form n-csr

certified shareholder report of registered management
investment companies

Explanatory Note: The Registrant is filing this amendment to its filing on form N-CSR for the year ended September 30, 2024, which was originally filed with the Securities and Exchange Commission on December 10, 2024 (Ascension Number 0001398344-24-023090), to correct information in the Fund Overview sections of the Shareholder Reports located under Item 1(a) and foreign cash amounts disclosed on the Statements of Assets and Liabilities of the Financial Statements located under Item 7.

Timothy Plan Conservative Growth Fund

Class A (TCGAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Conservative Growth Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$97	0.90%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Conservative Growth Fund - Class A returned 14.71%, underperforming the Dow Jones Moderate Portfolio Index, which returned 20.62%. The Fund’s more defensive allocation, focusing on income-generating assets and stability, provided solid returns but lagged the broader equity-driven index.

Key Performance Drivers:

• Fixed Income & High Yield Bond: The Fund’s significant allocation to Fixed Income (30%) and High Yield Bond (7%) added stability and consistent returns, though these sectors underperformed the more growth-focused portions of the market.

• Equity Allocation: Exposure to US Small Cap Core ETF (7%) and US Large/Mid Cap Core Enhanced ETF (12%) provided gains, particularly in growth sectors like Technology and Industrials, though the defensive nature of the allocation limited upside.

• Dividend and Income Focus: The High Dividend Stock Enhanced ETF (6%) contributed steady income but underperformed high-growth stocks during the period. The focus on dividend-paying stocks helped cushion against market volatility.

• International Exposure: The Fund’s allocations to International Fund (12%) and International ETF (9%) contributed positively, with strong performance from holdings in Europe and Japan, though global volatility tempered some gains.

• Market Neutral ETF: The Market Neutral ETF (15%) provided income and reduced overall risk, ensuring the Fund maintained a defensive posture amid fluctuating market conditions.

Reasons for Underperformance:

• The Fund’s conservative allocation, with a heavier emphasis on fixed income and defensive equity positions, resulted in underperformance compared to the broader equity-driven Dow Jones Moderate Portfolio Index. The lower exposure to high-growth sectors, such as Technology, and the allocation to fixed income, while providing stability, limited the upside potential in the strong equity market environment.

The Fund will continue to balance growth and income opportunities, adjusting allocations with the goal of preserving capital while seeking long-term growth in line with its conservative investment strategy.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Conservative Growth Fund	Russell 3000^® Index	Dow Jones Moderate Portfolio Index
09/30/14	$9,451	$10,000	$10,000
09/30/15	$9,218	$9,951	$9,817
09/30/16	$9,607	$11,440	$10,895
09/30/17	$10,190	$13,579	$11,994
09/30/18	$10,298	$15,967	$12,800
09/30/19	$10,464	$16,433	$13,294
09/30/20	$10,806	$18,898	$14,155
09/30/21	$12,170	$24,921	$16,729
09/30/22	$10,408	$20,528	$13,700
09/30/23	$10,906	$24,729	$15,103
09/30/24	$12,510	$33,432	$18,218

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Conservative Growth Fund
Without Load	14.71%	3.64%	2.84%
With Load	8.35%	2.47%	2.26%
Dow Jones Moderate Portfolio Index	20.62%	6.50%	6.18%
Russell 3000^® Index	35.19%	15.26%	12.83%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets	$38,518,717
Number of Portfolio Holdings	9
Advisory Fee	$56,692
Portfolio Turnover	4%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	49.4%
Money Market Funds	2.5%
Open End Funds	48.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.5%
Fixed Income	36.5%
Equity	61.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan Fixed Income Fund, Class A	30.0%
Timothy Plan Market Neutral ETF	15.0%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	12.2%
Timothy Plan International Fund, Class A	11.6%
Timothy Plan International ETF	9.1%
Timothy Plan US Small Cap Core ETF	7.1%
Timothy Plan High Yield Bond Fund, Class A	6.5%
Timothy Plan High Dividend Stock Enhanced ETF	6.1%
Fidelity Government Portfolio, Institutional Class	2.5%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Conservative Growth Fund - Class A (TCGAX )

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TCGAX

Timothy Plan Conservative Growth Fund

Class C (TCVCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$150	1.40%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Conservative Growth Fund - Class C returned 14.14%, underperforming the Dow Jones Moderate Portfolio Index, which returned 20.62%. The Fund’s more defensive allocation, focusing on income-generating assets and stability, provided solid returns but lagged the broader equity-driven index.

Key Performance Drivers:

• Market Neutral ETF: The Market Neutral ETF (15%) provided income and reduced overall risk, ensuring the Fund maintained a defensive posture amid fluctuating market conditions.

Reasons for Underperformance:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Conservative Growth Fund	Russell 3000^® Index	Dow Jones Moderate Portfolio Index
09/30/14	$10,000	$10,000	$10,000
09/30/15	$9,681	$9,951	$9,817
09/30/16	$10,010	$11,440	$10,895
09/30/17	$10,549	$13,579	$11,994
09/30/18	$10,574	$15,967	$12,800
09/30/19	$10,674	$16,433	$13,294
09/30/20	$10,926	$18,898	$14,155
09/30/21	$12,220	$24,921	$16,729
09/30/22	$10,374	$20,528	$13,700
09/30/23	$10,799	$24,729	$15,103
09/30/24	$12,326	$33,432	$18,218

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Conservative Growth Fund	14.14%	2.92%	2.11%
Dow Jones Moderate Portfolio Index	20.62%	6.50%	6.18%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$38,518,717
Number of Portfolio Holdings	9
Advisory Fee	$56,692
Portfolio Turnover	4%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	49.4%
Money Market Funds	2.5%
Open End Funds	48.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.5%
Fixed Income	36.5%
Equity	61.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan Fixed Income Fund, Class A	30.0%
Timothy Plan Market Neutral ETF	15.0%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	12.2%
Timothy Plan International Fund, Class A	11.6%
Timothy Plan International ETF	9.1%
Timothy Plan US Small Cap Core ETF	7.1%
Timothy Plan High Yield Bond Fund, Class A	6.5%
Timothy Plan High Dividend Stock Enhanced ETF	6.1%
Fidelity Government Portfolio, Institutional Class	2.5%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Conservative Growth Fund - Class C (TCVCX )

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TCVCX

Timothy Plan Conservative Growth Fund

Class I (TIICX)

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$70	0.65%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Conservative Growth Fund - Class I returned 14.49%, underperforming the Dow Jones Moderate Portfolio Index, which returned 20.62%. The Fund’s more defensive allocation, focusing on income-generating assets and stability, provided solid returns but lagged the broader equity-driven index.

Key Performance Drivers:

• Market Neutral ETF: The Market Neutral ETF (15%) provided income and reduced overall risk, ensuring the Fund maintained a defensive posture amid fluctuating market conditions.

Reasons for Underperformance:

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Timothy Plan Conservative Growth Fund	Russell 3000^® Index	Dow Jones Moderate Portfolio Index
09/01/23	$10,000	$10,000	$10,000
09/30/23	$9,735	$9,496	$9,662
09/30/24	$11,145	$12,837	$11,654

Average Annual Total Returns

	1 Year	Since Inception (September 1, 2023)
Timothy Plan Conservative Growth Fund	14.49%	10.57%
Dow Jones Moderate Portfolio Index	20.62%	15.24%
Russell 3000^® Index	35.19%	26.04%

Fund Statistics

Net Assets	$38,518,717
Number of Portfolio Holdings	9
Advisory Fee	$56,692
Portfolio Turnover	4%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	49.4%
Money Market Funds	2.5%
Open End Funds	48.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.5%
Fixed Income	36.5%
Equity	61.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan Fixed Income Fund, Class A	30.0%
Timothy Plan Market Neutral ETF	15.0%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	12.2%
Timothy Plan International Fund, Class A	11.6%
Timothy Plan International ETF	9.1%
Timothy Plan US Small Cap Core ETF	7.1%
Timothy Plan High Yield Bond Fund, Class A	6.5%
Timothy Plan High Dividend Stock Enhanced ETF	6.1%
Fidelity Government Portfolio, Institutional Class	2.5%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Conservative Growth Fund - Class I (TIICX)

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TIICX

Timothy Plan Defensive Strategies Fund

Class A (TPDAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Defensive Strategies Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$128	1.19%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Defensive Strategies Fund - Class A delivered a 15.92% return, outperforming its blended benchmark’s 14.01% return. This fund includes the allocation of inflation-sensitive investment sleeves. Each sleeve played a crucial role in navigating inflationary pressures and market volatility.

Key Performance Drivers:

• Multi-Asset Sleeve (Timothy Partners, Ltd.): The Multi-Asset Sleeve provided strong returns, with physical gold appreciating by over 42%, offering stability. The Timothy Plan Market Neutral ETF also contributed steady income while reducing overall portfolio risk, with its Overlay Strategy—a combination of long Nasdaq 100 futures and short S&P 500 futures—helping manage risk effectively.

• TIPS Sleeve (Barrow Hanley): The TIPS sleeve returned 7.92% gross of fees, benefiting from the Federal Reserve’s September rate cut and helping protect against inflation. The portfolio’s focus on shorter maturities proved advantageous in a fluctuating interest rate environment.

• Real Estate Sleeve (Chilton Capital Management): The Real Estate Sleeve returned 33.5%, just under the MSCI US REIT Index’s 34.4%. REIT prices surged in the third quarter following Fed rate cuts and optimism over declining inflation. Underweight positions in lodging and strong stock selection in healthcare contributed to performance, while underweight positions in regional malls detracted.

• Commodity Sleeve (CoreCommodity): The Commodity sleeve posted a 3.7% return, outperforming the Bloomberg Commodity Index’s 1.0%. Gains in agriculture, forestry, and industrial metals, especially copper, were key contributors, while energy holdings, although negative, performed better than the benchmark.

We believe the Timothy Plan Defensive Strategies Fund is well-positioned to manage future market volatility and inflationary pressures. With its diversified allocation across gold, TIPS, real estate, and commodities, the Fund remains flexible and resilient in various economic conditions.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Defensive Strategies Fund	Russell 3000^® Index	33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS
Sep-2014	$9,452	$10,000	$10,000
Sep-2015	$8,856	$9,951	$9,455
Sep-2016	$9,654	$11,440	$10,044
Sep-2017	$9,610	$13,579	$10,071
Sep-2018	$9,656	$15,967	$10,308
Sep-2019	$10,132	$16,433	$10,857
Sep-2020	$10,511	$18,898	$10,088
Sep-2021	$12,064	$24,921	$12,669
Sep-2022	$11,229	$20,528	$12,269
Sep-2023	$12,162	$24,729	$12,489
Sep-2024	$14,098	$33,432	$14,240

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Defensive Strategies Fund
Without Load	15.92%	6.83%	4.08%
With Load	9.51%	5.63%	3.49%
Russell 3000^® Index	35.19%	15.26%	12.83%
33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS	14.01%	5.57%	3.60%

Fund Statistics

Net Assets	$79,330,603
Number of Portfolio Holdings	198
Advisory Fee (net of waivers)	$330,329
Portfolio Turnover	19%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	18.4%
Exchange-Traded Funds	18.5%
Money Market Funds	3.0%
Partnership Shares	0.0%
Precious Metals - Physical Holding	20.4%
Reit	18.8%
U.S. Government & Agencies	20.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.2%
Technology	0.1%
Health Care	0.4%
Utilities	0.8%
Industrials	1.2%
Consumer Staples	1.6%
Money Market Funds	3.0%
Materials	6.9%
Energy	7.0%
Equity	18.4%
Real Estate	19.1%
Precious Metal	20.4%
U.S. Treasury Obligations	20.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
GOLD BARS - XAU BGN CURNCY	20.4%
Timothy Plan Market Neutral ETF	18.4%
United States Treasury Inflation Indexed Bonds	3.4%
Fidelity Government Portfolio, Institutional Class	3.0%
United States Treasury Inflation Indexed Bonds	2.9%
United States Treasury Inflation Indexed Bonds	2.9%
United States Treasury Inflation Indexed Bonds	2.5%
United States Treasury Inflation Indexed Bonds	2.2%
United States Treasury Inflation Indexed Bonds	2.0%
United States Treasury Inflation Indexed Bonds	1.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Defensive Strategies Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPDAX

Timothy Plan Defensive Strategies Fund

Class C (TPDCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$209	1.94%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Defensive Strategies Fund - Class C delivered a 15.13% return, outperforming its blended benchmark’s 14.01% return. This fund includes the allocation of inflation-sensitive investment sleeves. Each sleeve played a crucial role in navigating inflationary pressures and market volatility.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Defensive Strategies Fund	Russell 3000^® Index	33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,294	$9,951	$9,455
Sep-2016	$10,067	$11,440	$10,044
Sep-2017	$9,930	$13,579	$10,071
Sep-2018	$9,912	$15,967	$10,308
Sep-2019	$10,314	$16,433	$10,857
Sep-2020	$10,624	$18,898	$10,088
Sep-2021	$12,107	$24,921	$12,669
Sep-2022	$11,176	$20,528	$12,269
Sep-2023	$12,014	$24,729	$12,489
Sep-2024	$13,832	$33,432	$14,240

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Defensive Strategies Fund	15.13%	6.05%	3.30%
33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS	14.01%	5.57%	3.60%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$79,330,603
Number of Portfolio Holdings	198
Advisory Fee (net of waivers)	$330,329
Portfolio Turnover	19%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	18.4%
Exchange-Traded Funds	18.5%
Money Market Funds	3.0%
Partnership Shares	0.0%
Precious Metals - Physical Holding	20.4%
Reit	18.8%
U.S. Government & Agencies	20.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.2%
Technology	0.1%
Health Care	0.4%
Utilities	0.8%
Industrials	1.2%
Consumer Staples	1.6%
Money Market Funds	3.0%
Materials	6.9%
Energy	7.0%
Equity	18.4%
Real Estate	19.1%
Precious Metal	20.4%
U.S. Treasury Obligations	20.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
GOLD BARS - XAU BGN CURNCY	20.4%
Timothy Plan Market Neutral ETF	18.4%
United States Treasury Inflation Indexed Bonds	3.4%
Fidelity Government Portfolio, Institutional Class	3.0%
United States Treasury Inflation Indexed Bonds	2.9%
United States Treasury Inflation Indexed Bonds	2.9%
United States Treasury Inflation Indexed Bonds	2.5%
United States Treasury Inflation Indexed Bonds	2.2%
United States Treasury Inflation Indexed Bonds	2.0%
United States Treasury Inflation Indexed Bonds	1.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Defensive Strategies Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPDCX

Timothy Plan Defensive Strategies Fund

Class I (TPDIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$102	0.94%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Defensive Strategies Fund - Class I delivered a 16.20% return, outperforming its blended benchmark’s 14.01% return. This fund includes the allocation of inflation-sensitive investment sleeves. Each sleeve played a crucial role in navigating inflationary pressures and market volatility.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Defensive Strategies Fund	Russell 3000^® Index	33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,391	$9,951	$9,455
Sep-2016	$10,275	$11,440	$10,044
Sep-2017	$10,246	$13,579	$10,071
Sep-2018	$10,325	$15,967	$10,308
Sep-2019	$10,859	$16,433	$10,857
Sep-2020	$11,289	$18,898	$10,088
Sep-2021	$12,996	$24,921	$12,669
Sep-2022	$12,113	$20,528	$12,269
Sep-2023	$13,160	$24,729	$12,489
Sep-2024	$15,291	$33,432	$14,240

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Defensive Strategies Fund	16.20%	7.08%	4.34%
33% BB USTreas1-3YR / 33% BB Comm / 34% MSCI REIT GROSS	14.01%	5.57%	3.60%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$79,330,603
Number of Portfolio Holdings	198
Advisory Fee (net of waivers)	$330,329
Portfolio Turnover	19%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	18.4%
Exchange-Traded Funds	18.5%
Money Market Funds	3.0%
Partnership Shares	0.0%
Precious Metals - Physical Holding	20.4%
Reit	18.8%
U.S. Government & Agencies	20.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.2%
Technology	0.1%
Health Care	0.4%
Utilities	0.8%
Industrials	1.2%
Consumer Staples	1.6%
Money Market Funds	3.0%
Materials	6.9%
Energy	7.0%
Equity	18.4%
Real Estate	19.1%
Precious Metal	20.4%
U.S. Treasury Obligations	20.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
GOLD BARS - XAU BGN CURNCY	20.4%
Timothy Plan Market Neutral ETF	18.4%
United States Treasury Inflation Indexed Bonds	3.4%
Fidelity Government Portfolio, Institutional Class	3.0%
United States Treasury Inflation Indexed Bonds	2.9%
United States Treasury Inflation Indexed Bonds	2.9%
United States Treasury Inflation Indexed Bonds	2.5%
United States Treasury Inflation Indexed Bonds	2.2%
United States Treasury Inflation Indexed Bonds	2.0%
United States Treasury Inflation Indexed Bonds	1.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Defensive Strategies Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPDIX

Timothy Plan Fixed Income Fund

Class A (TFIAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Fixed Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$113	1.07%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Fixed Income Fund - Class A returned 10.37%, trailing the Bloomberg Aggregate Index, which returned 11.57%. U.S. Treasury yields were volatile as the Federal Reserve maintained high rates throughout the year before cutting rates by 50 basis points in September.

Key Performance Drivers:

• Sector Allocation: The Fund's overweight to mortgage-backed securities (MBS) contributed to performance, with MBS returning 12.25%, though underperforming investment-grade credit, which returned 13.81%. Mortgage issuance slowed due to higher mortgage rates, dampening refinancing and home purchase activity.

• Top Contributors: Tightening investment-grade credit spreads from 112 to 84 basis points supported the Fund’s credit positions. Strong inflows into the IG credit market helped offset the impact of higher rates, and the portfolio’s overweight to mortgages benefited from declining U.S. Treasury yields.

• Largest Detractors: The underweight to Financials detracted from performance, as the sector returned 14.00%, outpacing the Bloomberg Aggregate Index. Additionally, the volatility of U.S. Treasury yields and the inversion of the yield curve presented challenges throughout the year.

