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Timothy Plan

03/09/2026 | Press release | Distributed by Public on 03/09/2026 11:32

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08228

Timothy Plan

(Exact name of registrant as specified in charter)

1055 Maitland Center Commons, Maitland, FL 32751

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

Item 1. Reports to Stockholders.

(a)

Timothy Plan US Small Cap Core ETF

Ticker: TPSC Exchange: NYSE

Annual Shareholder Report - December 31, 2025

The annual shareholder report contains important information about Timothy Plan US Small Cap Core ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Small Cap Core ETF	$54	0.52%

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

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

In 2025, TPSC returned 7.22%, underperforming the Russell 2000 Index (the "Index"), which returned 12.81%.

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

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

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

Growth of a $10,000 Investment

	Fund @ Net Asset Value - $17,953	Russell 3000^®Index (regulatory broad based index) - $23,276	Russell 2000^®Index - $16,762	Victory US Small Cap Volatility Weighted BRI Index - $18,616
12/19^{Footnote Reference*}	$10,000	$10,000	$10,000	$10,000
12/19	$10,339	$10,381	$10,396	$10,344
12/20	$11,372	$12,550	$12,471	$11,444
12/21	$14,740	$15,770	$14,320	$14,928
12/22	$12,757	$12,741	$11,393	$12,996
12/23	$15,008	$16,049	$13,322	$15,382
12/24	$16,745	$19,869	$14,859	$17,258
12/25	$17,953	$23,276	$16,762	$18,616

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

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	7.22%	9.56%	10.10%
Russell 3000^® Index^{Footnote Reference1}	17.15%	13.15%	14.91%
Russell 2000^® Index^{Footnote Reference2}	12.81%	6.09%	8.87%
Victory US Small Cap Volatility Weighted BRI Index^{Footnote Reference3}	7.87%	10.22%	10.76%

Footnote	Description
Footnote¹	The unmanaged Russell 3000^®Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe.
Footnote²	The Russell 2000^®Index is a market capitalization-weighted index that measures the performance of the 2000 smallest US stocks in the Russell3000^®Index, as measured by market capitalization.
Footnote³	Victory US Small Cap Volatility Weighted BRI Index is an unmanaged, volatility weighted index created by the Fund's Sub-Advisor. A volatility weighted index assigns percentage values to each security in the index based on the volatility of that security in the market. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Past performance is not a good predictor of the Fund's future performance. For current performance, please visit https://etf.timothyplan.com or call 800.846.7526.

FUND STATISTICS

Net Assets	$277,221,264
Number of Portfolio Holdings	446
Net Investment Advisory Fees	$1,109,407
Portfolio Turnover Rate	47%

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

(as of December 31, 2025)

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

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

(as of December 31, 2025)

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

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

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

Additional Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

TPSC - AR (12/25)

Timothy Plan US Large/Mid Cap Core ETF

Ticker: TPLC Exchange: NYSE

Annual Shareholder Report - December 31, 2025

The annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan US Large/Mid Cap Core ETF	$54	0.52%

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

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

In 2025, TPLC returned 7.09% NAV, underperforming the S&P 500^® Index (the "Index"), which returned 17.88%.

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

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

Growth of a $10,000 Investment

	Fund @ Net Asset Value - $19,227	S&P 500^®Index (regulatory broad based index) - $25,824	Victory US Large/Mid Cap Volatility Weighted BRI Index - $19,928
4/19^{Footnote Reference*}	$10,000	$10,000	$10,000
12/19	$10,901	$11,119	$10,939
12/20	$12,500	$13,165	$12,605
12/21	$15,728	$16,944	$15,942
12/22	$13,765	$13,876	$14,038
12/23	$15,871	$17,523	$16,275
12/24	$17,954	$21,907	$18,508
12/25	$19,227	$25,824	$19,928

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

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	7.09%	8.99%	10.30%
S&P 500^® Index^{Footnote Reference1}	17.88%	14.42%	15.28%
Victory US Large/Mid Cap Volatility Weighted BRI Index^{Footnote Reference2}	7.67%	9.59%	10.89%

Footnote	Description
Footnote¹	The unmanaged S&P 500^®Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The universe for the Victory US Large/Mid Cap Volatility Weighted BRI Index begins with the largest U.S. companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$317,707,093
Number of Portfolio Holdings	272
Net Investment Advisory Fees	$1,550,912
Portfolio Turnover Rate	38%

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

(as of December 31, 2025)

Value	Value
Consumer Staples	5.4%
Consumer Discretionary	6.4%
Energy	7.0%
Materials	7.0%
Health Care	10.0%
Utilities	10.4%
Financials	13.1%
Information Technology	14.7%
Industrials^{Footnote Reference**}	25.3%

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

(as of December 31, 2025)

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

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

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

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

Material Fund Changes

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

Additional Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

TPLC - AR (12/25)

Timothy Plan High Dividend Stock ETF

Ticker: TPHD Exchange: NYSE

Annual Shareholder Report - December 31, 2025

The annual shareholder report contains important information about Timothy Plan High Dividend Stock ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan High Dividend Stock ETF	$54	0.52%

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

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

In 2025, TPHD returned 8.19%, underperforming the Russell 1000 Value Index (the "Index"), which returned 15.91%.

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

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

Growth of a $10,000 Investment

	Fund @ Net Asset Value - $17,886	S&P 500^®Index (regulatory broad based index) - $25,824	Russell 1000^®Value Index - $19,190	Victory US Large Cap High Dividend Volatility Weighted BRI Index - $18,538
4/19^{Footnote Reference*}	$10,000	$10,000	$10,000	$10,000
12/19	$10,900	$11,119	$10,918	$10,937
12/20	$10,773	$13,165	$11,223	$10,859
12/21	$13,799	$16,944	$14,047	$13,987
12/22	$13,540	$13,876	$12,988	$13,813
12/23	$14,763	$17,523	$14,477	$15,134
12/24	$16,533	$21,907	$16,557	$17,039
12/25	$17,886	$25,824	$19,190	$18,538

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

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	8.19%	10.67%	9.11%
S&P 500^® Index^{Footnote Reference1}	17.88%	14.42%	15.28%
Russell 1000^® Value Index^{Footnote Reference2}	15.91%	11.33%	10.26%
Victory US Large Cap High Dividend Volatility Weighted BRI Index^{Footnote Reference3}	8.80%	11.29%	9.69%

Footnote	Description
Footnote¹	The unmanaged S&P 500^®Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies.
Footnote²	The Russell 1000^®Value Index is a market-capitalization-weighted index that measures the performance of Russell1000^®Index companies (1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth rate.
Footnote³	The Victory US Large Cap High Dividend Volatility Weighted BRI Index is comprised of the 100 highest dividend yielding stocks from the Victory US Large/Mid Cap Volatility Weighted BRI Index with positive earnings in each of the four most recent quarters. The universe of the Index begins with the largest US companies by market capitalization with positive earnings in each of the four most recent quarters. The Index eliminates companies that do not satisfy the proprietary Biblically Responsible Investing ("BRI") filtering criteria.

FUND STATISTICS

Net Assets	$317,478,745
Number of Portfolio Holdings	101
Net Investment Advisory Fees	$1,486,455
Portfolio Turnover Rate	49%

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

(as of December 31, 2025)

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

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

(as of December 31, 2025)

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

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

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

Material Fund Changes

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

Additional Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

TPHD - AR (12/25)

Timothy Plan International ETF

Ticker: TPIF Exchange: NYSE

Annual Shareholder Report - December 31, 2025

The annual shareholder report contains important information about Timothy Plan International ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526 or visiting timothyplan.com/contact-us.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

FUND NAME	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Timothy Plan International ETF	$73	0.62%

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

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

In 2025, TPIF returned 35.44%, outperforming the MSCI EAFE Index (the "Index"), which returned 31.22%.

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

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

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

Growth of a $10,000 Investment

	Fund @ Net Asset Value - $16,338	MSCI EAFE Index (regulatory broad based index) - $17,126	Victory International Volatility Weighted BRI Index - $16,996
12/19^{Footnote Reference*}	$10,000	$10,000	$10,000
12/19	$10,325	$10,360	$10,339
12/20	$11,116	$11,169	$11,221
12/21	$12,266	$12,427	$12,419
12/22	$10,083	$10,631	$10,245
12/23	$11,738	$12,570	$12,054
12/24	$12,063	$13,051	$12,478
12/25	$16,338	$17,126	$16,996

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

AVERAGE ANNUAL TOTAL RETURN

	1 Year	5 Year	Since Inception
Fund @ Net Asset Value	35.44%^{Footnote Reference}	8.01%	8.41%
MSCI EAFE Index^{Footnote Reference1}	31.22%	8.92%	9.25%
Victory International Volatility Weighted BRI Index^{Footnote Reference2}	36.21%	8.66%	9.12%

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

FUND STATISTICS

Net Assets	$196,020,840
Number of Portfolio Holdings	358
Net Investment Advisory Fees	$886,778
Portfolio Turnover Rate	32%

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

(as of December 31, 2025)

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

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

(as of December 31, 2025)

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

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

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

Additional Information

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

TPIF - AR (12/25)

(b) Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. E. Lee Beard is an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

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

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item were $0 and $0 for the fiscal years ended December 31, 2025 and 2024, respectively. The fees, paid by the Registrant,were payment for the principal accountant performing work relating to assurance and related services.

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

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

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

(2) 100% of services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X for the fiscal years ended December 31, 2025, and 2024

(f) Not applicable.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $12,000 and $21,000 for the years ended December 31, 2025 and 2024, respectively.

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

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

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

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

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Other Information.

(a)

ANNUAL

Full

Financials

December

31,

2025

Listed

and

traded

on:

The

New

York

Stock

Exchange

Ticker

Symbol

TIMOTHY

PLAN

SMALL

CAP

CORE

ETF

TPSC

TIMOTHY

PLAN

LARGE/MID

CAP

CORE

ETF

TPLC

TIMOTHY

PLAN

HIGH

DIVIDEND

STOCK

ETF

TPHD

TIMOTHY

PLAN

INTERNATIONAL

ETF

TPIF

Table

Contents

•

NOT

FDIC

INSURED

•NO

BANK

GUARANTEE

•

MAY

LOSE

VALUE

•

INVESTMENTS

INVOLVE

RISK

•

PRINCIPAL

LOSS

POSSIBLE

Schedule

Portfolio

Investments

(Form

N-CSR

ITEM

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

Timothy

Plan

Small

Cap

Core

ETF

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

Timothy

Plan

Large/Mid

Cap

Core

ETF

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

Financial

Statements

(Form

N-CSR

Item

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

Statements

Assets

and

Liabilities

Statements

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

(Form

N-CSR

Item

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

Report

Independent

Registered

Public

Accounting

Firm

(Form

N-CSR

Item

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

Other

Information

(Unaudited)

Schedule

Portfolio

Investments

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.5%)

Banks

(

Ameris

Bancorp

10,168‌

755,177‌

Associated

Banc-Corp.

27,249‌

701,934‌

Atlantic

Union

Bankshares

Corp.

18,489‌

652,662‌

Axos

Financial,

Inc.(a)

8,576‌

738,908‌

Banc

California,

Inc.

39,320‌

758,483‌

BancFirst

Corp.

6,602‌

699,944‌

Bank

Hawaii

Corp.

13,342‌

912,192‌

Bank

OZK

13,483‌

620,488‌

BankUnited,

Inc.

16,754‌

746,726‌

Banner

Corp.

12,879‌

806,998‌

Cadence

Bank

17,989‌

770,649‌

Cathay

General

Bancorp

15,702‌

759,820‌

Columbia

Banking

System,

Inc.

24,214‌

676,781‌

Community

Financial

System,

Inc.

13,664‌

784,860‌

Customers

Bancorp,

Inc.(a)

8,392‌

613,623‌

CVB

Financial

Corp.

43,955‌

817,563‌

Financial

Corp.

12,855‌

717,309‌

First

Bancorp

15,436‌

783,994‌

First

Bancorp

Puerto

Rico

36,813‌

763,133‌

First

Financial

Bancorp

32,068‌

802,341‌

First

Financial

Bankshares,

Inc.

25,163‌

751,619‌

First

Hawaiian,

Inc.

34,755‌

879,301‌

First

Interstate

BancSystem,

Inc.,

Class

21,066‌

728,884‌

First

Merchants

Corp.

20,979‌

786,293‌

FNB

Corp.

45,202‌

772,954‌

Fulton

Financial

Corp.

40,927‌

791,119‌

Glacier

Bancorp,

Inc.

13,957‌

614,806‌

Hancock

Whitney

Corp.

11,904‌

758,047‌

Home

BancShares,

Inc.

31,258‌

868,347‌

Independent

Bank

Corp.

10,272‌

750,678‌

International

Bancshares

Corp.

12,436‌

826,248‌

NBT

Bancorp,

Inc.

20,748‌

861,457‌

Park

National

Corp.

5,250‌

798,945‌

Provident

Financial

Services,

Inc.

38,202‌

754,489‌

Renasant

Corp.

19,124‌

673,547‌

Seacoast

Banking

Corp.

Florida

24,923‌

783,081‌

ServisFirst

Bancshares,

Inc.

8,890‌

638,213‌

Simmons

First

National

Corp.,

Class

44,101‌

831,304‌

Texas

Capital

Bancshares,

Inc.(a)

8,527‌

772,035‌

The

Bancorp,

Inc.(a)

6,859‌

463,120‌

Towne

Bank

26,628‌

888,576‌

Trustmark

Corp.

22,081‌

860,055‌

United

Bankshares,

Inc.

24,310‌

933,504‌

United

Community

Banks,

Inc.

22,778‌

711,129‌

Valley

National

Bancorp

65,385‌

763,697‌

WaFd,

Inc.

25,596‌

819,840‌

WesBanco,

Inc.

23,329‌

775,456‌

WSFS

Financial

Corp.

14,710‌

812,580‌

36,552,909‌

Capital

Markets

(

Affiliated

Managers

Group,

Inc.

3,170‌

913,848‌

SECURITY

DESCRIPTION

VALUE

($)

Capital

Markets

(2.7%):

(continued)

Artisan

Partners

Asset

Management,

Inc.,

Class

16,320‌

664,877‌

BGC

Group,

Inc.,

Class

67,915‌

606,481‌

Cohen

Steers,

Inc.

10,702‌

671,871‌

Federated

Hermes,

Inc.,

Class

19,244‌

1,002,035‌

Hamilton

Lane,

Inc.,

Class

4,099‌

550,537‌

Lazard,

Inc.,

Class

9,612‌

466,759‌

Moelis

Co.,

Class

8,744‌

601,063‌

Piper

Sandler

Cos.

1,747‌

593,473‌

PJT

Partners,

Inc.,

Class

4,021‌

672,311‌

StoneX

Group,

Inc.(a)

5,644‌

536,914‌

Virtu

Financial,

Inc.,

Class

19,931‌

664,101‌

7,944,270‌

Communication

Services

(

Cargurus,

Inc.,

Class

A(a)

15,496‌

594,272‌

DoubleVerify

Holdings,

Inc.(a)

34,000‌

388,960‌

Iridium

Communications,

Inc.

22,474‌

390,598‌

John

Wiley

Sons,

Inc.,

Class

16,789‌

514,247‌

Madison

Square

Garden

Entertainment

Corp.,

Class

A(a)

14,914‌

803,715‌

Magnite,

Inc.(a)

18,340‌

297,658‌

ZoomInfo

Technologies,

Inc.,

Class

A(a)

37,839‌

384,823‌

3,374,273‌

Consumer

Discretionary

(

Academy

Sports

Outdoors,

Inc.

8,116‌

405,475‌

Acushnet

Holdings

Corp.

7,677‌

612,778‌

ADT,

Inc.

95,316‌

769,200‌

Adtalem

Global

Education,

Inc.(a)

3,847‌

398,049‌

Asbury

Automotive

Group,

Inc.(a)

2,383‌

554,119‌

Atmus

Filtration

Technologies,

Inc.

14,557‌

755,654‌

Boot

Barn

Holdings,

Inc.(a)

2,408‌

424,940‌

BorgWarner,

Inc.

17,131‌

771,923‌

Brunswick

Corp.

7,910‌

587,238‌

Cavco

Industries,

Inc.(a)

1,247‌

736,653‌

Century

Communities,

Inc.

9,169‌

544,180‌

Champion

Homes,

Inc.(a)

7,494‌

633,243‌

Chewy,

Inc.,

Class

A(a)

12,355‌

408,333‌

Columbia

Sportswear

Co.

10,464‌

576,462‌

Dillard's,

Inc.,

Class

844‌

511,751‌

Dorman

Products,

Inc.(a)

4,814‌

593,037‌

Dream

Finders

Homes,

Inc.,

Class

A(a)

16,364‌

279,824‌

Five

Below,

Inc.(a)

2,525‌

475,609‌

Frontdoor,

Inc.(a)

7,891‌

455,232‌

Garrett

Motion,

Inc.

41,183‌

717,820‌

Gentex

Corp.

25,964‌

604,182‌

Graham

Holdings

Co.,

Class

892‌

979,951‌

Grand

Canyon

Education,

Inc.(a)

3,649‌

606,865‌

Green

Brick

Partners,

Inc.(a)

9,693‌

607,363‌

Group

Automotive,

Inc.

1,441‌

566,745‌

Harley-Davidson,

Inc.

18,043‌

369,701‌

Hilton

Grand

Vacations,

Inc.(a)

12,236‌

547,561‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Consumer

Discretionary

(12.5%):

(continued)

Installed

Building

Products,

Inc.

1,867‌

484,281‌

Home

10,224‌

576,736‌

Kontoor

Brands,

Inc.

5,889‌

359,759‌

Laureate

Education,

Inc.,

Class

A(a)

27,634‌

930,437‌

LCI

Industries

7,063‌

857,024‌

Lear

Corp.

6,188‌

709,145‌

Life

Time

Group

Holdings,

Inc.(a)

20,941‌

556,612‌

M/I

Homes,

Inc.(a)

4,609‌

589,722‌

Meritage

Homes

Corp.

8,174‌

537,849‌

Mister

Car

Wash,

Inc.(a)

119,716‌

665,621‌

Modine

Manufacturing

Co.(a)

2,099‌

280,237‌

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

4,392‌

481,407‌

OneSpaWorld

Holdings

Ltd.

25,915‌

537,477‌

Patrick

Industries,

Inc.

6,520‌

706,964‌

Perdoceo

Education

Corp.

16,743‌

491,072‌

Phinia,

Inc.

11,418‌

715,794‌

Savers

Value

Village,

Inc.(a)

29,618‌

276,632‌

Sonic

Automotive,

Inc.,

Class

8,050‌

497,973‌

Steven

Madden

Ltd.

11,770‌

490,103‌

Strategic

Education,

Inc.

8,497‌

681,459‌

Stride,

Inc.(a)

3,769‌

244,721‌

Taylor

Morrison

Home

Corp.,

Class

A(a)

10,011‌

589,348‌

The

Buckle,

Inc.

12,352‌

659,844‌

The

Cheesecake

Factory,

Inc.

11,374‌

574,160‌

The

Goodyear

Tire

Rubber

Co.(a)

56,443‌

494,441‌

The

Wendy's

Co.

76,076‌

633,713‌

Thor

Industries,

Inc.

5,033‌

516,738‌

Tri

Pointe

Homes,

Inc.(a)

18,811‌

591,982‌

United

Parks

Resorts,

Inc.(a)

9,945‌

361,004‌

Vail

Resorts,

Inc.

