UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number:           811-08228
 
 
Timothy Plan
(Exact name of registrant as specified in charter)
 
1055 Maitland Center Commons, Maitland, FL            32751
(Address of principal executive offices)                         (Zip code)
 
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219-8000
(Name and address of agent for service)
 
Registrant’s telephone number, including area code: (800) 846-7526  
 
Date of fiscal year end: December 31
 
Date of reporting period: June 30, 2025
 
 
 
Item 1. Reports to Stockholders.
 
(a)
 
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Timothy Plan US Large/Mid Cap Core ETF 

Image

Ticker: TPLC     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan US Large/Mid Cap Core ETF
$26
0.52%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$305,431,202
Number of Portfolio Holdings
281
Portfolio Turnover Rate
18%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Consumer Staples
4.7%
Materials
6.9%
Energy
7.0%
Consumer Discretionary
7.1%
Utilities
8.9%
Health Care
10.9%
Financials
14.0%
Information Technology
15.7%
Industrials
23.9%

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

(as of June 30, 2025)

Linde PLC
0.7%
Evergy, Inc.
0.6%
Intercontinental Exchange, Inc.
0.6%
Atmos Energy Corp.
0.6%
Seagate Technology Holdings PLC
0.6%
CME Group, Inc.
0.6%
NiSource, Inc.
0.6%
DTE Energy Co.
0.6%
Nasdaq, Inc.
0.5%
CMS Energy Corp.
0.5%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPLC — SAR (6/25)

Timothy Plan High Dividend Stock ETF 

Image

Ticker: TPHD     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan High Dividend Stock ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan High Dividend Stock ETF
$26
0.52%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$300,827,093
Number of Portfolio Holdings
101
Portfolio Turnover Rate
24%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Health Care
1.2%
Consumer Discretionary
5.0%
Consumer Staples
6.7%
Information Technology
9.0%
Materials
11.3%
Financials
13.8%
Energy
14.1%
Industrials
17.1%
Utilities
21.4%

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

(as of June 30, 2025)

Evergy, Inc.
1.6%
Atmos Energy Corp.
1.5%
Seagate Technology Holdings PLC
1.5%
CME Group, Inc.
1.4%
NiSource, Inc.
1.4%
DTE Energy Co.
1.4%
CMS Energy Corp.
1.4%
Illinois Tool Works, Inc.
1.3%
WEC Energy Group, Inc.
1.3%
Alliant Energy Corp.
1.3%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPHD — SAR (6/25)

Timothy Plan US Small Cap Core ETF 

Image

Ticker: TPSC     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan US Small Cap Core ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan US Small Cap Core ETF
$26
0.52%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$207,270,319
Number of Portfolio Holdings
448
Portfolio Turnover Rate
23%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Real Estate
0.8%
Communication Services
2.0%
Energy
4.7%
Consumer Staples
5.1%
Materials
5.5%
Health Care
6.0%
Utilities
6.4%
Information Technology
10.1%
Consumer Discretionary
12.3%
Industrials
21.1%
FinancialsFootnote Reference**
25.7%

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

(as of June 30, 2025)

Madison Square Garden Sports Corp.
0.4%
Federated Hermes, Inc.
0.4%
IDACORP, Inc.
0.4%
Sensient Technologies Corp.
0.4%
Portland General Electric Co.
0.4%
TXNM Energy, Inc.
0.4%
TTM Technologies, Inc.
0.4%
Black Hills Corp.
0.4%
NMI Holdings, Inc.
0.4%
Silgan Holdings, Inc.
0.4%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
**
In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPSC — SAR (6/25)

Timothy Plan International ETF 

Image

Ticker: TPIF     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan International ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan International ETF
$34
0.62%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$148,174,594
Number of Portfolio Holdings
355
Portfolio Turnover Rate
16%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
0.4%
Real Estate
2.2%
Communication Services
2.8%
Consumer Staples
4.2%
Energy
6.4%
Consumer Discretionary
6.5%
Health Care
6.6%
Information Technology
6.8%
Utilities
8.3%
Materials
8.5%
Industrials
20.8%
FinancialsFootnote Reference**
25.5%

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

(as of June 30, 2025)

Swisscom AG, Registered Shares
0.5%
Swiss Life Holding AG, Registered
0.5%
The Bank of Nova Scotia
0.5%
Engie SA
0.5%
CLP Holdings Ltd.
0.5%
National Bank of Canada
0.5%
Hydro One Ltd.
0.5%
Terna - Rete Elettrica Nazionale
0.5%
Fortis, Inc.
0.5%
NN Group NV
0.5%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
**
In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPIF — SAR (6/25)

Timothy Plan High Dividend Stock Enhanced ETF 

Image

Ticker: TPHE     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan High Dividend Stock Enhanced ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan High Dividend Stock Enhanced ETF
$26
0.52%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$25,161,010
Number of Portfolio Holdings
101
Portfolio Turnover Rate
64%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Health Care
1.2%
Consumer Discretionary
5.1%
Consumer Staples
6.7%
Information Technology
8.9%
Materials
11.2%
Financials
13.7%
Energy
14.1%
Industrials
17.1%
Utilities
21.4%

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

(as of June 30, 2025)

Evergy, Inc.
1.6%
Atmos Energy Corp.
1.5%
Seagate Technology Holdings PLC
1.5%
CME Group, Inc.
1.4%
NiSource, Inc.
1.4%
DTE Energy Co.
1.4%
CMS Energy Corp.
1.4%
Illinois Tool Works, Inc.
1.3%
WEC Energy Group, Inc.
1.3%
Alliant Energy Corp.
1.3%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPHE — SAR (6/25)

Timothy Plan US Large/Mid Cap Core Enhanced ETF 

Image

Ticker: TPLE     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan US Large/Mid Cap Core Enhanced ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan US Large/Mid Cap Core Enhanced ETF
$26
0.52%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$17,400,368
Number of Portfolio Holdings
281
Portfolio Turnover Rate
9%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Consumer Staples
4.7%
Materials
6.9%
Consumer Discretionary
7.0%
Energy
7.0%
Utilities
8.9%
Health Care
11.0%
Financials
13.9%
Information Technology
15.7%
Industrials
23.8%

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

(as of June 30, 2025)

Linde PLC
0.7%
Evergy, Inc.
0.6%
Intercontinental Exchange, Inc.
0.6%
Atmos Energy Corp.
0.6%
Seagate Technology Holdings PLC
0.6%
CME Group, Inc.
0.6%
NiSource, Inc.
0.6%
DTE Energy Co.
0.5%
Nasdaq, Inc.
0.5%
CMS Energy Corp.
0.5%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPLE — SAR (6/25)

Timothy Plan Market Neutral ETF 

Image

Ticker: TPMN     Exchange:  NYSE

Semi-annual shareholder report  — June 30, 2025

The semi-annual shareholder report contains important information about Timothy Plan Market Neutral ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at etf.timothyplan.com. You may also request more information by calling 800.846.7526  or visiting timothyplan.com/contact-us.    

What were the Fund's costs for the last  six months?