Looking ahead, the portfolio is defensively positioned, and we believe that will allow the Fund to take advantage of future opportunities as market conditions evolve, particularly in the event of further rate cuts or a market sell-off.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Fixed Income Fund	Bloomberg U.S. Aggregate Bond Index
Sep-2014	$9,551	$10,000
Sep-2015	$9,655	$10,294
Sep-2016	$9,990	$10,829
Sep-2017	$9,910	$10,836
Sep-2018	$9,681	$10,705
Sep-2019	$10,433	$11,807
Sep-2020	$10,995	$12,632
Sep-2021	$10,753	$12,518
Sep-2022	$9,291	$10,691
Sep-2023	$9,241	$10,760
Sep-2024	$10,199	$12,004

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Fixed Income Fund
Without Load	10.37%	-0.45%	0.66%
With Load	5.39%	-1.37%	0.20%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

Fund Statistics

Net Assets	$115,024,650
Number of Portfolio Holdings	105
Advisory Fee (net of waivers)	$446,879
Portfolio Turnover	50%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	28.2%
Money Market Funds	1.7%
Non U.S. Government & Agencies	3.5%
U.S. Government & Agencies	66.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.8%
Financials	0.9%
Consumer Staples	1.4%
Sovereign	1.6%
Consumer Discretionary	1.6%
Money Market Funds	1.7%
Local Authority	1.9%
Real Estate	3.1%
Materials	3.7%
Industrials	5.1%
Utilities	5.4%
Energy	6.8%
U.S. Treasury Obligations	29.2%
MBS Passthrough	36.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 4.375%, 05/15/34	8.4%
United States Treasury Note, 4.625%, 05/15/54	7.9%
United States Treasury Note, 4.625%, 04/30/29	4.4%
United States Treasury Note, 4.500%, 02/15/44	3.1%
United States Treasury Note, 4.875%, 04/30/26	2.9%
Phillips 66 Company, 3.605%, 02/15/25	1.9%
Province of Ontario Canada, 2.500%, 04/27/26	1.9%
CSX Corporation, 3.250%, 06/01/27	1.9%
NiSource, Inc., 3.490%, 05/15/27	1.9%
American Electric Power Company, Inc., 3.200%, 11/13/27	1.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Fixed Income Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TFIAX

Timothy Plan Fixed Income Fund

Class C (TFICX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$191	1.82%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Fixed Income Fund - Class C returned 9.51%, trailing the Bloomberg Aggregate Index, which returned 11.57%. U.S. Treasury yields were volatile as the Federal Reserve maintained high rates throughout the year before cutting rates by 50 basis points in September.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Fixed Income Fund	Bloomberg U.S. Aggregate Bond Index
Sep-2014	$10,000	$10,000
Sep-2015	$10,036	$10,294
Sep-2016	$10,304	$10,829
Sep-2017	$10,150	$10,836
Sep-2018	$9,831	$10,705
Sep-2019	$10,525	$11,807
Sep-2020	$11,009	$12,632
Sep-2021	$10,680	$12,518
Sep-2022	$9,159	$10,691
Sep-2023	$9,045	$10,760
Sep-2024	$9,905	$12,004

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Fixed Income Fund	9.51%	-1.21%	-0.10%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

Fund Statistics

Net Assets	$115,024,650
Number of Portfolio Holdings	105
Advisory Fee (net of waivers)	$446,879
Portfolio Turnover	50%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	28.2%
Money Market Funds	1.7%
Non U.S. Government & Agencies	3.5%
U.S. Government & Agencies	66.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.8%
Financials	0.9%
Consumer Staples	1.4%
Sovereign	1.6%
Consumer Discretionary	1.6%
Money Market Funds	1.7%
Local Authority	1.9%
Real Estate	3.1%
Materials	3.7%
Industrials	5.1%
Utilities	5.4%
Energy	6.8%
U.S. Treasury Obligations	29.2%
MBS Passthrough	36.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 4.375%, 05/15/34	8.4%
United States Treasury Note, 4.625%, 05/15/54	7.9%
United States Treasury Note, 4.625%, 04/30/29	4.4%
United States Treasury Note, 4.500%, 02/15/44	3.1%
United States Treasury Note, 4.875%, 04/30/26	2.9%
Phillips 66 Company, 3.605%, 02/15/25	1.9%
Province of Ontario Canada, 2.500%, 04/27/26	1.9%
CSX Corporation, 3.250%, 06/01/27	1.9%
NiSource, Inc., 3.490%, 05/15/27	1.9%
American Electric Power Company, Inc., 3.200%, 11/13/27	1.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Fixed Income Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TFICX

Timothy Plan Fixed Income Fund

Class I (TPFIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$86	0.82%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Fixed Income Fund - Class I returned 10.76%, trailing the Bloomberg Aggregate Index, which returned 11.57%. U.S. Treasury yields were volatile as the Federal Reserve maintained high rates throughout the year before cutting rates by 50 basis points in September.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Fixed Income Fund	Bloomberg U.S. Aggregate Bond Index
Sep-2014	$10,000	$10,000
Sep-2015	$10,148	$10,294
Sep-2016	$10,544	$10,829
Sep-2017	$10,477	$10,836
Sep-2018	$10,261	$10,705
Sep-2019	$11,087	$11,807
Sep-2020	$11,719	$12,632
Sep-2021	$11,477	$12,518
Sep-2022	$9,938	$10,691
Sep-2023	$9,908	$10,760
Sep-2024	$10,974	$12,004

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Fixed Income Fund	10.76%	-0.21%	0.93%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

Fund Statistics

Net Assets	$115,024,650
Number of Portfolio Holdings	105
Advisory Fee (net of waivers)	$446,879
Portfolio Turnover	50%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	28.2%
Money Market Funds	1.7%
Non U.S. Government & Agencies	3.5%
U.S. Government & Agencies	66.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.8%
Financials	0.9%
Consumer Staples	1.4%
Sovereign	1.6%
Consumer Discretionary	1.6%
Money Market Funds	1.7%
Local Authority	1.9%
Real Estate	3.1%
Materials	3.7%
Industrials	5.1%
Utilities	5.4%
Energy	6.8%
U.S. Treasury Obligations	29.2%
MBS Passthrough	36.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Note, 4.375%, 05/15/34	8.4%
United States Treasury Note, 4.625%, 05/15/54	7.9%
United States Treasury Note, 4.625%, 04/30/29	4.4%
United States Treasury Note, 4.500%, 02/15/44	3.1%
United States Treasury Note, 4.875%, 04/30/26	2.9%
Phillips 66 Company, 3.605%, 02/15/25	1.9%
Province of Ontario Canada, 2.500%, 04/27/26	1.9%
CSX Corporation, 3.250%, 06/01/27	1.9%
NiSource, Inc., 3.490%, 05/15/27	1.9%
American Electric Power Company, Inc., 3.200%, 11/13/27	1.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Fixed Income Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPFIX

Timothy Plan Growth & Income Fund

Class A (TGIAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Growth & Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$170	1.59%

How did the Fund perform during the reporting period?

For the twelve months ending September 30, 2024, the Fund delivered strong returns across its equity and fixed income allocations. The fixed income portion, managed by Barrow Hanley, returned 11.28% gross of fees (11.06% net), slightly underperforming the Bloomberg Aggregate Index’s 11.57% return. The equity portion, managed by Timothy Partners, Ltd., which includes Timothy Plan High Dividend Stock ETF (TPHD) and Timothy Plan High Dividend Stock Enhanced ETF (TPHE), also contributed positively.

Key Performance Drivers:

• Equity Allocation (Timothy Partners, Ltd.): About 5% of the Fund is in TPHD and 36% in TPHE, both benefiting from stable, dividend-paying stocks that provide diversification and income.

• Fixed Income Allocation (Barrow Hanley): Volatile U.S. Treasury yields and rate cut expectations shaped the fixed income strategy. Overweighting mortgage-backed securities (MBS) added value, while an underweight to Financials detracted.

• Top Contributors: Dividend-paying stocks in the equity portion provided stability. In fixed income, MBS performed well due to tightening credit spreads and falling Treasury yields.

• Largest Detractors: The underweight to Financials in the fixed income portion and U.S. Treasury yield volatility posed challenges.

We believe the Fund is defensively positioned to take advantage of market opportunities from rate cuts and improving conditions, combining stable equities with actively managed fixed income.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Growth & Income Fund	S&P 500^® Index	40% BB US Aggregate Bond / 60% Russell 1000 Value
Sep-2014	$9,448	$10,000	$10,000
Sep-2015	$9,094	$9,939	$9,861
Sep-2016	$9,309	$11,472	$11,031
Sep-2017	$9,765	$13,607	$12,022
Sep-2018	$9,646	$16,044	$12,640
Sep-2019	$9,637	$16,727	$13,521
Sep-2020	$9,301	$19,260	$13,571
Sep-2021	$10,898	$25,040	$16,245
Sep-2022	$10,030	$21,165	$14,223
Sep-2023	$10,080	$25,741	$15,504
Sep-2024	$11,423	$35,098	$18,779

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Growth & Income Fund
Without Load	13.32%	3.46%	1.92%
With Load	7.06%	2.29%	1.34%
S&P 500^® Index	36.35%	15.98%	13.38%
40% BB US Aggregate Bond / 60% Russell 1000 Value	21.13%	6.79%	6.50%

Fund Statistics

Net Assets	$19,068,361
Number of Portfolio Holdings	89
Advisory Fee (net of waivers)	$69,131
Portfolio Turnover	53%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	10.6%
Exchange-Traded Funds	50.2%
Money Market Funds	0.9%
Non U.S. Government & Agencies	1.7%
U.S. Government & Agencies	36.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.3%
Financials	0.3%
Consumer Staples	0.5%
Consumer Discretionary	0.6%
Local Authority	0.7%
Money Market Funds	0.9%
Sovereign	1.0%
Real Estate	1.1%
Materials	1.6%
Utilities	1.8%
Industrials	2.0%
Energy	2.6%
MBS Passthrough	15.1%
U.S. Treasury Obligations	21.4%
Equity	50.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan High Dividend Stock Enhanced ETF	50.1%
United States Treasury Note	5.9%
United States Treasury Note	4.1%
United States Treasury Note	3.6%
United States Treasury Note	2.7%
United States Treasury Note	1.9%
United States Treasury Note	1.8%
United States Treasury Note	1.4%
Israel Government International Bond	1.0%
Fidelity Government Portfolio, Institutional Class	0.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Growth & Income Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TGIAX

Timothy Plan Growth & Income Fund

Class C (TGCIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$249	2.34%

How did the Fund perform during the reporting period?

Key Performance Drivers:

• Equity Allocation (Timothy Partners, Ltd.): About 5% of the Fund is in TPHD and 36% in TPHE, both benefiting from stable, dividend-paying stocks that provide diversification and income.

• Top Contributors: Dividend-paying stocks in the equity portion provided stability. In fixed income, MBS performed well due to tightening credit spreads and falling Treasury yields.

• Largest Detractors: The underweight to Financials in the fixed income portion and U.S. Treasury yield volatility posed challenges.

We believe the Fund is defensively positioned to take advantage of market opportunities from rate cuts and improving conditions, combining stable equities with actively managed fixed income.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Growth & Income Fund	S&P 500^® Index	40% BB US Aggregate Bond / 60% Russell 1000 Value
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,558	$9,939	$9,861
Sep-2016	$9,706	$11,472	$11,031
Sep-2017	$10,110	$13,607	$12,022
Sep-2018	$9,911	$16,044	$12,640
Sep-2019	$9,830	$16,727	$13,521
Sep-2020	$9,417	$19,260	$13,571
Sep-2021	$10,948	$25,040	$16,245
Sep-2022	$10,004	$21,165	$14,223
Sep-2023	$9,981	$25,741	$15,504
Sep-2024	$11,225	$35,098	$18,779

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Growth & Income Fund	12.47%	2.69%	1.16%
40% BB US Aggregate Bond / 60% Russell 1000 Value	21.13%	6.79%	6.50%
S&P 500^® Index	36.35%	15.98%	13.38%

Fund Statistics

Net Assets	$19,068,361
Number of Portfolio Holdings	89
Advisory Fee (net of waivers)	$69,131
Portfolio Turnover	53%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	10.6%
Exchange-Traded Funds	50.2%
Money Market Funds	0.9%
Non U.S. Government & Agencies	1.7%
U.S. Government & Agencies	36.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.3%
Financials	0.3%
Consumer Staples	0.5%
Consumer Discretionary	0.6%
Local Authority	0.7%
Money Market Funds	0.9%
Sovereign	1.0%
Real Estate	1.1%
Materials	1.6%
Utilities	1.8%
Industrials	2.0%
Energy	2.6%
MBS Passthrough	15.1%
U.S. Treasury Obligations	21.4%
Equity	50.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan High Dividend Stock Enhanced ETF	50.1%
United States Treasury Note	5.9%
United States Treasury Note	4.1%
United States Treasury Note	3.6%
United States Treasury Note	2.7%
United States Treasury Note	1.9%
United States Treasury Note	1.8%
United States Treasury Note	1.4%
Israel Government International Bond	1.0%
Fidelity Government Portfolio, Institutional Class	0.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Growth & Income Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TGCIX

Timothy Plan Growth & Income Fund

Class I (TIGIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$143	1.34%

How did the Fund perform during the reporting period?

Key Performance Drivers:

• Equity Allocation (Timothy Partners, Ltd.): About 5% of the Fund is in TPHD and 36% in TPHE, both benefiting from stable, dividend-paying stocks that provide diversification and income.

• Top Contributors: Dividend-paying stocks in the equity portion provided stability. In fixed income, MBS performed well due to tightening credit spreads and falling Treasury yields.

• Largest Detractors: The underweight to Financials in the fixed income portion and U.S. Treasury yield volatility posed challenges.

We believe the Fund is defensively positioned to take advantage of market opportunities from rate cuts and improving conditions, combining stable equities with actively managed fixed income.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Growth & Income Fund	S&P 500^® Index	40% BB US Aggregate Bond / 60% Russell 1000 Value
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,650	$9,939	$9,861
Sep-2016	$9,902	$11,472	$11,031
Sep-2017	$10,416	$13,607	$12,022
Sep-2018	$10,312	$16,044	$12,640
Sep-2019	$10,323	$16,727	$13,521
Sep-2020	$9,993	$19,260	$13,571
Sep-2021	$11,736	$25,040	$16,245
Sep-2022	$10,835	$21,165	$14,223
Sep-2023	$10,916	$25,741	$15,504
Sep-2024	$12,399	$35,098	$18,779

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Growth & Income Fund	13.59%	3.73%	2.17%
40% BB US Aggregate Bond / 60% Russell 1000 Value	21.13%	6.79%	6.50%
S&P 500^® Index	36.35%	15.98%	13.38%

Fund Statistics

Net Assets	$19,068,361
Number of Portfolio Holdings	89
Advisory Fee (net of waivers)	$69,131
Portfolio Turnover	53%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	10.6%
Exchange-Traded Funds	50.2%
Money Market Funds	0.9%
Non U.S. Government & Agencies	1.7%
U.S. Government & Agencies	36.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.3%
Financials	0.3%
Consumer Staples	0.5%
Consumer Discretionary	0.6%
Local Authority	0.7%
Money Market Funds	0.9%
Sovereign	1.0%
Real Estate	1.1%
Materials	1.6%
Utilities	1.8%
Industrials	2.0%
Energy	2.6%
MBS Passthrough	15.1%
U.S. Treasury Obligations	21.4%
Equity	50.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan High Dividend Stock Enhanced ETF	50.1%
United States Treasury Note	5.9%
United States Treasury Note	4.1%
United States Treasury Note	3.6%
United States Treasury Note	2.7%
United States Treasury Note	1.9%
United States Treasury Note	1.8%
United States Treasury Note	1.4%
Israel Government International Bond	1.0%
Fidelity Government Portfolio, Institutional Class	0.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Growth & Income Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TIGIX

Timothy Plan High Yield Bond Fund

Class A (TPHAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan High Yield Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$123	1.14%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan High Yield Fund Class A returned 15.07%, outperforming its benchmark, the Bloomberg U.S. HY Ba/B 3% Issuer Cap Index, which returned 14.63%. Lower yields and tighter spreads narrowed high-yield bond spreads during the year.

Key Performance Drivers:

• Sector Allocation: An overweight to Financials benefited the Fund, as the sector produced the highest nominal and excess returns within the Index. An underweight to Energy also contributed positively, as the sector underperformed relative to the overall Index.

• Top Contributors: The overweight allocation to Financials was a key contributor, along with the continued strength of the high yield market, which saw improvements in credit quality and leverage.

• Largest Detractors: An underweight to Utilities detracted from performance as the sector outperformed the Index. Additionally, an underweight to Consumer Cyclicals negatively impacted relative returns, as the category’s performance exceeded that of the broader market.

Looking ahead, the portfolio remains focused on individual credit selection to avoid downgrades, emphasizing sectors and opportunities that should offer strong risk-adjusted returns.

How has the Fund performed over the last ten years?

How did the Fund perform during the reporting period?

	Timothy Plan High Yield Bond Fund	Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index	ICE BofA U.S. Broad Market Bond Index
Sep-2014	$9,547	$10,000	$10,000
Sep-2015	$9,082	$9,791	$10,305
Sep-2016	$9,972	$10,937	$10,847
Sep-2017	$10,664	$11,783	$10,850
Sep-2018	$10,647	$12,040	$10,722
Sep-2019	$11,551	$13,040	$11,853
Sep-2020	$11,927	$13,621	$12,689
Sep-2021	$13,290	$14,962	$12,552
Sep-2022	$11,237	$12,893	$10,719
Sep-2023	$12,360	$14,156	$10,790
Sep-2024	$14,223	$16,226	$12,039

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan High Yield Bond Fund
Without Load	15.07%	4.25%	4.07%
With Load	9.92%	3.30%	3.59%
Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index	14.63%	4.47%	4.96%
ICE BofA U.S. Broad Market Bond Index	11.58%	0.31%	1.87%

Fund Statistics

Net Assets	$182,833,032
Number of Portfolio Holdings	144
Advisory Fee (net of waivers)	$882,416
Portfolio Turnover	33%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	96.4%
Money Market Funds	3.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Utilities	1.3%
Technology	2.8%
Money Market Funds	3.6%
Consumer Staples	3.9%
Real Estate	5.4%
Energy	5.9%
Health Care	7.9%
Industrials	13.5%
Consumer Discretionary	15.1%
Financials	20.2%
Materials	20.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	3.6%
Burford Capital Global Finance, LLC	2.2%
Mauser Packaging Solutions Holding Company	1.9%
Howard Hughes Corporation (The)	1.8%
Enviri Corporation	1.7%
Ken Garff Automotive, LLC	1.7%
Interface, Inc.	1.6%
Chemours Company (The)	1.5%
TMS International Corporation	1.5%
Mativ Holdings, Inc.	1.4%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan High Yield Bond Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPHAX

Timothy Plan High Yield Bond Fund

Class C (TPHCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$202	1.89%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan High Yield Fund Class C returned 14.14%, outperforming its benchmark, the Bloomberg U.S. HY Ba/B 3% Issuer Cap Index, which returned 14.63%. Lower yields and tighter spreads narrowed high-yield bond spreads during the year.