4,295‌

570,376‌

Valvoline,

Inc.(a)

20,904‌

607,470‌

Visteon

Corp.

5,520‌

524,952‌

Wolverine

World

Wide,

Inc.

13,373‌

242,720‌

Worthington

Enterprises,

Inc.

9,234‌

476,197‌

YETI

Holdings,

Inc.(a)

13,909‌

614,361‌

34,622,219‌

Consumer

Finance

(

Credit

Acceptance

Corp.(a)

1,217‌

539,691‌

FirstCash

Holdings,

Inc.

5,536‌

882,328‌

Nelnet,

Inc.,

Class

7,059‌

938,565‌

OneMain

Holdings,

Inc.,

Class

11,045‌

746,090‌

SLM

Corp.

25,378‌

686,729‌

3,793,403‌

Consumer

Staples

(

Cal-Maine

Foods,

Inc.

5,176‌

411,854‌

Celsius

Holdings,

Inc.(a)

5,725‌

261,862‌

Central

Garden

Pet

Co.,

Class

A(a)

23,590‌

688,592‌

Darling

Ingredients,

Inc.(a)

15,932‌

573,552‌

Energizer

Holdings,

Inc.

19,924‌

396,288‌

Flowers

Foods,

Inc.

68,611‌

746,488‌

Grocery

Outlet

Holding

Corp.(a)

18,922‌

191,112‌

SECURITY

DESCRIPTION

VALUE

($)

Consumer

Staples

(5.0%):

(continued)

Interparfums,

Inc.

6,958‌

590,247‌

Snack

Foods

Corp.

7,426‌

671,088‌

National

Beverage

Corp.(a)

22,689‌

723,552‌

Post

Holdings,

Inc.(a)

9,472‌

938,202‌

PriceSmart,

Inc.

6,574‌

806,433‌

Reynolds

Consumer

Products,

Inc.

37,351‌

856,085‌

Seaboard

Corp.

187‌

831,181‌

The

Chefs'

Warehouse,

Inc.(a)

10,093‌

629,097‌

The

Marzetti

Company

4,310‌

708,650‌

The

Simply

Good

Foods

Co.(a)

31,116‌

624,809‌

The

Vita

Coco

Co.,

Inc.(a)

11,544‌

611,947‌

Tootsie

Roll

Industries,

Inc.

20,482‌

750,256‌

Utz

Brands,

Inc.

53,966‌

560,167‌

Vital

Farms,

Inc.(a)

9,780‌

312,373‌

WD-40

Co.

4,783‌

941,773‌

13,825,608‌

Energy

(

Archrock,

Inc.

21,614‌

562,396‌

Cactus,

Inc.,

Class

14,193‌

648,336‌

California

Resources

Corp.

9,830‌

439,499‌

Centrus

Energy

Corp.,

Class

A(a)

637‌

154,638‌

Chord

Energy

Corp.

5,394‌

500,024‌

Civitas

Resources,

Inc.

10,769‌

291,732‌

CNX

Resources

Corp.(a)

21,990‌

808,572‌

Core

Natural

Resources,

Inc.

4,317‌

382,098‌

Excelerate

Energy,

Inc.,

Class

22,032‌

617,998‌

International

Seaways,

Inc.

12,064‌

585,707‌

Kinetik

Holdings,

Inc.,

Class

15,146‌

546,013‌

Kodiak

Gas

Services,

Inc.

13,781‌

515,409‌

Liberty

Energy,

Inc.,

Class

28,351‌

523,360‌

Magnolia

Oil

Gas

Corp.,

Class

23,944‌

524,134‌

Murphy

Oil

Corp.

15,045‌

470,156‌

Northern

Oil

Gas,

Inc.

17,564‌

377,099‌

NOV,

Inc.

37,833‌

591,330‌

Oceaneering

International,

Inc.(a)

21,392‌

514,050‌

Peabody

Energy

Corp.

11,164‌

331,571‌

Energy

Co.

15,971‌

298,658‌

Solaris

Energy

Infrastructure,

Inc.,

Class

4,912‌

225,805‌

Tidewater,

Inc.(a)

7,316‌

369,531‌

Valaris

Ltd.(a)

8,551‌

430,970‌

Viper

Energy,

Inc.,

Class

15,436‌

596,293‌

Weatherford

International

PLC

6,121‌

479,030‌

11,784,409‌

Financial

Services

(

Enact

Holdings,

Inc.

28,914‌

1,146,151‌

Essent

Group

Ltd.

16,719‌

1,086,902‌

Euronet

Worldwide,

Inc.(a)

7,409‌

563,899‌

EVERTEC,

Inc.

21,041‌

612,083‌

Sustainable

Infrastructure

Capital,

Inc.

21,273‌

668,610‌

MGIC

Investment

Corp.

33,756‌

986,350‌

NCR

Atleos

Corp.(a)

12,468‌

475,155‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Financial

Services

(4.0%):

(continued)

NMI

Holdings,

Inc.,

Class

A(a)

23,992‌

978,634‌

Payoneer

Global,

Inc.(a)

70,092‌

393,917‌

PennyMac

Financial

Services,

Inc.

5,621‌

741,073‌

Radian

Group,

Inc.

26,368‌

948,984‌

Remitly

Global,

Inc.(a)

32,302‌

445,768‌

Sezzle,

Inc.(a)

2,585‌

164,083‌

The

Western

Union

Co.

88,498‌

823,916‌

Voya

Financial,

Inc.

8,418‌

627,057‌

Walker

Dunlop,

Inc.

7,666‌

461,110‌

11,123,692‌

Health

Care

(

Acadia

Healthcare

Co.,

Inc.(a)

14,961‌

212,297‌

ACADIA

Pharmaceuticals,

Inc.(a)

21,223‌

566,866‌

Addus

HomeCare

Corp.(a)

6,088‌

653,790‌

ADMA

Biologics,

Inc.(a)

28,428‌

518,527‌

Agios

Pharmaceuticals,

Inc.(a)

12,115‌

329,770‌

Alkermes

PLC(a)

19,755‌

552,745‌

Ardent

Health,

Inc.(a)

32,291‌

285,129‌

BrightSpring

Health

Services,

Inc.(a)

15,582‌

583,546‌

Catalyst

Pharmaceuticals,

Inc.(a)

29,508‌

688,717‌

Concentra

Group

Holdings

Parent,

Inc.

34,492‌

678,802‌

Corcept

Therapeutics,

Inc.(a)

2,136‌

74,333‌

CorVel

Corp.(a)

9,545‌

645,910‌

Elanco

Animal

Health,

Inc.(a)

20,176‌

456,583‌

Envista

Holdings

Corp.(a)

27,015‌

586,496‌

GeneDx

Holdings

Corp.,

Class

A(a)

1,659‌

215,769‌

Haemonetics

Corp.(a)

9,593‌

768,879‌

Harmony

Biosciences

Holdings,

Inc.(a)

19,047‌

712,739‌

Inspire

Medical

Systems,

Inc.(a)

4,782‌

441,044‌

Integer

Holdings

Corp.(a)

7,499‌

588,147‌

Krystal

Biotech,

Inc.(a)

2,591‌

638,785‌

Lantheus

Holdings,

Inc.(a)

6,713‌

446,750‌

LeMaitre

Vascular,

Inc.

7,073‌

573,620‌

Merit

Medical

Systems,

Inc.(a)

8,709‌

767,611‌

Option

Care

Health,

Inc.(a)

24,329‌

775,122‌

Prestige

Consumer

Healthcare,

Inc.(a)

11,494‌

709,065‌

Privia

Health

Group,

Inc.(a)

27,867‌

660,727‌

Progyny,

Inc.(a)

27,660‌

710,309‌

Protagonist

Therapeutics,

Inc.(a)

3,705‌

323,595‌

PTC

Therapeutics,

Inc.(a)

6,010‌

456,520‌

Sotera

Health

Co.(a)

29,161‌

514,400‌

Supernus

Pharmaceuticals,

Inc.(a)

12,209‌

606,787‌

Therapeutics,

Inc.(a)

11,795‌

351,609‌

TransMedics

Group,

Inc.(a)

3,406‌

414,340‌

Veracyte,

Inc.(a)

12,103‌

509,536‌

Vericel

Corp.(a)

13,415‌

483,074‌

Waystar

Holding

Corp.(a)

16,612‌

544,043‌

19,045,982‌

Industrials

(

AAR

Corp.(a)

6,876‌

569,264‌

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(21.3%):

(continued)

ABM

Industries,

Inc.

16,039‌

678,450‌

AeroVironment,

Inc.(a)

968‌

234,149‌

Alamo

Group,

Inc.

4,200‌

705,054‌

Albany

International

Corp.,

Class

9,389‌

476,022‌

Amentum

Holdings,

Inc.(a)

18,137‌

525,973‌

American

Superconductor

Corp.(a)

4,535‌

130,517‌

Arcosa,

Inc.

6,591‌

700,755‌

Argan,

Inc.

1,224‌

383,504‌

Armstrong

World

Industries,

Inc.

4,238‌

809,882‌

Atkore,

Inc.

6,245‌

394,996‌

AZZ,

Inc.

6,657‌

713,497‌

Bloom

Energy

Corp.,

Class

A(a)

2,900‌

251,981‌

Blue

Bird

Corp.(a)

9,395‌

441,565‌

Boise

Cascade

Co.

7,847‌

577,539‌

Brady

Corp.,

Class

11,659‌

913,716‌

Casella

Waste

Systems,

Inc.,

Class

A(a)

8,992‌

880,676‌

CBIZ,

Inc.(a)

9,929‌

500,918‌

Concentrix

Corp.

7,058‌

293,472‌

Construction

Partners,

Inc.,

Class

A(a)

3,624‌

393,385‌

CoreCivic,

Inc.(a)

37,124‌

709,440‌

CSG

Systems

International,

Inc.

13,130‌

1,006,940‌

CSW

Industrials,

Inc.

2,395‌

703,004‌

DXP

Enterprises,

Inc.(a)

3,849‌

422,582‌

Dycom

Industries,

Inc.(a)

1,877‌

634,238‌

Enerpac

Tool

Group

Corp.,

Class

16,825‌

643,388‌

EnerSys

5,448‌

799,494‌

Enpro,

Inc.

2,634‌

564,018‌

ESCO

Technologies,

Inc.

2,789‌

544,943‌

Everus

Construction

Group,

Inc.(a)

4,257‌

364,229‌

Exponent,

Inc.

14,421‌

1,001,683‌

Federal

Signal

Corp.

4,735‌

514,174‌

Franklin

Electric

Co.,

Inc.

8,952‌

855,185‌

FTI

Consulting,

Inc.(a)

5,114‌

873,625‌

GATX

Corp.

5,240‌

888,704‌

Gibraltar

Industries,

Inc.(a)

8,653‌

427,804‌

Granite

Construction,

Inc.

7,477‌

862,472‌

Griffon

Corp.

7,666‌

564,601‌

GXO

Logistics,

Inc.(a)

9,753‌

513,398‌

Hayward

Holdings,

Inc.(a)

42,042‌

649,549‌

Helios

Technologies,

Inc.

8,056‌

430,915‌

Herc

Holdings,

Inc.

2,900‌

430,302‌

Hexcel

Corp.

10,588‌

782,453‌

Hillman

Solutions

Corp.(a)

51,208‌

443,461‌

HNI

Corp.

16,203‌

681,174‌

Huron

Consulting

Group,

Inc.(a)

3,990‌

689,911‌

ICF

International,

Inc.

6,339‌

540,717‌

IES

Holdings,

Inc.(a)

908‌

353,230‌

Insperity,

Inc.

9,127‌

353,397‌

Kadant,

Inc.

1,973‌

562,344‌

Kirby

Corp.(a)

6,887‌

758,810‌

Korn

Ferry

11,690‌

771,774‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Industrials

(21.3%):

(continued)

Kratos

Defense

Security

Solutions,

Inc.(a)

4,345‌

329,829‌

Landstar

System,

Inc.

5,868‌

843,232‌

Legalzoom.com,

Inc.(a)

37,893‌

376,277‌

Matson,

Inc.

5,468‌

675,571‌

Maximus,

Inc.

8,617‌

743,819‌

McGrath

RentCorp

6,833‌

716,987‌

MDU

Resources

Group,

Inc.

47,353‌

924,331‌

Moog,

Inc.,

Class

3,023‌

736,252‌

MSA

Safety,

Inc.

5,548‌

888,457‌

MSC

Industrial

Direct

Co.,

Inc.,

Class

9,356‌

786,840‌

Mueller

Water

Products,

Inc.,

Class

21,943‌

522,682‌

MYR

Group,

Inc.(a)

2,235‌

488,347‌

OPENLANE,

Inc.(a)

22,166‌

660,103‌

Pitney

Bowes,

Inc.

43,735‌

462,279‌

Powell

Industries,

Inc.

1,223‌

389,868‌

Power

Solutions

International,

Inc.(a)

2,558‌

146,164‌

Primoris

Services

Corp.

3,162‌

392,531‌

REV

Group,

Inc.

9,249‌

562,432‌

Robert

Half,

Inc.

18,818‌

511,097‌

Rush

Enterprises,

Inc.,

Class

12,873‌

694,370‌

Ryder

System,

Inc.

3,733‌

714,459‌

Schneider

National,

Inc.,

Class

30,921‌

820,334‌

Science

Applications

International

Corp.

6,356‌

639,795‌

SiteOne

Landscape

Supply,

Inc.(a)

4,780‌

595,397‌

SkyWest,

Inc.(a)

5,572‌

559,485‌

SPX

Technologies,

Inc.(a)

3,187‌

637,591‌

Standex

International

Corp.

2,571‌

558,627‌

Sterling

Infrastructure,

Inc.(a)

1,047‌

320,623‌

Tecnoglass,

Inc.

7,904‌

397,729‌

Terex

Corp.

9,364‌

499,850‌

The

Brink's

Co.

6,203‌

724,076‌

The

GEO

Group,

Inc.(a)

24,921‌

401,727‌

The

Timken

Co.

8,679‌

730,164‌

TriNet

Group,

Inc.

9,344‌

552,511‌

Trinity

Industries,

Inc.

22,933‌

606,348‌

UFP

Industries,

Inc.

7,639‌

695,531‌

Solutions,

Inc.,

Class

8,900‌

701,854‌

UniFirst

Corp.

4,422‌

853,004‌

Upwork,

Inc.(a)

25,489‌

505,192‌

V2X,

Inc.(a)

8,466‌

461,820‌

Valmont

Industries,

Inc.

1,444‌

580,950‌

Verra

Mobility

Corp.,

Class

A(a)

26,620‌

596,554‌

Vicor

Corp.(a)

6,197‌

679,191‌

VSE

Corp.

2,932‌

506,562‌

Watts

Water

Technologies,

Inc.,

Class

2,756‌

760,711‌

WillScot

Holdings

Corp.

20,150‌

379,424‌

Zurn

Elkay

Water

Solutions

Corp.

15,393‌

715,621‌

58,963,872‌

SECURITY

DESCRIPTION

VALUE

($)

Information

Technology

(

ACI

Worldwide,

Inc.(a)

12,025‌

574,915‌

ACM

Research,

Inc.,

Class

A(a)

7,878‌

310,787‌

Advanced

Energy

Industries,

Inc.

2,498‌

523,006‌

Agilysys,

Inc.(a)

3,785‌

449,809‌

Alarm.com

Holdings,

Inc.(a)

16,040‌

818,361‌

Amkor

Technology,

Inc.

13,694‌

540,639‌

Appfolio,

Inc.,

Class

A(a)

2,132‌

496,010‌

Arrow

Electronics,

Inc.(a)

6,038‌

665,267‌

ASGN,

Inc.(a)

11,622‌

559,832‌

Avnet,

Inc.

13,288‌

638,887‌

Axcelis

Technologies,

Inc.(a)

5,112‌

410,698‌

Badger

Meter,

Inc.

3,479‌

606,772‌

Belden,

Inc.

5,375‌

626,456‌

BlackLine,

Inc.(a)

11,642‌

643,686‌

Cirrus

Logic,

Inc.(a)

4,545‌

538,583‌

Cleanspark,

Inc.(a)

13,578‌

137,409‌

Clear

Secure,

Inc.,

Class

18,329‌

642,981‌

Clearwater

Analytics

Holdings,

Inc.,

Class

A(a)

31,803‌

767,088‌

Cognex

Corp.

11,102‌

399,450‌

Commvault

Systems,

Inc.(a)

2,629‌

329,571‌

Crane

NXT

Co.

8,423‌

396,471‌

Dave,

Inc.(a)

1,245‌

275,656‌

DigitalOcean

Holdings,

Inc.(a)

8,498‌

408,924‌

Diodes,

Inc.(a)

8,924‌

440,310‌

Dolby

Laboratories,

Inc.,

Class

12,405‌

796,649‌

DXC

Technology

Co.(a)

39,883‌

584,286‌

ePlus,

Inc.

9,061‌

794,650‌

Five9,

Inc.(a)

20,721‌

415,456‌

FormFactor,

Inc.(a)

9,117‌

508,546‌

Impinj,

Inc.(a)

1,555‌

270,586‌

Insight

Enterprises,

Inc.(a)

5,577‌

454,358‌

InterDigital,

Inc.

1,661‌

528,829‌

Itron,

Inc.(a)

5,598‌

519,830‌

Knowles

Corp.(a)

25,809‌

553,087‌

Life360,

Inc.(a)

3,504‌

224,747‌

Littelfuse,

Inc.

1,954‌

494,206‌

LiveRamp

Holdings,

Inc.(a)

17,598‌

516,853‌

Lumentum

Holdings,

Inc.(a)

2,100‌

774,039‌

MARA

Holdings,

Inc.(a)

14,976‌

134,485‌

Mirion

Technologies,

Inc.,

Class

A(a)

17,633‌

412,965‌

NetScout

Systems,

Inc.(a)

26,665‌

721,555‌

OSI

Systems,

Inc.(a)

2,163‌

551,695‌

Plexus

Corp.(a)

4,447‌

653,709‌

Power

Integrations,

Inc.

13,147‌

467,244‌

Progress

Software

Corp.(a)

13,385‌

575,020‌

Holdings,

Inc.(a)

8,196‌

591,423‌

Qualys,

Inc.(a)

5,774‌

767,365‌

Rambus,

Inc.(a)

3,837‌

352,582‌

Semtech

Corp.(a)

3,745‌

275,969‌

Sprinklr,

Inc.,

Class

A(a)

65,872‌

512,484‌

SPS

Commerce,

Inc.(a)

4,379‌

390,300‌

Teradata

Corp.(a)

25,367‌

772,172‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2025

SECURITY

DESCRIPTION

VALUE

($)

Information

Technology

(10.4%):

(continued)

TTM

Technologies,

Inc.(a)

7,477‌

515,913‌

Viavi

Solutions,

Inc.(a)

44,595‌

794,683‌

Vontier

Corp.

18,033‌

670,467‌

28,797,721‌

Insurance

(

Assured

Guaranty

Ltd.

11,500‌

1,033,505‌

Brighthouse

Financial,

Inc.(a)

7,764‌

503,030‌

CNO

Financial

Group,

Inc.

18,718‌

794,953‌

First

American

Financial

Corp.

13,236‌

813,220‌

Genworth

Financial,

Inc.,

Class

A(a)

70,163‌

633,572‌

HCI

Group,

Inc.

3,720‌

713,087‌

Kemper

Corp.

12,039‌

488,061‌

Mercury

General

Corp.

