothing in this Code shall prohibit you from: 1) making any disclosure of relevant and necessary information to any law enforcement agency, regulatory authority, or self-regulatory organization, or as required by law; 2) participating, cooperating, or testifying in any action, investigation, or proceeding with any law enforcement agency, regulatory authority, or self-regulatory organization; or 3) accepting any U.S. Securities and Exchange Commission awards.

You are protected from retaliation for reporting violations of this Code. Retaliation or the threat of retaliation against you for reporting a violation constitutes a further violation of this Code and may lead to immediate suspension and further sanctions.

VCM is also responsible for communicating the Victory Funds whistleblower procedures to applicable employees. The Victory Funds have implemented procedures for receiving anonymous reports of suspected or actual violations of the Victory Funds' policies and questionable accounting, internal accounting controls, or auditing matters.

Call 866-844-3863 to initiate a report regarding Victory Portfolios, Victory Portfolios II, or the Victory Variable Insurance Funds trusts.

Call 877-711-3336 to initiate a report regarding Victory Portfolios III trust.

Call 866-992-3741 to initiate a reporting regarding Victory Portfolios IV, Victory Variable Insurance Funds II, or Pioneer Closed-End Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Confidentiality**

All information obtained from any employee shall be kept in strict confidence, except when requested by the SEC or any other regulatory or self-regulatory organization, and may otherwise be disclosed to the extent required by law or regulation. Additionally, certain information may be provided to a broker-dealer, service provider or vendor, such as employee name, social security number and home address, in order to ascertain Personal Trading activity that is required to be disclosed by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Reporting to the Board of Directors of Affiliated Funds**

At least annually, the appropriate Affiliated Advisers will provide the Board of Directors of Affiliated Funds with information regarding: 1) any Material Violations under this Code and any sanctions imposed as a response to such Material Violation; and 2) certification that it has adopted procedures necessary to prevent Access Persons from violating this Code.

**8. CODE OF ETHICS VIOLATION GUIDELINES**

You are responsible for conducting your activities in accordance with this Code. Violations of the Code may result in applicable sanctions.

Sanctions may correlate to the severity of the violation and may take into consideration, among other things, such factors as the frequency and severity of any prior violations. A CCO may recommend escalation to the VCM Board of Directors and Compliance Committee. When necessary, the VCM Board of Directors may obtain input from the Compliance Committee and a CCO when determining whether such violation is a Material Violation.

The CCOs hold discretionary authority to revoke Personal Trading privileges for any length of time and also reserve the right to lift Personal Trading sanctions in response to market conditions. Additionally, a CCO or Compliance Committee may impose a monetary penalty for any violation. A CCO will report all warnings, violations, exceptions granted and sanctions to the Compliance Committee.

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| | |
|:---|:---|
| **Minor Violations** | **Potential Actions** |
| ● Provided incorrect or incomplete account or trading information<br> ● Engaging in a pattern of discouraged or excessive trading<br> ● Trading without pre-clearance approval when trade would have normally been approved and additional violations did not occur<br> ● Failure to submit a complete or timely initial or annual holdings or securities transactions report<br> ● Failure to provide the Compliance Department a duplicate confirmation in a timely manner after request or notice by the Compliance Department<br> ● Failure to pre-clear properly an OBA or political contribution that would have been approved<br> ● Failure to complete a quarterly or annual certification by due date<br> ● Failure to pre-clear an investment in a private placement that would have been approved  | ● Compliance may question you and document response<br> ● 1<sup>st</sup> violation within a 12-month period may result in a warning letter<br> ● CCO and Compliance Committee may be notified of all warnings and citations given to employees<br> ● You may be required to break a trade or disgorge profits from the trade<br> ● Any additional actions a CCO or Compliance deem appropriate under the circumstances |
| **Technical Violations** | **Potential Actions** |
| ● Any pattern of a Minor Violation within a 12-month period may qualify as a Technical Violation<br> ● Failure to report a Personal Account in which trades requiring pre-clearance have occurred<br> ● Trading without pre-clearance approval when trade would <u>not</u> have been approved<br> ● Trading without pre-clearance or supplied incorrect information, which may have resulted in additional violations<br> ● Failure to pre-clear any activity that would have been denied by the Compliance Department<br> ● Any willful violations of the Code, as determined by a CCO, to be more severe than a Minor Violation | ● Compliance may question you and document response<br> ● Compliance may issue a warning letter<br> ● Compliance Committee may be notified<br> ● Human Resources may be notified<br> ● You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br> ● Temporary ban from Personal Trading for no less than 30 calendar days<br> ● A fine may be imposed, as determined by a CCO on a case-by-case basis<br> ● Any other actions deemed appropriate by a CCO or compliance |
| **Repeat Technical Violations** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any Technical Violation that is repeated at least two (2) times during a 12-month period<br>| ● A CCO may meet with your direct manager to discuss violation<br> ● Human Resources may be notified<br> ● You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br> ● Three (3) or more technical violations within a 12month period may receive a citation letter, monetary fine and loss of Personal Trading privileges for no less than 90 calendar days<br> ● Any other actions deemed appropriate by a CCO or compliance |
| **Material Violations / Fraudulent Actions** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp;● Any Material Violation | ● Compliance Committee will review and recommend sanctions and penalties up to and including termination of employment<br> ● The Board of Directors and, when applicable, clients may be notified<br> ● Possible criminal sanctions imposed by regulatory authorities<br> ● A fine of $10,000 may be imposed by the Board of Directors Any other actions deemed appropriate by a CCO, Compliance Committee or the Board of Directors |