(based on a hypothetical $10,000 investment)

FUND NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
Timothy Plan Market Neutral ETF
$33
0.65%
FootnoteDescription
Footnote*
 Annualized

FUND STATISTICS

Net Assets
$30,695,509
Number of Portfolio Holdings
299
Portfolio Turnover Rate
19%

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

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Health Care
1.1%
Communication Services
3.1%
Consumer Staples
5.9%
Consumer Discretionary
7.7%
Materials
8.2%
Industrials
8.2%
Energy
15.5%
Utilities
19.3%
Financials
21.6%

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

(as of June 30, 2025)

ACS Actividades de Construccion y Servicios SA
0.9%
Intesa Sanpaolo SpA
0.8%
Enel SpA
0.8%
Telenor ASA
0.8%
Tele2 AB, Class B Shares
0.8%
TXNM Energy, Inc.
0.7%
Bouygues SA
0.7%
Emera, Inc.
0.7%
Keyera Corp.
0.7%
Power Corp. of Canada
0.7%
*
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Information

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

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

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

 

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

TPMN — SAR (6/25)

 
(b)  Not applicable. 
 
Item 2. Code of Ethics.
 
                Not applicable __ only for annual reports.
 
Item 3. Audit Committee Financial Expert.
 
Not applicable __ only for annual reports.
 
Item 4. Principal Accountant Fees and Services.
         
Not applicable __ only for annual reports.
 
Item 5.    Audit Committee of Listed Registrants.
 
Not applicable __ only for annual reports.
 
Item 6.   Investments.
 
(a)  The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.
 
(b)  Not applicable.
 
Item 7. Financial Statements and Other Information.
 
(a)
 