7,753‌

729,247‌

Palomar

Holdings,

Inc.(a)

4,393‌

592,001‌

RLI

Corp.

15,250‌

975,695‌

Selective

Insurance

Group,

Inc.

7,633‌

638,653‌

The

Hanover

Insurance

Group,

Inc.

4,981‌

910,377‌

White

Mountains

Insurance

Group

Ltd.

508‌

1,055,639‌

9,881,040‌

Materials

(

Avient

Corp.

17,148‌

535,704‌

Balchem

Corp.

6,910‌

1,059,718‌

Cabot

Corp.

10,096‌

669,163‌

Coeur

Mining,

Inc.(a)

17,180‌

306,319‌

Commercial

Metals

Co.

10,177‌

704,452‌

Element

Solutions,

Inc.

24,349‌

608,482‌

FMC

Corp.

13,416‌

186,080‌

Greif,

Inc.,

Class

11,068‌

749,304‌

H.B.

Fuller

Co.

10,777‌

640,800‌

Hawkins,

Inc.

3,836‌

544,942‌

Hecla

Mining

Co.

28,687‌

550,504‌

Innospec,

Inc.

10,571‌

809,104‌

Knife

River

Corp.(a)

7,232‌

508,771‌

Materion

Corp.

4,734‌

588,531‌

Minerals

Technologies,

Inc.

10,460‌

637,537‌

NewMarket

Corp.

1,194‌

820,588‌

Perimeter

Solutions,

Inc.(a)

22,745‌

626,170‌

Sealed

Air

Corp.

18,073‌

748,764‌

Sensient

Technologies

Corp.

7,737‌

726,891‌

Silgan

Holdings,

Inc.

17,409‌

702,801‌

Sylvamo

Corp.

12,161‌

585,552‌

The

Scotts

Miracle-Gro

Co.

9,427‌

550,066‌

United

States

Lime

Minerals,

Inc.

4,672‌

559,425‌

Warrior

Met

Coal,

Inc.

6,566‌

578,924‌

14,998,592‌

Real

Estate

(

Howard

Hughes

Holdings,

Inc.(a)

8,828‌

704,209‌

Newmark

Group,

Inc.,

Class

31,908‌

553,285‌

The

St.

Joe

Co.

16,295‌

967,434‌

2,224,928‌

Utilities

(

American

States

Water

Co.

14,062‌

1,019,214‌

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(6.8%):

(continued)

Avista

Corp.

31,519‌

1,214,742‌

Black

Hills

Corp.

19,070‌

1,323,839‌

California

Water

Service

Group

20,743‌

898,794‌

Chesapeake

Utilities

Corp.

7,680‌

958,157‌

Clearway

Energy,

Inc.,

Class

25,578‌

850,724‌

H2O

America

17,106‌

838,023‌

IDACORP,

Inc.

9,130‌

1,155,493‌

MGE

Energy,

Inc.

12,459‌

977,035‌

National

Fuel

Gas

Co.

12,381‌

991,223‌

New

Jersey

Resources

Corp.

27,865‌

1,285,134‌

ONE

Gas,

Inc.

13,291‌

1,026,730‌

Ormat

Technologies,

Inc.

8,976‌

991,579‌

Otter

Tail

Corp.

11,568‌

934,810‌

Portland

General

Electric

Co.

24,822‌

1,191,208‌

Southwest

Gas

Holdings,

Inc.

11,629‌

930,552‌

Spire,

Inc.

13,940‌

1,152,838‌

UGI

Corp.

33,145‌

1,240,617‌

18,980,712‌

Total

Common

Stocks

(Cost

$254,262,413)

275,913,630‌

Total

Investments

(Cost

$254,262,413)

99.5%(b)

275,913,630‌

Other

assets

excess

liabilities

0.5%

1,307,634‌

NET

ASSETS

100.00%

277,221,264‌

(a)

Non-income

producing

security.

(b)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

See

notes

financial

statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-Mini

Russell

2000

Index

Futures

3/20/26

1,151,458‌

1,124,100‌

(

27,358‌

)

(

27,358‌

)

Schedule

Portfolio

Investments

December

31,

2025

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.7%)

Aerospace

Defense

(

3.5%

Axon

Enterprise,

Inc.(a)

961‌

545,781‌

BWX

Technologies,

Inc.

4,622‌

798,866‌

Curtiss-Wright

Corp.

2,064‌

1,137,821‌

General

Dynamics

Corp.

5,077‌

1,709,223‌

HEICO

Corp.

3,832‌

1,239,997‌

Howmet

Aerospace,

Inc.

5,650‌

1,158,363‌

Textron,

Inc.

15,613‌

1,360,985‌

TransDigm

Group,

Inc.

1,004‌

1,335,169‌

Woodward,

Inc.

4,823‌

1,458,089‌

10,744,294‌

Air

Freight

Logistics

(

1.0%

C.H.

Robinson

Worldwide,

Inc.

8,809‌

1,416,135‌

Expeditors

International

Washington,

Inc.

11,817‌

1,760,851‌

3,176,986‌

Building

Products

(

2.3%

Allegion

PLC

7,993‌

1,272,645‌

Builders

FirstSource,

Inc.(a)

6,480‌

666,727‌

Carlisle

Cos.,

Inc.

3,152‌

1,008,199‌

Carrier

Global

Corp.

18,741‌

990,274‌

Lennox

International,

Inc.

1,997‌

969,703‌

Masco

Corp.

17,483‌

1,109,471‌

Trane

Technologies

PLC

3,046‌

1,185,503‌

7,202,522‌

Commercial

Services

Supplies

(

2.7%

Cintas

Corp.

8,997‌

1,692,066‌

Copart,

Inc.(a)

34,640‌

1,356,156‌

Republic

Services,

Inc.,

Class

8,826‌

1,870,494‌

Rollins,

Inc.

31,513‌

1,891,410‌

Waste

Management,

Inc.

9,337‌

2,051,432‌

8,861,558‌

Communication

Services

(

0.1%

The

Trade

Desk,

Inc.,

Class

A(a)

8,619‌

327,177‌

Construction

Engineering

(

1.9%

AECOM

12,143‌

1,157,592‌

API

Group

Corp.(a)

35,694‌

1,365,652‌

Comfort

Systems

USA,

Inc.

750‌

699,968‌

EMCOR

Group,

Inc.

1,312‌

802,669‌

MasTec,

Inc.(a)

4,048‌

879,914‌

Quanta

Services,

Inc.

2,179‌

919,669‌

5,825,464‌

Consumer

Discretionary

(

6.4%

Aptiv

PLC(a)

12,589‌

957,897‌

Carvana

Co.,

Class

A(a)

1,560‌

658,351‌

Chewy,

Inc.,

Class

A(a)

21,392‌

707,006‌

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

27,266‌

1,008,842‌

Coupang,

Inc.,

Class

A(a)

34,929‌

823,975‌

D.R.

Horton,

Inc.

6,395‌

921,072‌

Deckers

Outdoor

Corp.(a)

6,976‌

723,202‌

SECURITY

DESCRIPTION

VALUE

($)

Consumer

Discretionary

(6.4%):

(continued)

Domino's

Pizza,

Inc.

3,382‌

1,409,685‌

Garmin

Ltd.

4,113‌

834,322‌

Genuine

Parts

Co.

11,054‌

1,359,200‌

Lennar

Corp.,

Class

8,891‌

913,995‌

NVR,

Inc.(a)

176‌

1,283,527‌

O'Reilly

Automotive,

Inc.(a)

17,776‌

1,621,349‌

PulteGroup,

Inc.

8,602‌

1,008,670‌

Ross

Stores,

Inc.

9,694‌

1,746,277‌

Somnigroup

International,

Inc.

13,668‌

1,220,279‌

Toll

Brothers,

Inc.

8,154‌

1,102,584‌

Tractor

Supply

Co.

24,004‌

1,200,440‌

Williams-Sonoma,

Inc.

4,720‌

842,945‌

20,343,618‌

Consumer

Staples

(

5.4%

BJ's

Wholesale

Club

Holdings,

Inc.(a)

13,248‌

1,192,717‌

Bunge

Global

14,750‌

1,313,930‌

Casey's

General

Stores,

Inc.

2,302‌

1,272,338‌

Celsius

Holdings,

Inc.(a)

9,901‌

452,872‌

Costco

Wholesale

Corp.

1,782‌

1,536,690‌

Dollar

General

Corp.

10,356‌

1,374,966‌

Hormel

Foods

Corp.

61,197‌

1,450,369‌

Kenvue,

Inc.

75,514‌

1,302,617‌

Kimberly-Clark

Corp.

15,854‌

1,599,510‌

McCormick

Co.,

Inc.

23,481‌

1,599,291‌

Sprouts

Farmers

Market,

Inc.(a)

9,697‌

772,560‌

Sysco

Corp.

21,951‌

1,617,569‌

U.S.

Foods

Holding

Corp.(a)

20,786‌

1,565,602‌

17,051,031‌

Electrical

Equipment

(

1.9%

AMETEK,

Inc.

9,314‌

1,912,257‌

Bloom

Energy

Corp.,

Class

A(a)

5,008‌

435,145‌

Vernova,

Inc.

1,071‌

699,973‌

Hubbell,

Inc.,

Class

2,834‌

1,258,608‌

Rockwell

Automation,

Inc.

3,197‌

1,243,857‌

Vertiv

Holdings

Co.,

Class

3,064‌

496,399‌

6,046,239‌

Energy

(

7.0%

Baker

Hughes

Co.,

Class

22,126‌

1,007,618‌

Cheniere

Energy,

Inc.

4,920‌

956,399‌

ConocoPhillips

Co.

12,029‌

1,126,035‌

Coterra

Energy,

Inc.

53,869‌

1,417,832‌

Devon

Energy

Corp.

25,842‌

946,592‌

Diamondback

Energy,

Inc.

6,441‌

968,276‌

EOG

Resources,

Inc.

11,330‌

1,189,763‌

EQT

Corp.

18,267‌

979,111‌

Expand

Energy

Corp.

12,403‌

1,368,795‌

Halliburton

Co.

38,353‌

1,083,856‌

Kinder

Morgan,

Inc.

52,565‌

1,445,012‌

Occidental

Petroleum

Corp.

23,298‌

958,014‌

ONEOK,

Inc.

16,516‌

1,213,926‌

Phillips

Co.

7,782‌

1,004,189‌

SLB

Ltd.

30,959‌

1,188,206‌

Targa

Resources

Corp.

6,602‌

1,218,069‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Energy

(7.0%):

(continued)

Texas

Pacific

Land

Corp.

2,577‌

740,166‌

The

Williams

Cos.,

Inc.

21,792‌

1,309,917‌

Valero

Energy

Corp.

6,062‌

986,833‌

Viper

Energy,

Inc.,

Class

26,723‌

1,032,310‌

22,140,919‌

Financials

(

13.1%

Affirm

Holdings,

Inc.,

Class

A(a)

6,792‌

505,529‌

Aflac,

Inc.

15,289‌

1,685,918‌

Arch

Capital

Group

Ltd.(a)

15,704‌

1,506,328‌

Arthur

Gallagher

Co.

5,182‌

1,341,050‌

Blue

Owl

Capital,

Inc.,

Class

52,699‌

787,323‌

Brown

Brown,

Inc.

16,002‌

1,275,359‌

Cboe

Global

Markets,

Inc.

6,937‌

1,741,187‌

Cincinnati

Financial

Corp.

9,380‌

1,531,942‌

CME

Group,

Inc.,

Class

7,413‌

2,024,342‌

Coinbase

Global,

Inc.,

Class

A(a)

1,418‌

320,666‌

East

West

Bancorp,

Inc.

10,799‌

1,213,700‌

Equitable

Holdings,

Inc.

21,112‌

1,005,987‌

Everest

Group

Ltd.

4,577‌

1,553,205‌

Fidelity

National

Information

Services,

Inc.

17,929‌

1,191,561‌

First

Citizens

Bancshares,

Inc.,

Class

642‌

1,377,847‌

Franklin

Resources,

Inc.

51,669‌

1,234,372‌

Global

Payments,

Inc.

10,559‌

817,267‌

Houlihan

Lokey,

Inc.,

Class

6,872‌

1,197,034‌

Interactive

Brokers

Group,

Inc.,

Class

11,370‌

731,205‌

Intercontinental

Exchange,

Inc.

13,185‌

2,135,443‌

Jefferies

Financial

Group,

Inc.

16,355‌

1,013,519‌

LPL

Financial

Holdings,

Inc.

3,167‌

1,131,157‌

Markel

Group,

Inc.(a)

787‌

1,691,774‌

MSCI,

Inc.,

Class

2,472‌

1,418,260‌

Nasdaq,

Inc.

17,030‌

1,654,124‌

Principal

Financial

Group,

Inc.

15,907‌

1,403,156‌

Reinsurance

Group

America,

Inc.

6,206‌

1,262,673‌

Ryan

Specialty

Holdings,

Inc.,

Class

22,623‌

1,168,025‌

SoFi

Technologies,

Inc.(a)

23,146‌

605,962‌

The

Progressive

Corp.

6,412‌

1,460,141‌

Toast,

Inc.,

Class

A(a)

23,382‌

830,295‌

Tradeweb

Markets,

Inc.,

Class

12,105‌

1,301,772‌

W.R.

Berkley

Corp.

21,606‌

1,515,013‌

41,633,136‌

Ground

Transportation

(

1.3%

CSX

Corp.

41,846‌

1,516,918‌

Old

Dominion

Freight

Line,

Inc.

6,784‌

1,063,731‌

Union

Pacific

Corp.

7,029‌

1,625,948‌

4,206,597‌

Health

Care

(

10.0%

Agilent

Technologies,

Inc.

8,365‌

1,138,225‌

Centene

Corp.(a)

17,141‌

705,352‌

Dexcom,

Inc.(a)

12,738‌

845,421‌

Doximity,

Inc.,

Class

A(a)

9,224‌

408,439‌

Edwards

Lifesciences

Corp.(a)

21,240‌

1,810,710‌

SECURITY

DESCRIPTION

VALUE

($)

Health

Care

(10.0%):

(continued)

Encompass

Health

Corp.

11,123‌

1,180,595‌

HealthCare

Technologies,

Inc.

13,636‌

1,118,425‌

HCA

Healthcare,

Inc.

3,267‌

1,525,232‌

Humana,

Inc.

3,118‌

798,613‌

IDEXX

Laboratories,

Inc.(a)

1,330‌

899,785‌

Illumina,

Inc.(a)

9,117‌

1,195,786‌

Incyte

Corp.(a)

13,170‌

1,300,801‌

Insulet

Corp.(a)

2,990‌

849,877‌

Intuitive

Surgical,

Inc.(a)

2,476‌

1,402,307‌

IQVIA

Holdings,

Inc.(a)

4,573‌

1,030,800‌

Medpace

Holdings,

Inc.(a)

1,021‌

573,445‌

Mettler-Toledo

International,

Inc.(a)

828‌

1,154,389‌

Neurocrine

Biosciences,

Inc.(a)

7,082‌

1,004,440‌

Quest

Diagnostics,

Inc.

8,793‌

1,525,849‌

ResMed,

Inc.

4,964‌

1,195,679‌

Solventum

Corp.(a)

16,086‌

1,274,655‌

STERIS

PLC

6,794‌

1,722,415‌

Stryker

Corp.

4,699‌

1,651,557‌

Tenet

Healthcare

Corp.(a)

4,660‌

926,035‌

United

Therapeutics

Corp.(a)

1,607‌

783,011‌

Veeva

Systems,

Inc.,

Class

A(a)

3,716‌

829,523‌

Waters

Corp.(a)

2,962‌

1,125,056‌

West

Pharmaceutical

Services,

Inc.

2,333‌

641,902‌

Zoetis,

Inc.,

Class

9,941‌

1,250,777‌

31,869,101‌

Information

Technology

(

14.7%

Amphenol

Corp.,

Class

8,275‌

1,118,284‌

Analog

Devices,

Inc.

4,022‌

1,090,766‌

AppLovin

Corp.,

Class

A(a)

793‌

534,339‌

Arista

Networks,

Inc.(a)

4,045‌

530,016‌

Astera

Labs,

Inc.(a)

2,002‌

333,053‌

Bentley

Systems,

Inc.,

Class

29,532‌

1,127,089‌

Broadcom,

Inc.

2,171‌

751,383‌

Cadence

Design

Systems,

Inc.(a)

2,761‌

863,033‌

CDW

Corp.

7,992‌

1,088,510‌

Ciena

Corp.(a)

3,907‌

913,730‌

Cognizant

Technology

Solutions

Corp.,

Class

21,575‌

1,790,725‌

Corpay,

Inc.(a)

3,521‌

1,059,575‌

Credo

Technology

Group

Holding

Ltd.(a)

2,952‌

424,763‌

Datadog,

Inc.,

Class

A(a)

5,335‌

725,507‌

Docusign,

Inc.,

Class

A(a)

10,994‌

751,990‌

Dynatrace,

Inc.(a)

23,172‌

1,004,275‌

Entegris,

Inc.

7,333‌

617,805‌

F5,

Inc.(a)

3,735‌

953,396‌

Fair

Isaac

Corp.(a)

496‌

838,548‌

First

Solar,

Inc.(a)

2,570‌

671,361‌

Fortinet,

Inc.(a)

10,042‌

797,435‌

Gartner,

Inc.(a)

3,637‌

917,542‌

Guidewire

Software,

Inc.(a)

3,592‌

722,028‌

Jabil,

Inc.

4,801‌

1,094,724‌

Keysight

Technologies,

Inc.(a)

7,208‌

1,464,594‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Information

Technology

(14.7%):

(continued)

KLA

Corp.

881‌

1,070,486‌

Manhattan

Associates,

Inc.(a)

3,899‌

675,736‌

Monolithic

Power

Systems,

Inc.

676‌

612,699‌

Motorola

Solutions,

Inc.

3,561‌

1,365,003‌

NetApp,

Inc.

8,635‌

924,722‌

Nutanix,

Inc.,

Class

A(a)

12,410‌

641,473‌

NXP

Semiconductors

3,777‌

819,836‌

Okta,

Inc.,

Class

A(a)

8,302‌

717,874‌

Semiconductor

Corp.(a)

13,595‌

736,169‌

Palantir

Technologies,

Inc.,

Class

A(a)

3,045‌

541,249‌

Palo

Alto

Networks,

Inc.(a)

4,932‌

908,474‌

PTC,

Inc.(a)

5,295‌

922,442‌

Roper

Technologies,

Inc.

3,511‌

1,562,852‌

Seagate

Technology

Holdings

PLC

3,860‌

1,063,005‌

ServiceNow,

Inc.(a)

4,985‌

763,652‌

Strategy,

Inc.,

Class

A(a)

1,660‌

252,237‌

Super

Micro

Computer,

Inc.(a)

7,957‌

232,901‌

Synopsys,

Inc.(a)

1,410‌

662,305‌

SYNNEX

Corp.

7,519‌

1,129,579‌

Connectivity

PLC

5,638‌

1,282,701‌

Teledyne

Technologies,

Inc.(a)

2,821‌

1,440,769‌

Teradyne,

Inc.

5,024‌

972,446‌

Texas

Instruments,

Inc.

5,076‌

880,635‌

Trimble,

Inc.(a)

15,987‌

1,252,582‌

Tyler

Technologies,

Inc.(a)

2,798‌

1,270,152‌

Western

Digital

Corp.

6,568‌

1,131,469‌

Zebra

Technologies

Corp.(a)

2,939‌

713,648‌

46,731,567‌

Machinery

(

6.7%

Caterpillar,

Inc.