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The Code of Ethics Violation Guidelines provides examples of potential Code violations and the actions that Victory Capital might take if you violate the Code; it is not intended to serve as an exhaustive list of potential Code violations or actions relating thereto. All findings of Code violations and any actions relating thereto will be made on a case-by-case basis. The CCOs have discretion to interpret violations and impose various sanctions in response to such violations as deemed necessary.

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**Reconsideration**

If you wish to dispute a violation notice, you may submit a written explanation of the circumstances of the violation to a CCO. The CCOs (and the CLO if escalation is deemed necessary) will review submissions on a case-by-case basis. The CCOs and CLO are under no obligation to change any sanction that has been imposed.

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**Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds**

As described in this Code, certain restrictions apply to trading in an Affiliated Fund, a Proprietary Product and any fund sub-advised by an Affiliated Adviser. Please refer to the company's intranet site "Under the wing" for a complete list or follow one of the links below.

**Affiliated Funds**

For the most up-to-date list of Affiliated Victory Funds, please visit <u>www.vcm.com.</u>

**Proprietary Products**

Proprietary Products, are funds or products in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. Employees are required to pre-clear trades in any Proprietary Products.

On a quarterly basis Victory's compliance and fund administration department will review fund ownership levels to determine if any funds meet the criteria to be deemed a Proprietary Product. A list of current Proprietary Products will be maintained on the Compliance page of Victory's intranet site.

**Sub-Advised Funds**

VCM acts as sub-adviser to a number of unaffiliated registered investment companies (mutual funds). Please refer to VCM's ADV filed with the SEC by searching for the firm name on <u>https://www.adviserinfo.sec.gov.</u> ADV Part 1 contains SECTION 5.G.(3), which lists "Advisers to Registered Investment Companies and Business Development Companies". The name of the fund complex can be obtained by searching for the SEC File Number (under More Options) using EDGAR: <u>https://www.sec.gov/edgar/searchedgar/companysearch.html.</u> A complete list is also available on the company's intranet site "Under the wing" under the compliance tab.

Copyright© 2025, Victory Capital Management Inc. Page i of viii

Page <br>

**Appendix 2 – Approved Brokers List**

In addition to accounts on Victory Capital's retail brokerage platform, you are allowed to open new or maintain existing personal or managed accounts at any of the external brokers listed below. However, you may NOT begin trading in a brokerage account (in-house or external) until it is reported in MCO and set up on our broker data feed. The approved external brokers have been divided into tiers based on how responsive they typically are to our requests to add new accounts to the broker data feed.