SEMI-ANNUAL
Full
Financials
June
30,
2025
Listed
and
traded
on:
The
New
York
Stock
Exchange
Ticker
Symbol
TIMOTHY
PLAN
US
SMALL
CAP
CORE
ETF
TPSC
TIMOTHY
PLAN
US
LARGE/MID
CAP
CORE
ETF
TPLC
TIMOTHY
PLAN
HIGH
DIVIDEND
STOCK
ETF
TPHD
TIMOTHY
PLAN
INTERNATIONAL
ETF
TPIF
TIMOTHY
PLAN
US
LARGE/MID
CAP
CORE
ENHANCED
ETF
TPLE
TIMOTHY
PLAN
HIGH
DIVIDEND
STOCK
ENHANCED
ETF
TPHE
TIMOTHY
PLAN
MARKET
NEUTRAL
ETF
TPMN
Table
of
Contents
•
NOT
FDIC
INSURED
•NO
BANK
GUARANTEE
•
MAY
LOSE
VALUE
•
INVESTMENTS
INVOLVE
RISK
•
PRINCIPAL
LOSS
IS
POSSIBLE
Schedule
of
Portfolio
Investments
3
Statements
of
Assets
and
Liabilities
33
Statements
of
Operations
37
Statements
of
Changes
in
Net
Assets
41
Financial
Highlights
45
Notes
to
Financial
Statements
52
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
63
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
3
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.7%)
Banks
(
13
.6
%
):
Ameris
Bancorp
8,684‌
561,855‌
Associated
Banc-Corp.
20,846‌
508,434‌
Atlantic
Union
Bankshares
Corp.
17,714‌
554,094‌
Axos
Financial,
Inc.(a)
5,920‌
450,157‌
Banc
of
California,
Inc.
31,002‌
435,578‌
BancFirst
Corp.
4,116‌
508,820‌
Bank
of
Hawaii
Corp.
7,576‌
511,607‌
Bank
OZK
10,790‌
507,777‌
BankUnited,
Inc.
13,249‌
471,532‌
Banner
Corp.
7,465‌
478,880‌
Cadence
Bank
15,410‌
492,812‌
Cathay
General
Bancorp
12,233‌
556,969‌
City
Holding
Co.
4,733‌
579,414‌
Columbia
Banking
System,
Inc.
18,987‌
443,916‌
Community
Financial
System,
Inc.
8,137‌
462,751‌
CVB
Financial
Corp.
24,251‌
479,927‌
Enterprise
Financial
Services
Corp.
8,768‌
483,117‌
FB
Financial
Corp.
10,084‌
456,805‌
First
Bancorp
11,175‌
492,706‌
First
Bancorp
Puerto
Rico
24,247‌
505,065‌
First
Financial
Bancorp
19,448‌
471,809‌
First
Financial
Bankshares,
Inc.
13,959‌
502,245‌
First
Hawaiian,
Inc.
23,014‌
574,429‌
First
Interstate
BancSystem,
Inc.,
Class
A
17,142‌
494,032‌
First
Merchants
Corp.
12,234‌
468,562‌
FNB
Corp.
36,511‌
532,330‌
Fulton
Financial
Corp.
26,761‌
482,768‌
Glacier
Bancorp,
Inc.
11,113‌
478,748‌
Hancock
Whitney
Corp.
8,945‌
513,443‌
Hilltop
Holdings,
Inc.
17,582‌
533,614‌
Home
Bancshares,
Inc.
20,090‌
571,761‌
Independent
Bank
Corp.
7,520‌
472,895‌
International
Bancshares
Corp.
7,633‌
508,053‌
NBT
Bancorp,
Inc.
11,532‌
479,155‌
Nicolet
Bankshares,
Inc.
4,217‌
520,715‌
OFG
Bancorp
13,064‌
559,139‌
Old
National
Bancorp
22,709‌
484,610‌
Pacific
Premier
Bancorp,
Inc.
20,358‌
429,350‌
Park
National
Corp.
2,598‌
434,542‌
Pathward
Financial,
Inc.
6,811‌
538,886‌
Provident
Financial
Services,
Inc.
28,276‌
495,678‌
Renasant
Corp.
16,149‌
580,234‌
Seacoast
Banking
Corp.
of
Florida
19,938‌
550,688‌
ServisFirst
Bancshares,
Inc.
5,702‌
441,962‌
Simmons
First
National
Corp.,
Class
A
28,442‌
539,260‌
Stock
Yards
Bancorp,
Inc.
6,657‌
525,770‌
Texas
Capital
Bancshares,
Inc.(a)
6,780‌
538,332‌
The
Bancorp,
Inc.(a)
7,201‌
410,241‌
Towne
Bank
16,609‌
567,696‌
UMB
Financial
Corp.
5,092‌
535,475‌
United
Bankshares,
Inc.
15,040‌
547,907‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Banks
(13.6%):
(continued)
United
Community
Banks,
Inc.
18,216‌
542,655‌
Valley
National
Bancorp
49,817‌
444,866‌
WaFd,
Inc.
18,148‌
531,373‌
WesBanco,
Inc.
16,460‌
520,630‌
WSFS
Financial
Corp.
8,793‌
483,615‌
28,249,684‌
Capital
Markets
(
3
.0
%
):
Affiliated
Managers
Group,
Inc.
3,314‌
652,096‌
Artisan
Partners
Asset
Management,
Inc.,
Class
A
13,568‌
601,469‌
BGC
Group,
Inc.,
Class
A
49,113‌
502,426‌
Cohen
&
Steers,
Inc.
6,774‌
510,421‌
Federated
Hermes,
Inc.
18,998‌
841,991‌
Hamilton
Lane,
Inc.,
Class
A
3,061‌
435,029‌
Lazard,
Inc.
9,743‌
467,469‌
Moelis
&
Co.,
Class
A
7,186‌
447,832‌
Piper
Sandler
Cos.
1,680‌
466,939‌
PJT
Partners,
Inc.,
Class
A
3,067‌
506,086‌
StoneX
Group,
Inc.(a)
5,908‌
538,455‌
Virtu
Financial,
Inc.,
Class
A
10,316‌
462,054‌
6,432,267‌
Communication
Services
(
2
.0
%
):
Cargurus,
Inc.(a)
12,048‌
403,247‌
Integral
Ad
Science
Holding
Corp.(a)
50,938‌
423,295‌
Iridium
Communications,
Inc.
13,415‌
404,730‌
John
Wiley
&
Sons,
Inc.,
Class
A
10,205‌
455,449‌
Madison
Square
Garden
Entertainment
Corp.(a)
15,134‌
604,906‌
Madison
Square
Garden
Sports
Corp.(a)
4,064‌
849,173‌
Magnite,
Inc.(a)
27,097‌
653,580‌
ZoomInfo
Technologies,
Inc.(a)
30,585‌
309,520‌
4,103,900‌
Consumer
Discretionary
(
12
.3
%
):
Academy
Sports
&
Outdoors,
Inc.
10,285‌
460,871‌
Acushnet
Holdings
Corp.
7,285‌
530,494‌
Adtalem
Global
Education,
Inc.(a)
3,818‌
485,764‌
Asbury
Automotive
Group,
Inc.(a)
1,647‌
392,875‌
Atmus
Filtration
Technologies,
Inc.
13,798‌
502,523‌
Boot
Barn
Holdings,
Inc.(a)
2,787‌
423,624‌
Brinker
International,
Inc.(a)
1,922‌
346,594‌
Brunswick
Corp.
9,476‌
523,454‌
Cavco
Industries,
Inc.(a)
875‌
380,126‌
Century
Communities,
Inc.
6,647‌
374,359‌
Champion
Homes,
Inc.(a)
4,457‌
279,053‌
Chewy,
Inc.,
Class
A(a)
9,062‌
386,222‌
Columbia
Sportswear
Co.
7,992‌
488,151‌
Dillard's,
Inc.,
Class
A
1,068‌
446,242‌
Dorman
Products,
Inc.(a)
4,249‌
521,225‌
Dream
Finders
Homes,
Inc.,
Class
A(a)
12,173‌
305,908‌
Dutch
Bros,
Inc.,
Class
A(a)
3,615‌
247,158‌
Five
Below,
Inc.(a)
4,086‌
536,002‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