2,554‌

1,463,110‌

Deere

Co.

2,884‌

1,342,704‌

Dover

Corp.

8,253‌

1,611,316‌

Fortive

Corp.

28,236‌

1,558,910‌

Graco,

Inc.

21,206‌

1,738,256‌

Illinois

Tool

Works,

Inc.

6,539‌

1,610,556‌

Ingersoll

Rand,

Inc.

14,384‌

1,139,500‌

ITT,

Inc.

7,033‌

1,220,296‌

Lincoln

Electric

Holdings,

Inc.

5,012‌

1,201,076‌

Otis

Worldwide

Corp.

16,178‌

1,413,148‌

PACCAR,

Inc.

13,584‌

1,487,584‌

Parker-Hannifin

Corp.

1,558‌

1,369,420‌

Snap-on,

Inc.

4,354‌

1,500,388‌

Westinghouse

Air

Brake

Technologies

Corp.

6,436‌

1,373,764‌

Xylem,

Inc.

9,914‌

1,350,089‌

21,380,117‌

Materials

(

7.0%

Avery

Dennison

Corp.

10,027‌

1,823,711‌

Ball

Corp.

29,912‌

1,584,439‌

Industries

Holdings,

Inc.

12,433‌

961,568‌

CRH

PLC

9,037‌

1,127,818‌

Freeport-McMoRan,

Inc.

17,584‌

893,091‌

Linde

PLC

4,291‌

1,829,639‌

SECURITY

DESCRIPTION

VALUE

($)

Materials

(7.0%):

(continued)

LyondellBasell

Industries

NV,

Class

19,218‌

832,139‌

Martin

Marietta

Materials,

Inc.

2,483‌

1,546,065‌

Newmont

Corp.

12,150‌

1,213,178‌

Nucor

Corp.

7,295‌

1,189,887‌

Packaging

Corp.

America

6,312‌

1,301,724‌

PPG

Industries,

Inc.

12,237‌

1,253,803‌

Reliance,

Inc.

4,997‌

1,443,483‌

RPM

International,

Inc.

11,723‌

1,219,192‌

Steel

Dynamics,

Inc.

7,012‌

1,188,183‌

The

Sherwin-Williams

Co.

4,552‌

1,474,985‌

Vulcan

Materials

Co.

5,021‌

1,432,090‌

22,314,995‌

Professional

Services

(

2.0%

Equifax,

Inc.

4,316‌

936,486‌

Paychex,

Inc.

12,052‌

1,351,993‌

SS&C

Technologies

Holdings,

Inc.

18,517‌

1,618,756‌

TransUnion

10,606‌

909,465‌

Verisk

Analytics,

Inc.,

Class

6,920‌

1,547,935‌

6,364,635‌

Real

Estate

(

0.3%

CoStar

Group,

Inc.(a)

15,699‌

1,055,601‌

Trading

Companies

Distributors

(

2.0%

Fastenal

Co.

33,674‌

1,351,338‌

Ferguson

Enterprises,

Inc.

4,570‌

1,017,419‌

FTAI

Aviation

Ltd.

2,583‌

508,464‌

United

Rentals,

Inc.

1,040‌

841,693‌

W.W.

Grainger,

Inc.

1,622‌

1,636,679‌

Watsco,

Inc.

3,093‌

1,042,186‌

6,397,779‌

Utilities

(

10.4%

Alliant

Energy

Corp.

29,881‌

1,942,564‌

Ameren

Corp.

20,284‌

2,025,560‌

American

Electric

Power

Co.,

Inc.

16,637‌

1,918,412‌

American

Water

Works

Co.,

Inc.

10,504‌

1,370,772‌

Atmos

Energy

Corp.

12,152‌

2,037,040‌

CenterPoint

Energy,

Inc.

55,978‌

2,146,197‌

CMS

Energy

Corp.

28,658‌

2,004,054‌

Consolidated

Edison,

Inc.

17,816‌

1,769,485‌

Constellation

Energy

Corp.

1,748‌

617,516‌

DTE

Energy

Co.

14,875‌

1,918,578‌

Entergy

Corp.

17,468‌

1,614,567‌

Evergy,

Inc.

28,164‌

2,041,608‌

Eversource

Energy

20,107‌

1,353,804‌

NextEra

Energy,

Inc.

15,381‌

1,234,787‌

NiSource,

Inc.

40,853‌

1,706,021‌

NRG

Energy,

Inc.

3,965‌

631,387‌

Public

Service

Enterprise

Group,

Inc.

21,095‌

1,693,929‌

Talen

Energy

Corp.(a)

1,430‌

536,021‌

The

Southern

Co.

21,619‌

1,885,177‌

Vistra

Corp.

2,742‌

442,367‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

Large/Mid

Cap

Core

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2025.

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(10.4%):

(continued)

WEC

Energy

Group,

Inc.

18,530‌

1,954,174‌

32,844,020‌

Total

Common

Stocks

(Cost

$276,860,090)

316,517,356‌

Rights

(0.0%)

†

Health

Care

(

0.0%

†

ABIOMED,

Inc.,

CVR

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

2,152‌

2,195‌

Total

Rights

(Cost

$-)

2,195‌

Total

Investments

(Cost

$276,860,090)

99.7%(c)

316,519,551‌

Other

assets

excess

liabilities

0.3%

1,187,542‌

NET

ASSETS

100.00%

317,707,093‌

(a)

Non-income

producing

security.

†

Represents

less

than

0.05%.

(b)

Security

was

fair

valued

based

upon

procedures

approved

the

Board

Trustees

and

represents

0.00%

the

Fund's

net

assets

December

31,

2025.

This

security

classified

Level

within

the

fair

value

hierarchy.

(See

Note

(c)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

3/20/26

1,030,915‌

1,033,875‌

2,960‌

Schedule

Portfolio

Investments

December

31,

2025

Timothy

Plan

High

Dividend

Stock

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.6%)

Consumer

Discretionary

(

Domino's

Pizza,

Inc.

7,815‌

3,257,448‌

Garmin

Ltd.

9,505‌

1,928,089‌

Genuine

Parts

Co.

25,546‌

3,141,136‌

Lennar

Corp.,

Class

20,547‌

2,112,232‌

Tractor

Supply

Co.

55,474‌

2,774,255‌

Williams-Sonoma,

Inc.

10,908‌

1,948,060‌

15,161,220‌

Consumer

Staples

(

Bunge

Global

34,088‌

3,036,559‌

Dollar

General

Corp.

23,933‌

3,177,585‌

Hormel

Foods

Corp.

141,429‌

3,351,867‌

Kenvue,

Inc.

174,517‌

3,010,418‌

Kimberly-Clark

Corp.

36,640‌

3,696,610‌

McCormick

Co.,

Inc.

54,265‌

3,695,989‌

Sysco

Corp.

50,730‌

3,738,294‌

23,707,322‌

Energy

(

Baker

Hughes

Co.,

Class

51,134‌

2,328,642‌

ConocoPhillips

Co.

27,801‌

2,602,452‌

Coterra

Energy,

Inc.

124,494‌

3,276,682‌

Devon

Energy

Corp.

59,720‌

2,187,544‌

Diamondback

Energy,

Inc.

14,884‌

2,237,512‌

EOG

Resources,

Inc.

26,184‌

2,749,582‌

Expand

Energy

Corp.

28,666‌

3,163,580‌

Halliburton

Co.

88,633‌

2,504,769‌

Kinder

Morgan,

Inc.

121,480‌

3,339,485‌

Occidental

Petroleum

Corp.

53,842‌

2,213,983‌

ONEOK,

Inc.

38,170‌

2,805,495‌

Phillips

Co.

17,985‌

2,320,784‌

SLB

Ltd.

71,547‌

2,745,974‌

Targa

Resources

Corp.

15,259‌

2,815,285‌

The

Williams

Cos.,

Inc.

50,362‌

3,027,260‌

Valero

Energy

Corp.

14,009‌

2,280,525‌

Viper

Energy,

Inc.,

Class

61,758‌

2,385,711‌

44,985,265‌

Financials

(

Aflac,

Inc.

35,334‌

3,896,280‌

Blue

Owl

Capital,

Inc.,

Class

121,789‌

1,819,528‌

Cincinnati

Financial

Corp.

21,677‌

3,540,288‌

CME

Group,

Inc.,

Class

17,132‌

4,678,406‌

East

West

Bancorp,

Inc.

24,956‌

2,804,805‌

Equitable

Holdings,

Inc.

48,791‌

2,324,891‌

Everest

Group

Ltd.

10,578‌

3,589,644‌

Fidelity

National

Information

Services,

Inc.

41,434‌

2,753,704‌

Franklin

Resources,

Inc.

119,413‌

2,852,776‌

Jefferies

Financial

Group,

Inc.

37,796‌

2,342,218‌

Principal

Financial

Group,

Inc.

36,760‌

3,242,600‌

Reinsurance

Group

America,

Inc.

14,341‌

2,917,820‌

The

Progressive

Corp.

14,818‌

3,374,355‌

40,137,315‌

SECURITY

DESCRIPTION

VALUE

($)

Health

Care

(

Humana,

Inc.

7,206‌

1,845,673‌

Quest

Diagnostics,

Inc.

20,320‌

3,526,129‌

Zoetis,

Inc.,

Class

22,974‌

2,890,589‌

8,262,391‌

Industrials

(

C.H.

Robinson

Worldwide,

Inc.

20,357‌

3,272,591‌

Carlisle

Cos.,

Inc.

7,284‌

2,329,860‌

Carrier

Global

Corp.

43,311‌

2,288,553‌

CSX

Corp.

96,707‌

3,505,629‌

Deere

Co.

6,665‌

3,103,024‌

Fastenal

Co.

77,823‌

3,123,037‌

Ferguson

Enterprises,

Inc.

10,561‌

2,351,195‌

General

Dynamics

Corp.

11,734‌

3,950,368‌

Graco,

Inc.

49,008‌

4,017,186‌

Illinois

Tool

Works,

Inc.

15,112‌

3,722,086‌

Lincoln

Electric

Holdings,

Inc.

11,582‌

2,775,510‌

Masco

Corp.

40,404‌

2,564,038‌

Otis

Worldwide

Corp.

37,388‌

3,265,842‌

PACCAR,

Inc.

31,392‌

3,437,738‌

Paychex,

Inc.

27,853‌

3,124,550‌

Rockwell

Automation,

Inc.

7,388‌

2,874,449‌

Snap-on,

Inc.

10,063‌

3,467,710‌

Union

Pacific

Corp.

16,244‌

3,757,562‌

Waste

Management,

Inc.

21,578‌

4,740,902‌

Watsco,

Inc.

7,148‌

2,408,519‌

64,080,349‌

Information

Technology

(

Analog

Devices,

Inc.

9,295‌

2,520,804‌

CDW

Corp.

18,470‌

2,515,614‌

Cognizant

Technology

Solutions

Corp.,

Class

49,859‌

4,138,297‌

NetApp,

Inc.

19,955‌

2,136,981‌

NXP

Semiconductors

8,729‌

1,894,717‌

Texas

Instruments,

Inc.

11,730‌

2,035,037‌

15,241,450‌

Materials

(

Avery

Dennison

Corp.

23,173‌

4,214,705‌

Ball

Corp.

69,131‌

3,661,869‌

Industries

Holdings,

Inc.

28,732‌

2,222,133‌

Linde

PLC

9,916‌

4,228,083‌

LyondellBasell

Industries

NV,

Class

44,412‌

1,923,040‌

Nucor

Corp.

16,860‌

2,750,035‌

Packaging

Corp.

America

14,587‌

3,008,277‌

PPG

Industries,

Inc.

28,279‌

2,897,466‌

Reliance,

Inc.

11,549‌

3,336,160‌

RPM

International,

Inc.

27,092‌

2,817,568‌

Steel

Dynamics,

Inc.

16,205‌

2,745,937‌

33,805,273‌

Utilities

(

Alliant

Energy

Corp.

69,055‌

4,489,266‌

Ameren

Corp.

46,877‌

4,681,137‌

American

Electric

Power

Co.,

Inc.

38,449‌

4,433,554‌

American

Water

Works

Co.,

Inc.

24,275‌

3,167,888‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

High

Dividend

Stock

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2025

SECURITY

DESCRIPTION

VALUE

($)

Utilities

(22.3%):

(continued)

Atmos

Energy

Corp.

28,084‌

4,707,721‌

CenterPoint

Energy,

Inc.

129,367‌

4,959,931‌

CMS

Energy

Corp.

66,231‌

4,631,534‌

Consolidated

Edison,

Inc.

41,175‌

4,089,501‌

DTE

Energy

Co.

34,377‌

4,433,945‌

Entergy

Corp.

40,370‌

3,731,399‌

Evergy,

Inc.

65,088‌

4,718,229‌

Eversource

Energy

46,469‌

3,128,758‌

NextEra

Energy,

Inc.

35,544‌

2,853,472‌

NiSource,

Inc.

94,411‌

3,942,603‌

Public

Service

Enterprise

Group,

Inc.

48,752‌

3,914,786‌

The

Southern

Co.

49,961‌

4,356,599‌

WEC

Energy

Group,

Inc.

42,825‌

4,516,325‌

70,756,648‌

Total

Common

Stocks

(Cost

$302,146,792)

316,137,233‌

Total

Investments

(Cost

$302,146,792)

99.6%(a)

316,137,233‌

Other

assets

excess

liabilities

0.4%

1,341,512‌

NET

ASSETS

100.00%

317,478,745‌

(a)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-mini

3/20/26

1,036,378‌

1,033,875‌

(

2,503‌

)

(

2,503‌

)

Schedule

Portfolio

Investments

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Common

Stocks

(99.6%)

Australia

(

5.9%

Communication

Services

(

0.7%

REA

Group

Ltd.

3,203‌

391,912‌

Telstra

Group

Ltd.

270,656‌

879,434‌

1,271,346‌

Consumer

Discretionary

(

0.3%

Wesfarmers

Ltd.

10,954‌

592,647‌

Consumer

Staples

(

0.7%

Coles

Group

Ltd.

47,115‌

673,970‌

Woolworths

Group

Ltd.

34,321‌

672,772‌

1,346,742‌

Energy

(

0.4%

Santos

Ltd.

90,289‌

371,686‌

Woodside

Energy

Group

Ltd.

29,078‌

457,666‌

829,352‌

Financials

(

1.4%

ANZ

Group

Holdings

Ltd.

26,748‌

648,534‌

Commonwealth

Bank

Australia

5,313‌

569,194‌

National

Australia

Bank

Ltd.

19,918‌

562,270‌

Suncorp

Group

Ltd.

33,360‌

392,850‌

Westpac

Banking

Corp.

21,277‌

547,967‌

2,720,815‌

Health

Care

(

0.3%

CSL

Ltd.

3,257‌

375,181‌

Pro

Medicus

Ltd.

1,733‌

255,383‌

630,564‌

Industrials

(

0.7%

Brambles

Ltd.

34,703‌

531,613‌

Computershare

Ltd.

17,621‌

401,375‌

SGH

Ltd.

14,395‌

446,122‌

1,379,110‌

Information

Technology

(

0.1%

WiseTech

Global

Ltd.

5,799‌

264,878‌

Materials

(

1.1%

BHP

Group

Ltd.

19,077‌

579,005‌

Fortescue

Ltd.

33,187‌

487,354‌

Northern

Star

Resources

Ltd.

23,908‌

426,381‌

Rio

Tinto

Ltd.

6,196‌

606,950‌

2,099,690‌

Utilities

(

0.2%

Origin

Energy

Ltd.

60,725‌

465,526‌

11,600,670‌

Austria

(

0.9%

Energy

(

0.3%

OMV

11,936‌

666,516‌

Financials

(

0.3%

Erste

Group

Bank

4,374‌

528,895‌

SECURITY

DESCRIPTION

VALUE

($)

Austria

(0.9%):

(continued)

Utilities

(

0.3%

Verbund

8,701‌

633,923‌

1,829,334‌

Belgium

(

0.5%

Financials

(

0.3%

KBC

Group

4,812‌

629,073‌

Health

Care

(

0.2%

UCB

1,256‌

352,157‌

981,230‌

Canada

(

11.7%

Consumer

Discretionary

(

0.7%

Dollarama,

Inc.

5,354‌

800,291‌

Magna

International,

Inc.

10,740‌

572,607‌

1,372,898‌

Consumer

Staples

(

0.8%

George

Weston

Ltd.

11,908‌

821,603‌

Metro,

Inc.,

Class

11,050‌

795,417‌

1,617,020‌

Energy

(

2.2%

Cameco

Corp.

3,627‌

332,149‌

Canadian

Natural

Resources

Ltd.

16,045‌

543,524‌

Cenovus

Energy,

Inc.

21,263‌

359,754‌

Imperial

Oil

Ltd.

5,964‌

515,310‌

Pembina

Pipeline

Corp.

17,356‌

661,283‌

Suncor

Energy,

Inc.

13,418‌

595,617‌

Energy

Corp.

14,495‌

798,260‌

Tourmaline

Oil

Corp.

12,909‌

579,137‌

4,385,034‌

Financials

(

2.4%

Brookfield

Corp.,

Class

10,349‌

475,222‌

Fairfax

Financial

Holdings

Ltd.

407‌

775,770‌

Great-West

Lifeco,

Inc.

16,909‌

833,992‌

Intact

Financial

Corp.

3,816‌

794,481‌

National

Bank

Canada

7,462‌

938,513‌

Power

Corp.

Canada

17,713‌

941,536‌

4,759,514‌

Industrials

(

1.4%

Canadian

National

Railway

Co.

6,876‌

680,135‌

Canadian

Pacific

Kansas

City

Ltd.

7,899‌

581,604‌

Waste

Connections,

Inc.

4,739‌

831,224‌

WSP

Global,

Inc.

3,157‌

571,683‌

2,664,646‌

Information

Technology

(

0.5%

Celestica,

Inc.(a)

801‌

236,967‌

Constellation

Software,

Inc.

186‌

447,436‌

Shopify,

Inc.,

Class

A(a)

1,619‌

260,710‌

945,113‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Canada

(11.7%):

(continued)

Materials

(

2.1%

Agnico

Eagle

Mines

Ltd.

2,704‌

458,600‌

Barrick

Mining

Corp.

12,880‌

561,130‌

First

Quantum

Minerals

Ltd.(a)

12,571‌

337,083‌

Franco-Nevada

Corp.

2,600‌

539,002‌

Kinross

Gold

Corp.

15,465‌

435,643‌

Lundin

Gold,

Inc.

4,268‌

354,589‌

Nutrien

Ltd.

9,710‌

599,411‌

Teck

Resources

Ltd.,

Class

7,568‌

362,353‌

Wheaton

Precious

Metals

Corp.

4,400‌

517,330‌

4,165,141‌

Utilities

(

1.6%

Emera,

Inc.

20,587‌

1,014,649‌

Fortis,

Inc.

19,462‌

1,011,956‌

Hydro

One

Ltd.