**<u>Tier 1 Approved Brokers</u>**

These brokers provide enhanced broker data feed functionality and typically add new accounts to our broker data feed within 1 – 3 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charles Schwab (acquired TD Ameritrade)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Interactive Brokers

**<u>Tier 2 Approved Brokers</u>**

These brokers may take longer than Tier 1 Approved Brokers, but they generally add new accounts to our broker data feed within 5 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ameriprise Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Vanguard

**<u>Tier 3 Approved Brokers</u>**

These brokers may require you to sign a form before they will add a new account to our broker data feed, and/or typically take longer to update the feed once all their requirements are met – your ability to trade in a new account at these firms may be significantly delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Morgan Stanley (acquired E\*TRADE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Northern Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RBC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Wells Fargo

**<u>Approved Non-Brokers</u>**

The following types of accounts are typically not held through a traditional brokerage firm but are still allowed under the Code of Ethics – you may be required to manually report transactions effected in reportable securities within these types of accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employer Sponsored Retirement Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ESOP/ESPP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Direct Registration Service (DRS – i.e. Computershare, American Stock Transfer Company, etc.)

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Page <br> **<br> ![](fp0098586-1_06.jpg)**

**Appendix 3 – Investment Account Disclosure**

New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. All new Personal Accounts and Managed Accounts must be reported to compliance prior to trading or on the next quarterly certification, whichever is sooner. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

The below chart summarizes certain account types and their disclosure requirements. If you have a beneficial interest in any account identified below, you must follow the disclosure requirements. If you are uncertain whether an account should be disclosed or if you have a beneficial interest in an account not listed below, you should consult with a CCO or a member of the Compliance team.

---

| | | |
|:---|:---|:---|
| **Account Type** | **Initial Disclosure** | **Periodic Verification** |
| All Personal Accounts | Yes | Yes |
| All Managed Accounts | Yes | Yes |
| Affiliated Fund Direct Accounts | Yes | Yes |
| 401(k) if able to hold Reportable Securities | Yes | Yes |
| Security Lending Accounts | Yes | Yes |
| Margin Accounts | Yes | Yes |
| Investment Club Accounts | Yes | Yes |
| Private Placements | Yes | No |
| Unaffiliated Open-end Mutual Fund Direct Accounts | No | No |
| Retirement accounts if unable to hold Reportable Securities | No | No |
| 529 Plans | No | No |
| Bank accounts if unable to hold Reportable Securities | No | No |
| Donor Advised Fund (only pre-clear gift of stock to account) | No | No |
| HSA Investments (if unable to hold Reportable Securities) | No | No |
| Accounts that facilitate trading cryptocurrencies | Yes | Yes |

---

**Also see the Account Reporting Job Aid for more details.**

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**Appendix 4 – Preclearance and Reporting By Security Type**

Most transactions in Personal Accounts require you to submit a PTR through MCO. See *Section VI: Personal Trading Requirements and Restrictions* for more information.

**Summary of Pre-clearance and Reporting Requirements**

The below chart summarizes the pre-clearance and reporting requirements of certain security types. Additional details can be found in the Pre-Clearance Job Aid. If you are uncertain whether a transaction requires pre-clearance, you should consult with a CCO or a member of the Compliance team. For Victory Capital Stock, please refer to the *Summary of Pre-Clearance Requirements for Victory Capital Stock* provided in this Appendix.

---

| |
|:---|
| **Prohibited in Personal Accounts** |
| Commodity Futures |
| Futures |
| Options |
| Currency Futures |
| Selling Securities Short |
| Single Stock ETFs (and similar instruments that provide exposure to a single stock) |
| Companies under common control with VCH |
| **Pre-clear in Managed Accounts and Personal Accounts** |
| Initial Public Offerings (IPO) |
| Initial Coin Offerings (ICO) |
| Private placements |
| **Pre-clear in Personal Accounts** |
| Equities |
| Corporate, High-Yield, Convertible, International, and Municipal Bonds |
| Exchange-traded funds (ETFs), including affiliated ETFs |
| Exchange-traded notes (ETNs) |
| Closed-end funds |
| Mortgage-Backed Securities |
| Agency Securities (e.g. Fannie Mae, Freddie Mac etc.) |
| Trust preferred & traditional preferred securities |
| Any pre-clearance securities that are gifted or donated by an Access Person (e.g. direct to charity or to donor advised fund) |
| Unit investment trusts |
| Victory Proprietary Products (currently there are none) |
| VCM 401(k) transactions greater than $100,000 in a Proprietary Product |
| Cryptocurrencies (e.g. Bitcoin, Ethereum, etc.) |
| **Reportable <u>ONLY</u> (pre-clearance NOT required)** |
| Dividend Reinvestment Plans (DRIPs) |
| Victory Mutual Funds, unless it's a Proprietary Product |
| Variable insurance products only where an Affiliated Adviser serves as adviser or sub-adviser |
| **Exempt Transactions (only the effect of these transactions will be captured as an update on the annual holdings certification)** |