4
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Consumer
Discretionary
(12.3%):
(continued)
Foot
Locker,
Inc.(a)
25,219‌
617,866‌
Frontdoor,
Inc.(a)
8,563‌
504,703‌
Garrett
Motion,
Inc.
47,252‌
496,619‌
Graham
Holdings
Co.,
Class
B
498‌
471,193‌
Grand
Canyon
Education,
Inc.(a)
2,960‌
559,440‌
Green
Brick
Partners,
Inc.(a)
6,925‌
435,444‌
Group
1
Automotive,
Inc.
1,037‌
452,868‌
Harley-Davidson,
Inc.
18,494‌
436,458‌
Hilton
Grand
Vacations,
Inc.(a)
11,371‌
472,238‌
Kontoor
Brands,
Inc.
6,537‌
431,246‌
Laureate
Education,
Inc.(a)
24,217‌
566,193‌
La-Z-Boy,
Inc.,
Class
Z
12,443‌
462,506‌
LCI
Industries
5,079‌
463,154‌
LGI
Homes,
Inc.(a)
5,954‌
306,750‌
Life
Time
Group
Holdings,
Inc.(a)
12,561‌
380,975‌
M/I
Homes,
Inc.(a)
3,649‌
409,126‌
Mister
Car
Wash,
Inc.(a)
52,958‌
318,278‌
Modine
Manufacturing
Co.(a)
2,446‌
240,931‌
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
2,977‌
392,309‌
OneSpaWorld
Holdings
Ltd.
24,858‌
506,855‌
Patrick
Industries,
Inc.
5,257‌
485,063‌
Perdoceo
Education
Corp.
16,773‌
548,309‌
Phinia,
Inc.
9,986‌
444,277‌
Polaris,
Inc.
9,603‌
390,362‌
RH(a)
1,399‌
264,425‌
Sonic
Automotive,
Inc.,
Class
A
6,488‌
518,586‌
Steven
Madden
Ltd.
20,690‌
496,146‌
Strategic
Education,
Inc.
5,061‌
430,843‌
Stride,
Inc.(a)
1,895‌
275,135‌
The
Buckle,
Inc.
12,980‌
588,643‌
The
Cheesecake
Factory,
Inc.
8,234‌
515,942‌
The
Goodyear
Tire
&
Rubber
Co.(a)
26,965‌
279,627‌
The
Wendy's
Co.
39,704‌
453,420‌
Thor
Industries,
Inc.
5,320‌
472,469‌
Tri
Pointe
Homes,
Inc.(a)
14,946‌
477,525‌
United
Parks
&
Resorts,
Inc.(a)
9,626‌
453,866‌
Valvoline,
Inc.(a)
14,025‌
531,127‌
Visteon
Corp.(a)
6,416‌
598,613‌
Worthington
Enterprises,
Inc.
6,680‌
425,115‌
YETI
Holdings,
Inc.(a)
12,263‌
386,530‌
25,591,820‌
Consumer
Finance
(
0
.9
%
):
FirstCash
Holdings,
Inc.
5,038‌
680,835‌
OneMain
Holdings,
Inc.
9,064‌
516,648‌
SLM
Corp.
16,679‌
546,904‌
1,744,387‌
Consumer
Staples
(
5
.1
%
):
Cal-Maine
Foods,
Inc.
3,770‌
375,605‌
Central
Garden
&
Pet
Co.,
Class
A(a)
14,578‌
456,146‌
Darling
Ingredients,
Inc.(a)
11,382‌
431,833‌
Energizer
Holdings,
Inc.
21,423‌
431,888‌
Flowers
Foods,
Inc.
37,673‌
602,014‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Consumer
Staples
(5.1%):
(continued)
Freshpet,
Inc.(a)
3,919‌
266,335‌
Interparfums,
Inc.
4,100‌
538,371‌
J
&
J
Snack
Foods
Corp.
4,177‌
473,714‌
National
Beverage
Corp.
13,604‌
588,237‌
PriceSmart,
Inc.
5,566‌
584,653‌
Reynolds
Consumer
Products,
Inc.
25,597‌
548,288‌
Seaboard
Corp.
198‌
566,518‌
Spectrum
Brands
Holdings,
Inc.
8,654‌
458,662‌
The
Chefs'
Warehouse,
Inc.(a)
8,192‌
522,731‌
The
Marzetti
Co.
2,595‌
448,338‌
The
Simply
Good
Foods
Co.(a)
14,033‌
443,302‌
The
Vita
Coco
Co.,
Inc.(a)
11,197‌
404,212‌
Tootsie
Roll
Industries,
Inc.
19,589‌
655,252‌
Utz
Brands,
Inc.
33,702‌
422,960‌
WD-40
Co.
2,653‌
605,123‌
Weis
Markets,
Inc.
6,301‌
456,759‌
WK
Kellogg
Co.
14,959‌
238,446‌
10,519,387‌
Energy
(
4
.7
%
):
Archrock,
Inc.
15,178‌
376,870‌
Atlas
Energy
Solutions,
Inc.
25,035‌
334,718‌
Cactus,
Inc.,
Class
A
10,528‌
460,284‌
California
Resources
Corp.
11,334‌
517,624‌
Core
Natural
Resources,
Inc.
4,570‌
318,712‌
CVR
Energy,
Inc.
15,110‌
405,703‌
Excelerate
Energy,
Inc.,
Class
A
12,969‌
380,251‌
Helmerich
&
Payne,
Inc.
16,698‌
253,142‌
International
Seaways,
Inc.
11,364‌
414,559‌
Kinetik
Holdings,
Inc.
9,926‌
437,240‌
Kodiak
Gas
Services,
Inc.
9,273‌
317,786‌
Liberty
Energy,
Inc.
29,247‌
335,755‌
Magnolia
Oil
&
Gas
Corp.,
Class
A
22,544‌
506,789‌
Murphy
Oil
Corp.
20,626‌
464,085‌
Northern
Oil
&
Gas,
Inc.
16,623‌
471,262‌
Oceaneering
International,
Inc.(a)
18,643‌
386,283‌
Peabody
Energy
Corp.
25,164‌
337,701‌
Sitio
Royalties
Corp.,
Class
A
31,418‌
577,463‌
SM
Energy
Co.
15,483‌
382,585‌
Solaris
Energy
Infrastructure,
Inc.,
Class
A
9,340‌
264,228‌
Tidewater,
Inc.(a)
8,275‌
381,726‌
Valaris
Ltd.(a)
10,554‌
444,429‌
Viper
Energy,
Inc.
11,322‌
431,708‌
World
Kinect
Corp.
18,791‌
532,725‌
9,733,628‌
Financial
Services
(
3
.7
%
):
Euronet
Worldwide,
Inc.(a)
5,325‌
539,849‌
EVERTEC,
Inc.
14,196‌
511,766‌
Federal
Agricultural
Mortgage
Corp.,
Class
C
2,915‌
566,326‌
Marqeta,
Inc.,
Class
A(a)
52,958‌
308,745‌
Merchants
Bancorp
10,160‌
335,991‌
Mr.
Cooper
Group,
Inc.(a)
3,940‌
587,887‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
5
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Financial
Services
(3.7%):
(continued)
NCR
Atleos
Corp.(a)
15,588‌
444,726‌
NMI
Holdings,
Inc.(a)
17,486‌
737,734‌
Payoneer
Global,
Inc.(a)
42,968‌
294,331‌
PennyMac
Financial
Services,
Inc.
5,463‌
544,333‌
Radian
Group,
Inc.
17,059‌
614,465‌
Rocket
Cos.,
Inc.,
Class
A
21,933‌
311,010‌
Shift4
Payments,
Inc.(a)
3,843‌
380,880‌
The
Western
Union
Co.
57,933‌
487,796‌
Walker
&
Dunlop,
Inc.
6,601‌
465,239‌
7,131,078‌
Health
Care
(
6
.0
%
):
Acadia
Healthcare
Co.,
Inc.(a)
9,500‌
215,555‌
ACADIA
Pharmaceuticals,
Inc.(a)
21,486‌
463,453‌
Addus
HomeCare
Corp.(a)
4,822‌
555,446‌
ADMA
Biologics,
Inc.(a)
10,473‌
190,713‌
Agios
Pharmaceuticals,
Inc.(a)
9,997‌
332,500‌
Alkermes
PLC(a)
15,961‌
456,644‌
Catalyst
Pharmaceuticals,
Inc.(a)
15,443‌
335,113‌
Concentra
Group
Holdings