Key Performance Drivers:

• Top Contributors: The overweight allocation to Financials was a key contributor, along with the continued strength of the high yield market, which saw improvements in credit quality and leverage.

Looking ahead, the portfolio remains focused on individual credit selection to avoid downgrades, emphasizing sectors and opportunities that should offer strong risk-adjusted returns.

How has the Fund performed over the last ten years?

How did the Fund perform during the reporting period?

	Timothy Plan High Yield Bond Fund	Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index	ICE BofA U.S. Broad Market Bond Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,442	$9,791	$10,305
Sep-2016	$10,296	$10,937	$10,847
Sep-2017	$10,918	$11,783	$10,850
Sep-2018	$10,825	$12,040	$10,722
Sep-2019	$11,652	$13,040	$11,853
Sep-2020	$11,937	$13,621	$12,689
Sep-2021	$13,216	$14,962	$12,552
Sep-2022	$11,083	$12,893	$10,719
Sep-2023	$12,111	$14,156	$10,790
Sep-2024	$13,823	$16,226	$12,039

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan High Yield Bond Fund	14.14%	3.48%	3.29%
Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index	14.63%	4.47%	4.96%
ICE BofA U.S. Broad Market Bond Index	11.58%	0.31%	1.87%

Fund Statistics

Net Assets	$182,833,032
Number of Portfolio Holdings	144
Advisory Fee (net of waivers)	$882,416
Portfolio Turnover	33%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	96.4%
Money Market Funds	3.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Utilities	1.3%
Technology	2.8%
Money Market Funds	3.6%
Consumer Staples	3.9%
Real Estate	5.4%
Energy	5.9%
Health Care	7.9%
Industrials	13.5%
Consumer Discretionary	15.1%
Financials	20.2%
Materials	20.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	3.6%
Burford Capital Global Finance, LLC	2.2%
Mauser Packaging Solutions Holding Company	1.9%
Howard Hughes Corporation (The)	1.8%
Enviri Corporation	1.7%
Ken Garff Automotive, LLC	1.7%
Interface, Inc.	1.6%
Chemours Company (The)	1.5%
TMS International Corporation	1.5%
Mativ Holdings, Inc.	1.4%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan High Yield Bond Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPHCX

Timothy Plan High Yield Bond Fund

Class I (TPHIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$96	0.89%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan High Yield Fund Class I returned 15.34%, outperforming its benchmark, the Bloomberg U.S. HY Ba/B 3% Issuer Cap Index, which returned 14.63%. Lower yields and tighter spreads narrowed high-yield bond spreads during the year.

Key Performance Drivers:

• Top Contributors: The overweight allocation to Financials was a key contributor, along with the continued strength of the high yield market, which saw improvements in credit quality and leverage.

Looking ahead, the portfolio remains focused on individual credit selection to avoid downgrades, emphasizing sectors and opportunities that should offer strong risk-adjusted returns.

How has the Fund performed over the last ten years?

How did the Fund perform during the reporting period?

	Timothy Plan High Yield Bond Fund	Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index	ICE BofA U.S. Broad Market Bond Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,538	$9,791	$10,305
Sep-2016	$10,503	$10,937	$10,847
Sep-2017	$11,260	$11,783	$10,850
Sep-2018	$11,261	$12,040	$10,722
Sep-2019	$12,249	$13,040	$11,853
Sep-2020	$12,681	$13,621	$12,689
Sep-2021	$14,166	$14,962	$12,552
Sep-2022	$12,007	$12,893	$10,719
Sep-2023	$13,256	$14,156	$10,790
Sep-2024	$15,289	$16,226	$12,039

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan High Yield Bond Fund	15.34%	4.53%	4.34%
Bloomberg U.S. High Yield Ba/B 3% Issuer Cap Index	14.63%	4.47%	4.96%
ICE BofA U.S. Broad Market Bond Index	11.58%	0.31%	1.87%

Fund Statistics

Net Assets	$182,833,032
Number of Portfolio Holdings	144
Advisory Fee (net of waivers)	$882,416
Portfolio Turnover	33%

Asset Weighting (% of total investments)

Value	Value
Corporate Bonds	96.4%
Money Market Funds	3.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Utilities	1.3%
Technology	2.8%
Money Market Funds	3.6%
Consumer Staples	3.9%
Real Estate	5.4%
Energy	5.9%
Health Care	7.9%
Industrials	13.5%
Consumer Discretionary	15.1%
Financials	20.2%
Materials	20.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	3.6%
Burford Capital Global Finance, LLC	2.2%
Mauser Packaging Solutions Holding Company	1.9%
Howard Hughes Corporation (The)	1.8%
Enviri Corporation	1.7%
Ken Garff Automotive, LLC	1.7%
Interface, Inc.	1.6%
Chemours Company (The)	1.5%
TMS International Corporation	1.5%
Mativ Holdings, Inc.	1.4%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan High Yield Bond Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPHIX

Timothy Plan International Fund

Class A (TPIAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan International Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526. This report describes changes to the Fund that occurred during the reporting period.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$180	1.59%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan International Fund outperformed the MSCI ACWI ex. US index. The Fund benefitted from falling inflation, lower bond yields, and European central banks pivoting into an easing cycle. Japan’s equity market resurgence also contributed to the Fund’s strong performance.

Key Performance Drivers:

• Stock Selection: Positive stock selection in seven out of ten sectors drove the Fund’s outperformance, with Materials, Industrials, Health Care, and Utilities leading the way. Negative stock selection in the energy sector decreased slightly.

• Top Contributors: Strong contributors included CRH Ltd (Materials - Ireland/USA), Techtronic Industries (Industrials - Hong Kong), ABB Ltd (Industrials - Switzerland), and Tokio Marine Holdings (Financials - Japan).

• Largest Detractors: The main detractors were Equinor ASA (Energy - Norway), Magna International (Consumer Discretionary - Canada), and NICE Ltd (Technology - Israel).

Major central banks are expected to continue their rate-cutting paths, which should support equity markets and many of the Fund’s holdings. Japan’s corporate governance reforms should also benefit the Fund’s Japanese holdings, though volatility may persist due to geopolitical risks and economic uncertainties.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan International Fund	MSCI ACWI ex USA Index
Sep-2014	$9,447	$10,000
Sep-2015	$9,001	$8,784
Sep-2016	$9,167	$9,597
Sep-2017	$10,717	$11,479
Sep-2018	$10,804	$11,681
Sep-2019	$10,205	$11,537
Sep-2020	$11,225	$11,884
Sep-2021	$14,529	$14,726
Sep-2022	$10,412	$11,020
Sep-2023	$12,422	$13,267
Sep-2024	$15,744	$16,630

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan International Fund
Without Load	26.74%	9.06%	5.24%
With Load	19.80%	7.83%	4.64%
MSCI ACWI ex USA Index	25.35%	7.59%	5.22%

Fund Statistics

Net Assets	$182,644,980
Number of Portfolio Holdings	51
Advisory Fee (net of waivers)	$1,559,578
Portfolio Turnover	18%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.1%
Money Market Funds	4.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Communications	2.3%
Consumer Discretionary	2.8%
Utilities	3.2%
Consumer Staples	4.1%
Money Market Funds	4.9%
Energy	5.1%
Materials	6.2%
Health Care	11.0%
Technology	14.0%
Industrials	21.1%
Financials	25.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	4.9%
Alcon, Inc.	3.4%
London Stock Exchange Group plc	3.0%
CRH plc	2.9%
Canadian Pacific Kansas City Ltd.	2.9%
Techtronic Industries Company Ltd.	2.8%
ASM International N.V.	2.7%
Taiwan Semiconductor Manufacturing Company Ltd.	2.7%
Hoya Corporation	2.7%
Safran S.A.	2.6%

Material Fund Changes

Effective February 1, 2024, Timothy Plan voluntarily reduced the advisory fee to 0.90% from 0.95% for the Fund.

Timothy Plan International Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPIAX

Timothy Plan International Fund

Class C (TPICX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$264	2.34%

How did the Fund perform during the reporting period?

Key Performance Drivers:

• Largest Detractors: The main detractors were Equinor ASA (Energy - Norway), Magna International (Consumer Discretionary - Canada), and NICE Ltd (Technology - Israel).

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan International Fund	MSCI ACWI ex USA Index
Sep-2014	$10,000	$10,000
Sep-2015	$9,469	$8,784
Sep-2016	$9,573	$9,597
Sep-2017	$11,098	$11,479
Sep-2018	$11,111	$11,681
Sep-2019	$10,409	$11,537
Sep-2020	$11,379	$11,884
Sep-2021	$14,608	$14,726
Sep-2022	$10,385	$11,020
Sep-2023	$12,302	$13,267
Sep-2024	$15,477	$16,630

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan International Fund	25.81%	8.26%	4.46%
MSCI ACWI ex USA Index	25.35%	7.59%	5.22%

Fund Statistics

Net Assets	$182,644,980
Number of Portfolio Holdings	51
Advisory Fee (net of waivers)	$1,559,578
Portfolio Turnover	18%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.1%
Money Market Funds	4.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Communications	2.3%
Consumer Discretionary	2.8%
Utilities	3.2%
Consumer Staples	4.1%
Money Market Funds	4.9%
Energy	5.1%
Materials	6.2%
Health Care	11.0%
Technology	14.0%
Industrials	21.1%
Financials	25.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	4.9%
Alcon, Inc.	3.4%
London Stock Exchange Group plc	3.0%
CRH plc	2.9%
Canadian Pacific Kansas City Ltd.	2.9%
Techtronic Industries Company Ltd.	2.8%
ASM International N.V.	2.7%
Taiwan Semiconductor Manufacturing Company Ltd.	2.7%
Hoya Corporation	2.7%
Safran S.A.	2.6%

Material Fund Changes

Effective February 1, 2024, Timothy Plan voluntarily reduced the advisory fee to 0.90% from 0.95% for the Fund.

Timothy Plan International Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPICX

Timothy Plan International Fund

Class I (TPIIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$152	1.34%

How did the Fund perform during the reporting period?

Key Performance Drivers:

• Largest Detractors: The main detractors were Equinor ASA (Energy - Norway), Magna International (Consumer Discretionary - Canada), and NICE Ltd (Technology - Israel).

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan International Fund	MSCI ACWI ex USA Index
Sep-2014	$10,000	$10,000
Sep-2015	$9,561	$8,784
Sep-2016	$9,759	$9,597
Sep-2017	$11,435	$11,479
Sep-2018	$11,555	$11,681
Sep-2019	$10,939	$11,537
Sep-2020	$12,079	$11,884
Sep-2021	$15,664	$14,726
Sep-2022	$11,247	$11,020
Sep-2023	$13,458	$13,267
Sep-2024	$17,108	$16,630

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan International Fund	27.13%	9.36%	5.52%
MSCI ACWI ex USA Index	25.35%	7.59%	5.22%

Fund Statistics

Net Assets	$182,644,980
Number of Portfolio Holdings	51
Advisory Fee (net of waivers)	$1,559,578
Portfolio Turnover	18%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	95.1%
Money Market Funds	4.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	0.1%
Communications	2.3%
Consumer Discretionary	2.8%
Utilities	3.2%
Consumer Staples	4.1%
Money Market Funds	4.9%
Energy	5.1%
Materials	6.2%
Health Care	11.0%
Technology	14.0%
Industrials	21.1%
Financials	25.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	4.9%
Alcon, Inc.	3.4%
London Stock Exchange Group plc	3.0%
CRH plc	2.9%
Canadian Pacific Kansas City Ltd.	2.9%
Techtronic Industries Company Ltd.	2.8%
ASM International N.V.	2.7%
Taiwan Semiconductor Manufacturing Company Ltd.	2.7%
Hoya Corporation	2.7%
Safran S.A.	2.6%

Material Fund Changes

Effective February 1, 2024, Timothy Plan voluntarily reduced the advisory fee to 0.90% from 0.95% for the Fund.

Timothy Plan International Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPIIX

Timothy Plan Israel Common Values Fund

Class A (TPAIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Israel Common Values Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$189	1.77%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Fund rose mostly in line with the benchmark TA-125 index, achieving double-digit gains despite significant volatility following the attacks on Israel. The Fund’s NAV initially fell by more than 16% but recovered to pre-war levels within two months, reflecting resilience in both equities and the shekel currency.

Key Performance Drivers:

• Sector Allocation: Positive sector allocation came from an underweight to Communication Services, an underperforming sector, and an overweight to the outperforming Technology sector. The health care sector was detracted, driven by the strong performance of Teva Pharmaceutical, a company screened out of the fund.

• Top Contributors: CyberArk Software Ltd (Technology), Tel-Aviv Stock Exchange, Inc (Financials), and defense manufacturer Leonardo DRS, Inc (Industrials) were the Fund’s strongest performers.

• Largest Detractors: Not owning Teva Pharmaceutical (Health Care) was the largest headwind to performance, along with holdings in Mobileye Global, Inc (Consumer Discretionary) and Maytronics Limited (Consumer Discretionary).

The Fund remains focused on Israel’s innovative companies, with an optimistic long-term outlook despite uncertainties from the ongoing war and its economic effects. The Fund continues to seek attractive investment opportunities that align with its values.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Israel Common Values Fund	Israel TA-125 Index
Sep-2014	$9,447	$10,000
Sep-2015	$8,519	$9,346
Sep-2016	$9,555	$9,483
Sep-2017	$11,620	$10,321
Sep-2018	$12,433	$11,607
Sep-2019	$14,189	$12,379
Sep-2020	$13,288	$11,075
Sep-2021	$19,832	$16,244
Sep-2022	$17,351	$14,942
Sep-2023	$15,529	$13,776
Sep-2024	$17,664	$16,028

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Israel Common Values Fund
Without Load	13.75%	4.48%	6.46%
With Load	7.47%	3.30%	5.85%
Israel TA-125 Index	16.35%	5.30%	4.83%

Fund Statistics

Net Assets	$99,977,879
Number of Portfolio Holdings	57
Advisory Fee	$979,623
Portfolio Turnover	9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	93.5%
Money Market Funds	2.3%
Partnership Shares	2.7%
Reit	1.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Materials	1.1%
Utilities	1.7%
Money Market Funds	2.3%
Health Care	2.7%
Consumer Staples	2.9%
Consumer Discretionary	5.0%
Industrials	8.2%
Energy	9.0%
Real Estate	13.1%
Financials	25.0%
Technology	29.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Nova Ltd.	5.0%
Bank Leumi Le-Israel BM	4.7%
Bank Hapoalim BM	4.1%
CyberArk Software Ltd.	4.1%
Mizrahi Tefahot Bank Ltd.	3.7%
Nice Ltd.	3.7%
Elbit Systems Ltd.	3.6%
Tel Aviv Stock Exchange Ltd.	3.5%
Azrieli Group Ltd.	3.1%
Israel Discount Bank Ltd., Class A	2.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Israel Common Values Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPAIX

Timothy Plan Israel Common Values Fund

Class C (TPCIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$268	2.52%

How did the Fund perform during the reporting period?

Key Performance Drivers:

• Top Contributors: CyberArk Software Ltd (Technology), Tel-Aviv Stock Exchange, Inc (Financials), and defense manufacturer Leonardo DRS, Inc (Industrials) were the Fund’s strongest performers.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Israel Common Values Fund	Israel TA-125 Index
Sep-2014	$10,000	$10,000
Sep-2015	$8,946	$9,346
Sep-2016	$9,967	$9,483
Sep-2017	$12,020	$10,321
Sep-2018	$12,765	$11,607
Sep-2019	$14,458	$12,379
Sep-2020	$13,446	$11,075
Sep-2021	$19,908	$16,244
Sep-2022	$17,284	$14,942
Sep-2023	$15,360	$13,776
Sep-2024	$17,335	$16,028

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Israel Common Values Fund	12.85%	3.70%	5.66%
Israel TA-125 Index	16.35%	5.30%	4.83%

Fund Statistics

Net Assets	$99,977,879
Number of Portfolio Holdings	57
Advisory Fee	$979,623
Portfolio Turnover	9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	93.5%
Money Market Funds	2.3%
Partnership Shares	2.7%
Reit	1.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Materials	1.1%
Utilities	1.7%
Money Market Funds	2.3%
Health Care	2.7%
Consumer Staples	2.9%
Consumer Discretionary	5.0%
Industrials	8.2%
Energy	9.0%
Real Estate	13.1%
Financials	25.0%
Technology	29.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Nova Ltd.	5.0%
Bank Leumi Le-Israel BM	4.7%
Bank Hapoalim BM	4.1%
CyberArk Software Ltd.	4.1%
Mizrahi Tefahot Bank Ltd.	3.7%
Nice Ltd.	3.7%
Elbit Systems Ltd.	3.6%
Tel Aviv Stock Exchange Ltd.	3.5%
Azrieli Group Ltd.	3.1%
Israel Discount Bank Ltd., Class A	2.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Israel Common Values Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPCIX

Timothy Plan Israel Common Values Fund

Class I (TICIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$163	1.52%

How did the Fund perform during the reporting period?