---

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

---

| |
|:---|
| Approved automatic or periodic investment plans |
| Dividend reinvestment transactions |
| Corporate action transactions (e.g., stock splits, rights offerings, mergers and acquisitions) |
| Security lending transactions |
| **Exempt Securities not subject to the Code** |
| Direct obligations of the U.S. government |
| Bankers' acceptances, bank certificates of deposit and commercial paper |
| Investment grade, short-term debt instruments, including repurchase agreements |

---

---

| |
|:---|
| Money market funds |
| Variable insurance products unless an Affiliated Adviser acts as adviser or sub-adviser |
| Unaffiliated open-end mutual funds |
| Investments in qualified tuition programs ("529 Plans"), including the USAA College Savings Plan |
| Physical Commodities (i.e. precious metals) |
| Foreign Currencies held in order to use as currency (not for investment/speculation purposes) |

---

**Summary of Pre-Clearance Requirements for Victory Capital Stock (ticker "VCTR")**

---

| | |
|:---|:---|
| **VCTR Transaction Description** | **Pre-Clear** |
| **Common Stock (Class A Shares)** | |
| Employee purchase or sale in any Personal Account (e.g. a brokerage account for the benefit of the employee or for the benefit of the employee's Immediate Family) | Yes |
| Employee purchase or sale in a Managed Account approved by Compliance. | No |
| **Employee Stock Purchase Plan (ESPP)** |  |
| Purchases made pursuant to Employee Stock Purchase Plan | No |
| Sales of shares acquired through the Employee Stock Purchase Plan | Yes |
| **Options** |  |
| Sale of shares in the open market acquired through the exercise of any options | Yes |
| Cash Exercise - Employee pays the entire cost of the exercise. | No |
| Withhold Shares - Victory Capital withholds shares equal to the cost of the exercise. | No |
| **Restricted Stock (Class B Shares)** |  |
| Selling restricted stock in the open market | Yes |
| Cash - Cash payment to cover vested shares tax liability | No |
| Net - Surrender shares to Victory Capital to cover vested shares tax liability | No |
| **10b5-1 Trading Plan** |  |
| Officers of VCH required to make filings under Section 16 of the Securities and Exchange Act of 1934, as amended, conducting trades in accordance with an approved 10b5-1 Trading Plan. | No |

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Copyright© 2025, Victory Capital Management Inc. Page v of viii

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Appendix 5 – ETFs Eligible for De Minimis Transaction Exemption**

Firm trades in the following ETFs will not trigger any Blackout Period due to their use as highly liquid cash management vehicles in various client accounts.