Parent,
Inc.
22,044‌
453,445‌
CONMED
Corp.
7,316‌
381,017‌
Corcept
Therapeutics,
Inc.(a)
1,526‌
112,008‌
CorVel
Corp.(a)
3,519‌
361,683‌
Doximity,
Inc.,
Class
A(a)
3,187‌
195,491‌
Dynavax
Technologies
Corp.(a)
38,497‌
381,890‌
Haemonetics
Corp.(a)
6,425‌
479,369‌
Harmony
Biosciences
Holdings,
Inc.(a)
9,820‌
310,312‌
Inspire
Medical
Systems,
Inc.(a)
1,651‌
214,250‌
Integer
Holdings
Corp.(a)
4,561‌
560,866‌
Krystal
Biotech,
Inc.(a)
2,076‌
285,367‌
LeMaitre
Vascular,
Inc.
5,304‌
440,497‌
MannKind
Corp.(a)
84,292‌
315,252‌
Merit
Medical
Systems,
Inc.(a)
7,048‌
658,847‌
Omnicell,
Inc.(a)
6,769‌
199,009‌
Option
Care
Health,
Inc.(a)
10,375‌
336,980‌
Prestige
Consumer
Healthcare,
Inc.(a)
6,543‌
522,459‌
Privia
Health
Group,
Inc.(a)
15,315‌
352,245‌
Progyny,
Inc.(a)
9,889‌
217,558‌
Protagonist
Therapeutics,
Inc.(a)
4,883‌
269,884‌
RadNet,
Inc.(a)
5,659‌
322,054‌
Select
Medical
Holdings
Corp.
23,445‌
355,895‌
Sotera
Health
Co.(a)
37,895‌
421,393‌
Supernus
Pharmaceuticals,
Inc.(a)
11,957‌
376,885‌
TG
Therapeutics,
Inc.(a)
5,886‌
211,837‌
TransMedics
Group,
Inc.(a)
2,466‌
330,469‌
UFP
Technologies,
Inc.(a)
1,274‌
311,060‌
Veracyte,
Inc.(a)
7,477‌
202,103‌
Vericel
Corp.(a)
8,375‌
356,356‌
12,485,905‌
Industrials
(
21
.1
%
):
AAR
Corp.(a)
6,664‌
458,417‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(21.1%):
(continued)
ABM
Industries,
Inc.
10,708‌
505,525‌
AeroVironment,
Inc.(a)
1,966‌
560,212‌
Air
Lease
Corp.
10,363‌
606,132‌
Alamo
Group,
Inc.
2,912‌
635,923‌
Albany
International
Corp.
6,436‌
451,357‌
ArcBest
Corp.
5,144‌
396,139‌
Arcosa,
Inc.
5,202‌
451,065‌
Argan,
Inc.
1,355‌
298,750‌
Aris
Water
Solutions,
Inc.,
Class
A
8,741‌
206,725‌
Armstrong
World
Industries,
Inc.
4,277‌
694,756‌
ASGN,
Inc.(a)
6,768‌
337,926‌
Atkore,
Inc.
4,838‌
341,321‌
AZZ,
Inc.
4,986‌
471,077‌
Boise
Cascade
Co.
3,927‌
340,942‌
Brady
Corp.,
Class
A
8,961‌
609,079‌
Casella
Waste
Systems,
Inc.(a)
5,215‌
601,707‌
CBIZ,
Inc.(a)
5,090‌
365,004‌
Concentrix
Corp.
4,185‌
221,198‌
Construction
Partners,
Inc.,
Class
A(a)
3,459‌
367,622‌
CoreCivic,
Inc.(a)
11,174‌
235,436‌
CSG
Systems
International,
Inc.
8,916‌
582,304‌
CSW
Industrials,
Inc.
1,334‌
382,631‌
DNOW,
Inc.(a)
21,476‌
318,489‌
Dycom
Industries,
Inc.(a)
2,149‌
525,194‌
Enerpac
Tool
Group
Corp.
12,296‌
498,726‌
EnerSys
6,722‌
576,546‌
Enpro,
Inc.
2,660‌
509,523‌
Esab
Corp.
3,697‌
445,673‌
ESCO
Technologies,
Inc.
2,637‌
505,961‌
Everus
Construction
Group,
Inc.(a)
5,127‌
325,718‌
ExlService
Holdings,
Inc.(a)
12,961‌
567,562‌
Exponent,
Inc.
7,142‌
533,579‌
Federal
Signal
Corp.
5,516‌
587,013‌
Franklin
Electric
Co.,
Inc.
6,004‌
538,799‌
Frontier
Group
Holdings,
Inc.(a)
54,343‌
197,265‌
GATX
Corp.
3,774‌
579,535‌
Genpact
Ltd.
9,581‌
421,660‌
Gibraltar
Industries,
Inc.(a)
7,256‌
428,104‌
GMS,
Inc.(a)
6,296‌
684,690‌
Granite
Construction,
Inc.
7,179‌
671,308‌
Griffon
Corp.
4,348‌
314,665‌
Hayward
Holdings,
Inc.(a)
36,455‌
503,079‌
Herc
Holdings,
Inc.
2,412‌
317,636‌
Hexcel
Corp.
9,852‌
556,539‌
Hillman
Solutions
Corp.(a)
57,456‌
410,236‌
HNI
Corp.
11,985‌
589,422‌
Huron
Consulting
Group,
Inc.(a)
2,847‌
391,576‌
IES
Holdings,
Inc.(a)
1,077‌
319,040‌
Innodata,
Inc.(a)
2,808‌
143,826‌
Insperity,
Inc.
4,163‌
250,280‌
JBT
Marel
Corp.
3,687‌
443,399‌
Kadant,
Inc.
1,283‌
407,288‌
Kennametal,
Inc.
23,086‌
530,055‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
6
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(21.1%):
(continued)
Korn
Ferry
7,800‌
571,974‌
Kratos
Defense
&
Security
Solutions,
Inc.(a)
9,528‌
442,576‌
Legalzoom.com,
Inc.(a)
46,443‌
413,807‌
Loar
Holdings,
Inc.(a)
2,980‌
256,787‌
ManpowerGroup,
Inc.
9,564‌
386,386‌
Masterbrand,
Inc.(a)
29,349‌
320,785‌
Matson,
Inc.
4,187‌
466,222‌
Maximus,
Inc.
8,032‌
563,846‌
MDU
Resources
Group,
Inc.
30,644‌
510,835‌
Moog,
Inc.,
Class
A
2,399‌
434,147‌
MSC
Industrial
Direct
Co.,
Inc.
6,240‌
530,525‌
Mueller
Water
Products,
Inc.,
Class
A
16,362‌
393,342‌
MYR
Group,
Inc.(a)
2,304‌
418,061‌
OPENLANE,
Inc.(a)
24,973‌
610,590‌
Pitney
Bowes,
Inc.
38,494‌
419,970‌
Powell
Industries,
Inc.
959‌
201,822‌
Primoris
Services
Corp.
4,890‌
381,127‌
Resideo
Technologies,
Inc.(a)
24,858‌
548,367‌
Rush
Enterprises,
Inc.,
Class
A
7,849‌
404,302‌
Ryder
System,
Inc.
3,628‌
576,852‌
Schneider
National,
Inc.,
Class
B
24,759‌
597,930‌
Science
Applications
International
Corp.
3,560‌
400,892‌
SkyWest,
Inc.(a)
4,245‌
437,108‌
Standex
International
Corp.
3,324‌
520,139‌
Sterling
Infrastructure,
Inc.(a)
1,628‌
375,628‌
Tecnoglass,
Inc.
4,791‌
370,632‌
Tennant
Co.
7,281‌
564,132‌
Terex
Corp.
9,392‌
438,512‌
The
Brink's
Co.
5,799‌
517,793‌
The
Greenbrier
Cos.,
Inc.
9,944‌
457,921‌
The
Timken
Co.
7,278‌
528,019‌
TriNet
Group,
Inc.
4,341‌
317,501‌
Trinity
Industries,
Inc.
16,537‌
446,664‌
UL
Solutions,
Inc.,
Class
A
9,702‌
706,888‌
UniFirst
Corp.
2,026‌
381,334‌
Upwork,
Inc.(a)
19,244‌
258,639‌
Valmont
Industries,
Inc.
1,267‌
413,764‌
Verra
Mobility
Corp.(a)
19,471‌
494,369‌
Vicor
Corp.(a)
4,280‌
194,141‌
VSE
Corp.
2,638‌
345,525‌
Watts
Water
Technologies,
Inc.,
Class
A
2,927‌
719,720‌
Werner
Enterprises,
Inc.
18,199‌
497,925‌
Zurn
Elkay
Water
Solutions