26,175‌

1,042,118‌

3,068,723‌

22,978,089‌

Chile

(

0.2%

Materials

(

0.2%

Antofagasta

PLC

10,584‌

467,721‌

Denmark

(

2.0%

Financials

(

0.7%

Danske

Bank

A/S

11,604‌

581,752‌

Tryg

A/S

28,371‌

743,316‌

1,325,068‌

Health

Care

(

0.5%

Coloplast

A/S,

Class

7,591‌

652,670‌

Genmab

A/S(a)

1,252‌

399,340‌

1,052,010‌

Industrials

(

0.5%

DSV

A/S

2,226‌

565,695‌

Vestas

Wind

Systems

A/S

13,530‌

369,174‌

934,869‌

Materials

(

0.3%

Novonesis

A/S

9,085‌

582,984‌

3,894,931‌

Finland

(

1.6%

Financials

(

0.4%

Sampo

Oyj,

Class

64,398‌

781,715‌

Industrials

(

0.3%

Wartsila

Oyj

Abp

15,466‌

552,494‌

Information

Technology

(

0.3%

Nokia

Oyj

93,579‌

612,724‌

Materials

(

0.3%

UPM-Kymmene

Oyj

22,048‌

642,275‌

SECURITY

DESCRIPTION

VALUE

($)

Finland

(1.6%):

(continued)

Utilities

(

0.3%

Fortum

Oyj

29,633‌

633,060‌

3,222,268‌

France

(

6.3%

Communication

Services

(

0.4%

Bollore

136,661‌

769,871‌

Consumer

Discretionary

(

0.6%

Cie

Generale

des

Etablissements

Michelin

SCA

19,071‌

634,437‌

Hermes

International

SCA

249‌

620,898‌

1,255,335‌

Energy

(

0.4%

TotalEnergies

12,021‌

785,259‌

Financials

(

0.9%

Amundi

6,825‌

566,217‌

Credit

Agricole

32,842‌

677,302‌

Societe

Generale

6,515‌

526,106‌

1,769,625‌

Health

Care

(

0.6%

BioMerieux

5,039‌

653,124‌

Sartorius

Stedim

Biotech

1,916‌

472,814‌

1,125,938‌

Industrials

(

2.1%

Aeroports

Paris

4,282‌

560,541‌

Bouygues

14,347‌

747,705‌

Bureau

Veritas

22,291‌

711,958‌

Legrand

3,076‌

459,960‌

Safran

1,550‌

541,687‌

Thales

1,259‌

339,978‌

Vinci

4,545‌

641,168‌

4,002,997‌

Information

Technology

(

0.2%

Dassault

Systemes

16,566‌

464,087‌

Materials

(

0.4%

Air

Liquide

3,729‌

702,252‌

Utilities

(

0.7%

Engie

31,092‌

818,778‌

Veolia

Environnement

17,991‌

628,318‌

1,447,096‌

12,322,460‌

Germany

(

4.4%

Consumer

Discretionary

(

0.3%

Continental

7,375‌

588,967‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Germany

(4.4%):

(continued)

Financials

(

1.1%

Commerzbank

10,542‌

447,204‌

Hannover

Rueck

2,030‌

635,009‌

Muenchener

Rueckversicherungs-

Gesellschaft

Muenchen,

Registered

817‌

539,745‌

Talanx

3,843‌

513,911‌

2,135,869‌

Health

Care

(

0.2%

Fresenius

Medical

Care

9,109‌

436,295‌

Industrials

(

0.9%

Deutsche

Post

10,623‌

583,336‌

Knorr-Bremse

4,896‌

547,426‌

MTU

Aero

Engines

981‌

409,581‌

Rheinmetall

128‌

234,795‌

1,775,138‌

Information

Technology

(

0.4%

Infineon

Technologies

10,176‌

451,169‌

Nemetschek

3,625‌

395,304‌

846,473‌

Materials

(

0.5%

Heidelberg

Materials

1,613‌

422,683‌

Symrise

AG,

Class

6,517‌

527,493‌

950,176‌

Real

Estate

(

0.3%

Vonovia

16,344‌

471,312‌

Utilities

(

0.7%

E.ON

34,376‌

651,374‌

RWE

14,087‌

749,219‌

1,400,593‌

8,604,823‌

Hong

Kong

(

4.3%

Consumer

Staples

(

0.4%

Group

Ltd.

606,224‌

675,356‌

Financials

(

1.0%

AIA

Group

Ltd.

51,148‌

525,117‌

Hang

Seng

Bank

Ltd.

34,897‌

688,300‌

Prudential

PLC

41,960‌

647,213‌

1,860,630‌

Health

Care

(

0.1%

Sino

Biopharmaceutical

Ltd.

319,436‌

253,661‌

Industrials

(

0.4%

Hutchison

Holdings

Ltd.

62,580‌

425,777‌

Techtronic

Industries

Co.

Ltd.

36,266‌

418,929‌

844,706‌

Real

Estate

(

0.6%

Henderson

Land

Development

Co.

Ltd.

163,831‌

592,381‌

Sun

Hung

Kai

Properties

Ltd.

51,511‌

626,802‌

1,219,183‌

SECURITY

DESCRIPTION

VALUE

($)

Hong

Kong

(4.3%):

(continued)

Utilities

(

1.8%

CLP

Holdings

Ltd.

168,944‌

1,510,890‌

Hong

Kong

China

Gas

Co.

Ltd.

1,139,974‌

1,026,819‌

Power

Assets

Holdings

Ltd.

146,063‌

1,035,063‌

3,572,772‌

8,426,308‌

Ireland

(

1.9%

Consumer

Staples

(

0.4%

Kerry

Group

PLC,

Class

7,722‌

707,783‌

Financials

(

0.5%

AIB

Group

PLC

50,380‌

544,655‌

Bank

Ireland

Group

PLC

27,770‌

534,358‌

1,079,013‌

Industrials

(

0.8%

Experian

PLC

12,221‌

553,898‌

Kingspan

Group

PLC

4,994‌

435,146‌

Ryanair

Holdings

PLC

16,795‌

583,194‌

1,572,238‌

Materials

(

0.2%

Smurfit

WestRock

PLC

9,620‌

372,224‌

3,731,258‌

Israel

(

0.8%

Financials

(

0.6%

Bank

Leumi

Le-Israel

25,283‌

558,169‌

Mizrahi

Tefahot

Bank

Ltd.

7,324‌

512,252‌

1,070,421‌

Industrials

(

0.2%

Elbit

Systems

Ltd.

747‌

431,314‌

1,501,735‌

Italy

(

5.0%

Consumer

Discretionary

(

0.3%

Moncler

SpA

8,293‌

535,202‌

Energy

(

0.4%

Eni

SpA

41,206‌

781,519‌

Financials

(

2.5%

Banca

Mediolanum

SpA

26,865‌

614,651‌

Banco

BPM

SpA

32,446‌

496,418‌

BPER

Banca

SpA

39,987‌

545,070‌

Generali

18,102‌

760,463‌

Intesa

Sanpaolo

SpA

84,393‌

587,188‌

Poste

Italiane

SpA

31,826‌

803,326‌

UniCredit

SpA

5,996‌

499,696‌

Unipol

Assicurazioni

SpA

23,269‌

562,455‌

4,869,267‌

Health

Care

(

0.3%

Recordati

Industria

Chimica

Farmaceutica

SpA

10,055‌

573,532‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Italy

(5.0%):

(continued)

Industrials

(

0.3%

Leonardo

SpA

5,066‌

292,653‌

Prysmian

SpA

3,405‌

345,625‌

638,278‌

Utilities

(

1.2%

Enel

SpA

76,296‌

795,872‌

Snam

SpA

131,239‌

872,264‌

Terna

Rete

Elettrica

Nazionale

72,633‌

772,770‌

2,440,906‌

9,838,704‌

Japan

(

18.7%

Consumer

Discretionary

(

2.4%

Asics

Corp.

12,955‌

310,599‌

Bridgestone

Corp.

29,420‌

660,081‌

Denso

Corp.

34,368‌

473,542‌

Fast

Retailing

Co.

Ltd.

1,421‌

516,612‌

Oriental

Land

Co.

Ltd.

21,196‌

392,265‌

Pan

Pacific

International

Holdings

Corp.

100,881‌

600,507‌

Sanrio

Co.

Ltd.

5,182‌

162,686‌

Sekisui

House

Ltd.

30,841‌

688,812‌

Sumitomo

Electric

Industries

Ltd.

10,130‌

409,094‌

Suzuki

Motor

Corp.

33,549‌

500,065‌

4,714,263‌

Consumer

Staples

(

0.9%

Aeon

Co.

Ltd.

46,621‌

737,327‌

Ajinomoto

Co.,

Inc.

19,892‌

421,286‌

Kao

Corp.

16,131‌

644,849‌

1,803,462‌

Energy

(

0.6%

ENEOS

Holdings,

Inc.

76,509‌

540,770‌

Inpex

Corp.

30,139‌

601,741‌

1,142,511‌

Financials

(

2.8%

Dai-ichi

Life

Holdings,

Inc.

53,207‌

442,826‌

Japan

Post

Bank

Co.

Ltd.

44,030‌

621,008‌

Japan

Post

Holdings

Co.

Ltd.

53,090‌

559,475‌

MS&AD

Insurance

Group

Holdings,

Inc.

20,594‌

484,279‌

ORIX

Corp.

23,536‌

684,350‌

Resona

Holdings,

Inc.

34,953‌

333,194‌

SBI

Holdings,

Inc.

18,354‌

395,510‌

Sompo

Holdings,

Inc.

14,125‌

481,235‌

Sumitomo

Mitsui

Financial

Group,

Inc.

17,184‌

553,087‌

Sumitomo

Mitsui

Trust

Group,

Inc.

19,190‌

585,306‌

Tokio

Marine

Holdings,

Inc.

9,528‌

353,878‌

5,494,148‌

Health

Care

(

1.3%

Chugai

Pharmaceutical

Co.

Ltd.

6,469‌

340,467‌

Daiichi

Sankyo

Co.

Ltd.

14,125‌

301,944‌

Hoya

Corp.

3,410‌

515,680‌

Olympus

Corp.

32,730‌

414,715‌

Shionogi

Co.

Ltd.

33,081‌

600,071‌

Terumo

Corp.

32,496‌

470,987‌

2,643,864‌

SECURITY

DESCRIPTION

VALUE

($)

Japan

(18.7%):

(continued)

Industrials

(

4.9%

Central

Japan

Railway

Co.

21,062‌

583,233‌

Daikin

Industries

Ltd.

4,480‌

574,374‌

East

Japan

Railway

Co.

27,314‌

720,607‌

FANUC

Corp.

12,353‌

479,860‌

Fujikura

Ltd.

2,123‌

236,401‌

Hitachi

Ltd.

11,300‌

353,675‌

IHI

Corp.

15,663‌

275,467‌

ITOCHU

Corp.

47,055‌

593,370‌

Kajima

Corp.

17,886‌

666,357‌

Komatsu

Ltd.

12,955‌

413,581‌

Kubota

Corp.

35,070‌

496,314‌

Marubeni

Corp.

18,956‌

526,851‌

Mitsubishi

Corp.

21,664‌

496,023‌

Mitsubishi

Electric

Corp.

16,131‌

472,230‌

Mitsubishi

Heavy

Industries

Ltd.

11,066‌

271,315‌

NIDEC

Corp.

17,535‌

238,696‌

Nippon

Yusen

16,599‌

538,180‌

Secom

Co.

Ltd.

20,009‌

711,979‌

SMC

Corp.

1,170‌

406,833‌

Toyota

Tsusho

Corp.

16,950‌

570,772‌

9,626,118‌

Information

Technology

(

3.0%

Advantest

Corp.

2,240‌

280,822‌

Canon,

Inc.

18,488‌

546,896‌

Disco

Corp.

702‌

215,907‌

FUJIFILM

Holdings

Corp.

21,664‌

462,549‌

Fujitsu

Ltd.

18,956‌

523,947‌

Keyence

Corp.

1,287‌

465,759‌

Kyocera

Corp.

41,439‌

581,157‌

Murata

Manufacturing

Co.

Ltd.

19,775‌

409,843‌

NEC

Corp.

11,885‌

402,946‌

Nomura

Research

Institute

Ltd.

13,657‌

525,021‌

Obic

Co.

Ltd.

20,945‌

658,226‌

TDK

Corp.

24,138‌

340,755‌

Tokyo

Electron

Ltd.

1,772‌

388,297‌

5,802,125‌

Materials

(

0.9%

Nippon

Paint

Holdings

Co.

Ltd.

67,449‌

451,110‌

Nippon

Sanso

Holdings

Corp.

14,359‌

427,964‌

Nitto

Denko

Corp.

16,950‌

402,051‌

Shin-Etsu

Chemical

Co.

Ltd.

12,955‌

403,076‌

1,684,201‌

Real

Estate

(

1.3%

Daiwa

House

Industry

Co.

Ltd.

21,547‌

715,115‌

Mitsubishi

Estate

Co.

Ltd.

24,957‌

608,867‌

Mitsui

Fudosan

Co.

Ltd.

53,441‌

607,532‌

Sumitomo

Realty

Development

Co.

Ltd.

22,834‌

573,255‌

2,504,769‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

Japan

(18.7%):

(continued)

Utilities

(

0.6%

The

Kansai

Electric

Power

Co.,

Inc.

36,608‌

573,826‌

Tokyo

Gas

Co.

Ltd.

15,061‌

596,690‌

1,170,516‌

36,585,977‌

Luxembourg

(

0.8%

Energy

(

0.3%

Tenaris

31,819‌

617,318‌

Health

Care

(

0.3%

Eurofins

Scientific

6,916‌

507,125‌

Materials

(

0.2%

ArcelorMittal

9,919‌

455,627‌

1,580,070‌

Mexico

(

0.2%

Materials

(

0.2%

Fresnillo

PLC

10,762‌

483,565‌

Netherlands

(

2.9%

Consumer

Discretionary

(

0.2%

Prosus

NV(a)

6,895‌

428,208‌

Financials

(

1.7%

ABN

AMRO

Bank

NV,

Class

CV,

GDR

16,808‌

588,386‌

Adyen

NV(a)

236‌

381,320‌

ASR

Nederland

10,848‌

772,754‌

Euronext

4,493‌

675,806‌

Group

10,244‌

791,361‌

3,209,627‌

Health

Care

(

0.2%

Argenx

SE(a)

541‌

455,691‌

Industrials

(

0.6%

Ferrovial

11,496‌

747,587‌

Wolters

Kluwer

4,259‌

442,120‌

1,189,707‌

Information

Technology

(

0.2%

ASM

International

571‌

347,301‌

5,630,534‌

New

Zealand

(

0.2%

Information

Technology

(

0.2%

Xero

Ltd.(a)

5,014‌

381,436‌

Norway

(

1.6%

Communication

Services

(

0.3%

Telenor

ASA

44,058‌

641,526‌

SECURITY

DESCRIPTION

VALUE

($)

Norway

(1.6%):

(continued)

Energy

(

0.5%

Aker

ASA

18,958‌

483,410‌

Equinor

ASA

20,553‌

483,485‌

966,895‌

Financials

(

0.6%

DNB

Bank

ASA

20,471‌

571,975‌

Gjensidige

Forsikring

ASA

19,480‌

583,922‌

1,155,897‌

Industrials

(

0.2%

Kongsberg

Gruppen

ASA

10,848‌

278,444‌

3,042,762‌

Portugal

(

0.8%

Consumer

Staples

(

0.3%

Jeronimo

Martins

SGPS

26,410‌

628,758‌

Energy

(

0.2%

Galp

Energia

SGPS

28,680‌

493,059‌

Utilities

(

0.3%

EDP

107,756‌

495,734‌

1,617,551‌

Russian

Federation

(

0.0%

Materials

(

0.0%

Evraz

PLC(a)(b)(c)

38,723‌

-‌

Singapore

(

2.7%

Communication

Services

(

0.4%

Singapore

Telecommunications

Ltd.

204,938‌

725,600‌

Consumer

Staples

(

0.5%

Wilmar

International

Ltd.

368,420‌

882,992‌

Financials

(

1.2%

DBS

Group

Holdings

Ltd.

16,054‌

704,073‌

Oversea-Chinese

Banking

Corp.

Ltd.

59,442‌

913,994‌

United

Overseas

Bank

Ltd.

27,899‌

761,138‌

2,379,205‌

Industrials

(

0.6%

Singapore

Airlines

Ltd.

154,790‌

770,878‌

Singapore

Technologies

Engineering

Ltd.

74,988‌

491,323‌

1,262,201‌

5,249,998‌

South

Korea

(

4.5%

Communication

Services

(

0.3%

Kakao

Corp.

6,064‌

253,035‌

NAVER

Corp.

1,803‌

303,566‌

556,601‌

Consumer

Discretionary

(

0.6%

Hyundai

Mobis

Co.

Ltd.

2,000‌

517,947‌

Kia

Corp.

6,298‌

532,594‌

1,050,541‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

SECURITY

DESCRIPTION

VALUE

($)

South

Korea

(4.5%):

(continued)

Financials

(

1.1%

Hana

Financial

Group,

Inc.

7,129‌

465,763‌

Financial

Group,

Inc.

5,045‌

436,791‌

Meritz

Financial

Group,

Inc.

5,696‌

447,279‌

Samsung

Life

Insurance

Co.

Ltd.

3,239‌

354,416‌

Shinhan

Financial

Group

Co.

Ltd.

9,583‌

511,651‌

2,215,900‌

Health

Care

(

0.6%

Alteogen,

Inc.(a)

878‌

274,013‌

Celltrion,

Inc.

3,846‌

483,319‌

Samsung

Biologics

Co.

Ltd.(a)

415‌

488,387‌

1,245,719‌

Industrials

(

1.3%

Hanwha

Aerospace

Co.

Ltd.

308‌

201,227‌

Hanwha

Ocean

Co.

Ltd.(a)

3,128‌

246,713‌

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

1,020‌

288,231‌

HMM

Co.

Ltd.

27,985‌

398,314‌

Hyundai

Rotem

Co.

Ltd.

1,516‌

197,776‌

Samsung

C&T

Corp.

2,795‌

464,765‌

Samsung

Heavy

Industries

Co.

Ltd.(a)

19,688‌

329,431‌

Square

Co.

Ltd.(a)

1,449‌

370,222‌

2,496,679‌

Information

Technology

(

0.2%

hynix,

Inc.

1,000‌

451,988‌

Materials

(

0.2%

POSCO

Holdings,

Inc.

1,986‌

420,557‌

Utilities

(

0.2%

Korea

Electric

Power

Corp.