Key Performance Drivers:

• Top Contributors: CyberArk Software Ltd (Technology), Tel-Aviv Stock Exchange, Inc (Financials), and defense manufacturer Leonardo DRS, Inc (Industrials) were the Fund’s strongest performers.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Israel Common Values Fund	Israel TA-125 Index
Sep-2014	$10,000	$10,000
Sep-2015	$9,040	$9,346
Sep-2016	$10,171	$9,483
Sep-2017	$12,395	$10,321
Sep-2018	$13,290	$11,607
Sep-2019	$15,209	$12,379
Sep-2020	$14,285	$11,075
Sep-2021	$21,367	$16,244
Sep-2022	$18,738	$14,942
Sep-2023	$16,820	$13,776
Sep-2024	$19,175	$16,028

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Israel Common Values Fund	14.00%	4.74%	6.73%
Israel TA-125 Index	16.35%	5.30%	4.83%

Fund Statistics

Net Assets	$99,977,879
Number of Portfolio Holdings	57
Advisory Fee	$979,623
Portfolio Turnover	9%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	93.5%
Money Market Funds	2.3%
Partnership Shares	2.7%
Reit	1.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Materials	1.1%
Utilities	1.7%
Money Market Funds	2.3%
Health Care	2.7%
Consumer Staples	2.9%
Consumer Discretionary	5.0%
Industrials	8.2%
Energy	9.0%
Real Estate	13.1%
Financials	25.0%
Technology	29.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Nova Ltd.	5.0%
Bank Leumi Le-Israel BM	4.7%
Bank Hapoalim BM	4.1%
CyberArk Software Ltd.	4.1%
Mizrahi Tefahot Bank Ltd.	3.7%
Nice Ltd.	3.7%
Elbit Systems Ltd.	3.6%
Tel Aviv Stock Exchange Ltd.	3.5%
Azrieli Group Ltd.	3.1%
Israel Discount Bank Ltd., Class A	2.9%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Israel Common Values Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TICIX

Timothy Plan Large/Mid Cap Growth Fund

Class A (TLGAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Growth Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$150	1.27%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Large/Mid Growth Fund - Class A achieved a 36.13% return, underperforming its benchmark, the Russell 1000 Growth Index, which returned 42%. Despite this, the Fund delivered strong absolute performance in a favorable market environment, as stocks rebounded after an initial decline in Q3 2023.

Key Performance Drivers:

• Sector Allocation: The Consumer Discretionary sector contributed significantly, adding 147 basis points, with an underweight position in Tesla contributing 117 basis points.

• Top Contributors: Broadcom Inc., the leader in networking semiconductors, gained 110% and added 126 basis points to relative performance. The portfolio’s exclusion of five of the "Magnificent 7" technology stocks, due to screening restrictions, acted as a headwind, as these stocks accounted for 60% of the Russell 1000 Growth Index’s rise.

• Largest Detractors: The Communication Services sector detracted 229 basis points from performance, mainly due to not owning Meta Platforms, which rose 91%. Cable One, Inc., a rural broadband provider, was the largest individual detractor, falling 28% and being removed from the portfolio.

Looking forward, we believe the Fund remains well-positioned to capitalize on growth opportunities, with a focus on sectors like Consumer Discretionary and Technology, while remaining mindful of valuation risks in the broader market.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Large/Mid Cap Growth Fund	Russell 1000^® Growth Index	Russell 1000^® Index
Sep-2014	$9,454	$10,000	$10,000
Sep-2015	$9,421	$10,317	$9,939
Sep-2016	$10,047	$11,737	$11,423
Sep-2017	$11,708	$14,312	$13,540
Sep-2018	$13,053	$18,076	$15,946
Sep-2019	$12,861	$18,746	$16,563
Sep-2020	$15,038	$25,782	$19,215
Sep-2021	$19,748	$32,825	$25,165
Sep-2022	$16,047	$25,410	$20,833
Sep-2023	$19,070	$32,453	$25,248
Sep-2024	$25,960	$46,145	$34,257

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Large/Mid Cap Growth Fund
Without Load	36.13%	15.08%	10.63%
With Load	28.61%	13.78%	10.01%
Russell 1000^® Growth Index	42.19%	19.74%	16.52%
Russell 1000^® Index	35.68%	15.64%	13.10%

Fund Statistics

Net Assets	$216,606,938
Number of Portfolio Holdings	53
Advisory Fee (net of waivers)	$1,295,172
Portfolio Turnover	53%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	80.9%
Exchange-Traded Funds	11.8%
Money Market Funds	4.4%
Reit	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Real Estate	3.0%
Consumer Staples	4.0%
Financials	4.2%
Money Market Funds	4.4%
Materials	5.5%
Consumer Discretionary	7.4%
Industrials	10.8%
Health Care	11.6%
Equity	11.8%
Technology	37.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	9.6%
NVIDIA Corporation	9.6%
Fidelity Government Portfolio, Institutional Class	4.4%
Costco Wholesale Corporation	4.0%
Broadcom, Inc.	3.2%
ServiceNow, Inc.	3.2%
Tesla, Inc.	2.7%
Arthur J Gallagher & Company	2.7%
Linde plc	2.6%
Stryker Corporation	2.4%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Large/Mid Cap Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TLGAX

Timothy Plan Large/Mid Cap Growth Fund

Class C (TLGCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$237	2.02%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Large/Mid Growth Fund - Class C achieved a 35.14% return, underperforming its benchmark, the Russell 1000 Growth Index, which returned 42%. Despite this, the Fund delivered strong absolute performance in a favorable market environment, as stocks rebounded after an initial decline in Q3 2023.

Key Performance Drivers:

• Sector Allocation: The Consumer Discretionary sector contributed significantly, adding 147 basis points, with an underweight position in Tesla contributing 117 basis points.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Large/Mid Cap Growth Fund	Russell 1000^® Growth Index	Russell 1000^® Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,886	$10,317	$9,939
Sep-2016	$10,483	$11,737	$11,423
Sep-2017	$12,116	$14,312	$13,540
Sep-2018	$13,404	$18,076	$15,946
Sep-2019	$13,103	$18,746	$16,563
Sep-2020	$15,212	$25,782	$19,215
Sep-2021	$19,825	$32,825	$25,165
Sep-2022	$16,006	$25,410	$20,833
Sep-2023	$18,853	$32,453	$25,248
Sep-2024	$25,479	$46,145	$34,257

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Large/Mid Cap Growth Fund	35.14%	14.22%	9.80%
Russell 1000^® Growth Index	42.19%	19.74%	16.52%
Russell 1000^® Index	35.68%	15.64%	13.10%

Fund Statistics

Net Assets	$216,606,938
Number of Portfolio Holdings	53
Advisory Fee (net of waivers)	$1,295,172
Portfolio Turnover	53%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	80.9%
Exchange-Traded Funds	11.8%
Money Market Funds	4.4%
Reit	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Real Estate	3.0%
Consumer Staples	4.0%
Financials	4.2%
Money Market Funds	4.4%
Materials	5.5%
Consumer Discretionary	7.4%
Industrials	10.8%
Health Care	11.6%
Equity	11.8%
Technology	37.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	9.6%
NVIDIA Corporation	9.6%
Fidelity Government Portfolio, Institutional Class	4.4%
Costco Wholesale Corporation	4.0%
Broadcom, Inc.	3.2%
ServiceNow, Inc.	3.2%
Tesla, Inc.	2.7%
Arthur J Gallagher & Company	2.7%
Linde plc	2.6%
Stryker Corporation	2.4%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Large/Mid Cap Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TLGCX

Timothy Plan Large/Mid Cap Growth Fund

Class I (TPLIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$121	1.02%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Large/Mid Growth Fund - Class I achieved a 36.49% return, underperforming its benchmark, the Russell 1000 Growth Index, which returned 42%. Despite this, the Fund delivered strong absolute performance in a favorable market environment, as stocks rebounded after an initial decline in Q3 2023.

Key Performance Drivers:

• Sector Allocation: The Consumer Discretionary sector contributed significantly, adding 147 basis points, with an underweight position in Tesla contributing 117 basis points.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Large/Mid Cap Growth Fund	Russell 1000^® Growth Index	Russell 1000^® Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,990	$10,317	$9,939
Sep-2016	$10,691	$11,737	$11,423
Sep-2017	$12,482	$14,312	$13,540
Sep-2018	$13,941	$18,076	$15,946
Sep-2019	$13,768	$18,746	$16,563
Sep-2020	$16,151	$25,782	$19,215
Sep-2021	$21,261	$32,825	$25,165
Sep-2022	$17,329	$25,410	$20,833
Sep-2023	$20,623	$32,453	$25,248
Sep-2024	$28,149	$46,145	$34,257

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Large/Mid Cap Growth Fund	36.49%	15.38%	10.90%
Russell 1000^® Growth Index	42.19%	19.74%	16.52%
Russell 1000^® Index	35.68%	15.64%	13.10%

Fund Statistics

Net Assets	$216,606,938
Number of Portfolio Holdings	53
Advisory Fee (net of waivers)	$1,295,172
Portfolio Turnover	53%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	80.9%
Exchange-Traded Funds	11.8%
Money Market Funds	4.4%
Reit	2.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Real Estate	3.0%
Consumer Staples	4.0%
Financials	4.2%
Money Market Funds	4.4%
Materials	5.5%
Consumer Discretionary	7.4%
Industrials	10.8%
Health Care	11.6%
Equity	11.8%
Technology	37.4%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	9.6%
NVIDIA Corporation	9.6%
Fidelity Government Portfolio, Institutional Class	4.4%
Costco Wholesale Corporation	4.0%
Broadcom, Inc.	3.2%
ServiceNow, Inc.	3.2%
Tesla, Inc.	2.7%
Arthur J Gallagher & Company	2.7%
Linde plc	2.6%
Stryker Corporation	2.4%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Large/Mid Cap Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPLIX

Timothy Plan Large/Mid Cap Value Fund

Class A (TLVAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Large/Mid Cap Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$136	1.19%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Large/Mid Cap Value Fund - Class A gained 28.18%, trailing the S&P 500^® Index, which gained 36.35%. Relative performance was impacted by an underweight position in Information Technology and an overweight in Consumer Staples. The Fund benefited from stock selection in Industrials and Health Care, which helped offset some of the underperformance.

Key Performance Drivers:

• Sector Allocation: The Fund’s underweight to Information Technology and overweight to Consumer Staples detracted from relative performance. Strong stock selection in Industrials and Health Care helped offset some of these headwinds.

• "Magnificent 7" Impact: The underweight to five of the "Magnificent 7" large-cap growth stocks significantly affected performance. Although NVIDIA Corp. (NVDA) was held and performed well, the lack of exposure to other tech giants accounted for over a third of the underperformance.

• Top Contributors: NVIDIA Corp. (NVDA), driven by enthusiasm for AI, gained over 150%, making it the Fund’s best performer. Broadcom Inc. (AVGO) and Monolithic Power Systems Inc. (MPWR) also contributed positively with strong gains in the semiconductor and power management sectors.

• Largest Detractors: Lattice Semiconductor Corp. (LSCC) was sold after its CEO’s departure. ConocoPhillips (COP) underperformed as oil prices declined in the spring, and Dollar General Corp. (DG) struggled with supply chain issues and was sold.

Looking forward, Westwood remains cautious about risks to the economic environment and continues to favor sectors like Industrials and Real Estate for consistent cash flow and shareholder returns. The Fund remains underweight in high-valuation sectors like Information Technology and Communication Services.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Large/Mid Cap Value Fund	S&P 500^® Index
Sep-2014	$9,451	$10,000
Sep-2015	$9,601	$9,939
Sep-2016	$10,216	$11,472
Sep-2017	$11,554	$13,607
Sep-2018	$13,124	$16,044
Sep-2019	$13,457	$16,727
Sep-2020	$13,986	$19,260
Sep-2021	$18,167	$25,040
Sep-2022	$16,405	$21,165
Sep-2023	$18,693	$25,741
Sep-2024	$23,961	$35,098

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Large/Mid Cap Value Fund
Without Load	28.18%	12.23%	9.75%
With Load	21.13%	10.97%	9.13%
S&P 500^® Index	36.35%	15.98%	13.38%

Fund Statistics

Net Assets	$354,857,874
Number of Portfolio Holdings	44
Advisory Fee (net of waivers)	$2,036,126
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	75.2%
Exchange-Traded Funds	16.8%
Money Market Funds	3.6%
Reit	4.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Energy	3.4%
Materials	3.5%
Money Market Funds	3.6%
Real Estate	4.4%
Consumer Discretionary	4.6%
Utilities	6.6%
Health Care	7.9%
Financials	8.1%
Consumer Staples	8.1%
Industrials	10.6%
Equity	16.8%
Technology	22.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	7.1%
Timothy Plan High Dividend Stock Enhanced ETF	6.3%
Fidelity Government Portfolio, Institutional Class	3.6%
Monolithic Power Systems, Inc.	2.7%
O'Reilly Automotive, Inc.	2.6%
CACI International, Inc., Class A	2.5%
WEC Energy Group, Inc.	2.4%
Arthur J Gallagher & Company	2.4%
McCormick & Company, Inc.	2.4%
Hubbell, Inc.	2.3%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Large/Mid Cap Value Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TLVAX

Timothy Plan Large/Mid Cap Value Fund

Class C (TLVCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$220	1.94%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Large/Mid Cap Value Fund - Class C gained 27.23%, trailing the S&P 500^® Index, which gained 36.35%. Relative performance was impacted by an underweight position in Information Technology and an overweight in Consumer Staples. The Fund benefited from stock selection in Industrials and Health Care, which helped offset some of the underperformance.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Large/Mid Cap Value Fund	S&P 500^® Index
Sep-2014	$10,000	$10,000
Sep-2015	$10,082	$9,939
Sep-2016	$10,651	$11,472
Sep-2017	$11,958	$13,607
Sep-2018	$13,482	$16,044
Sep-2019	$13,717	$16,727
Sep-2020	$14,148	$19,260
Sep-2021	$18,238	$25,040
Sep-2022	$16,352	$21,165
Sep-2023	$18,488	$25,741
Sep-2024	$23,523	$35,098

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Large/Mid Cap Value Fund	27.23%	11.39%	8.93%
S&P 500^® Index	36.35%	15.98%	13.38%

Fund Statistics

Net Assets	$354,857,874
Number of Portfolio Holdings	44
Advisory Fee (net of waivers)	$2,036,126
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	75.2%
Exchange-Traded Funds	16.8%
Money Market Funds	3.6%
Reit	4.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Energy	3.4%
Materials	3.5%
Money Market Funds	3.6%
Real Estate	4.4%
Consumer Discretionary	4.6%
Utilities	6.6%
Health Care	7.9%
Financials	8.1%
Consumer Staples	8.1%
Industrials	10.6%
Equity	16.8%
Technology	22.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	7.1%
Timothy Plan High Dividend Stock Enhanced ETF	6.3%
Fidelity Government Portfolio, Institutional Class	3.6%
Monolithic Power Systems, Inc.	2.7%
O'Reilly Automotive, Inc.	2.6%
CACI International, Inc., Class A	2.5%
WEC Energy Group, Inc.	2.4%
Arthur J Gallagher & Company	2.4%
McCormick & Company, Inc.	2.4%
Hubbell, Inc.	2.3%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Large/Mid Cap Value Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TLVCX

Timothy Plan Large/Mid Cap Value Fund

Class I (TMVIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$107	0.94%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Large/Mid Cap Value Fund - Class I gained 28.53%, trailing the S&P 500^® Index, which gained 36.35%. Relative performance was impacted by an underweight position in Information Technology and an overweight in Consumer Staples. The Fund benefited from stock selection in Industrials and Health Care, which helped offset some of the underperformance.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Large/Mid Cap Value Fund	S&P 500^® Index
Sep-2014	$10,000	$10,000
Sep-2015	$11,023	$9,939
Sep-2016	$11,766	$11,472
Sep-2017	$13,338	$13,607
Sep-2018	$15,182	$16,044
Sep-2019	$15,604	$16,727
Sep-2020	$16,265	$19,260
Sep-2021	$21,177	$25,040
Sep-2022	$19,170	$21,165
Sep-2023	$21,893	$25,741
Sep-2024	$28,139	$35,098

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Large/Mid Cap Value Fund	28.53%	12.52%	10.90%
S&P 500^® Index	36.35%	15.98%	13.38%

Fund Statistics

Net Assets	$354,857,874
Number of Portfolio Holdings	44
Advisory Fee (net of waivers)	$2,036,126
Portfolio Turnover	34%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	75.2%
Exchange-Traded Funds	16.8%
Money Market Funds	3.6%
Reit	4.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Energy	3.4%
Materials	3.5%
Money Market Funds	3.6%
Real Estate	4.4%
Consumer Discretionary	4.6%
Utilities	6.6%
Health Care	7.9%
Financials	8.1%
Consumer Staples	8.1%
Industrials	10.6%
Equity	16.8%
Technology	22.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Large/Mid Cap Core Enhanced ETF	7.1%
Timothy Plan High Dividend Stock Enhanced ETF	6.3%
Fidelity Government Portfolio, Institutional Class	3.6%
Monolithic Power Systems, Inc.	2.7%
O'Reilly Automotive, Inc.	2.6%
CACI International, Inc., Class A	2.5%
WEC Energy Group, Inc.	2.4%
Arthur J Gallagher & Company	2.4%
McCormick & Company, Inc.	2.4%
Hubbell, Inc.	2.3%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Large/Mid Cap Value Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TMVIX

Timothy Plan Small Cap Value Fund

Class A (TPLNX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Small Cap Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$149	1.33%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Small Cap Value Fund - Class A gained 24.15%, slightly trailing the Russell 2000^® Index, which gained 26.76%. Small-cap and value stocks rebounded in the third quarter of 2024 after lagging earlier in the year.

Key Performance Drivers:

• Sector Allocation: The Fund's underweight positions in the Information Technology and Health Care sectors detracted from relative performance. In contrast, stock selection and overweight positions in Financials and Industrials benefited the Fund.

• Top Contributors: Baldwin Insurance Group Inc. (BWIN), an insurance broker, was the best performer, showing strong organic growth and increasing profit margins. Blue Bird Corp. (BLBD), a leader in alternative fuel school buses, and Boot Barn Holdings Inc. (BOOT), a western wear retailer, both contributed positively due to solid business growth.

• Largest Detractors: Vital Energy Inc. (VTLE), an oil and gas producer, declined after an earnings miss in May but remains a long-term hold. LegalZoom.com Inc. (LZ) fell due to slowing business formation, and the Fund exited the position after leadership changes. CONMED Corp. (CNMD) dropped after disappointing earnings in January.