Corp.
19,032‌
696,000‌
43,747,133‌
Information
Technology
(
10
.1
%
):
ACI
Worldwide,
Inc.(a)
8,499‌
390,189‌
ACM
Research,
Inc.,
Class
A(a)
9,491‌
245,817‌
Adeia,
Inc.
23,635‌
334,199‌
Advanced
Energy
Industries,
Inc.
3,835‌
508,138‌
Agilysys,
Inc.(a)
4,241‌
486,188‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Information
Technology
(10.1%):
(continued)
Alarm.com
Holdings,
Inc.(a)
9,198‌
520,331‌
Appfolio,
Inc.,
Class
A(a)
1,718‌
395,621‌
Avnet,
Inc.
11,815‌
627,140‌
Axcelis
Technologies,
Inc.(a)
5,931‌
413,331‌
Badger
Meter,
Inc.
2,719‌
666,019‌
Belden,
Inc.
4,585‌
530,943‌
BILL
Holdings,
Inc.(a)
5,195‌
240,321‌
BlackLine,
Inc.(a)
8,396‌
475,382‌
CCC
Intelligent
Solutions
Holdings,
Inc.(a)
71,688‌
674,584‌
Cleanspark,
Inc.(a)
19,118‌
210,872‌
Clear
Secure,
Inc.,
Class
A
9,168‌
254,504‌
Clearwater
Analytics
Holdings,
Inc.,
Class
A(a)
14,209‌
311,603‌
Crane
NXT
Co.
10,596‌
571,124‌
Credo
Technology
Group
Holding
Ltd.(a)
3,484‌
322,584‌
DigitalOcean
Holdings,
Inc.(a)
9,888‌
282,401‌
Diodes,
Inc.(a)
8,477‌
448,349‌
Dolby
Laboratories,
Inc.,
Class
A
6,666‌
495,017‌
DoubleVerify
Holdings,
Inc.(a)
20,932‌
313,352‌
Dropbox,
Inc.,
Class
A(a)
16,080‌
459,888‌
ePlus,
Inc.(a)
5,922‌
426,976‌
FormFactor,
Inc.(a)
9,537‌
328,168‌
Impinj,
Inc.(a)
3,834‌
425,842‌
Informatica,
Inc.,
Class
A(a)
20,387‌
496,423‌
InterDigital,
Inc.
1,962‌
439,939‌
Itron,
Inc.(a)
4,276‌
562,850‌
LiveRamp
Holdings,
Inc.(a)
14,244‌
470,622‌
MARA
Holdings,
Inc.(a)
11,392‌
178,627‌
N-able,
Inc.(a)
49,819‌
403,534‌
OSI
Systems,
Inc.(a)
1,992‌
447,921‌
PC
Connection,
Inc.
7,464‌
490,982‌
Pegasystems,
Inc.
8,772‌
474,828‌
Plexus
Corp.(a)
3,408‌
461,137‌
Power
Integrations,
Inc.
7,704‌
430,654‌
Progress
Software
Corp.
8,669‌
553,429‌
Qualys,
Inc.(a)
2,770‌
395,750‌
Rambus,
Inc.(a)
5,053‌
323,493‌
Rapid7,
Inc.(a)
15,942‌
368,738‌
Riot
Platforms,
Inc.(a)
21,461‌
242,509‌
SEMrush
Holdings,
Inc.,
Class
A(a)
31,323‌
283,473‌
Sprinklr,
Inc.,
Class
A(a)
46,970‌
397,366‌
Synaptics,
Inc.(a)
5,881‌
381,206‌
Teradata
Corp.(a)
15,864‌
353,926‌
TTM
Technologies,
Inc.(a)
18,258‌
745,292‌
Vontier
Corp.
15,922‌
587,522‌
20,849,104‌
Insurance
(
4
.3
%
):
Assured
Guaranty
Ltd.
7,150‌
622,765‌
Axis
Capital
Holdings
Ltd.
6,896‌
715,943‌
Brighthouse
Financial,
Inc.(a)
7,608‌
409,082‌
CNO
Financial
Group,
Inc.
13,159‌
507,674‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
7
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Insurance
(4.3%):
(continued)
First
American
Financial
Corp.
11,521‌
707,274‌
Genworth
Financial,
Inc.(a)
81,733‌
635,883‌
Goosehead
Insurance,
Inc.,
Class
A
2,433‌
256,706‌
Horace
Mann
Educators
Corp.
14,064‌
604,330‌
Kemper
Corp.
10,012‌
646,174‌
Mercury
General
Corp.
6,414‌
431,919‌
Palomar
Holdings,
Inc.(a)
2,552‌
393,646‌
Selective
Insurance
Group,
Inc.
4,666‌
404,309‌
SiriusPoint
Ltd.(a)
25,919‌
528,488‌
Skyward
Specialty
Insurance
Group,
Inc.(a)
7,584‌
438,279‌
Stewart
Information
Services
Corp.
7,947‌
517,350‌
The
Hanover
Insurance
Group,
Inc.
4,114‌
698,845‌
White
Mountains
Insurance
Group
Ltd.
378‌
678,782‌
9,197,449‌
Materials
(
5
.5
%
):
Alpha
Metallurgical
Resources,
Inc.(a)
2,504‌
281,650‌
Avient
Corp.
14,101‌
455,603‌
Balchem
Corp.
3,725‌
593,020‌
Cabot
Corp.
5,168‌
387,600‌
Century
Aluminum
Co.(a)
13,101‌
236,080‌
Coeur
Mining,
Inc.(a)
36,578‌
324,081‌
Greif,
Inc.,
Class
A
9,760‌
634,302‌
H.B.
Fuller
Co.
9,852‌
592,598‌
Hawkins,
Inc.
2,852‌
405,269‌
Hecla
Mining
Co.
47,423‌
284,064‌
Innospec,
Inc.
5,116‌
430,205‌
Knife
River
Corp.(a)
3,761‌
307,048‌
Materion
Corp.
4,427‌
351,371‌
Minerals
Technologies,
Inc.
9,126‌
502,569‌
NewMarket
Corp.
1,005‌
694,314‌
Olin
Corp.
18,268‌
367,004‌
Quaker
Chemical
Corp.
4,056‌
454,029‌
Sealed
Air
Corp.
20,033‌
621,624‌
Sensient
Technologies
Corp.
7,795‌
767,963‌
Silgan
Holdings,
Inc.
13,549‌
734,085‌
Sonoco
Products
Co.
15,959‌
695,174‌
Sylvamo
Corp.
6,161‌
308,666‌
The
Chemours
Co.
25,034‌
286,639‌
United
States
Lime
&
Minerals,
Inc.
3,387‌
338,023‌
Warrior
Met
Coal,
Inc.
6,999‌
320,764‌
11,373,745‌
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(
0
.2
%
):
HA
Sustainable
Infrastructure
Capital,
Inc.
17,007‌
456,808‌
456,808‌
Real
Estate
(
0
.8
%
):
Howard
Hughes
Holdings,
Inc.(a)
6,928‌
467,640‌
Newmark
Group,
Inc.,
Class
A
38,998‌
473,826‌
The
St.
Joe
Co.
13,448‌
641,469‌
1,582,935‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(
6
.4
%
):
American
States
Water
Co.
8,634‌
661,882‌
Avista
Corp.
17,286‌
656,004‌
Black
Hills
Corp.
13,225‌
741,922‌
California
Water
Service
Group
12,764‌
580,507‌
Chesapeake
Utilities
Corp.
5,416‌
651,112‌
Clearway
Energy,
Inc.,
Class
C
17,402‌
556,864‌
IDACORP,
Inc.
6,890‌
795,451‌
MGE
Energy,
Inc.
6,616‌
585,119‌
New
Jersey
Resources
Corp.
15,988‌
716,582‌
Northwest
Natural
Holding
Co.
16,966‌
673,890‌
Northwestern
Energy
Group,
Inc.
12,483‌
640,378‌
ONE
Gas,
Inc.
9,397‌
675,268‌
Ormat
Technologies,
Inc.
7,774‌
651,150‌
Otter
Tail
Corp.
6,398‌
493,222‌
Portland
General
Electric
Co.
18,881‌
767,135‌
SJW
Group
10,358‌
538,305‌
Southwest
Gas
Holdings,
Inc.
8,897‌
661,848‌
Spire,
Inc.
8,954‌
653,552‌
Talen
Energy