12,331‌

404,098‌

8,842,083‌

Spain

(

3.8%

Communication

Services

(

0.3%

Cellnex

Telecom

15,386‌

495,938‌

Consumer

Discretionary

(

0.6%

Amadeus

Group

7,094‌

523,845‌

Industria

Diseno

Textil

10,843‌

717,864‌

1,241,709‌

Energy

(

0.3%

Repsol

35,294‌

660,474‌

Financials

(

1.1%

Banco

Bilbao

Vizcaya

Argentaria

25,608‌

603,345‌

Banco

Sabadell

124,455‌

492,122‌

Banco

Santander

44,416‌

525,587‌

CaixaBank

46,756‌

573,880‌

2,194,934‌

SECURITY

DESCRIPTION

VALUE

($)

Spain

(3.8%):

(continued)

Industrials

(

0.7%

ACS

Actividades

Construccion

Servicios

6,432‌

641,318‌

Aena

SME

25,767‌

721,242‌

1,362,560‌

Utilities

(

0.8%

Endesa

20,194‌

726,850‌

Iberdrola

37,027‌

803,421‌

1,530,271‌

7,485,886‌

Sweden

(

4.4%

Financials

(

1.8%

EQT

10,182‌

402,461‌

Industrivarden

AB,

Class

14,575‌

657,181‌

Investor

AB,

Class

17,976‌

645,299‌

Skandinaviska

Enskilda

Banken

AB,

Class

27,642‌

585,942‌

Svenska

Handelsbanken

AB,

Class

36,747‌

536,399‌

Swedbank

AB,

Class

17,500‌

610,529‌

3,437,811‌

Industrials

(

2.1%

Alfa

Laval

13,012‌

658,383‌

Assa

Abloy

AB,

Class

16,728‌

652,297‌

Atlas

Copco

AB,

Class

26,078‌

470,480‌

Epiroc

AB,

Class

22,898‌

522,201‌

Lifco

AB,

Class

14,326‌

547,893‌

Saab

AB,

Class

4,745‌

277,156‌

Sandvik

16,951‌

553,621‌

Volvo

AB,

Class

15,743‌

506,128‌

4,188,159‌

Information

Technology

(

0.5%

Hexagon

AB,

Class

34,329‌

408,417‌

Telefonaktiebolaget

Ericsson,

Class

57,325‌

564,287‌

972,704‌

8,598,674‌

Switzerland

(

7.3%

Communication

Services

(

0.4%

Swisscom

AG,

Registered

1,116‌

811,034‌

Consumer

Discretionary

(

0.3%

Cie

Financiere

Richemont

SA,

Registered

2,901‌

630,278‌

Consumer

Staples

(

0.3%

Chocoladefabriken

Lindt

Spruengli

AG,

Participation

Certificates

39‌

570,792‌

Financials

(

1.2%

Julius

Baer

Group

Ltd.

6,998‌

551,427‌

Partners

Group

Holding

386‌

478,857‌

Swiss

Life

Holding

677‌

783,778‌

Swiss

3,297‌

553,108‌

2,367,170‌

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

Percentages

indicated

are

based

net

assets

December

31,

2025.

SECURITY

DESCRIPTION

VALUE

($)

Switzerland

(7.3%):

(continued)

Health

Care

(

1.5%

Alcon

7,456‌

595,802‌

Amrize

Ltd.(a)

9,139‌

502,824‌

Lonza

Group

AG,

Registered

930‌

631,588‌

Sonova

Holding

2,517‌

658,253‌

Straumann

Holding

AG,

Class

4,670‌

551,153‌

2,939,620‌

Industrials

(

1.9%

ABB

Ltd.,

Registered

7,238‌

541,273‌

Belimo

Holding

AG,

Class

434‌

428,026‌

Geberit

AG,

Registered

857‌

670,536‌

Kuehne

Nagel

International

AG,

Class

2,893‌

625,617‌

Schindler

Holding

AG,

Participation

Certificates

1,824‌

689,154‌

SGS

SA,

Registered

5,905‌

677,520‌

3,632,126‌

Information

Technology

(

0.2%

STMicroelectronics

11,404‌

300,715‌

Materials

(

1.5%

DSM-Firmenich

7,392‌

597,274‌

EMS-Chemie

Holding

1,042‌

723,044‌

Givaudan

SA,

Registered

139‌

552,209‌

Holcim

AG(a)

5,861‌

575,516‌

Sika

AG,

Registered

2,667‌

547,612‌

2,995,655‌

14,247,390‌

United

Kingdom

(

5.5%

Communication

Services

(

0.3%

Informa

PLC

46,130‌

549,581‌

Consumer

Discretionary

(

0.3%

PLC

3,525‌

649,892‌

Consumer

Staples

(

0.4%

Haleon

PLC

140,879‌

711,610‌

Financials

(

2.0%

Group

PLC

9,038‌

397,453‌

Admiral

Group

PLC

15,220‌

651,465‌

Legal

General

Group

PLC

197,166‌

695,927‌

Lloyds

Banking

Group

PLC

484,969‌

642,094‌

London

Stock

Exchange

Group

PLC

4,417‌

532,897‌

Standard

Chartered

PLC

23,199‌

569,657‌

Wise

PLC,

Class

A(a)

36,802‌

441,922‌

3,931,415‌

Health

Care

(

0.2%

Smith

Nephew

PLC

28,401‌

474,052‌

SECURITY

DESCRIPTION

VALUE

($)

United

Kingdom

(5.5%):

(continued)

Industrials

(

0.7%

Ashtead

Group

PLC

7,348‌

503,665‌

International

Consolidated

Airlines

Group

78,779‌

439,867‌

Rolls-Royce

Holdings

PLC

25,993‌

402,856‌

1,346,388‌

Information

Technology

(

0.6%

Halma

PLC

13,118‌

625,492‌

The

Sage

Group

PLC

43,933‌

641,232‌

1,266,724‌

Materials

(

0.6%

Anglogold

Ashanti

PLC

4,299‌

366,619‌

Rio

Tinto

PLC

9,636‌

778,412‌

1,145,031‌

Utilities

(

0.4%

SSE

PLC

24,051‌

706,296‌

10,780,989‌

United

States

(

0.7%

Consumer

Discretionary

(

0.4%

Restaurant

Brands

International,

Inc.

9,718‌

663,209‌

Industrials

(

0.3%

Global,

Inc.

6,260‌

644,565‌

1,307,774‌

Total

Common

Stocks

(Cost

$156,400,192)

195,234,220‌

SECURITY

DESCRIPTION

VALUE

($)

Warrant

(0.0%)

Canada

(

0.0%

Information

Technology

(

0.0%

Constellation

Software,

Inc.,

expiring 3/31/40

(a)(c)

141‌

-‌

Total

Warrant

(Cost

$-)

-‌

VALUE

($)

Total

Investments

(Cost

156,400,192

99.6%

(d)

195,234,220‌

Other

assets

excess

liabilities

0.4%

786,620‌

NET

ASSETS

100.00%

196,020,840‌

(a)

Non-income

producing

security.

Schedule

Portfolio

Investments

continued

December

31,

2025

Timothy

Plan

International

ETF

See

notes

financial

statements.

Security

Name

Acquisition

Date

Cost

Evraz

PLC

12/4/2019

247,473

(b)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

December

31,

2025.

(c)

Security

was

fair

valued

based

upon

procedures

approved

the

Board

Trustees

and

represents

0.00%

the

Fund's

net

asset

December

31,

2025.

This

security

classified

Level

within

the

fair

value

hierarchy.

(d)

See

Federal

Tax

Information

listed

the

Notes

Financial

Statements.

Futures

Contracts

Long

Futures

Index

Futures

Expiration

Date

Number

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Mini

MSCI

EAFE

Index

3/20/26

290,238‌

290,210‌

(28‌)

Statements

Assets

and

Liabilities

December

31,

2025

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

ASSETS:

Investments,

value

(Cost

$254,262,413

and

$276,860,090)

275,913,630‌

316,519,551‌

Cash

980,429‌

982,197‌

Deposits

with

broker

for

futures

contracts

162,815‌

170,250‌

Interest

and

dividends

receivable

292,578‌

184,524‌

Total

Assets

277,349,452‌

317,856,522‌

LIABILITIES:

Variation

margin

payable

open

futures

contracts

8,394‌

7,763‌

Accrued

expenses

and

other

payables:

-‌

Investment

advisory

fees

119,794‌

141,666‌

Total

Liabilities

128,188‌

149,429‌

Net

Assets

277,221,264‌

317,707,093‌

NET

ASSETS

CONSIST

OF:

Capital

284,961,209‌

318,940,457‌

Total

distributable

earnings/(loss)

(7,739,945‌)

(1,233,364‌)

Net

Assets

277,221,264‌

317,707,093‌

Outstanding

(unlimited

authorized,

par

value):

6,700,000‌

6,987,008‌

Net

asset

value

per

41.38‌

45.47‌

Statements

Assets

and

Liabilities

continued

December

31,

2025

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

ASSETS:

Investments,

value

(Cost

$302,146,792

and

$156,400,192)

316,137,233‌

195,234,220‌

Foreign

currency,

value

(Cost

and

$46,218)

-‌

46,334‌

Cash

912,157‌

579,402‌

Deposits

with

broker

for

futures

contracts

197,718‌

76,910‌

Cash

collateral

received

for

ETF

capital

activity

-‌

2,569,741‌

Interest

and

dividends

receivable

380,290‌

132,431‌

Reclaims

receivable

-‌

563,666‌

Total

Assets

317,627,398‌

199,202,704‌

LIABILITIES:

Payable

for

investments

purchased

-‌

513,824‌

Variation

margin

payable

open

futures

contracts

7,763‌

28‌

Cash

collateral

payable

for

ETF

capital

activity

-‌

2,569,741‌

Accrued

expenses

and

other

payables:

-‌

Investment

advisory

fees

140,890‌

98,271‌

Total

Liabilities

148,653‌

3,181,864‌

Net

Assets

317,478,745‌

196,020,840‌

NET

ASSETS

CONSIST

OF:

Capital

336,126,792‌

163,303,013‌

Total

distributable

earnings/(loss)

(18,648,047‌)

32,717,827‌

Net

Assets

317,478,745‌

196,020,840‌

Outstanding

(unlimited

authorized,

par

value):

8,247,350‌

5,650,000‌

Net

asset

value

per

38.49‌

34.69‌

Statements

Operations

For

the

Year

Ended

December

31,

2025

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

Investment

Income:

Dividend

income

3,533,518‌

4,198,683‌

Interest

income

7,254‌

8,853‌

Foreign

tax

withholding

(

4,842‌

)

(

3,684‌

)

Total

Income

3,535,930‌

4,203,852‌

Expenses:

Investment

advisory

fees

1,109,407‌

1,550,912‌

Total

Expenses

1,109,407‌

1,550,912‌

Net

Investment

Income

(Loss)

2,426,523‌

2,652,940‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

(

9,249,550‌

)

48,736‌

Net

realized

gains

(losses)

from

in-kind

transactions

19,554,667‌

18,996,131‌

Net

realized

gains

(losses)

from

futures

contracts

36,519‌

(

25,234‌

)

Net

change

unrealized

appreciation/depreciation

investments

3,456,934‌

4,241,629‌

Net

change

unrealized

appreciation/depreciation

futures

contracts

(

1,949‌

)

41,925‌

Net

realized/unrealized

gains

investments

13,796,621‌

23,303,187‌

Change

net

assets

resulting

from

operations

16,223,144‌

25,956,127‌

Statements

Operations

continued

For

the

Year

Ended

December

31,

2025

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

Investment

Income:

Dividend

income

7,577,586‌

4,607,561‌

Interest

income

8,776‌

1,514‌

Foreign

tax

withholding

(

8,502‌

)

(

607,165‌

)

Total

Income

7,577,860‌

4,001,910‌

Expenses:

Investment

advisory

fees

1,486,455‌

886,778‌

Total

Expenses

1,486,455‌

886,778‌

Net

Investment

Income

(Loss)

6,091,405‌

3,115,132‌

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investments

and

foreign

currency

transactions

7,141,806‌

5,469,990‌

Net

realized

gains

(losses)

from

in-kind

transactions

9,833,718‌

2,920,805‌

Net

realized

gains

(losses)

from

futures

contracts

(

49,496‌

)

121,562‌

Net

change

unrealized

appreciation/depreciation

investments

1,724,476‌

30,120,637‌

Net

change

unrealized

appreciation/depreciation

futures

contracts

30,424‌

12,481‌

Net

realized/unrealized

gains

investments

18,680,928‌

38,645,475‌

Change

net

assets

resulting

from

operations

24,772,333‌

41,760,607‌

Statements

Changes

Net

Assets

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

Timothy

Plan

Large/Mid

Cap

Core

ETF

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

2,426,523‌

1,388,981‌

2,652,940‌

2,158,844‌

Net

realized

gains

(losses)

10,341,636‌

8,320,708‌

19,019,633‌

24,287,300‌

Net

change

unrealized

appreciation/depreciation

3,454,985‌

5,473,764‌

4,283,554‌

2,175,741‌

Change

net

assets

resulting

from

operations

16,223,144‌

15,183,453‌

25,956,127‌

28,621,885‌

Distributions

Shareholders:

Distributions

(

2,465,950‌

)

(

1,405,308‌

)

(

2,714,595‌

)

(

2,166,878‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

2,465,950‌

)

(

1,405,308‌

)

(

2,714,595‌

)

(

2,166,878‌

)

Change

net

assets

resulting

from

capital

transactions

93,698,090‌

53,511,526‌

26,667,469‌

4,392,539‌

Change

net

assets

107,455,284‌

67,289,671‌

49,909,001‌

30,847,546‌

Net

Assets:

Beginning

period

169,765,980‌

102,476,309‌

267,798,092‌

236,950,546‌

End

period

277,221,264‌

169,765,980‌

317,707,093‌

267,798,092‌

Capital

Transactions:

Proceeds

from

issued

155,876,643‌

105,385,140‌

78,804,046‌

104,545,272‌

Proceeds

from

issued

reorganization

-‌

18,016,109‌

-‌

Cost

redeemed

(

62,178,553‌

)

(

51,873,614‌

)

(

70,152,686‌

)

(

100,152,733‌

)

Change

net

assets

resulting

from

capital

transactions

93,698,090‌

53,511,526‌

26,667,469‌

4,392,539‌

Transactions:

Issued

3,900,000‌

2,850,000‌

1,949,984‌

2,500,000‌

Issued

reorganization

-‌

387,025‌

-‌

Redeemed

(

1,550,000‌

)

(

1,400,000‌

)

(

1,600,001‌

)

(

2,450,000‌

)

Change

2,350,000‌

1,450,000‌

737,008‌

50,000‌

Statements

Changes

Net

Assets

continued

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

Timothy

Plan

International

ETF

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

investment

income

(loss)

6,091,405‌

5,053,344‌

3,115,132‌

2,522,846‌

Net

realized

gains

(losses)

16,926,028‌

25,709,883‌

8,512,357‌

1,286,683‌

Net

change

unrealized

appreciation/depreciation

1,754,900‌

(

5,090,448‌

)

30,133,118‌

(

981,027‌

)

Change

net

assets

resulting

from

operations

24,772,333‌

25,672,779‌

41,760,607‌

2,828,502‌

Distributions

Shareholders:

Distributions

(

6,168,429‌

)

(

4,895,565‌

)

(

4,322,462‌

)

(

3,111,526‌

)

Change

net

assets

resulting

from

distributions

shareholders

(

6,168,429‌

)

(

4,895,565‌

)

(

4,322,462‌

)

(

3,111,526‌

)

Change

net

assets

resulting

from

capital

transactions

60,743,170‌

(

11,443,891‌

)

46,457,702‌

14,606,623‌

Change

net

assets

79,347,074‌

9,333,323‌

83,895,847‌

14,323,599‌

Net

Assets:

Beginning

period

238,131,671‌

228,798,348‌

112,124,993‌

97,801,394‌

End

period

317,478,745‌

238,131,671‌

196,020,840‌

112,124,993‌

Capital

Transactions:

Proceeds

from

issued

93,345,152‌

138,750,959‌

56,900,868‌

14,606,623‌

Proceeds

from

issued

reorganization

23,553,231‌

-‌

Cost

redeemed

(

56,155,213‌

)

(

150,194,850‌

)

(

10,443,166‌

)

-‌

Change

net

assets

resulting

from

capital

transactions

60,743,170‌

(

11,443,891‌

)

46,457,702‌

14,606,623‌

Transactions:

Issued

2,599,982‌

3,850,000‌

1,750,000‌

550,000‌

Issued

reorganization

597,368‌

-‌

Redeemed

(

1,500,000‌

)

(

4,200,000‌

)

(

350,000‌

)

-‌

Change

1,697,350‌

(

350,000‌

)

1,400,000‌

550,000‌

Financial

Highlights

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Small

Cap

Core

ETF

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

Period

39.03‌

35.34‌

30.39‌

35.49‌

27.71‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.45‌

0.38‌

0.36‌

0.34‌

0.40‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

2.34‌

3.69‌

4.97‌

(

5.11‌

)

7.78‌

Total

from

Investment

Activities

2.79‌

4.07‌

5.33‌

(

4.77‌

)

8.18‌

Distributions

Shareholders:

Net

Investment

Income

(

0.44‌

)

(

0.38‌

)

(

0.38‌

)

(

0.33‌

)

(

0.40‌

)

Total

Distributions

(

0.44‌

)

(

0.38‌

)

(

0.38‌

)

(

0.33‌

)

(

0.40‌

)

Net

Asset

Value,

End

Period

41.38‌

39.03‌

35.34‌

30.39‌

35.49‌

Total

Return

(b)

.22‌

.57‌

.64‌

(

.45‌

)

.62‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.52‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.14‌

.02‌

.13‌

.09‌

.20‌

Net

Assets,

End

Period

(000's)

277,221‌

169,766‌

102,476‌

71,422‌

56,792‌

Portfolio

Turnover

(c)

47‌

44‌

60‌

59‌

57‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

Large/Mid

Cap

Core

ETF

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

Period

42.85‌

38.22‌

33.47‌

38.65‌

30.93‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.40‌

0.37‌

0.36‌

0.35‌

0.24‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

2.62‌

4.64‌

4.73‌

(

5.17‌

)

7.72‌

Total

from

Investment

Activities

3.02‌

5.01‌

5.09‌

(

4.82‌

)

7.96‌

Distributions

Shareholders:

Net

Investment

Income

(

0.40‌

)

(

0.38‌

)

(

0.34‌

)

(

0.36‌

)

(

0.24‌

)

Total

Distributions

(

0.40‌

)

(

0.38‌

)

(

0.34‌

)

(

0.36‌

)

(

0.24‌

)

Net

Asset

Value,

End

Period

45.47‌

42.85‌

38.22‌

33.47‌

38.65‌

Total

Return

(b)

.09‌

.12‌

.30‌

(

.48‌

)

.82‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.52‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.89‌

.90‌

.03‌

.02‌

.69‌

Net

Assets,

End

Period

(000's)

317,707‌

267,798‌

236,951‌

179,060‌

168,140‌

Portfolio

Turnover

(c)

38‌

(d)

25‌

30‌

26‌

27‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

(d)

Excludes

the

merger

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

High

Dividend

Stock

ETF

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

Period

36.36‌

33.16‌

31.13‌

32.49‌

25.88‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.81‌

0.77‌

0.75‌

0.73‌

0.61‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

2.13‌

3.19‌

2.01‌

(

1.35‌

)

6.60‌

Total

from

Investment

Activities

2.94‌

3.96‌

2.76‌

(

0.62‌

)

7.21‌

Distributions

Shareholders:

Net

Investment

Income

(

0.81‌

)

(

0.76‌

)

(

0.73‌

)

(

0.74‌

)

(

0.60‌

)

Total

Distributions

(

0.81‌

)

(

0.76‌

)

(

0.73‌

)

(

0.74‌

)

(

0.60‌

)

Net

Asset

Value,

End

Period

38.49‌

36.36‌

33.16‌

31.13‌

32.49‌

Total

Return

(b)

.19‌

.99‌

.03‌

(

.88‌

)

.10‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.52‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.13‌

.15‌

.39‌

.32‌

.07‌

Net

Assets,

End

Period

(000's)

317,479‌

238,132‌

228,798‌

178,986‌

131,582‌

Portfolio

Turnover

(c)

49‌

(d)

34‌

41‌

42‌

43‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

(d)

Excludes

the

merger

transactions.

Financial

Highlights

continued

For

Outstanding

Throughout

Each

Period

Timothy

Plan

See

notes

financial

statements.