After strong returns over the past year, the Fund is positioned defensively, favoring Financials, Industrials, and Real Estate sectors, while underweighting high-growth sectors such as Information Technology and Health Care due to concerns over stretched valuations.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Small Cap Value Fund	Russell 2000^® Index	Russell 3000^® Index
Sep-2014	$9,451	$10,000	$10,000
Sep-2015	$9,635	$10,125	$9,951
Sep-2016	$10,663	$11,691	$11,440
Sep-2017	$12,961	$14,115	$13,579
Sep-2018	$14,272	$16,266	$15,967
Sep-2019	$13,733	$14,820	$16,433
Sep-2020	$11,758	$14,878	$18,898
Sep-2021	$17,758	$21,972	$24,921
Sep-2022	$14,591	$16,809	$20,528
Sep-2023	$16,845	$18,310	$24,729
Sep-2024	$20,914	$23,210	$33,432

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Small Cap Value Fund
Without Load	24.15%	8.78%	8.27%
With Load	17.31%	7.55%	7.66%
Russell 2000^® Index	26.76%	9.39%	8.78%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$195,874,164
Number of Portfolio Holdings	62
Advisory Fee (net of waivers)	$1,298,344
Portfolio Turnover	50%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	77.7%
Exchange-Traded Funds	11.5%
Money Market Funds	1.1%
Reit	9.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Communications	0.9%
Money Market Funds	1.1%
Consumer Staples	2.6%
Utilities	3.5%
Technology	5.4%
Health Care	6.8%
Energy	7.2%
Materials	8.8%
Consumer Discretionary	8.8%
Real Estate	9.7%
Equity	11.5%
Industrials	13.1%
Financials	20.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Small Cap Core ETF	11.5%
GMS, Inc.	1.9%
Century Communities, Inc.	1.9%
Moog, Inc., Class A	1.9%
Boise Cascade Company	1.9%
Stepan Company	1.9%
PotlatchDeltic Corporation	1.9%
Piper Sandler Cos	1.9%
Merit Medical Systems, Inc.	1.8%
First Bancorp	1.8%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Small Cap Value Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPLNX

Timothy Plan Small Cap Value Fund

Class C (TSVCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$232	2.08%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Small Cap Value Fund - Class C gained 23.28%, slightly trailing the Russell 2000^® Index, which gained 26.76%. Small-cap and value stocks rebounded in the third quarter of 2024 after lagging earlier in the year.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Small Cap Value Fund	Russell 2000^® Index	Russell 3000^® Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$10,120	$10,125	$9,951
Sep-2016	$11,113	$11,691	$11,440
Sep-2017	$13,413	$14,115	$13,579
Sep-2018	$14,653	$16,266	$15,967
Sep-2019	$13,995	$14,820	$16,433
Sep-2020	$11,894	$14,878	$18,898
Sep-2021	$17,823	$21,972	$24,921
Sep-2022	$14,536	$16,809	$20,528
Sep-2023	$16,660	$18,310	$24,729
Sep-2024	$20,538	$23,210	$33,432

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Small Cap Value Fund	23.28%	7.97%	7.46%
Russell 2000^® Index	26.76%	9.39%	8.78%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$195,874,164
Number of Portfolio Holdings	62
Advisory Fee (net of waivers)	$1,298,344
Portfolio Turnover	50%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	77.7%
Exchange-Traded Funds	11.5%
Money Market Funds	1.1%
Reit	9.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Communications	0.9%
Money Market Funds	1.1%
Consumer Staples	2.6%
Utilities	3.5%
Technology	5.4%
Health Care	6.8%
Energy	7.2%
Materials	8.8%
Consumer Discretionary	8.8%
Real Estate	9.7%
Equity	11.5%
Industrials	13.1%
Financials	20.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Small Cap Core ETF	11.5%
GMS, Inc.	1.9%
Century Communities, Inc.	1.9%
Moog, Inc., Class A	1.9%
Boise Cascade Company	1.9%
Stepan Company	1.9%
PotlatchDeltic Corporation	1.9%
Piper Sandler Cos	1.9%
Merit Medical Systems, Inc.	1.8%
First Bancorp	1.8%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Small Cap Value Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TSVCX

Timothy Plan Small Cap Value Fund

Class I (TPVIX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$121	1.08%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Small Cap Value Fund - Class I gained 24.45%, slightly trailing the Russell 2000^® Index, which gained 26.76%. Small-cap and value stocks rebounded in the third quarter of 2024 after lagging earlier in the year.

Key Performance Drivers:

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Small Cap Value Fund	Russell 2000^® Index	Russell 3000^® Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$10,223	$10,125	$9,951
Sep-2016	$11,340	$11,691	$11,440
Sep-2017	$13,822	$14,115	$13,579
Sep-2018	$15,254	$16,266	$15,967
Sep-2019	$14,720	$14,820	$16,433
Sep-2020	$12,638	$14,878	$18,898
Sep-2021	$19,125	$21,972	$24,921
Sep-2022	$15,749	$16,809	$20,528
Sep-2023	$18,234	$18,310	$24,729
Sep-2024	$22,691	$23,210	$33,432

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Small Cap Value Fund	24.45%	9.04%	8.54%
Russell 2000^® Index	26.76%	9.39%	8.78%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$195,874,164
Number of Portfolio Holdings	62
Advisory Fee (net of waivers)	$1,298,344
Portfolio Turnover	50%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	77.7%
Exchange-Traded Funds	11.5%
Money Market Funds	1.1%
Reit	9.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Communications	0.9%
Money Market Funds	1.1%
Consumer Staples	2.6%
Utilities	3.5%
Technology	5.4%
Health Care	6.8%
Energy	7.2%
Materials	8.8%
Consumer Discretionary	8.8%
Real Estate	9.7%
Equity	11.5%
Industrials	13.1%
Financials	20.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan US Small Cap Core ETF	11.5%
GMS, Inc.	1.9%
Century Communities, Inc.	1.9%
Moog, Inc., Class A	1.9%
Boise Cascade Company	1.9%
Stepan Company	1.9%
PotlatchDeltic Corporation	1.9%
Piper Sandler Cos	1.9%
Merit Medical Systems, Inc.	1.8%
First Bancorp	1.8%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Small Cap Value Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TPVIX

Timothy Plan Small/Mid Cap Growth Fund

Class A (TAAGX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Small/Mid Cap Growth Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$180	1.48%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Small/Mid Cap Growth Fund - Class A achieved a 42.75% return, outperforming the benchmark Russell Midcap Growth Index, which gained 29.3%. The favorable environment for stocks was driven by improving inflationary indicators and anticipation of Federal Reserve interest rate cuts.

Key Performance Drivers:

• Top Performing Sectors: Industrials and Technology were the best-performing sectors within the Fund, contributing significantly to its absolute and relative outperformance.

• Top Contributors: Telecom hardware company Super Micro Computer and retailer Burlington Stores were the top contributors, delivering strong gains for the Fund.

• Largest Detractors: The Healthcare and Energy sectors were the weakest performers. The largest individual detractors were software company CrowdStrike Holdings and semiconductor company On Semiconductor.

The Fund remains positioned to capture growth opportunities as market conditions improve. With inflationary pressures easing and interest rates expected to decline, sectors such as Industrials and Technology appear poised to continue driving performance. We believe the Fund’s disciplined approach to stock selection will help navigate potential volatility and potentially deliver long-term growth.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Small/Mid Cap Growth Fund	Russell 3000^® Index	Russell Midcap^® Growth Index
Sep-2014	$9,454	$10,000	$10,000
Sep-2015	$9,232	$9,951	$10,145
Sep-2016	$9,137	$11,440	$11,285
Sep-2017	$10,866	$13,579	$13,296
Sep-2018	$12,420	$15,967	$16,102
Sep-2019	$11,336	$16,433	$16,940
Sep-2020	$14,289	$18,898	$20,875
Sep-2021	$19,131	$24,921	$27,232
Sep-2022	$14,030	$20,528	$19,199
Sep-2023	$16,499	$24,729	$22,552
Sep-2024	$23,552	$33,432	$29,168

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Small/Mid Cap Growth Fund
Without Load	42.75%	15.75%	9.56%
With Load	34.90%	14.44%	8.94%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell Midcap^® Growth Index	29.33%	11.48%	11.30%

Fund Statistics

Net Assets	$72,026,174
Number of Portfolio Holdings	40
Advisory Fee (net of waivers)	$472,346
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	90.8%
Money Market Funds	7.0%
Reit	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.6%
Financials	0.9%
Real Estate	2.2%
Energy	5.5%
Money Market Funds	7.2%
Health Care	15.3%
Consumer Discretionary	18.8%
Technology	25.1%
Industrials	27.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	7.2%
Comfort Systems USA, Inc.	4.7%
Toll Brothers, Inc.	4.5%
Clean Harbors, Inc.	3.9%
Monolithic Power Systems, Inc.	3.9%
Parker-Hannifin Corporation	3.7%
Burlington Stores, Inc.	3.6%
Marvell Technology, Inc.	3.6%
Deckers Outdoor Corporation	3.6%
Tenet Healthcare Corporation	3.5%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Small/Mid Cap Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TAAGX

Timothy Plan Small/Mid Cap Growth Fund

Class C (TCAGX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$270	2.23%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Small/Mid Cap Growth Fund - Class C achieved a 41.68% return, outperforming the benchmark Russell Midcap Growth Index, which gained 29.3%. The favorable environment for stocks was driven by improving inflationary indicators and anticipation of Federal Reserve interest rate cuts.

Key Performance Drivers:

• Top Performing Sectors: Industrials and Technology were the best-performing sectors within the Fund, contributing significantly to its absolute and relative outperformance.

• Top Contributors: Telecom hardware company Super Micro Computer and retailer Burlington Stores were the top contributors, delivering strong gains for the Fund.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Small/Mid Cap Growth Fund	Russell 3000^® Index	Russell Midcap^® Growth Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,690	$9,951	$10,145
Sep-2016	$9,523	$11,440	$11,285
Sep-2017	$11,224	$13,579	$13,296
Sep-2018	$12,758	$15,967	$16,102
Sep-2019	$11,553	$16,433	$16,940
Sep-2020	$14,451	$18,898	$20,875
Sep-2021	$19,201	$24,921	$27,232
Sep-2022	$13,972	$20,528	$19,199
Sep-2023	$16,322	$24,729	$22,552
Sep-2024	$23,125	$33,432	$29,168

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Small/Mid Cap Growth Fund	41.68%	14.89%	8.74%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell Midcap^® Growth Index	29.33%	11.48%	11.30%

Fund Statistics

Net Assets	$72,026,174
Number of Portfolio Holdings	40
Advisory Fee (net of waivers)	$472,346
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	90.8%
Money Market Funds	7.0%
Reit	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.6%
Financials	0.9%
Real Estate	2.2%
Energy	5.5%
Money Market Funds	7.2%
Health Care	15.3%
Consumer Discretionary	18.8%
Technology	25.1%
Industrials	27.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	7.2%
Comfort Systems USA, Inc.	4.7%
Toll Brothers, Inc.	4.5%
Clean Harbors, Inc.	3.9%
Monolithic Power Systems, Inc.	3.9%
Parker-Hannifin Corporation	3.7%
Burlington Stores, Inc.	3.6%
Marvell Technology, Inc.	3.6%
Deckers Outdoor Corporation	3.6%
Tenet Healthcare Corporation	3.5%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Small/Mid Cap Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TCAGX

Timothy Plan Small/Mid Cap Growth Fund

Class I (TIAGX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$150	1.23%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Small/Mid Cap Growth Fund - Class I achieved a 43.24% return, outperforming the benchmark Russell Midcap Growth Index, which gained 29.3%. The favorable environment for stocks was driven by improving inflationary indicators and anticipation of Federal Reserve interest rate cuts.

Key Performance Drivers:

• Top Performing Sectors: Industrials and Technology were the best-performing sectors within the Fund, contributing significantly to its absolute and relative outperformance.

• Top Contributors: Telecom hardware company Super Micro Computer and retailer Burlington Stores were the top contributors, delivering strong gains for the Fund.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Small/Mid Cap Growth Fund	Russell 3000^® Index	Russell Midcap^® Growth Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,790	$9,951	$10,145
Sep-2016	$9,716	$11,440	$11,285
Sep-2017	$11,577	$13,579	$13,296
Sep-2018	$13,270	$15,967	$16,102
Sep-2019	$12,145	$16,433	$16,940
Sep-2020	$15,340	$18,898	$20,875
Sep-2021	$20,584	$24,921	$27,232
Sep-2022	$15,134	$20,528	$19,199
Sep-2023	$17,825	$24,729	$22,552
Sep-2024	$25,533	$33,432	$29,168

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Small/Mid Cap Growth Fund	43.24%	16.02%	9.83%
Russell 3000^® Index	35.19%	15.26%	12.83%
Russell Midcap^® Growth Index	29.33%	11.48%	11.30%

Fund Statistics

Net Assets	$72,026,174
Number of Portfolio Holdings	40
Advisory Fee (net of waivers)	$472,346
Portfolio Turnover	95%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	90.8%
Money Market Funds	7.0%
Reit	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.6%
Financials	0.9%
Real Estate	2.2%
Energy	5.5%
Money Market Funds	7.2%
Health Care	15.3%
Consumer Discretionary	18.8%
Technology	25.1%
Industrials	27.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Fidelity Government Portfolio, Institutional Class	7.2%
Comfort Systems USA, Inc.	4.7%
Toll Brothers, Inc.	4.5%
Clean Harbors, Inc.	3.9%
Monolithic Power Systems, Inc.	3.9%
Parker-Hannifin Corporation	3.7%
Burlington Stores, Inc.	3.6%
Marvell Technology, Inc.	3.6%
Deckers Outdoor Corporation	3.6%
Tenet Healthcare Corporation	3.5%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Small/Mid Cap Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TIAGX

Timothy Plan Strategic Growth Fund

Class A (TSGAX )

Annual Shareholder Report - September 30, 2024

Fund Overview

This annual shareholder report contains important information about Timothy Plan Strategic Growth Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://fund.timothyplan.com. You can also request this information by contacting us at (800) 846-7526.

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$97	0.89%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Strategic Growth Fund - Class A returned 17.23%, underperforming the Dow Jones Mod Aggressive Portfolio Index, which returned 24.10%. The Fund's performance reflects its allocation across various Timothy Plan mutual funds and ETFs, with asset allocation varying within allowable ranges over the past year in response to changing market conditions.

Key Performance Drivers:

• Equity Allocation: Exposure to the US Small Cap Core ETF and US Large/Mid Cap Core Enhanced ETF drove much of the positive performance, particularly as the Technology and Industrial sectors saw strong gains.

• Sector Performance: The High Dividend Stock Enhanced ETF and International ETF provided stable returns, but the defensive nature of dividend stocks and limited exposure to high-growth tech stocks compared to the index were performance headwinds.

• Fixed Income & High Yield Bond: Allocations to Fixed Income and High-Yield Bonds added stability, though they trailed equities. Bond yields fluctuated throughout the year, and tightening credit spreads supported high-yield bonds.

• Market-neutral ETF: The Market-Neutral ETF reduced overall portfolio volatility, delivering steady income during periods of market fluctuation.

• International Allocation: International holdings in Europe and Japan, particularly through the International Fund and International ETF, benefited from lower borrowing costs and market recoveries in those regions.

Reasons for Underperformance:

• The Fund’s limited exposure to high-growth technology stocks and allocation to fixed-income and more defensive sectors contributed to its underperformance relative to the benchmark. While this strategy provided stability, it resulted in a more conservative outcome than the index, which was heavily driven by growth stocks.

The Fund remains committed to adjusting allocations based on market conditions to balance growth opportunities with capital preservation in light of ongoing uncertainties.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Strategic Growth Fund	Dow Jones Moderately Aggressive Portfolio Index	Russell 3000^® Index
Sep-2014	$9,448	$10,000	$10,000
Sep-2015	$9,055	$9,690	$9,951
Sep-2016	$9,420	$10,869	$11,440
Sep-2017	$10,229	$12,431	$13,579
Sep-2018	$10,466	$13,598	$15,967
Sep-2019	$10,439	$13,879	$16,433
Sep-2020	$10,651	$14,820	$18,898
Sep-2021	$12,690	$18,600	$24,921
Sep-2022	$10,683	$15,088	$20,528
Sep-2023	$11,471	$17,180	$24,729
Sep-2024	$13,447	$21,320	$33,432

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Strategic Growth Fund
Without Load	17.23%	5.19%	3.59%
With Load	10.80%	4.01%	3.01%
Dow Jones Moderately Aggressive Portfolio Index	24.10%	8.96%	7.86%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$33,757,663
Number of Portfolio Holdings	9
Advisory Fee	$49,623
Portfolio Turnover	3%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	66.7%
Money Market Funds	2.1%
Open End Funds	31.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.1%
Fixed Income	18.0%
Equity	80.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan International ETF	16.2%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	15.4%
Timothy Plan Market Neutral ETF	15.0%
Timothy Plan International Fund, Class A	13.2%
Timothy Plan US Small Cap Core ETF	12.1%
Timothy Plan Fixed Income Fund, Class A	12.0%
Timothy Plan High Dividend Stock Enhanced ETF	8.1%
Timothy Plan High Yield Bond Fund, Class A	6.0%
Fidelity Government Portfolio, Institutional Class	2.1%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Strategic Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TSGAX

Timothy Plan Strategic Growth Fund

Class C (TSGCX )

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$151	1.39%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Strategic Growth Fund - Class C returned 16.61%, underperforming the Dow Jones Mod Aggressive Portfolio Index, which returned 24.10%. The Fund's performance reflects its allocation across various Timothy Plan mutual funds and ETFs, with asset allocation varying within allowable ranges over the past year in response to changing market conditions.

Key Performance Drivers:

• Market-neutral ETF: The Market-Neutral ETF reduced overall portfolio volatility, delivering steady income during periods of market fluctuation.