---

| | | |
|:---|:---|:---|
| **Name** | **Symbol** | **CUSIP** |
| iShares 7-10 Year Treasury Bond ETF | IEF | 464287440 |
| iShares 20+ Year Treasury Bond ETF | TLT | 464287432 |
| iShares Core MSCI EAFE ETF | IEFA | 46432F842 |
| iShares Core MSCI Emerging Markets ETF | IEMG | 46434G103 |
| iShares Core S&P 500 ETF | IVV | 464287200 |
| iShares Core U.S. Aggregate Bond ETF | AGG | 464287226 |
| iShares FTSE China 25 Index | FXI | 464287184 |
| iShares iBoxx $ High Yield Corporate Bond | HYG | 464288513 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | 464287242 |
| iShares MSCI ACWI Index Fund | ACWI | 464288257 |
| iShares MSCI China Index Fund | MCHI | 46429B671 |
| iShares MSCI Emerging Index Fund ETF | EEM | 464287234 |
| iShares MSCI EAFE Index Fund ETF | EFA | 464287465 |
| iShares MSCI Japan Index Fund ETF | EWJ | 464286848 |
| iShares MSCI India | INDA | 46429B598 |
| iShares Russell 1000 | IWF | 464287614 |
| iShares Russell 2000 ETF | IWM | 464287655 |
| iShares Russell 2000 Value | IWN | 464287630 |
| iShares Russell Mid-Cap Value | IWS | 464287473 |
| SPDR Bloomberg Barclays High Yield Bond ETF | JNK | 78468R622 |
| SPDR S&P 500 ETF | SPY | 78462F103 |
| SPDR S&P MidCap 400 ETF | MDY | 78467Y107 |
| Vanguard FTSE All-World ex-US ETF | VEU | 922042775 |
| Vanguard FTSE Developed Markets ETF | VEA | 921943858 |
| Vanguard FTSE Emerging Markets ETF | VWO | 922042858 |
| Vanguard FTSE Europe ETF | VGK | 922042874 |
| Vanguard Mortgage-Backed Securities ETF | VMBS | 92206C771 |
| Vanguard Real Estate ETF | VNQ | 922908553 |
| Vanguard Short-Term Bond ETF | BSV | 921937827 |
| Vanguard Short-Term Corporate Bond ETF | VCSH | 92206C409 |
| Vanguard S&P 500 ETF | VOO | 922908363 |
| Vanguard Total Bond Market ETF | BND | 921937835 |
| Vanguard Total International Stock ETF | VXUS | 921909768 |
| Vanguard Total Stock Market ETF | VTI | 922908769 |

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Copyright© 2025, Victory Capital Management Inc. Page vi of viii

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Supplement 1**

**RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code<br> of Ethics Supplement ("Singapore Supplement")**

The policies and procedures in this Singapore Supplement to the Code apply to Access Persons of RSIMS and are in addition to, and supplement, the policies and procedures detailed in the Code.

Matters set out in the relevant sections of this Singapore Supplement shall be read in conjunction, and as one, with the Code. To the extent there is any inconsistency between the Code and this Singapore Supplement, this Singapore Supplement shall prevail.

**Short-Selling of Securities**

All Victory Capital employees, including employees of RSIMS, are prohibited from Short-Selling any security.

**Trading on Inside Information**

In addition to the requirements set out in the Code, all employees of RSIMS and all members of their Immediate Family are required to comply with all applicable laws in Singapore in relation to any Securities Transactions. Such laws include but are not limited to Part XII (Market Conduct) of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA") which set out prohibitions against the following conduct:

● False trading and market rigging transactions;

● Securities market manipulation and manipulation of prices of futures contracts and cornering;

● The making of false or misleading statements or the dissemination of information that is false or misleading;

● Fraudulently inducing persons to deal in securities or trade in futures contracts;

● Employment of fraudulent or deceptive devices, or manipulative and deceptive devices;

● Bucketing; and

● Insider trading and tipping off.

**Reporting Requirements**

In addition to the Personal Account and Personal Trading requirements and restrictions set out in the Code, each employee of RSIMS who acts as a representative of RSIMS in RSIMS' capacity as the holder of a capital markets services license issued pursuant to the SFA for fund management (each a "Relevant Access Person") is required to maintain a register of his or her interests in securities (as such term is defined in section 2(1) of the SFA, the relevant extract of which is set out in the Appendix) that are listed for quotation, or quoted, on a securities exchange or recognized market operator in the prescribed Form 15 to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

Within 7 days after the date he or she acquires the interest in the relevant securities, each Relevant Access Person shall be required to enter into his or her register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Particulars of securities in which such Relevant Access Person
has any interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Particulars of such interests.

Where there is any change in any interest in the securities of such Relevant Access Person, he or she shall enter particulars of the change (including the date of the change and the circumstances by reason of which the change has occurred), within 7 days after the date of the change.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

All entries in the register must be kept in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made. The register shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If in physical form, be kept at RSIMS's principal place
of business in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If in electronic form, be kept in such manner so as to ensure
that full access to the register may be gained by the Monetary Authority of Singapore ("MAS") at RSIMS's principal
place of business in Singapore.

RSIMS is required to maintain records of the place at which the Relevant Access Persons keep their respective registers and the places at which copies of those registers are kept in Singapore. As a separate matter, RSIMS is also required to maintain a Form 15 in relation to RSIMS' own interests in the relevant Securities.

Copyright© 2025, Victory Capital Management Inc. Page viii of viii