Timothy

Plan

International

ETF

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

For

the

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

Period

26.38‌

26.43‌

23.30‌

29.06‌

26.98‌

Investment

Activities:

Net

Investment

Income

(Loss)

(a)

0.68‌

0.63‌

0.64‌

0.66‌

0.56‌

Net

Realized

and

Unrealized

Gains

(Losses)

Investments

8.55‌

0.11‌

3.12‌

(

5.82‌

)

2.21‌

Total

from

Investment

Activities

9.23‌

0.74‌

3.76‌

(

5.16‌

)

2.77‌

Distributions

Shareholders:

Net

Investment

Income

(

0.92‌

)

(

0.79‌

)

(

0.63‌

)

(

0.60‌

)

(

0.69‌

)

Total

Distributions

(

0.92‌

)

(

0.79‌

)

(

0.63‌

)

(

0.60‌

)

(

0.69‌

)

Net

Asset

Value,

End

Period

34.69‌

26.38‌

26.43‌

23.30‌

29.06‌

Total

Return

(b)

.44‌

.77‌

.41‌

(

.80‌

)

.34‌

Ratios/Supplemental

Data:

Ratio

Expenses

Average

Net

Assets

.62‌

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

.17‌

.34‌

.60‌

.72‌

.94‌

Net

Assets,

End

Period

(000's)

196,021‌

112,125‌

97,801‌

76,875‌

82,827‌

Portfolio

Turnover

(c)

32‌

35‌

34‌

39‌

42‌

Table

Line

(a)

Per

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

method.

(b)

Assumes

reinvestment

all

net

investment

income

and

realized

capital

gain

distributions,

any,

during

the

period.

Includes

adjustments

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c)

Excludes

impact

in-kind

transactions.

Notes

Financial

Statements

December

31,

2025

Timothy

Plan

ORGANIZATION:

The

Timothy

Plan

(the

"Trust")

was

organized

pursuant

trust

agreement

dated

December

16,

1993

Delaware

business

trust.

The

Trust

registered

under

the

Investment

Company

Act

1940,

amended

(the

"1940

Act"),

open-end

investment

company

and

thus

determined

investment

company

for

accounting

purposes.

The

Trust

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946

"Financial

Services-

Investment

Companies."

The

Trust

comprised

multiple

series

funds,

four

which

are

exchange-traded

funds

("ETFs"),

and

are

authorized

issue

unlimited

number

shares,

which

are

units

beneficial

interest

with

par

value.

Each

ETF

classified

diversified

under

the

1940

Act.

The

accompanying

financial

statements

are

those

the

Timothy

Plan

Small

Cap

Core

ETF

("US

Small

Cap

Core

ETF"),

Timothy

Plan

Large/Mid

Cap

Core

ETF

("US

Large/Mid

Cap

Core

ETF"),

Timothy

Plan

High

Dividend

Stock

ETF

("High

Dividend

Stock

ETF"),

and

Timothy

Plan

International

ETF

("International

ETF")

(individually,

"Fund"

and

collectively,

the

"Funds").

The

Funds

seek

provide

investment

results

that

track

the

performance

underlying

index,

before

fees

and

expenses.

The

underlying

indices

for

the

Small

Cap

Core

ETF,

Large/Mid

Cap

Core

ETF,

High

Dividend

Stock

ETF,

and

International

ETF

are

the

Victory

Small

Cap

Volatility

Weighted

BRI

Index,

Victory

Large/

Mid

Cap

Volatility

Weighted

BRI

Index,

Victory

Large

Cap

High

Dividend

Volatility

Weighted

BRI

Index,

and

Victory

International

Volatility

Weighted

BRI

Index,

(individually,

"Index"

and

collectively,

the

"Indices"),

respectively.

Under

the

Trust's

organizational

documents,

its

officers

and

Board

Trustees

(the

"Board")

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Funds.

addition,

the

normal

course

business,

the

Funds

enter

into

contracts

with

their

vendors

and

others

that

provide

for

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

unknown,

this

would

involve

future

claims

that

may

made

against

the

Funds.

However,

based

experience,

the

Funds

expect

that

risk

loss

remote.

SIGNIFICANT

ACCOUNTING

POLICIES:

The

following

summary

significant

accounting

policies

followed

the

Trust

the

preparation

its

financial

statements.

The

policies

are

conformity

with

accounting

principles

generally

accepted

the

United

States

America

("GAAP").

The

preparation

financial

statements

accordance

with

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Funds

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

investment

companies.

the

Funds

are

listed

and

traded

the

New

York

Stock

Exchange

("NYSE"

the

"Exchange").

The

Funds'

are

offered

net

asset

value

("NAV")

only

aggregations

50,000

(each

"Creation

Unit").

The

Funds

will

issue

and

redeem

Creation

Units

principally

exchange

for

basket

securities

included

the

respective

Fund's

Index

(the

"Deposit

Securities"),

together

with

the

deposit

specified

cash

payment

(the

"Cash

Component"),

plus

transaction

fees

("Transaction

Fees")

further

described

below.

trade

the

Exchange

market

prices

that

may

below,

at,

above

NAV.

Fund

may

only

purchased

redeemed

certain

financial

institutions

("Authorized

Participants").

Authorized

Participant

either

(

)

broker-dealer

other

participant

the

clearing

process

through

the

Continuous

Net

Settlement

System

("Clearing

Process")

the

National

Securities

Clearing

Corporation

("NSCC")

(ii)

DTC

participant

and,

each

case,

must

have

executed

Participant

Agreement

with

the

Distributor.

Most

retail

investors

not

qualify

Authorized

Participants

nor

have

the

resources

buy

and

sell

whole

Creation

Units.

Therefore,

they

are

unable

purchase

redeem

the

directly

from

Fund.

The

Funds

reserve

the

right

offer

creations

and

redemptions

for

cash.

addition,

may

issued

advance

receipt

Deposit

Securities

subject

various

conditions,

including

requirement

maintain

deposit

with

the

Trust

cash

equal

105%

the

market

value

the

missing

Deposit

Securities.

each

instance

such

cash

creations

redemptions,

transaction

fees

may

imposed

and

may

higher

than

the

transaction

fees

associated

with

in-kind

creations

redemptions.

Transaction

Fees

include

fixed

fee

("Fixed

Fee")

payable

the

Custodian

("Citibank

N.A."),

which

imposed

each

creation

and

redemption

transaction

regardless

the

number

Creation

Units

involved

the

transaction.

Transaction

Fees

may

also

include

additional

variable

charge

("Variable

Charge")

for

purchases

and

redemptions

Creation

Units

for

cash

involving

cash-in-lieu,

compensate

each

Fund

and

its

ongoing

shareholders

for

brokerage

and

market

impact

expenses

relating

Creation

Unit

transactions.

Under

certain

circumstances,

the

Transaction

Fees

may

waived

adjusted.

such

cases,

the

Authorized

Participant

will

reimburse

each

Fund

for,

among

other

things,

any

difference

between

the

market

value

which

the

securities

and/or

financial

instruments

were

purchased

each

Fund

and

the

cash-in-lieu

amount,

applicable

registration

fees,

brokerage

commissions

and

certain

taxes

and

other

costs

and

expenses

the

execution

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

trades

resulting

from

such

transaction

(up

the

maximum

amount

shown

below).

addition,

purchasers

Creation

Units

are

responsible

for

the

costs

transferring

the

Deposit

Securities

the

account

each

Fund.

Variable

fees

received

each

Fund

are

displayed

the

Capital

Transaction

section

the

Statements

Changes

Net

Assets

increase

Paid-In-Capital.

Investors

who

use

the

services

broker,

other

such

intermediary

may

charged

fee

for

such

services.

The

Transaction

Fees

for

each

Fund

are

listed

below:

percentage

the

amount

invested.

Investment

Valuation:

The

Funds

record

investments

fair

value.

Fair

value

defined

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

observable

inputs

and

minimize

the

use

unobservable

inputs

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

the

three

broad

levels

listed

below:

Level

quoted

prices

active

markets

for

identical

securities

Level

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities

interest

rates

applicable

those

securities,

etc.)

Level

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

determining

the

fair

value

investments)

Changes

valuation

techniques

may

result

transfers

out

assigned

level

within

the

disclosure

hierarchy.

The

inputs

methodologies

used

for

valuation

techniques

are

not

necessarily

indication

the

risk

associated

with

entering

into

those

investments.

Portfolio

securities

listed

traded

securities

exchanges

including,

common

stocks,

warrants

and

American

Depositary

Receipts

("ADRs"),

are

valued

the

closing

price

the

exchange

system

where

the

security

principally

traded,

available,

the

Nasdaq

Official

Closing

Price.

there

have

been

sales

for

that

day

the

exchange

system,

then

security

valued

the

last

available

bid

quotation

the

exchange

system

where

the

security

principally

traded.

each

these

situations,

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Futures

contracts

are

valued

the

settlement

price

established

each

day

the

board

trade

exchange

which

they

are

traded.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Investments

open-end

investment

companies

are

valued

net

asset

value.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy.

Investments

for

which

there

are

such

quotations,

for

which

quotations

not

appear

reliable,

are

valued

fair

value

accordance

with

procedures

established

valuation

designee

and

under

the

general

supervision

and

oversight

the

Trust's

Board.

These

valuations

are

typically

categorized

Level

the

fair

value

hierarchy,

based

the

observability

inputs

used

determine

the

fair

value.

summary

the

valuations

December

31,

2025

based

upon

the

three

levels

defined

above,

included

the

table

below

while

the

breakdown,

category,

investments

disclosed

the

Schedules

Portfolio

Investments:

Fee

for

In-Kind

and

Cash

Purchases

and

Redemptions

Maximum

Additional

Variable

Charge

for

Cash

Purchases

and

Redemptions*

Small

Cap

Core

ETF

$250

2.00%

Large/Mid

Cap

Core

ETF

$500

2.00%

High

Dividend

Stock

ETF

$250

2.00%

International

ETF

$4,500

2.00%

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

Small

Cap

Core

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

275,913,630

Total

275,913,630

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(27,358)

Total

(27,358)

Large/Mid

Cap

Core

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

316,517,356

Rights

2,195

Total

316,517,356

2,195

316,519,551

Other

Financial

Instruments*

Assets:

Futures

Contracts

2,960

Total

2,960

High

Dividend

Stock

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

316,137,233

Total

316,137,233

Other

Financial

Instruments*

Liabilities:

Futures

Contracts

(2,503)

Total

(2,503)

International

ETF

Investment

Securities:

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Other

Significant

Unobservable

Inputs

Total

Common

Stocks

195,234,220

Warrants

-(a)

Total

195,234,220

Other

Financial

Instruments*

Liabilities:

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

December

31,

2025

there

were

transfers

into/out

Level

Management

has

determined

that

the

amount

Level

securities

compared

total

net

assets

not

material;

therefore,

additional

disclosures

are

necessary

for

the

period

ended

December

31,

2025

Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

REITs

which

report

information

the

source

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

income-producing

real

estate

real

estate

loans

interests

(such

mortgages).

Certain

distributions

received

from

REITs

during

the

year

are

recorded

realized

gains

return

capital

estimated

the

Funds

when

such

information

becomes

known.

Investment

Companies:

The

Funds

may

invest

portfolios

open-end

investment

companies.

These

investment

companies

value

securities

their

portfolios

for

which

market

quotations

are

readily

available

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

their

fair

value

the

methods

established

the

board

directors

the

underlying

funds.

Investment

Transactions

and

Income:

Changes

holdings

investments

are

accounted

for

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

trade

date

the

last

business

day

the

reporting

period.

Interest

income

recognized

accrual

basis

and

includes,

where

applicable,

the

amortization

premiums

accretion

discounts.

Dividend

income

recorded

the

ex-dividend

date.

Non-cash

dividends

included

income,

any,

are

recorded

the

fair

value

the

securities

received.

Gains

losses

realized

sales

securities

are

determined

comparing

the

identified

cost

the

security

lot

sold

with

the

net

sales

proceeds.

Withholding

taxes

interest,

dividends

and

gains

result

certain

investments

ADRs

the

Funds

have

been

provided

for

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Futures

Contracts:

During

the

period

ended

December

31,

2025

the

Funds

used

futures

contracts

provide

market

exposure

the

Funds'

cash

balances.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

futures

contract,

and

maintain

the

Fund's

open

positions

futures

contracts,

the

Fund

would

required

deposit

with

its

custodian

futures

broker

segregated

account

the

name

the

futures

broker

amount

cash,

U.S.

government

securities,

suitable

money

market

instruments,

other

liquid

securities,

known

"initial

margin."

The

margin

required

for

particular

futures

contract

set

the

exchange

which

the

contract

traded,

and

may

significantly

modified

from

time

the

exchange

during

the

term

the

contract.

Futures

contracts

are

customarily

purchased

and

sold

margins

that

may

range

upward

from

less

than

the

value

the

contract

being

traded.

Deposits

for

futures

for

the

Funds

are

reported

Deposit

with

broker

for

futures

contracts

the

Statements

Assets

and

Liabilities.

the

price

open

futures

contract

changes

(by

increase

underlying

instrument

index

the

case

sale

decrease

the

case

purchase)

that

the

loss

the

futures

contract

reaches

point

which

the

margin

deposit

does

not

satisfy

margin

requirements,

the

broker

will

require

increase

the

margin.

However,

the

value

position

increases

because

favorable

price

changes

the

futures

contract

that

the

margin

deposit

exceeds

the

required

margin,

the

broker

will

pay

the

excess

Fund.

These

subsequent

payments,

called

"Variation

Margin,"

and

from

the

futures

broker,

are

made

daily

basis

the

price

the

underlying

assets

fluctuate

making

the

long

and

short

positions

the

futures

contract

less

valuable,

process

known

"marking

the

market."

The

Funds

recorded

payable

receivable

variation

margin.

The

Funds

expect

earn

interest

income

its

margin

deposits.

Gains

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

are

closed.

Futures

contracts

involve,

varying

degrees,

elements

market

risk

(generally

equity

price

risk

stock

futures,

interest

rate

risk

bond

futures,

and

foreign

currency

risk

currency

futures)

and

exposure

loss

excess

the

variation

margin

disclosed

the

Statements

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

futures

contracts

are

the

imperfect

correlation

between

the

change

fair

value

the

underlying

securities

and

the

prices

futures

contracts,

the

possibility

illiquid

market,

and

the

inability

the

counterparty

meet

the

terms

the

contract.

Realized

and

unrealized

gains

and

losses

are

reported

"Net

realized

gains/(losses)

from

futures

transactions"

and

"Net

change

unrealized

appreciation/depreciation

futures

contracts",

respectively,

the

Statements

Operations.

Futures

Contracts

(28)

Total

(28)

Futures

Contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

investment.

(a)

Zero

market

value.

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

Average

Notional

Value

The

table

below

summarizes

the

monthly

average

notional

value

futures

contracts

for

the

period

ended

December

31,

2025

Summary

Derivative

Instruments

The

following

summary

the

fair

values

derivative

instruments

Statements

Assets

and

Liabilities,

categorized

risk

exposure,

December

31,

2025

Includes

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

reported

the

Schedules

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

reported

within

the

Statements

Assets

and

Liabilities.

The

following

summary

the

effect

derivative

instruments

the

Statements

Operations,

categorized

risk

exposure,

for

the

period

ended

December

31,

2025

Foreign

Currency

Translations:

The

accounting

records

the

Funds

are

maintained

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

Fund

denominated

foreign

currency

are

translated

into

U.S.

dollars

current

exchange

rates.

Purchases

and

sales

securities,

income

receipts

and

expense

payments

are

translated

into

U.S.

dollars

the

exchange

rates

the

date

the

transactions.

The

Funds

not

isolate

the

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

disclosed

net

change

unrealized

appreciation/depreciation

investments

and

foreign

currency

translations

the

Statements

Operations.

Any

realized

gains

losses

from

these

fluctuations

are

disclosed

net

realized

gains

losses

from

investment

transactions

and

foreign

currency

transactions

the

Statements

Operations.

Foreign

Taxes:

The

Funds

may

subject

foreign

taxes

foreign

income

received

portion

which

may

reclaimable),

capital

gains

the

sale

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

the

Funds

invest.

Dividends

Shareholders:

Dividends

from

net

investment

income,

any,

are

declared

and

paid

monthly

the

Funds.

Distributable

net

realized

gains,

any,

are

declared

Average

Notional

Value

Fund

Long

Small

Cap

Core

ETF

723,021

Large/Mid

Cap

Core

ETF

840,186

High

Dividend

Stock

ETF

996,786

International

ETF

630,915

Assets

Liabilities

Fund

Variation

Margin

Receivable

Open

Futures

Contracts*

Variation

Margin

Payable

Open

Futures

Contracts*

Equity

Risk

Exposure

Small

Cap

Core

ETF

(27,358)

Large/Mid

Cap

Core

ETF

2,960

High

Dividend

Stock

ETF

(2,503)

International

ETF

(28)

Fund

Net

realized

gains

(losses)

from

futures

transactions

Net

Change

unrealized

appreciation

(depreciation)

futures

transactions

Equity

Risk

Exposure:

Small

Cap

Core

ETF

36,519

(1,949)

Large/Mid

Cap

Core

ETF

(25,234)

41,925

High

Dividend

Stock

ETF

(49,496)

30,424

International

ETF

121,562

12,481

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

and

distributed

least

annually

each

Fund.

The

amounts

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

are

determined

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

the

extent

these

"book/tax"

differences

are

permanent

nature

(i.e.,

that

they

result

from

other

than

timing

recognition

"temporary

difference"),

such

amounts

are

reclassified

within

the

components

net

assets

based

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

not

require

reclassification.

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

distributions

capital.

Net

investment

losses

incurred

Fund

may

reclassified

offset

capital

the

accompanying

Statements

Assets

and

Liabilities.

Federal

Income

Taxes:

the

policy

each

Fund

continue

qualify

regulated

investment

company

complying

with

the

provisions

available

certain

investment

companies,

defined

applicable

sections

the

Internal

Revenue

Code,

and

make

distributions

net

investment

income

and

net

realized

gains

sufficient

relieve

from

all,

substantially

all,

federal

income

taxes.

Accordingly,

provision

for

federal

income

taxes

required

the

financial

statements.

The

Funds

identifies

its

major

tax

jurisdiction

U.S.

Federal.

and

during

the

period

ended

December

31,

2025

the

Funds

did

not

have

liability

for

any

unrecognized

tax

benefits.

The

Funds

recognize

interest

and

penalties,

any,

unrecognized

tax

benefits

income

tax

expense

the

Statements

Operations.

During

the

period,

the

Funds

did

not

incur

any

interest

penalties.

For

the

current

open

tax

year,

management

the

Funds

has

concluded

that

there

are

significant

uncertain

tax

positions

that

would

require

recognition

the

financial

statements.

Further,

management

the

Funds

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

any

unrecognized

tax

benefits

will

significantly

change

over

the

fiscal

year.

PURCHASES

AND

SALES

SECURITIES:

Purchases

and

sales

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

and

in-kind

transactions

associated

with

purchases

and

sales for

the

period

ended

December

31,

2025,

were

follows:

For

the

period

ended

December

31,

2025

there

were

purchases

sales

U.S.

Government

Securities.

FEES

AND

TRANSACTIONS

WITH

AFFILIATES

AND

OTHER

PARTIES:

Timothy

Partners,

Ltd

("TPL"

the

"Advisor"),

Florida

limited

partnership,

serves

the

Funds'

investment

advisor

pursuant

Investment

Advisory

Agreement.

Subject

always

the

supervision

and

approval

the

Board,

the

Advisor

responsible

for

the

overall

management

the

Funds.