Reasons for Underperformance:

The Fund remains committed to adjusting allocations based on market conditions to balance growth opportunities with capital preservation in light of ongoing uncertainties.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Timothy Plan Strategic Growth Fund	Dow Jones Moderately Aggressive Portfolio Index	Russell 3000^® Index
Sep-2014	$10,000	$10,000	$10,000
Sep-2015	$9,511	$9,690	$9,951
Sep-2016	$9,820	$10,869	$11,440
Sep-2017	$10,586	$12,431	$13,579
Sep-2018	$10,747	$13,598	$15,967
Sep-2019	$10,641	$13,879	$16,433
Sep-2020	$10,782	$14,820	$18,898
Sep-2021	$12,744	$18,600	$24,921
Sep-2022	$10,651	$15,088	$20,528
Sep-2023	$11,370	$17,180	$24,729
Sep-2024	$13,259	$21,320	$33,432

Average Annual Total Returns

	1 Year	5 Years	10 Years
Timothy Plan Strategic Growth Fund	16.61%	4.50%	2.86%
Dow Jones Moderately Aggressive Portfolio Index	24.10%	8.96%	7.86%
Russell 3000^® Index	35.19%	15.26%	12.83%

Fund Statistics

Net Assets	$33,757,663
Number of Portfolio Holdings	9
Advisory Fee	$49,623
Portfolio Turnover	3%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	66.7%
Money Market Funds	2.1%
Open End Funds	31.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.1%
Fixed Income	18.0%
Equity	80.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan International ETF	16.2%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	15.4%
Timothy Plan Market Neutral ETF	15.0%
Timothy Plan International Fund, Class A	13.2%
Timothy Plan US Small Cap Core ETF	12.1%
Timothy Plan Fixed Income Fund, Class A	12.0%
Timothy Plan High Dividend Stock Enhanced ETF	8.1%
Timothy Plan High Yield Bond Fund, Class A	6.0%
Fidelity Government Portfolio, Institutional Class	2.1%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Strategic Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TSGCX

Timothy Plan Strategic Growth Fund

Class I (TISGX)

Annual Shareholder Report - September 30, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$70	0.64%

How did the Fund perform during the reporting period?

For the twelve months ended September 30, 2024, the Timothy Plan Strategic Growth Fund - Class I returned 17.33%, underperforming the Dow Jones Mod Aggressive Portfolio Index, which returned 24.10%. The Fund's performance reflects its allocation across various Timothy Plan mutual funds and ETFs, with asset allocation varying within allowable ranges over the past year in response to changing market conditions.

Key Performance Drivers:

• Market-neutral ETF: The Market-Neutral ETF reduced overall portfolio volatility, delivering steady income during periods of market fluctuation.

Reasons for Underperformance:

The Fund remains committed to adjusting allocations based on market conditions to balance growth opportunities with capital preservation in light of ongoing uncertainties.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Timothy Plan Strategic Growth Fund	Dow Jones Moderately Aggressive Portfolio Index	Russell 3000^® Index
Sep-2023	$10,000	$10,000	$10,000
Sep-2023	$9,681	$9,619	$9,496
Sep-2024	$11,358	$11,937	$12,837

Average Annual Total Returns

	1 Year	Since Inception (September 1, 2023)
Timothy Plan Strategic Growth Fund	17.33%	12.52%
Dow Jones Moderately Aggressive Portfolio Index	24.10%	17.82%
Russell 3000^® Index	35.19%	26.04%

Fund Statistics

Net Assets	$33,757,663
Number of Portfolio Holdings	9
Advisory Fee	$49,623
Portfolio Turnover	3%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	66.7%
Money Market Funds	2.1%
Open End Funds	31.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.1%
Fixed Income	18.0%
Equity	80.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Timothy Plan International ETF	16.2%
Timothy Plan US Large/Mid Cap Core Enhanced ETF	15.4%
Timothy Plan Market Neutral ETF	15.0%
Timothy Plan International Fund, Class A	13.2%
Timothy Plan US Small Cap Core ETF	12.1%
Timothy Plan Fixed Income Fund, Class A	12.0%
Timothy Plan High Dividend Stock Enhanced ETF	8.1%
Timothy Plan High Yield Bond Fund, Class A	6.0%
Fidelity Government Portfolio, Institutional Class	2.1%

Material Fund Changes

No material changes occurred during the year ended September 30, 2024.

Timothy Plan Strategic Growth Fund

Annual Shareholder Report - September 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://fund.timothyplan.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 093024-TISGX

(a)(1) The registrant has an Audit committee currently composed of three independent trustees, Mr. Alan Ross, Mr. John Mulder and Mr. Richard Copeland. The registrant’s board of trustees has determined that Mr. Alan Ross is qualified to serve as an Audit Committee Financial expert, and has designated him as such.

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The Timothy Plan (the “Trust”) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of September 30, 2024, the Trust consisted of nineteen series. These financial statements include the following twelve series: Timothy Plan Small/Mid Cap Growth Fund (formerly the Timothy Plan Aggressive Growth Fund), Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund and Timothy Plan Growth & Income Fund (the “Funds”). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund. The Timothy Plan Small/Mid Cap Growth Fund changed its name effective February 2, 2024.

The Timothy Plan Small/Mid Cap Growth Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment strategy by normally investing at least 80% of the Fund’s total assets in small and mid-cap stocks. The Adviser considers small and mid-cap companies to be companies that, at the time of investment, have market capitalizations within the range of market capitalization of the companies appearing in the Russell MidCap Growth^® Index.

The Timothy Plan International Fund’s investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the securities of foreign companies (companies domiciled in countries other than the United States), without regard to market capitalizations. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

The Timothy Plan Large/Mid Cap Growth Fund’s investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Fund’s investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Fund’s total assets in U.S. common stocks with market capitalizations in excess of $2 billion.

The Timothy Plan Small Cap Value Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of the Fund’s total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.

The Timothy Plan Large/Mid Cap Value Fund’s investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.

The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.

The Timothy Plan High Yield Bond Fund’s investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of high yield fixed income securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of “BBB” or lower as rated by Standard and Poor’s or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Timothy Plan Israel Common Values Fund seeks to provide long-term growth of capital. This Fund seeks to achieve its investment objectives by normally investing at least 80% of the Fund’s total assets in the common stock of companies domiciled and/or headquartered in Israel through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.

The Timothy Plan Defensive Strategies Fund’s investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (“REITs”), commodities based Exchange-Traded Funds (“ETFs”), Treasury Inflation Protected Securities (“TIPS”), and currently holds gold bullion.

The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust:

The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust:

The Timothy Plan Growth & Income Fund’s investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Funds are an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies”.

All investments in securities are recorded at their estimated fair value as described in Note 2.

Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is specific identification. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Small/Mid Cap Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds’ investments in REITS are

reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

There is a risk that some or all of the Trust’s gold bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trust’s gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.

The Net Asset Value (“NAV”) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.

Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Fund’s relative net assets or another appropriate basis as determined by the Board of Trustees (the “Board”).

There are three classes of shares currently offered by all Funds in the Trust: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (“CDSC”) that ends after the first year and ongoing service and distribution fees; Class I shares, which commenced operations on August 1, 2013 except for Strategic Growth and Conservative Growth which commenced operations on September 1, 2023, are offered without any sales charges or ongoing service distribution fees.

Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

In the preparation of financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the year ended. Actual results could differ from those estimates.

It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.

Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended September 30, 2021 to September 30, 2023, or expected to be taken in the Funds’ September 30, 2024 year-end tax returns.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.

During the fiscal year ended September 30, 2024, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax treatment of adjustments for prior year tax returns, and use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2024, as follows:

Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brink’s Global Services U.S.A., Inc. to maintain the custody of the gold held in the Timothy Plan Defensive Strategies Fund.

The Funds’ securities are valued at fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable

or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

A Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees of the Underlying Funds.

Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.

The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.

When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Funds’ portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

There were no options held at September 30, 2024, and there were no options transactions for the year ended September 30, 2024.

The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, preferred stock, ADRs, REITs, LPs, LLCs, PLCs, GDRs and NVDRs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the advisor or sub-advisor believes such prices more accurately reflect the fair value of such securities. Securities including ETFs, that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. When market quotations are not readily available, when the advisor or sub-advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the advisor or sub-advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities. Foreign investments are not fair valued using fair value triggers.

Investments in alternative investments, such as gold bars, are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Fixed income securities such as corporate bonds, convertible bonds, government mortgage-backed securities, government notes and bonds, non U.S. government bonds, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the advisor or sub-advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the advisor or sub-advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the advisor or sub-advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.

Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

The Board has delegated to the advisor responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the advisor and sub-advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.

The following is a summary of the inputs used to value each Fund’s investments as of September 30, 2024:

For the year ended September 30, 2024, there were no changes into/out of Level 3. Additional disclosures surrounding Level 3 investments were not significant to the financial statements.

The following is a reconciliation of assets in which level 3 inputs were used in determining value:

The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the year ended September 30, 2024:

Timothy Partners, Ltd., (“TPL”) is the investment advisor for the Funds pursuant to an investment advisory agreement (the “Agreement”) that was renewed by the Board on February 29, 2024. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL is paid an annual fee equal to 0.85% on the Small Cap Value Fund, 0.85% on the Large/Mid Cap Value Fund, 0.85% on the Small/Mid Cap Growth Fund, 0.85% on the Large/Mid Cap Growth Fund, 1.00% on the International Fund, 0.60% on the Fixed Income Fund, 0.60% on the High Yield Bond Fund, 1.00% on the Israel Common Values Fund, 0.60% on the Defensive Strategies Fund, 0.85% on the Growth & Income Fund and 0.15% on both the Strategic Growth Fund and the Conservative Growth Fund. TPL has contractually agreed, through January 28, 2025, to reduce the fee it receives from the International Fund to 0.95%; from the Large/Mid Cap Growth Fund, the Small Cap Value Fund and the Large/Mid Cap Value Fund to 0.80%; from the Small/Mid Cap Growth Fund to 0.75%; from the Defensive Strategies Fund to 0.55%; from the High Yield Bond Fund to 0.50%; from the Growth & Income Fund to 0.70%; and from the Fixed Income Fund to 0.40%. Effective August 12, 2023, TPL voluntarily reduced the fee to 0.75% for the Large/Mid Cap Value Fund. Effective February 1, 2024, TPL voluntarily reduced the fee to 0.90% for the International Fund. An officer and trustee of the Funds is also an officer and owner of the advisor.

Timothy Partners, Ltd (“TPL”) has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets, except Strategic Growth Fund and Conservative Growth Fund, estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded funds managed by TPL or its affiliates that have a contractual management fee, through January 28, 2025. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. The waived advisory fees are not recoupable.

For the year ended September 30, 2024, TPL waived advisory fees for the Funds as follows:

The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund, the Fixed Income Fund, the Defensive Strategies Fund and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock Enhanced ETF, the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core Enhanced ETF, the Timothy Plan US Large/Mid Cap Core ETF, the Timothy Plan US Small Cap Core ETF and the Timothy Plan Market Neutral ETF. For the year ended September 30, 2024, the Funds’ waived fees as follows pursuant to that arrangement.

TPL, with the prior approval of the Board and shareholders of the applicable Fund, has engaged the services of other investment advisory firms (“Investment Managers”) to provide portfolio management services to the Funds. TPL pays the Investment Managers as follows:

As compensation for its services with respect to the Fixed-Income Fund and High Yield Bond Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375% of 1% of the first $20,000,000 in the average net assets of each Fund. As compensation for its services with respect to the Defensive Strategies Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.15% of the average net assets in the Debt Instrument Allocation of the Fund. As compensation for its services with respect to the Growth and Income Fund , Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375 of 1% of the first $20,000,00 of the average net assets in the fixed income allocation of the Fund.

As compensation for its services, Chartwell receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.

For its services rendered to the DS Fund, Adviser will pay to Investment Manager a fee at an annual rate equal to 0.42% of the Defensive Strategies Fund’s average daily assets allocated to the REIT sleeve of the Defensive Strategies Fund’s investment portfolio (“Allocated Assets”) up to $10 million, 0.39% for the next $10 million in Allocated Assets, 0.35% for the next $30 million in Allocated Assets, and 0.30% of Allocated Assets over $50 million.

As compensation for its services to the Fund, CORE receives from TPL an annual fee at a rate equal to 0.40% of the Fund’s average daily assets up to $25 million, and 0.35% of average daily net assets over $25 million.

As compensation for its services, Eagle receives from TPL an annual fee at a rate equal to 0.60% of the first $100 million in assets of the Fund; and 0.50% of assets over $100 million.

As compensation for its services, Westwood receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.

Ultimus Fund Services, LLC (“UFS”) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:

Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trust’s agreement with UFS. Therefore, there is no separate base annual fee per Fund or share class.

The Timothy Plan Small/Mid Cap Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.

The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the “Plans”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds pay a service fee at an annual rate of 0.25%, payable monthly of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.

For the year ended September 30, 2024, the Funds paid TPL under the terms of the Plans as follows:

TPL also serves as the principal underwriter of the Funds’ shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the year ended September 30, 2024, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At September 30, 2024, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.

Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Plan Funds. These accounts can be considered affiliated to the Timothy Plan.

The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the “Security”). The Fund may redeem its investments from the Security at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of September, 2024, 29.7% of the Conservative Growth Fund’s net assets were invested in the Timothy Plan Fixed Income Fund.

The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock Enhanced ETF (the “ETF”). The Fund may redeem its investments from the ETF at any time if the advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Security’s N-CSRs available at www.sec.gov. As of September 30, 2024, 50.1% of the Growth & Income Fund’s net assets were invested in the Timothy Plan High Dividend Stock Enhanced ETF.

The Funds’ transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee fund’s investment advisor is under common control with the Fund’s investment advisor.

The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Defensive Strategies Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the year ended September 30, 2024, with affiliates:

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at September 30, 2024, were as follows:

The tax character of distributions paid during the fiscal year ended September 30, 2024, and the fiscal year ended September 30, 2023, were as follows:

As of September 30, 2024, the components of distributable earnings on a tax basis were as follows:

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, adjustments for C-Corporation

return of capital distributions, and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $231, $7,272, $(2), $37 for the International, Defensive Strategies, Large-Mid Cap Growth, and Israel Common Values Funds, respectively.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

At September 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset will not be distributed to shareholders.

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended September 30, 2024 and September 30, 2023, were as follows:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Timothy Plan Small/Mid Cap Growth Fund (formerly the Timothy Plan Aggressive Growth Fund), Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund, and Timothy Plan Growth & Income Fund (the “Funds”), twelve of the portfolios constituting The Timothy Plan, as of September 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, including observation of precious metals, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Timothy Partners, Ltd., since 2005.

The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.

Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov

The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Q’s successor form, Form N-PORT. The filings are available free of charge, upon request, by calling the Trust toll-free at 1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.

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

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

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

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

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

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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.

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.

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.

(a)	The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)	N/A

(c)	During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d)	During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e)	N/A

(f)	See Item 19(a)(1)

(a)	Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

	The Timothy Plan
	FY 2024	$ 190,100
	FY 2023	$ 190,100

(b)	Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and 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.

(c)	Tax Fees. There were no fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance.

(d)	All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2024 and 2023 respectively.

(e)(1)	The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)	There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2024 and 2023 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h)	Not applicable.

(i)	Not applicable.

(j)	Not applicable.


Section 1 \| Schedule of Investments	2
Section 2 \| Statements of Assets and Liabilities	47
Section 3 \| Statements of Operations	54
Section 4 \| Statements of Changes in Net Assets	58
Section 5 \| Financial Highlights	64
Section 6 \| Notes to Financial Statements	100
Section 7 \| Opinion Letter	124
Section 8 \| Privacy Notice	125
Section 9 \| Disclosures	127

Shares			Fair Value
		COMMON STOCKS — 95.4%
		AEROSPACE & DEFENSE — 2.0%
	999	TransDigm Group, Inc.	$	1,425,703

		APPAREL & TEXTILE PRODUCTS — 3.6%
	16,116	Deckers Outdoor Corporation^(a)		2,569,696

		BIOTECH & PHARMA — 0.8%
	13,759	Ionis Pharmaceuticals, Inc.^(a)		551,186

		COMMERCIAL SUPPORT SERVICES — 3.9%
	11,751	Clean Harbors, Inc.^(a)		2,840,334

		DATA CENTER REIT — 2.2%
	9,963	Digital Realty Trust, Inc.		1,612,312

		ELECTRICAL EQUIPMENT — 7.5%
	34,452	Amphenol Corporation, Class A		2,244,892
	5,731	Trane Technologies PLC		2,227,812
	9,247	Vertiv Holdings Company		919,984
				5,392,688
		ENGINEERING & CONSTRUCTION — 7.6%
	8,655	Comfort Systems USA, Inc.		3,378,480
	6,800	Quanta Services, Inc.		2,027,420
				5,405,900
		HEALTH CARE FACILITIES & SERVICES — 6.6%
	19,897	Cardinal Health, Inc.		2,199,016
	15,288	Tenet Healthcare Corporation^(a)		2,540,866
				4,739,882
		HOME CONSTRUCTION — 5.6%
	3,862	Lennar Corporation, Class A		724,048
	21,203	Toll Brothers, Inc.		3,275,651
				3,999,699
		INDUSTRIAL SUPPORT SERVICES — 3.0%
	2,655	United Rentals, Inc.		2,149,833

		INSURANCE — 0.9%
	10,853	Kemper Corporation		664,746

		LEISURE FACILITIES & SERVICES — 3.1%
	5,146	Domino’s Pizza, Inc.		2,213,500

Shares			Fair Value
		MACHINERY — 3.6%
	4,156	Parker-Hannifin Corporation	$	2,625,844

		MEDICAL EQUIPMENT & DEVICES — 7.9%
	25,810	Avantor, Inc.^(a)		667,705
	11,356	DexCom, Inc.^(a)		761,306
	13,073	Lantheus Holdings, Inc.^(a)		1,434,762
	15,930	Natera, Inc.^(a)		2,022,314
	2,895	West Pharmaceutical Services, Inc.		868,963
				5,755,050
		OIL & GAS PRODUCERS — 4.3%
	11,039	Cheniere Energy, Inc.		1,985,254
	6,698	Diamondback Energy, Inc.		1,154,735
				3,139,989
		RENEWABLE ENERGY — 1.2%
	3,363	First Solar, Inc.^(a)		838,867

		RETAIL - DISCRETIONARY — 6.5%
	9,776	Burlington Stores, Inc.^(a)		2,575,781
	14,539	Ross Stores, Inc.		2,188,265
				4,764,046
		SEMICONDUCTORS — 7.5%
	35,677	Marvell Technology, Inc.		2,573,025
	3,031	Monolithic Power Systems, Inc.		2,802,160
				5,375,185
		SOFTWARE — 9.8%
	5,582	Crowdstrike Holdings, Inc., Class A^(a)		1,565,583
	1,711	HubSpot, Inc.^(a)		909,568
	7,895	Manhattan Associates, Inc.^(a)		2,221,494
	5,536	MongoDB, Inc.^(a)		1,496,658
	5,208	Zscaler, Inc.^(a)		890,256
				7,083,559
		TECHNOLOGY HARDWARE — 5.7%
	3,931	Arista Networks, Inc.^(a)		1,508,796
	14,376	Pure Storage, Inc., Class A^(a)		722,250
	16,994	Seagate Technology Holdings PLC		1,861,353
				4,092,399
		TECHNOLOGY SERVICES — 2.1%
	2,619	MSCI, Inc.		1,526,694

		TOTAL COMMON STOCKS (Cost $53,612,028)		68,767,112

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.2%
		MONEY MARKET FUNDS — 7.2%
	5,151,213	Fidelity Government Portfolio, Institutional Class, 4.84% (Cost $5,151,213)^(b)	$	5,151,213

		TOTAL INVESTMENTS — 102.6% (Cost $58,763,241)	$	73,918,325
		LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%		(1,892,151	)
		NET ASSETS — 100.0%	$	72,026,174

MSCI	Morgan Stanley Capital International
PLC	Public Limited Company
REIT	Real Estate Investment Trust

^(a)	Non-income producing security.
^(b)	Rate disclosed is the seven day effective yield as of September 30, 2024.