Corp.(a)
1,102‌
320,429‌
TXNM
Energy,
Inc.
13,237‌
745,508‌
UGI
Corp.
16,153‌
588,292‌
13,354,420‌
Total
Common
Stocks
(Cost
$187,905,780)
206,553,650‌
Total
Investments
(Cost
$187,905,780)
—
99.7%
206,553,650‌
Other
assets
in
excess
of
liabilities
—
0.3%
716,669‌
NET
ASSETS
-
100.00%
$
207,270,319‌
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
8
Futures
Contracts
Long
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
E-Mini
Russell
2000
Index
9/19/25
6
$
640,115‌
$
657,510‌
$
17,395‌
$
17,395‌
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
9
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.7%)
Communication
Services
(
0
.3
%
):
Ralliant
Corp.(a)
6,349‌
307,847‌
The
Trade
Desk,
Inc.,
Class
A(a)
9,550‌
687,504‌
995,351‌
Consumer
Discretionary
(
7
.1
%
):
Aptiv
PLC(a)
16,378‌
1,117,307‌
CarMax,
Inc.(a)
13,332‌
896,044‌
Carvana
Co.(a)
2,004‌
675,268‌
Chewy,
Inc.,
Class
A(a)
17,671‌
753,138‌
Chipotle
Mexican
Grill,
Inc.(a)
17,811‌
1,000,088‌
Coupang,
Inc.(a)
36,841‌
1,103,756‌
D.R.
Horton,
Inc.
7,089‌
913,914‌
Deckers
Outdoor
Corp.(a)
5,697‌
587,190‌
Domino's
Pizza,
Inc.
1,836‌
827,302‌
Dutch
Bros,
Inc.,
Class
A(a)
7,032‌
480,778‌
Garmin
Ltd.
3,813‌
795,849‌
Genuine
Parts
Co.
7,129‌
864,819‌
Lennar
Corp.,
Class
A
8,564‌
947,264‌
NVR,
Inc.(a)
166‌
1,226,019‌
O'Reilly
Automotive,
Inc.(a)
16,065‌
1,447,938‌
Pool
Corp.
2,981‌
868,902‌
PulteGroup,
Inc.
9,326‌
983,520‌
Ross
Stores,
Inc.
8,529‌
1,088,130‌
Service
Corp.
International
14,382‌
1,170,695‌
Somnigroup
International,
Inc.
14,818‌
1,008,365‌
Tesla,
Inc.(a)
1,556‌
494,279‌
Texas
Roadhouse,
Inc.
6,661‌
1,248,338‌
Tractor
Supply
Co.
19,476‌
1,027,748‌
21,526,651‌
Consumer
Staples
(
4
.7
%
):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
7,795‌
840,535‌
Casey's
General
Stores,
Inc.
2,244‌
1,145,046‌
Coca-Cola
Consolidated,
Inc.
6,474‌
722,822‌
Costco
Wholesale
Corp.
1,376‌
1,362,158‌
Dollar
General
Corp.
6,360‌
727,457‌
Hormel
Foods
Corp.
41,437‌
1,253,469‌
Kenvue,
Inc.
46,240‌
967,803‌
Kimberly-Clark
Corp.
10,812‌
1,393,883‌
McCormick
&
Co.,
Inc.
18,845‌
1,428,828‌
Sprouts
Farmers
Market,
Inc.(a)
4,420‌
727,709‌
Sysco
Corp.
19,114‌
1,447,694‌
The
Campbell's
Co.
29,443‌
902,428‌
U.S.
Foods
Holding
Corp.(a)
20,011‌
1,541,047‌
14,460,879‌
Energy
(
7
.0
%
):
Antero
Resources
Corp.(a)
20,233‌
814,985‌
Baker
Hughes
Co.
24,183‌
927,176‌
Cheniere
Energy,
Inc.
4,705‌
1,145,762‌
ConocoPhillips
Co.
12,268‌
1,100,930‌
Coterra
Energy,
Inc.
42,138‌
1,069,463‌
Devon
Energy
Corp.
32,270‌
1,026,509‌
Diamondback
Energy,
Inc.
6,993‌
960,838‌
EOG
Resources,
Inc.
10,558‌
1,262,842‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Energy
(7.0%):
(continued)
EQT
Corp.
15,301‌
892,354‌
Halliburton
Co.
43,021‌
876,768‌
Kinder
Morgan,
Inc.
42,806‌
1,258,497‌
Occidental
Petroleum
Corp.
29,052‌
1,220,475‌
ONEOK,
Inc.
12,890‌
1,052,211‌
Ovintiv,
Inc.
23,665‌
900,453‌
Permian
Resources
Corp.
74,615‌
1,016,256‌
Phillips
66
Co.
10,068‌
1,201,112‌
Schlumberger
NV
28,497‌
963,199‌
Targa
Resources
Corp.
5,708‌
993,649‌
Texas
Pacific
Land
Corp.
460‌
485,939‌
The
Williams
Cos.,
Inc.
19,272‌
1,210,474‌
Valero
Energy
Corp.
7,820‌
1,051,164‌
21,431,056‌
Financials
(
14
.0
%
):
Aflac,
Inc.
12,788‌
1,348,623‌
Arch
Capital
Group
Ltd.
11,994‌
1,092,054‌
Ares
Management
Corp.,
Class
A
6,131‌
1,061,889‌
Arthur
J.
Gallagher
&
Co.
4,285‌
1,371,714‌
Blue
Owl
Capital,
Inc.
41,981‌
806,455‌
Brown
&
Brown,
Inc.
12,808‌
1,420,023‌
Cboe
Global
Markets,
Inc.
5,762‌
1,343,756‌
Cincinnati
Financial
Corp.
9,165‌
1,364,852‌
CME
Group,
Inc.
6,331‌
1,744,950‌
Coinbase
Global,
Inc.,
Class
A(a)
1,808‌
633,686‌
Corebridge
Financial,
Inc.
31,044‌
1,102,062‌
East
West
Bancorp,
Inc.
12,382‌
1,250,334‌
Equitable
Holdings,
Inc.
18,548‌
1,040,543‌
Everest
Group
Ltd.
3,186‌
1,082,762‌
Fidelity
National
Information
Services,
Inc.
16,113‌
1,311,759‌
First
Citizens
BancShares,
Inc.,
Class
A
431‌
843,239‌
Global
Payments,
Inc.
10,941‌
875,718‌
Houlihan
Lokey,
Inc.
6,727‌
1,210,524‌
Interactive
Brokers
Group,
Inc.
16,524‌
915,595‌
Intercontinental
Exchange,
Inc.
10,669‌
1,957,441‌
Jack
Henry
&
Associates,
Inc.
8,146‌
1,467,665‌
Jefferies
Financial
Group,
Inc.
18,097‌
989,725‌
LPL
Financial
Holdings,
Inc.
2,335‌
875,555‌
Markel
Group,
Inc.(a)
677‌
1,352,213‌
Morningstar,
Inc.
4,767‌
1,496,504‌
MSCI,
Inc.
2,251‌
1,298,242‌
Nasdaq,
Inc.
18,704‌
1,672,512‌
Principal
Financial
Group,
Inc.
16,330‌
1,297,092‌
Reinsurance
Group
of
America,
Inc.
5,473‌
1,085,624‌
RenaissanceRe
Holdings
Ltd.
4,283‌
1,040,341‌
Rocket
Cos.,
Inc.,
Class
A
42,811‌
607,060‌
Ryan
Specialty
Holdings,
Inc.
14,161‌
962,806‌
SoFi
Technologies,
Inc.(a)
44,106‌
803,170‌
The
Progressive
Corp.
4,449‌
1,187,260‌
Tradeweb
Markets,
Inc.,
Class
A
10,046‌
1,470,734‌
W.R.
Berkley
Corp.
16,888‌
1,240,761‌
42,625,243‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
10
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Health
Care
(
10
.9
%
):
Agilent
Technologies,
Inc.
10,838‌
1,278,992‌
Align
Technology,
Inc.(a)
4,422‌
837,217‌
Avantor,
Inc.(a)
49,540‌
666,808‌
BioMarin
Pharmaceutical,
Inc.(a)
14,664‌
806,080‌
Centene