The

Advisor

has

arranged

for

distribution,

custody,

fund

administration,

transfer

agency

and

all

other

services

necessary

for

the

Funds

operate.

The

Advisor

receives

fee

for

its

services,

(the

"Management

Fee").

From

the

Management

Fee,

the

Advisor

obligated

pay

arrange

for

the

payment

substantially

all

expenses

the

Funds,

including

the

cost

transfer

agency,

custody,

fund

administration

and

accounting,

legal,

audit,

independent

trustees

and

other

services,

except

for

interest

expenses,

distribution

fees

expenses,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes

and

extraordinary

expenses

such

litigation

and

other

expenses

not

incurred

the

ordinary

course

the

Fund's

business.

The

Advisor's

Management

Fee

designed

cause

substantially

all

the

Funds'

expenses

paid

and

compensate

the

Advisor

for

providing

services

for

the

Funds.

Small

Cap

Core

ETF,

Large/Mid

Cap

Core

ETF,

and

High

Dividend

Stock

ETF

pay

Management

Fee

equivalent

0.52%

and

International

ETF

pays

Management

Fee

equivalent

0.62%

the

Fund's

average

daily

net

assets,

computed

daily

and

paid

monthly.

Victory

Capital

Management,

Inc.,

New

York

corporation,

serves

the

Funds'

sub-advisor

pursuant

written

sub-advisory

agreement

with

the

Advisor

and

receives

fees

from

the

Advisor

for

these

services.

Citibank,

N.A.

serves

the

Funds'

Custodian

and

Transfer

Agent

pursuant

Global

Custodial

and

Agency

Services

Agreement

with

the

Trust.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

affiliate

Citibank,

N.A.,

acts

the

Funds'

administrator

and

fund

accountant

pursuant

Services

Agreement

with

the

Trust.

Excluding

in-kind

transactions

Associated

with

in-kind

transactions

Fund

Purchases

Sales

Purchases

Sales

Small

Cap

Core

ETF

100,337,266

100,545,680

155,123,110

61,782,250

Large/Mid

Cap

Core

ETF

112,942,880

112,735,358

78,583,452

69,906,775

High

Dividend

Stock

ETF

139,549,173

139,197,357

92,946,975

55,944,996

International

ETF

49,369,737

45,770,600

52,051,631

9,913,783

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

Foreside

Fund

Services,

LLC

("Foreside")

serves

the

Funds'

distributor.

Pine

Advisor

Solutions

provides

compliance

services

the

Trust.

Certain

officers

and/or

interested

trustees

the

Funds

are

also

officers

and/or

employees

the

Advisor.

INVESTMENT

RISKS:

The

following

describes

the

principal

risks

that

you

may

assume

investor

each

Fund.

The

risk

descriptions

below

provide

detailed

explanation

the

principal

investment

risks.

Excluded

Security

Risk

Because

the

Index

omits

Excluded

Securities,

the

Funds

may

riskier

than

other

funds

that

invest

broader

array

securities.

Biblically

Responsible

Investing

("BRI")

may

not

successful.

Because

the

Index

reconstituted

only

prescribed

times

during

the

year,

the

Funds

may

temporarily

hold

securities

that

not

comply

with

the

BRI

filtering

criteria

the

application

the

criteria

the

nature

company's

business

changes

between

these

dates.

Index

Risk

There

guarantee

that

the

Funds'

investment

results

will

have

high

degree

correlation

those

the

respective

Underlying

Index

that

the

Funds

will

achieve

their

investment

objectives.

Market

disruptions

and

regulatory

restrictions

could

have

adverse

effect

the

Funds'

ability

adjust

their

exposure

the

required

levels

order

track

the

Underlying

Index.

Errors

index

data,

index

computations

the

construction

the

Underlying

Index

accordance

with

its

methodology

may

occur

from

time

and

may

not

identified

and

corrected

the

Index

Provider

for

period

time

all,

which

may

have

adverse

impact

the

Funds

and

their

shareholders.

Unusual

market

conditions

may

cause

the

Index

Provider

postpone

scheduled

rebalance,

which

could

cause

the

Underlying

Index

vary

from

its

normal

expected

composition.

Large-Capitalization

Stock

Risk

The

securities

large-sized

companies

may

underperform

the

securities

smaller-sized

companies

the

market

whole.

The

growth

rate

larger,

established

companies

may

lag

those

smaller

companies,

especially

during

periods

economic

expansion.

Mid-Capitalization

Stock

Risk

Mid-sized

companies

may

subject

number

risks

not

associated

with

larger,

established

companies,

potentially

making

their

stock

prices

volatile

and

increasing

the

risk

loss.

Small

Company

Risk

Small

company

stocks

present

above-average

risks.

This

means

that

when

stock

prices

decline

overall,

the

Portfolios

may

decline

than

broad-based

securities

market

index.

These

companies

usually

offer

smaller

range

products

and

services

than

larger

companies.

They

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

may

also

have

limited

financial

resources

and

may

lack

management

depth.

result,

stocks

issued

smaller

companies

tend

less

liquid

and

fluctuate

value

than

the

stocks

larger,

established

companies.

Foreign

Securities

Risk

Foreign

securities

(including

depositary

receipts)

are

subject

political,

regulatory,

and

economic

risks

not

present

domestic

investments.

Foreign

securities

could

affected

factors

not

present

the

U.S.

including

expropriation,

confiscation

property,

and

difficulties

enforcing

contracts.

Compared

U.S.

companies,

there

generally

less

publicly

available

information

about

foreign

companies

and

there

may

less

governmental

regulation

and

supervision

foreign

companies.

Foreign

securities

generally

experience

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

the

depositary

bank

and

the

risk

illiquid

market.

addition,

the

extent

investments

are

made

limited

number

countries,

events

those

countries

will

have

significant

impact

the

Funds.

Fluctuations

the

exchange

rates

between

the

U.S.

dollar

and

foreign

currencies,

currency

exchange

control

regulations,

and

restrictions

prohibitions

the

repatriation

foreign

currencies

may

negatively

affect

investment.

FEDERAL

INCOME

TAX

INFORMATION:

December

31,

2025,

the

Statements

Assets

and

Liabilities,

result

permanent

book-to-tax

differences

primarily

attributable

the

accounting

for

applicable

in-kind

redemptions

and

designation

dividends

paid

were

reclassified

between

the

individual

components

total

distributable

earnings

(loss)

follows:

The

tax

characteristics

distributions

paid

shareholders

during

the

year/period

ended

December

31,

2025

were

follows:

The

tax

characteristics

distributions

paid

shareholders

during

the

year/period

ended

December

31,

2024

were

follows:

December

31,

2025,

the

components

accumulated

earnings/(deficit)

tax

basis

were

follows:

Fund

Total

Accumulated

Earnings/(Loss)

Capital

Small

Cap

Core

ETF

(19,530,405)

19,530,405

Large/Mid

Cap

Core

ETF

(32,023,597)

32,023,597

High

Dividend

Stock

ETF

(22,224,765)

22,224,765

International

ETF

(2,884,869)

2,884,869

Year

Ended

December

31,

2025

Distributions

Paid

From:

Fund

Ordinary

Income

Total

Taxable

Distributions

Total

Distributions

Paid

Small

Cap

Core

ETF

2,465,950

Large/Mid

Cap

Core

ETF

2,714,595

High

Dividend

Stock

ETF

6,168,429

International

ETF

4,322,462

Total

distributions

paid

may

differ

from

the

Statements

Changes

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

Year

Ended

December

31,

2024

Distributions

Paid

From:

Fund

Ordinary

Income

Total

Taxable

Distributions

Total

Distributions

Paid

Small

Cap

Core

ETF

1,405,308

Large/Mid

Cap

Core

ETF

2,166,878

High

Dividend

Stock

ETF

4,895,565

International

ETF

3,111,526

Total

distributions

paid

may

differ

from

the

Statements

Changes

Net

Assets

because

distributions

are

recognized

when

actually

paid

for

tax

purposes.

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

During

the

tax

year

ended

December

31,

2025,

High

Dividend

Stock

ETF

and

International

ETF

Fund

utilized

capital

loss

carryforwards

the

amount

$6,798,524

and

5,257,762,

respectively.

December

31,

2025

the

Funds

had

net

capital

loss

carry

forwards

("CLCFs")

for

federal

income

tax

purposes

which

are

available

reduce

the

future

capital

gain

distributions

shareholders.

CLCFs

not

subject

expiration:

December

31,

2025

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation

and

net

unrealized

appreciation

(depreciation)

for

investments

were

follows:

this

reporting

period,

the

Funds

adopted

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-09,

"Income

Taxes

(Topic

740)

Improvements

Income

Tax

Disclosures"

("ASU

2023-09").

Adoption

the

new

standard

the

Funds

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

results

operations.

disaggregation

income

taxes

paid

jurisdiction

presented

when

significant

income

taxes

are

paid.

Income

taxes

paid

the

Funds

for

the

year

ended

December

31,

2025,

were

determined

not

significant.

SEGMENT

REPORTING:

The

Adviser's

Management

Committee acts

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

single

operating

segment,

the

CODM

monitors

the

operating

results

each

Fund

whole

and

the

Fund's

long-term

strategic

asset

allocation

pre-determined

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

the

form

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

net

assets,

which

are

used

Fund

Undistributed

Ordinary

Income

Accumulated

Earnings

Other

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)

Total

Accumulated

Earnings/

(Deficit)

Small

Cap

Core

ETF

(29,260,793)

21,520,848

(7,739,945)

Large/Mid

Cap

Core

ETF

31,750

(40,752,156)

39,487,042

(1,233,364)

High

Dividend

Stock

ETF

232,252

(32,763,461)

13,883,162

(18,648,047)

International

ETF

619,615

43,591

(4,536,465)

36,591,086

32,717,827

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

attributable

primarily

tax

deferral

losses

wash

sales,

futures

mark

market,

return

capital

from

underlying

investments

and

passive

foreign

investment

company

mark

market.

Fund

Short-Term

Amount

Long-Term

Amount

Total

Small

Cap

Core

ETF

(19,316,930)

(9,943,863)

(29,260,793)

Large/Mid

Cap

Core

ETF*

507

)

(19

244

488

)

(

752

156

)

High

Dividend

Stock

ETF*

(

355

208

)

(13

408

253

)

(

763

461

)

International

ETF

(591,243)

(3,945,222)

(4,536,465)

All

portion

are

limited

result

changes

ownership

connection

with

merger

reorganization.

Unused

limitations

during

year

accumulate

for

future

use

offsetting

net

capital

gains.

IRC

Section

382

limitations

short-term

$9,771,987

and

long-term

$2,791,824

and

short-term

$11,379,751

and

long-term

$577,195

are

included

the

above

amounts

for

Large/Mid

Cap

Core

ETF

and

High

Dividend

Stock

ETF,

respectively.

Fund

Cost

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Small

Cap

Core

ETF

254,392,782

32,771,312

(11,250,464)

21,520,848

Large/Mid

Cap

Core

ETF

277,032,509

51,532,126

(12,045,084)

39,487,042

High

Dividend

Stock

ETF

302,254,071

26,918,525

(13,035,363)

13,883,162

International

ETF

158,643,134

41,625,890

(5,034,804)

36,591,086

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

the

CODM

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

make

resource

allocation

decisions

for

the

Fund's

single

segment,

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

the

accompanying

Statements

Assets

and

Liabilities

"total

assets"

and

significant

segment

expenses

are

listed

the

accompanying

Statements

Operations.

REORGANIZATIONS:

Following

the

business

the

date

listed

below,

the

Target

Funds

reorganized

into

existing

Acquiring

Funds

within

the

Trust.

The

reorganizations

into

existing

Acquiring

Funds

were

follows:

Pursuant

Agreement

and

Plan

Reorganization

(the

"Reorganizations"),

each

Target

Fund

transferred

all

its

assets

the

corresponding

Acquiring

Fund.

exchange,

the

applicable

Acquiring

Fund

assumed

all

the liabilities

the

applicable

Target

Fund.

The

reorganizations

were

accomplished

a tax-free exchange

the

Target

Funds

for

the

Acquiring

Funds

outstanding

following

the

business

October

2025.

The

Target

Funds'

Board

determined

that

the

Reorganizations

were

the

best

interests

the

shareholders

the

Target

Funds.

The

Target

Funds

and

the

Acquiring

Funds

have

similar

investment

objective,

principle

investment

strategies

and

principle

risks.

The

net

assets

the

Target

Funds,

including

unrealized

appreciation

(depreciation),

were

combined

with

those

the

Acquiring

Funds.

These

amounts

were

follows:

Assuming

the

reorganizations

had

been

completed

the

beginning

the

annual

reporting

period

the

relevant

accounting

and

performance

survivors,

the

pro

forma

results

operations

for

the

period

ended

December

31,

2025,

would

have

been

follows:

Target

Fund

Acquiring

Fund

Large/Mid

Cap

Core

Enhanced

ETF

Large/Mid

Cap

Core

ETF

High

Dividend

Enhanced

Stock

ETF

High

Dividend

Stock

ETF

Target

Fund

Acquiring

Fund

Destination

Fund

Dollar

Amount

Conversion

Ratio

Large/Mid

Cap

Core

Enhanced

ETF

650,000

Large/Mid

Cap

Core

ETF

387,025

18,016,109

0.59542259

High

Dividend

Enhanced

Stock

ETF

900,000

High

Dividend

Stock

ETF

597,368

23,553,231

0.66374238

Target

Fund

Target

Fund

Unrealized

Appreciation

(Depreciation)

Target

Fund

Net

Assets

Acquiring

Fund

Acquiring

Fund

Net

Assets

Prior

Reorganization

Net

Assets

After

Reorganization

Large/Mid

Cap

Core

Enhanced

ETF

1,392,079

18,016,109

Large/Mid

Cap

Core

ETF

311,886,919

329,903,028

High

Dividend

Enhanced

Stock

ETF

1,462,063

23,553,231

High

Dividend

Stock

ETF

299,655,580

323,208,811

Acquiring

Fund

Acquiring

Fund

Net

Investment

Income

Net

Realized

Gain

(Loss)

and

Change

Unrealized

Gain

(Loss)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

Large/Mid

Cap

Core

ETF

2,914,585

19,444,181

22,358,76

High

Dividend

Stock

ETF

6,746,116

17,601,007

24,347,123

Notes

Financial

Statements

continued

December

31,

2025

Timothy

Plan

SUBSEQUENT

EVENTS:

Management

has

evaluated

subsequent

events

through

the

date

these

financial

statements

were

issued.

Distributions

Subsequent

December

31,

2025,

the

Funds

paid

distribution

from

ordinary

income

for

the

following

amounts:

Fund

1/8/2026

2/9/2026

Small

Cap

Core

ETF

2,854

10,720

Large/Mid

Cap

Core

ETF

100,657

87,042

High

Dividend

Stock

ETF

235,534

308,116

International

ETF

42,516

Report

Independent

Registered

Public

Accounting

Firm

Timothy

Plan

See

notes

financial

statements.

the

Shareholders

and

Board

Trustees

The

Timothy

Plan

Opinion

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

portfolio

investments,

Timothy

Plan

Small

Cap

Core

ETF,

Timothy

Plan

Large/Mid

Cap

Core

ETF,

Timothy

Plan

High

Dividend

Stock

ETF,

and

Timothy

Plan

International

ETF

(the

"Funds"),

four

the

portfolios

constituting

The

Timothy

Plan,

December

31,

2025,

the

statements

operations

for

the

year

then

ended,

the

statements

changes

net

assets

for

each

the

two

years

the

period

then

ended,

the

financial

highlights

for

each

the

five

years

the

period

then

ended,

and

the

notes

(collectively

referred

the

"financial

statements").

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

December

31,

2025,

the

results

their

operations

for

the

year

then

ended,

the

changes

net

assets

for

each

the

two

years

the

period

then

ended,

and

the

financial

highlights

for

each

the

five

years

the

period

then

ended,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Funds'

management.

Our

responsibility

express

opinion

the

Funds'

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

December

31,

2025,

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

have

served

the

Funds'

auditor

one

investment

companies

advised

Timothy

Partners,

Ltd.,

since

2005

COHEN

COMPANY,

LTD.

Cleveland,

Ohio

February

26,

2026

Other

Information

(Unaudited)

December

31,

2025

Timothy

Plan

Additional

Federal

Income

Tax

Information:

For

the

fiscal

year

ended

December

2025

the

Funds

hereby

designate

the

maximum

amount

allowable

their

net

taxable

income

qualified

dividends

taxed

individual

net

capital

gain

rates.

Shareholders

will

notified

via

IRS

Form

1099

the

amounts

for

use

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

The

following

Fund

intends

elect

pass

through

shareholders

the

income

tax

credit

for

taxes

paid

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

outstanding

December

2025

were

follows:

Premium/Discount

Information

The

Funds'

website

https://timothyplan.com

shows

the

day's

closing

NAV

and

closing

market

price

for

each

Fund's

ETF

Shares.

The

website

also

discloses,

the

Premium/Discount

section

each

Fund's

page,

how

frequently

each

Fund's

ETF

traded

premium

discount

NAV

(based

closing

NAVs

and

market

prices)

and

the

magnitudes

such

premiums

and

discounts.

Amount

Small

Cap

Core

ETF

100%

Large/Mid

Cap

Core

ETF

100%

High

Dividend

Stock

ETF

100%

Foreign

Source

Income

Foreign

Tax

Expense

International

ETF

0.81

0.09

Visit

our

website

etf.timothyplan.com

Call

Timothy

Plan

800.846.7526

Timothy

Plan

1055

Maitland

Center

Commons

Maitland,

Florida

32751

PAST

PERFORMANCE

DOES

NOT

GUARANTEE

FUTURE

RESULTS,

AND

YOU

MAY

LOSE

MONEY.

You

should

consider

the

Fund's

investment

objectives,

risks,

charges,

and

expenses.

This

and

other

important

information

can

found

the

Fund's

prospectus.

obtain

copy,

visit

timothyplan.com

call

800.846.7526.

Read

the

prospectus

carefully

before

investing

sending

money.

ETFs

distributed

Foreside

Fund

Services,

LLC,

member

FINRA

and

SIPC.

Timothy

Partners,

Ltd.

not

affiliated

with

Foreside

Fund

Services,

LLC.

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

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

Not applicable.

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

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

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

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

(a)(2) Not applicable.

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

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

SIGNATURES

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

(Registrant) Timothy Plan

By (Signature and Title) /s/ Greg Ally

Greg Ally, Treasurer and Principal Financial Officer

Date March 9, 2026

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

By (Signature and Title) /s/ Brian Mumbert

Brian Mumbert, President and Principal Executive Officer

Date March 9, 2026

By (Signature and Title) /s/ Greg Ally

Greg Ally, Treasurer and Principal Financial Officer

Date March 9, 2026

Timothy Plan published this content on March 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 09, 2026 at 17:33 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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Company News

Economy, Business and Finance

Timothy Plan

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

FORM N-CSR

What were the Fund's costs for the last year?

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

Growth of a $10,000 Investment

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Information

What were the Fund's costs for the last year?

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

Growth of a $10,000 Investment

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Material Fund Changes

Additional Information

What were the Fund's costs for the last year?

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

Growth of a $10,000 Investment

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Material Fund Changes

Additional Information

What were the Fund's costs for the last year?

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

Growth of a $10,000 Investment

AVERAGE ANNUAL TOTAL RETURN

FUND STATISTICS

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

(as of December 31, 2025)

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

(as of December 31, 2025)

Additional Information

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

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

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

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

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

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

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

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