Shares			Fair Value
		COMMON STOCKS — 95.0%
		AEROSPACE & DEFENSE — 4.2%
	82,000	Safran S.A. - ADR	$	4,828,324
	92,000	Thales S.A. - ADR		2,912,720
				7,741,044
		APPAREL & TEXTILE PRODUCTS — 1.8%
	207,000	Cie Financiere Richemont S.A. - ADR		3,272,670

		AUTOMOTIVE — 1.0%
	43,800	Magna International, Inc.		1,797,552

		BANKING — 12.3%
	40,522	DBS Group Holdings Ltd. - ADR		4,780,381
	34,500	HDFC Bank Ltd. - ADR		2,158,320
	112,100	ICICI Bank Ltd. - ADR		3,346,185
	272,000	Itau Unibanco Holding S.A. - ADR		1,808,800
	78,700	KBC Group N.V. - ADR		3,125,964
	334,000	Sumitomo Mitsui Financial Group, Inc. - ADR		4,218,420
	131,000	UniCredit SpA - ADR		2,872,830
				22,310,900
		BIOTECH & PHARMA — 1.5%
	5,200	Argenx S.E. - ADR^(a)		2,818,816

		CHEMICALS — 2.3%
	109,362	Air Liquide S.A. - ADR		4,226,841

		CONSTRUCTION MATERIALS — 2.9%
	58,000	CRH plc		5,378,920

		DIVERSIFIED INDUSTRIALS — 1.7%
	60,000	Hitachi Ltd. - ADR		3,180,000

		ELECTRIC UTILITIES — 3.2%
	438,000	Enel - Societa per Azioni - ADR		3,486,480
	39,200	Iberdrola SA - ADR		2,430,008
				5,916,488
		ELECTRICAL EQUIPMENT — 2.6%
	81,000	ABB Ltd. - ADR		4,691,520

		ENGINEERING & CONSTRUCTION — 2.9%
	63,000	Cellnex Telecom S.A. - ADR		1,270,710
	139,000	Vinci S.A. - ADR		4,068,530
				5,339,240

Shares			Fair Value
		FOOD — 0.5%
	53,000	Mowi ASA - ADR	$	949,760

		HEALTH CARE FACILITIES & SERVICES — 2.3%
	14,400	ICON plc^(a)		4,137,264

		HOUSEHOLD PRODUCTS — 1.3%
	340,000	Unicharm Corporation - ADR		2,437,800

		INDUSTRIAL SUPPORT SERVICES — 1.6%
	9,500	Ashtead Group plc - ADR		2,934,455

		INSTITUTIONAL FINANCIAL SERVICES — 5.0%
	157,500	Deutsche Boerse A.G. - ADR		3,690,225
	158,000	London Stock Exchange Group plc - ADR		5,490,500
				9,180,725
		INSURANCE — 5.5%
	60,000	AIA Group Ltd. - ADR		2,111,400
	62,400	Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR		3,438,240
	120,000	Tokio Marine Holdings, Inc. - ADR		4,398,000
				9,947,640
		INTERNET MEDIA & SERVICES — 2.3%
	485,181	Prosus N.V. - ADR		4,221,075

		MACHINERY — 5.2%
	244,000	Atlas Copco A.B. - ADR		4,167,520
	68,150	Techtronic Industries Company Ltd. - ADR		5,131,695
				9,299,215
		MEDICAL EQUIPMENT & DEVICES — 7.3%
	62,500	Alcon, Inc.		6,254,375
	35,000	Hoya Corporation - ADR		4,844,000
	66,400	Smith & Nephew plc - ADR		2,067,696
				13,166,071
		METALS & MINING — 1.0%
	26,300	Rio Tinto plc - ADR		1,871,771

		OIL & GAS PRODUCERS — 5.1%
	142,600	Canadian Natural Resources Ltd.		4,735,746
	135,000	Equinor ASA - ADR		3,419,550
	81,500	Petroleo Brasileiro S.A. - ADR		1,174,415
				9,329,711
		SEMICONDUCTORS — 7.0%
	7,400	ASM International N.V. - ADR		4,849,960
	5,700	NXP Semiconductors N.V.		1,368,057

Shares			Fair Value
		SEMICONDUCTORS — 7.0% (Continued)
	27,900	Taiwan Semiconductor Manufacturing Company Ltd. - ADR	$	4,845,393
	19,200	Tokyo Electron Ltd. - ADR		1,705,536
				12,768,946
		SOFTWARE — 1.7%
	17,400	Nice Ltd. - ADR^(a)		3,021,858

		SPECIALTY FINANCE — 2.5%
	39,500	ORIX Corporation - ADR		4,583,975

		TECHNOLOGY HARDWARE — 2.4%
	347,028	FUJIFILM Holdings Corporation - ADR		4,462,780

		TECHNOLOGY SERVICES — 2.8%
	50,000	Amadeus IT Group S.A. - ADR		3,613,000
	71,000	Infosys Ltd. - ADR		1,581,170
				5,194,170
		TRANSPORTATION & LOGISTICS — 2.9%
	61,800	Canadian Pacific Kansas City Ltd.		5,286,372

		WHOLESALE - CONSUMER STAPLES — 2.2%
	37,100	ITOCHU Corporation - ADR		3,993,815

		TOTAL COMMON STOCKS (Cost $118,453,958)		173,461,394

		SHORT-TERM INVESTMENTS — 4.9%
		MONEY MARKET FUNDS — 4.9%
	9,027,878	Fidelity Government Portfolio, Institutional Class, 4.84% (Cost $9,027,878)^(b)		9,027,878

		TOTAL INVESTMENTS — 99.9% (Cost $127,481,836)	$	182,489,272
		OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		155,708
		NET ASSETS — 100.0%	$	182,644,980

ADR	American Depositary Receipt
LTD	Limited Company
NV	Naamioze Vennootschap
PLC	Public Limited Company
S/A	Société Anonyme

^(a)	Non-income producing security.
^(b)	Rate disclosed is the seven day effective yield as of September 30, 2024.

			DIVERSIFICATION OF ASSETS
% OF NET ASSETS			COUNTRY	% OF NET ASSETS			COUNTRY
	18.5	%	Japan		2.7	%	Taiwan Province Of China
	8.8	%	France		2.6	%	Singapore
	7.8	%	Switzerland		2.4	%	Norway
	7.3	%	Netherlands		2.3	%	Sweden
	6.8	%	United Kingdom		1.7	%	Belgium
	6.5	%	Canada		1.7	%	Israel
	5.2	%	Ireland		1.6	%	Brazil
	4.0	%	Spain		95.0	%	Total
	4.0	%	Hong Kong		4.9	%	Money Market Funds
	3.9	%	Germany		0.1	%	Other Assets In Excess Of Liabilities
	3.9	%	India		100.0	%	Grand Total
	3.5	%	Italy

Shares			Fair Value
		COMMON STOCKS — 83.9%
		AEROSPACE & DEFENSE — 2.2%
	3,295	TransDigm Group, Inc.	$	4,702,393

		AUTOMOTIVE — 2.7%
	22,594	Tesla, Inc.^(a)		5,911,268

		BIOTECH & PHARMA — 3.3%
	3,193	Regeneron Pharmaceuticals, Inc.^(a)		3,356,609
	19,582	Zoetis, Inc.		3,825,931
				7,182,540
		CHEMICALS — 4.1%
	11,762	Linde plc		5,608,828
	8,605	Sherwin-Williams Company (The)		3,284,270
				8,893,098
		COMMERCIAL SUPPORT SERVICES — 3.5%
	16,108	Cintas Corporation		3,316,315
	21,235	Waste Management, Inc.		4,408,386
				7,724,701
		CONSTRUCTION MATERIALS — 1.0%
	4,168	Martin Marietta Materials, Inc.		2,243,426

		ELECTRICAL EQUIPMENT — 2.0%
	65,116	Amphenol Corporation, Class A		4,242,959

		FORESTRY, PAPER & WOOD PRODUCTS — 0.4%
	13,111	Trex Company, Inc.^(a)		872,930

		HEALTH CARE FACILITIES & SERVICES — 1.5%
	8,034	HCA Healthcare, Inc.		3,265,259

		INDUSTRIAL REIT — 1.3%
	21,866	Prologis, Inc.		2,761,238

		INFRASTRUCTURE REIT — 1.6%
	8,728	American Tower Corporation		2,029,784
	13,435	Crown Castle, Inc.		1,593,794
				3,623,578
		INFRASTRUCTURE SOFTWARE — 0.7%
	14,033	Datadog, Inc., Class A^(a)		1,614,637

		INSTITUTIONAL FINANCIAL SERVICES — 1.5%
	20,674	Intercontinental Exchange, Inc.		3,321,071

Shares			Fair Value
		INSURANCE — 2.7%
	20,537	Arthur J Gallagher & Company	$	5,778,496

		LEISURE FACILITIES & SERVICES — 2.3%
	59,088	Chipotle Mexican Grill, Inc.^(a)		3,404,651
	3,681	Wingstop, Inc.		1,531,590
				4,936,241
		MACHINERY — 1.3%
	6,946	Caterpillar, Inc.		2,716,720

		MEDICAL EQUIPMENT & DEVICES — 6.8%
	17,047	Danaher Corporation		4,739,407
	9,677	Intuitive Surgical, Inc.^(a)		4,754,020
	14,128	Stryker Corporation		5,103,882
				14,597,309
		RETAIL - CONSUMER STAPLES — 4.0%
	9,666	Costco Wholesale Corporation		8,569,102

		RETAIL - DISCRETIONARY — 2.4%
	5,197	Burlington Stores, Inc.^(a)		1,369,306
	3,337	O’Reilly Automotive, Inc.^(a)		3,842,889
				5,212,195
		SEMICONDUCTORS — 18.4%
	17,926	Analog Devices, Inc.		4,126,027
	40,699	Broadcom, Inc.		7,020,578
	4,958	KLA Corporation		3,839,525
	170,763	NVIDIA Corporation		20,737,459
	7,643	NXP Semiconductors N.V.		1,834,396
	13,051	Taiwan Semiconductor Manufacturing Company Ltd. - ADR		2,266,567
				39,824,552
		SOFTWARE — 14.7%
	15,523	Cadence Design Systems, Inc.^(a)		4,207,199
	3,787	Crowdstrike Holdings, Inc., Class A^(a)		1,062,140
	27,791	DocuSign, Inc.^(a)		1,725,543
	8,209	Guidewire Software, Inc.^(a)		1,501,754
	3,090	HubSpot, Inc.^(a)		1,642,644
	5,050	Manhattan Associates, Inc.^(a)		1,420,969
	1,782	MongoDB, Inc.^(a)		481,764
	11,240	Palo Alto Networks, Inc.^(a)		3,841,832
	7,688	ServiceNow, Inc.^(a)		6,876,071
	22,795	Shopify, Inc., Class A^(a)		1,826,791
	7,988	Synopsys, Inc.^(a)		4,045,043
	4,979	Tyler Technologies, Inc.^(a)		2,906,342
				31,538,092

Shares			Fair Value
		TECHNOLOGY HARDWARE — 2.7%
	12,459	Arista Networks, Inc.^(a)	$	4,782,013
	18,074	Ciena Corporation^(a)		1,113,178
				5,895,191
		TECHNOLOGY SERVICES — 1.0%
	10,016	CDW Corporation		2,266,621

		TRANSPORTATION & LOGISTICS — 1.8%
	37,975	Canadian Pacific Kansas City Ltd.		3,248,381
	3,764	Old Dominion Freight Line, Inc.		747,681
				3,996,062
		TOTAL COMMON STOCKS (Cost $128,669,896)		181,689,679

		EXCHANGE-TRADED FUNDS — 11.8%
		EQUITY — 11.8%
	791,000	Timothy Plan US Large/Mid Cap Core Enhanced ETF^(b)		20,746,268
	109,000	Timothy Plan US Large/Mid Cap Core ETF^(b)		4,795,292
				25,541,560
		TOTAL EXCHANGE-TRADED FUNDS (Cost $23,130,928)		25,541,560

		SHORT-TERM INVESTMENTS — 4.4%
		MONEY MARKET FUNDS — 4.4%
	9,544,833	Fidelity Government Portfolio, Institutional Class, 4.84% (Cost $9,544,833)^(c)		9,544,833

		TOTAL INVESTMENTS — 100.1% (Cost $161,345,657)	$	216,776,072
		LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%		(169,134	)
		NET ASSETS — 100.0%	$	216,606,938

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
LTD	Limited Company
NV	Naamioze Vennootschap
PLC	Public Limited Company
REIT	Real Estate Investment Trust

^(a)	Non-income producing security.
^(b)	Investment in affiliate.
^(c)	Rate disclosed is the seven day effective yield as of September 30, 2024.

Shares			Fair Value
		COMMON STOCKS — 87.4%
		AEROSPACE & DEFENSE — 6.4%
	51,869	AAR Corporation^(a)	$	3,390,158
	50,003	Barnes Group, Inc.		2,020,621
	75,529	Kratos Defense & Security Solutions, Inc.^(a)		1,759,826
	41,040	Mercury Systems, Inc.^(a)		1,518,480
	18,374	Moog, Inc., Class A		3,711,915
				12,401,000
		BANKING — 13.9%
	92,132	Atlantic Union Bankshares Corporation		3,470,612
	47,338	Bank of NT Butterfield & Son Ltd. (The)		1,745,825
	33,942	Banner Corporation		2,021,586
	29,039	City Holding Company		3,408,888
	85,717	First Bancorp		3,564,970
	58,371	National Bank Holdings Corporation, Class A		2,457,419
	94,644	Provident Financial Services, Inc.		1,756,593
	100,042	Renasant Corporation		3,251,365
	128,132	Seacoast Banking Corporation of Florida		3,414,718
	77,296	Veritex Holdings, Inc.		2,034,431
				27,126,407
		BIOTECH & PHARMA — 1.8%
	48,117	Prestige Consumer Healthcare, Inc.^(a)		3,469,236

		CHEMICALS — 5.1%
	40,015	Avient Corporation		2,013,555
	20,870	Hawkins, Inc.		2,660,299
	15,513	Innospec, Inc.		1,754,365
	46,961	Stepan Company		3,627,737
				10,055,956
		ELECTRIC UTILITIES — 3.5%
	87,741	Avista Corporation		3,399,964
	60,900	Northwestern Energy Group, Inc.		3,484,698
				6,884,662
		FOOD — 1.8%
	20,626	J & J Snack Foods Corporation		3,550,147

		FORESTRY, PAPER & WOOD PRODUCTS — 1.9%
	26,159	Boise Cascade Company		3,687,896

		HOME CONSTRUCTION — 1.9%
	36,260	Century Communities, Inc.		3,734,055

Shares			Fair Value
		HOUSEHOLD PRODUCTS — 0.8%
	48,757	Central Garden & Pet Company, Class A^(a)	$	1,530,970

		INDUSTRIAL INTERMEDIATE PROD — 1.4%
	34,358	AZZ, Inc.		2,838,314

		INSTITUTIONAL FINANCIAL SERVICES — 4.0%
	25,937	Moelis & Company, Class A		1,776,944
	124,401	Perella Weinberg Partners LP		2,402,183
	12,673	Piper Sandler Cos		3,596,724
				7,775,851
		INSURANCE — 2.7%
	37,645	AMERISAFE, Inc.		1,819,383
	71,292	BRP Group, Inc.^(a)		3,550,341
				5,369,724
		LEISURE FACILITIES & SERVICES — 1.5%
	54,217	Papa John’s International, Inc.		2,920,670

		MACHINERY — 1.8%
	19,445	Alamo Group, Inc.		3,502,628

		MEDICAL EQUIPMENT & DEVICES — 5.0%
	111,763	Avanos Medical, Inc.^(a)		2,685,665
	49,007	CONMED Corporation		3,524,583
	36,374	Merit Medical Systems, Inc.^(a)		3,594,842
				9,805,090
		METALS & MINING — 1.8%
	214,781	Constellium S.E.^(a)		3,492,339

		OFFICE REIT — 1.8%
	114,103	COPT Defense Properties		3,460,744

		OIL & GAS PRODUCERS — 6.3%
	105,273	Laredo Petroleum, Inc.^(a)		2,831,844
	90,946	Northern Oil and Gas, Inc.		3,220,398
	153,896	Sitio Royalties Corporation, Class A		3,207,193
	77,566	SM Energy Company		3,100,313
				12,359,748
		OIL & GAS SERVICES & EQUIPMENT — 0.9%
	58,310	Thermon Group Holdings, Inc.^(a)		1,739,970

Shares			Fair Value
		REAL ESTATE INVESTMENT TRUSTS — 6.1%
	141,483	Plymouth Industrial REIT, Inc.	$	3,197,516
	79,876	PotlatchDeltic Corporation		3,598,414
	261,884	Summit Hotel Properties, Inc.		1,796,524
	158,971	Urban Edge Properties		3,400,390
				11,992,844
		RETAIL - DISCRETIONARY — 5.4%
	60,998	Academy Sports & Outdoors, Inc.		3,559,843
	10,550	Boot Barn Holdings, Inc.^(a)		1,764,804
	41,247	GMS, Inc.^(a)		3,735,741
	27,115	Sonic Automotive, Inc., Class A		1,585,685
				10,646,073
		RETAIL REIT — 1.8%
	121,213	Four Corners Property Trust, Inc.		3,552,753

		SEMICONDUCTORS — 1.9%
	44,185	Rambus, Inc.^(a)		1,865,491
	58,643	Veeco Instruments, Inc.^(a)		1,942,842
				3,808,333
		SOFTWARE — 1.8%
	123,272	Verra Mobility Corporation^(a)		3,428,194

		TECHNOLOGY HARDWARE — 1.7%
	373,135	Viavi Solutions, Inc.^(a)		3,365,678

		TELECOMMUNICATIONS — 0.9%
	23,862	Cogent Communications Holdings, Inc.		1,811,603

		TRANSPORTATION & LOGISTICS — 1.8%
	32,710	ArcBest Corporation		3,547,400

		TRANSPORTATION EQUIPMENT — 1.7%
	70,836	Blue Bird Corporation^(a)		3,397,295

		TOTAL COMMON STOCKS (Cost $153,390,172)		171,255,580

		EXCHANGE-TRADED FUNDS — 11.5%
		EQUITY — 11.5%
	580,000	Timothy Plan US Small Cap Core ETF^(b)		22,571,396

		TOTAL EXCHANGE-TRADED FUNDS (Cost $14,834,080)		22,571,396

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.1%
		MONEY MARKET FUNDS — 1.1%
	2,063,892	Fidelity Government Portfolio, Institutional Class, 4.84% (Cost $2,063,892)^(c)	$	2,063,892

		TOTAL INVESTMENTS — 100.0% (Cost $170,288,144)	$	195,890,868
		LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%^(d)		(16,704	)
		NET ASSETS — 100.0%	$	195,874,164

ETF	Exchange-Traded Fund
LP	Limited Partnership
LTD	Limited Company
REIT	Real Estate Investment Trust

^(a)	Non-income producing security.
^(b)	Investment in affiliate.
^(c)	Rate disclosed is the seven day effective yield as of September 30, 2024.
^(d)	Percentage rounds to less than 0.1%.

Shares			Fair Value
		COMMON STOCKS — 79.7%
		AEROSPACE & DEFENSE — 2.0%
	23,452	General Dynamics Corporation	$	7,087,194

		BANKING — 3.6%
	179,501	Atlantic Union Bankshares Corporation		6,761,804
	52,269	Cullen/Frost Bankers, Inc.		5,846,810
				12,608,614
		CHEMICALS — 2.0%
	18,966	Sherwin-Williams Company (The)		7,238,754

		COMMERCIAL SUPPORT SERVICES — 1.9%
	37,479	Waste Connections, Inc.		6,701,995

		CONTAINERS & PACKAGING — 1.5%
	55,114	Crown Holdings, Inc.		5,284,330

		ELECTRIC UTILITIES — 6.6%
	100,838	CMS Energy Corporation		7,122,188
	94,157	NextEra Energy, Inc.		7,959,091
	88,274	WEC Energy Group, Inc.		8,490,193
				23,571,472
		ELECTRICAL EQUIPMENT — 4.5%
	19,100	Hubbell, Inc.		8,181,484
	29,706	Littelfuse, Inc.		7,879,517
				16,061,001
		FOOD — 6.1%
	56,816	J M Smucker Company (The)		6,880,418
	36,524	Lancaster Colony Corporation		6,449,043
	102,319	McCormick & Company, Inc.		8,420,853
				21,750,314
		HEALTH CARE FACILITIES & SERVICES — 2.0%
	17,544	HCA Healthcare, Inc.		7,130,408

		INSTITUTIONAL FINANCIAL SERVICES — 2.1%
	47,052	Intercontinental Exchange, Inc.		7,558,433

		INSURANCE — 2.4%
	30,074	Arthur J Gallagher & Company		8,461,921

		LEISURE FACILITIES & SERVICES — 2.0%
	16,537	Domino’s Pizza, Inc.		7,113,225

Shares			Fair Value
		MEDICAL EQUIPMENT & DEVICES — 5.9%
	28,024	Danaher Corporation	$	7,791,232
	57,927	Revvity, Inc.		7,400,174
	23,046	STERIS plc		5,589,577
				20,780,983
		OIL & GAS PRODUCERS — 3.4%
	57,825	ConocoPhillips		6,087,816
	48,266	EOG Resources, Inc.		5,933,339
				12,021,155
		REAL ESTATE INVESTMENT TRUSTS — 2.2%
	63,296	Prologis, Inc.		7,993,019

		RETAIL - CONSUMER STAPLES — 2.0%
	7,840	Costco Wholesale Corporation		6,950,317

		RETAIL - DISCRETIONARY — 2.6%
	8,006	O’Reilly Automotive, Inc.^(a)		9,219,710

		SEMICONDUCTORS — 10.6%
	41,030	Broadcom, Inc.		7,077,675
	96,066	Marvell Technology, Inc.		6,928,280
	88,646	Microchip Technology, Inc.		7,117,387
	10,218	Monolithic Power Systems, Inc.		9,446,541
	57,440	NVIDIA Corporation		6,975,514
				37,545,397
		SOFTWARE — 7.4%
	24,878	Cadence Design Systems, Inc.^(a)		6,742,684
	11,229	Synopsys, Inc.^(a)		5,686,253
	11,980	Tyler Technologies, Inc.^(a)		6,992,966
	252,214	Verra Mobility Corporation^(a)		7,014,072
				26,435,975
		TECHNOLOGY SERVICES — 4.5%
	80,159	Amdocs Ltd.		7,012,309
	17,562	CACI International, Inc., Class A^(a)		8,861,083
				15,873,392
		TIMBER REIT — 2.2%
	225,834	Weyerhaeuser Company		7,646,739

		TRANSPORTATION & LOGISTICS — 2.2%
	31,118	Union Pacific Corporation		7,669,965

		TOTAL COMMON STOCKS (Cost $195,045,560)		282,704,313

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 16.8%
		EQUITY — 16.8%
	868,000	Timothy Plan High Dividend Stock Enhanced ETF^(b)	$	22,286,768
	182,500	Timothy Plan High Dividend Stock ETF^(b)		6,880,250
	969,000	Timothy Plan US Large/Mid Cap Core Enhanced ETF^(b)		25,414,835
	118,000	Timothy Plan US Large/Mid Cap Core ETF^(b)		5,191,233
				59,773,086
		TOTAL EXCHANGE-TRADED FUNDS (Cost $54,059,654)		59,773,086

		SHORT-TERM INVESTMENTS — 3.6%
		MONEY MARKET FUNDS — 3.6%
	12,668,778	Fidelity Government Portfolio, Institutional Class, 4.84% (Cost $12,668,778)^(c)		12,668,778

		TOTAL INVESTMENTS — 100.1% (Cost $261,773,992)	$	355,146,177
		LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%		(288,303	)
		NET ASSETS — 100.0%	$	354,857,874

Principal Amount ($)			Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 28.0%
		CHEMICALS — 2.0%
	1,570,000	Nutrien Ltd.		4.0000		12/15/26	$	1,559,356
	805,000	Nutrien Ltd.		2.9500		05/13/30		749,259
								2,308,615
		COMMERCIAL SUPPORT SERVICES — 0.8%
	450,000	Republic Services, Inc.		5.0000		04/01/34		463,318
	450,000	Waste Management, Inc.		4.6250		02/15/33		457,797
								921,115
		ELECTRIC UTILITIES — 3.5%
	2,205,000	American Electric Power Company, Inc.		3.2000		11/13/27		2,135,087
	1,000,000	Electricite de France S.A.^(a)		5.7000		05/23/28		1,040,966
	405,000	National Rural Utilities Cooperative Finance		5.0500		09/15/28		418,310
	442,000	WEC Energy Group, Inc.		3.5500		06/15/25		438,204
								4,032,567
		GAS & WATER UTILITIES — 1.9%
	2,185,000	NiSource, Inc.		3.4900		05/15/27		2,146,484

		INSTITUTIONAL FINANCIAL SERVICES — 0.9%
	1,000,000	Cboe Global Markets, Inc.		3.6500		01/12/27		989,146

		MACHINERY — 1.5%
	900,000	Caterpillar Financial Services Corporation		4.3500		05/15/26		905,569
	900,000	John Deere Capital Corporation		3.9000		06/07/32		877,274
								1,782,843
		METALS & MINING — 1.7%
	1,430,000	BHP Billiton Finance USA Ltd.		5.2500		09/08/33		1,497,718
	450,000	Rio Tinto Finance USA plc		5.0000		03/09/33		470,437
								1,968,155
		OIL & GAS PRODUCERS — 6.8%
	1,815,000	Columbia Pipelines Holding Company, LLC^(a)		6.0420		08/15/28		1,897,828
	1,125,000	Energy Transfer, L.P.		5.7500		02/15/33		1,178,838
	1,980,000	Energy Transfer, L.P.		6.2500		04/15/49		2,080,894
	450,000	Enterprise Products Operating, LLC		5.3500		01/31/33		472,063
	2,240,000	Phillips 66 Company		3.6050		02/15/25		2,227,723
								7,857,346
		REAL ESTATE INVESTMENT TRUSTS — 3.1%
	1,520,000	Digital Realty Trust, L.P.		3.7000		08/15/27		1,498,378
	2,200,000	Healthpeak Properties, Inc.		3.5000		07/15/29		2,110,342
								3,608,720
		RETAIL - CONSUMER STAPLES — 1.4%
	1,575,000	Dollar General Corporation		4.1250		05/01/28		1,553,983

	NON U.S. GOVERNMENT & AGENCIES — 3.5%
	LOCAL AUTHORITY — 1.9%
2,235,000	Province of Ontario Canada	2.5000	04/27/26	2,187,407

	SOVEREIGN — 1.6%
1,800,000	Israel Government International Bond	5.5000	03/12/34	1,813,644

	TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,008,000)			4,001,051

	U.S. GOVERNMENT & AGENCIES — 66.0%
	AGENCY FIXED RATE — 36.7%
1,097,947	Fannie Mae Pool FM5537	2.0000	01/01/36	1,012,273
820,412	Fannie Mae Pool MA4316	2.5000	04/01/36	771,594
628,985	Fannie Mae Pool MA4366	2.5000	06/01/41	567,592
368,450	Fannie Mae Pool MA4475	2.5000	10/01/41	333,036
1,058,687	Fannie Mae Pool MA4617	3.0000	04/01/42	987,303
861,994	Fannie Mae Pool FM4053	2.5000	08/01/50	756,340
1,172,351	Fannie Mae Pool CA8897	3.0000	02/01/51	1,068,225
740,114	Fannie Mae Pool MA4258	3.5000	02/01/51	695,667
407,038	Fannie Mae Pool FM6550	2.0000	03/01/51	342,897
723,990	Fannie Mae Pool CB0855	3.0000	06/01/51	656,863
1,391,561	Fannie Mae Pool FS3744	2.0000	07/01/51	1,158,193
439,852	Fannie Mae Pool FS1807	3.5000	07/01/51	415,045
1,423,317	Fannie Mae Pool CB1384	2.5000	08/01/51	1,242,075
1,272,257	Fannie Mae Pool FS6141	2.0000	01/01/52	1,063,558
316,897	Fannie Mae Pool BU1322	2.5000	02/01/52	275,724
877,874	Fannie Mae Pool CB3486	3.5000	05/01/52	818,569
464,676	Fannie Mae Pool FS1704	4.0000	05/01/52	450,497
781,923	Fannie Mae Pool BV9960	4.0000	06/01/52	754,027
839,324	Fannie Mae Pool FS3159	4.5000	10/01/52	830,781
1,286,524	Fannie Mae Pool FS4075	5.0000	04/01/53	1,298,438

Shares
		SHORT-TERM INVESTMENTS — 1.7%
		MONEY MARKET FUNDS — 1.7%
	1,990,884	Fidelity Government Portfolio, Institutional Class, 4.84% (Cost $1,990,884)^(b)		1,990,884

		TOTAL INVESTMENTS — 99.2% (Cost $115,239,812)	$	114,074,283
		OTHER ASSETS IN EXCESS OF LIABILITIES— 0.8%		950,367
		NET ASSETS — 100.0%	$	115,024,650

LLC	Limited Liability Company
LP	Limited Partnership
LTD	Limited Company
PLC	Public Limited Company
S/A	Société Anonyme

^(a)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2024 the total market value of 144A securities is 2,938,794 or 2.6% of net assets.
^(b)	Rate disclosed is the seven day effective yield as of September 30, 2024.

Principal Amount ($)			Spread	Coupon Rate (%)		Maturity		Fair Value
		CORPORATE BONDS — 96.4%
		AEROSPACE & DEFENSE — 1.3%
	1,000,000	TransDigm, Inc.^(a)			6.3750		03/01/29	$	1,034,429
	1,250,000	TransDigm, Inc.^(a)			6.8750		12/15/30		1,309,978
									2,344,407
		ASSET MANAGEMENT — 0.9%
	1,600,000	AG TTMT Escrow Issuer, LLC^(a)			8.6250		09/30/27		1,641,707

		AUTOMOTIVE — 1.8%
	2,250,000	Adient Global Holdings Ltd.^(a)			8.2500		04/15/31		2,387,644
	1,000,000	Goodyear Tire & Rubber Company (The)			5.6250		04/30/33		883,200
									3,270,844
		BIOTECH & PHARMA — 0.2%
	439,000	Bausch Health Americas, Inc.^(a)			8.5000		01/31/27		361,431

		CHEMICALS — 7.0%
	2,000,000	Avient Corporation^(a)			7.1250		08/01/30		2,091,106
	645,000	Avient Corporation^(a)			6.2500		11/01/31		661,812
	2,500,000	Axalta Coating Systems, LLC^(a)			3.3750		02/15/29		2,343,190
	3,000,000	Chemours Company (The)^(a)			4.6250		11/15/29		2,689,752
	1,360,000	INEOS Finance plc^(a)			7.5000		04/15/29		1,423,500
	2,570,000	Mativ Holdings, Inc.^(a)			8.0000		10/01/29		2,625,989
	1,000,000	WR Grace Holdings, LLC^(a)			7.3750		03/01/31		1,048,849
									12,884,198
		COMMERCIAL SUPPORT SERVICES — 8.6%
	2,310,000	Allied Universal Holdco, LLC^(a)			7.8750		02/15/31		2,362,111
	955,000	Allied Universal Holdco, LLC / Allied Universal Finance Corporation^(a)			9.7500		07/15/27		958,483
	125,000	Allied Universal Holdco, LLC / Allied Universal Finance Corporation^(a)			4.6250		06/01/28		117,759
	1,625,000	Clean Harbors, Inc.^(a)			6.3750		02/01/31		1,666,208
	1,625,000	Covanta Holding Corporation^(a)			4.8750		12/01/29		1,531,088
	2,250,000	Covanta Holding Corporation			5.0000		09/01/30		2,115,185
	3,255,000	Enviri Corporation^(a)			5.7500		07/31/27		3,197,977
	500,000	GFL Environmental, Inc.^(a)			6.7500		01/15/31		525,331
	1,000,000	VT Topco, Inc.^(a)			8.5000		08/15/30		1,068,537
	1,200,000	Waste Pro USA, Inc.^(a)			5.5000		02/15/26		1,197,706
	1,000,000	Williams Scotsman, Inc.^(a)			6.6250		06/15/29		1,030,496
									15,770,881
		CONSTRUCTION MATERIALS — 0.5%
	500,000	Cemex S.A.B. de C.V.^(a)			5.2000		09/17/30		501,768
	500,000	Cemex S.A.B. de C.V.^(a)			3.8750		07/11/31		460,584
									962,352

Shares			Fair Value
		COMMON STOCKS — 97.8%
		AEROSPACE & DEFENSE — 6.3%
	18,101	Elbit Systems Ltd.	$	3,622,010
	94,000	Leonardo DRS, Inc.^(a)		2,652,680
				6,274,690
		APPAREL & TEXTILE PRODUCTS — 2.6%
	23,816	Delta Galil Ltd.		1,076,361
	20,000	Fox Wizel Ltd.		1,510,072
				2,586,433
		BANKING — 17.4%
	86,000	Bank Hapoalim BM - ADR		4,140,900
	478,000	Bank Leumi Le-Israel BM		4,671,921
	45,300	First International Bank Of Israel Ltd.		1,872,363
	527,000	Israel Discount Bank Ltd., Class A		2,947,174
	95,000	Mizrahi Tefahot Bank Ltd.		3,707,454
				17,339,812
		BIOTECH & PHARMA — 0.6%
	33,000	Enlight Renewable Energy Ltd.^(a)		553,555

		CHEMICALS — 1.1%
	247,902	ICL Group Ltd.		1,053,584

		ELECTRIC UTILITIES — 1.7%
	22,700	Ormat Technologies, Inc.		1,746,566

		ELECTRICAL EQUIPMENT — 1.9%
	24,300	Camtek Ltd.		1,940,355

		HEALTH CARE FACILITIES & SERVICES — 1.7%
	12,769	Danel Adir Yeoshua Ltd.		1,167,887
	1,575,013	Novolog Ltd.		634,939
				1,802,826
		INSTITUTIONAL FINANCIAL SERVICES — 3.4%
	365,194	Tel Aviv Stock Exchange Ltd.		3,447,906

		INSURANCE — 4.2%
	97,000	Harel Insurance Investments & Financial Services		941,563
	773,628	Migdal Insurance & Financial Holdings Ltd.		1,054,523
	199,400	Phoenix Holdings Ltd. (The)		2,246,278
				4,242,364
		LEISURE FACILITIES & SERVICES — 1.5%
	12,800	Fattal Holdings 1998 Ltd.^(a)		1,463,573