Corp.(a)
12,754‌
692,287‌
Danaher
Corp.
6,065‌
1,198,080‌
DaVita,
Inc.(a)
5,500‌
783,475‌
Dexcom,
Inc.(a)
6,898‌
602,126‌
Doximity,
Inc.,
Class
A(a)
6,197‌
380,124‌
Edwards
Lifesciences
Corp.(a)
8,845‌
691,768‌
GE
HealthCare
Technologies,
Inc.
18,775‌
1,390,664‌
Globus
Medical,
Inc.(a)
14,249‌
840,976‌
HCA
Healthcare,
Inc.
2,996‌
1,147,768‌
Humana,
Inc.
2,195‌
536,634‌
IDEXX
Laboratories,
Inc.(a)
2,422‌
1,299,016‌
Incyte
Corp.(a)
14,129‌
962,185‌
Insulet
Corp.(a)
3,304‌
1,038,051‌
Intuitive
Surgical,
Inc.(a)
1,822‌
990,093‌
IQVIA
Holdings,
Inc.(a)
6,468‌
1,019,292‌
Mettler-Toledo
International,
Inc.(a)
970‌
1,139,478‌
Neurocrine
Biosciences,
Inc.(a)
7,468‌
938,653‌
Quest
Diagnostics,
Inc.
7,882‌
1,415,844‌
ResMed,
Inc.
4,233‌
1,092,114‌
Revvity,
Inc.
9,775‌
945,438‌
Solventum
Corp.(a)
14,161‌
1,073,970‌
STERIS
PLC
6,483‌
1,557,346‌
Stryker
Corp.
3,954‌
1,564,321‌
Tenet
Healthcare
Corp.(a)
5,514‌
970,464‌
United
Therapeutics
Corp.(a)
3,036‌
872,395‌
Universal
Health
Services,
Inc.,
Class
B
4,880‌
884,012‌
Veeva
Systems,
Inc.,
Class
A(a)
3,987‌
1,148,176‌
Waters
Corp.(a)
2,374‌
828,621‌
West
Pharmaceutical
Services,
Inc.
2,195‌
480,266‌
Zoetis,
Inc.
8,056‌
1,256,333‌
33,329,067‌
Industrials
(
23
.9
%
):
AECOM
12,302‌
1,388,404‌
AMETEK,
Inc.
7,551‌
1,366,429‌
Axon
Enterprise,
Inc.(a)
814‌
673,943‌
Builders
FirstSource,
Inc.(a)
5,809‌
677,852‌
C.H.
Robinson
Worldwide,
Inc.
10,647‌
1,021,580‌
Carlisle
Cos.,
Inc.
2,631‌
982,415‌
Carrier
Global
Corp.
16,274‌
1,191,094‌
Caterpillar,
Inc.
3,360‌
1,304,386‌
Cintas
Corp.
5,372‌
1,197,258‌
Clean
Harbors,
Inc.(a)
4,716‌
1,090,245‌
Comfort
Systems
USA,
Inc.
1,351‌
724,420‌
Copart,
Inc.(a)
19,164‌
940,377‌
CSX
Corp.
40,399‌
1,318,219‌
Curtiss-Wright
Corp.
2,657‌
1,298,077‌
Deere
&
Co.
2,247‌
1,142,577‌
Dover
Corp.
7,146‌
1,309,362‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(23.9%):
(continued)
EMCOR
Group,
Inc.
1,669‌
892,731‌
Equifax,
Inc.
4,652‌
1,206,589‌
Expeditors
International
of
Washington,
Inc.
12,503‌
1,428,468‌
Fastenal
Co.
28,244‌
1,186,248‌
Fortive
Corp.
19,046‌
992,868‌
GE
Vernova,
Inc.
1,517‌
802,721‌
General
Dynamics
Corp.
4,775‌
1,392,676‌
Graco,
Inc.
17,684‌
1,520,293‌
HEICO
Corp.
3,837‌
1,258,536‌
Howmet
Aerospace,
Inc.
6,065‌
1,128,878‌
Hubbell,
Inc.
2,446‌
998,971‌
IDEX
Corp.
6,571‌
1,153,670‌
Illinois
Tool
Works,
Inc.
6,402‌
1,582,895‌
Ingersoll
Rand,
Inc.
13,509‌
1,123,679‌
ITT,
Inc.
7,871‌
1,234,409‌
J.B.
Hunt
Transport
Services,
Inc.
7,405‌
1,063,358‌
Lennox
International,
Inc.
1,595‌
914,318‌
Lincoln
Electric
Holdings,
Inc.
4,968‌
1,029,966‌
Masco
Corp.
18,638‌
1,199,542‌
Norfolk
Southern
Corp.
4,541‌
1,162,360‌
Old
Dominion
Freight
Line,
Inc.
5,240‌
850,452‌
Otis
Worldwide
Corp.
15,204‌
1,505,500‌
PACCAR,
Inc.
10,543‌
1,002,218‌
Parker-Hannifin
Corp.
1,659‌
1,158,762‌
Paychex,
Inc.
9,258‌
1,346,669‌
Paycom
Software,
Inc.
3,216‌
744,182‌
Paylocity
Holding
Corp.(a)
4,706‌
852,680‌
Quanta
Services,
Inc.
2,424‌
916,466‌
Republic
Services,
Inc.
6,732‌
1,660,179‌
Rockwell
Automation,
Inc.
3,666‌
1,217,735‌
Rollins,
Inc.
23,822‌
1,344,037‌
Snap-on,
Inc.
3,621‌
1,126,783‌
SS&C
Technologies
Holdings,
Inc.
16,869‌
1,396,753‌
Textron,
Inc.
17,505‌
1,405,476‌
Trane
Technologies
PLC
3,112‌
1,361,220‌
TransDigm
Group,
Inc.
803‌
1,221,074‌
TransUnion
11,544‌
1,015,872‌
U-Haul
Holding
Co.
20,438‌
1,111,214‌
Union
Pacific
Corp.
6,048‌
1,391,524‌
United
Rentals,
Inc.
1,332‌
1,003,529‌
Verisk
Analytics,
Inc.
4,809‌
1,498,003‌
Vertiv
Holdings
Co.,
Class
A
5,494‌
705,485‌
W.W.
Grainger,
Inc.
1,258‌
1,308,622‌
Waste
Management,
Inc.
6,063‌
1,387,336‌
Watsco,
Inc.
1,849‌
816,555‌
Westinghouse
Air
Brake
Technologies
Corp.
6,541‌
1,369,358‌
Xylem,
Inc.
10,895‌
1,409,377‌
73,026,875‌
Information
Technology
(
15
.7
%
):
Akamai
Technologies,
Inc.(a)
9,162‌
730,761‌
Amphenol
Corp.,
Class
A
11,506‌
1,136,217‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
11
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Information
Technology
(15.7%):
(continued)
Analog
Devices,
Inc.
4,414‌
1,050,620‌
AppLovin
Corp.,
Class
A(a)
1,136‌
397,691‌
Arista
Networks,
Inc.(a)
7,273‌
744,101‌
Bentley
Systems,
Inc.,
Class
B
24,140‌
1,302,836‌
Broadcom,
Inc.
2,439‌
672,310‌
Cadence
Design
Systems,
Inc.(a)
2,641‌
813,824‌
CDW
Corp.
6,477‌
1,156,727‌
Ciena
Corp.(a)
8,892‌
723,186‌
Cognizant
Technology
Solutions
Corp.,
Class
A
18,661‌
1,456,118‌
Corpay,
Inc.(a)
3,453‌
1,145,774‌
Datadog,
Inc.,
Class
A(a)
7,680‌
1,031,654‌
Docusign,
Inc.(a)
7,381‌
574,906‌
Dynatrace,
Inc.(a)
20,161‌
1,113,089‌
Entegris,
Inc.
8,966‌
723,108‌
EPAM
Systems,
Inc.(a)
4,834‌
854,748‌
F5,
Inc.(a)
3,420‌
1,006,574‌
Fair
Isaac
Corp.(a)
476‌
870,109‌
First
Solar,
Inc.(a)
4,267‌
706,359‌
Fortinet,
Inc.(a)
6,961‌
735,917‌
Gartner,
Inc.(a)
2,999‌
1,212,256‌
Jabil,
Inc.
5,965‌
1,300,967‌
Keysight
Technologies,
Inc.(a)
6,009‌
984,635‌
KLA
Corp.
893‌
799,896‌
Microchip
Technology,
Inc.
16,045‌
1,129,087‌
Monolithic
Power
Systems,
Inc.
842‌
615,822‌
Motorola
Solutions,
Inc.
3,304‌
1,389,200‌
NetApp,
Inc.
9,399‌
1,001,463‌
NVIDIA
Corp.
4,385‌
692,786‌
NXP
Semiconductors
NV
4,129‌
902,145‌
Okta,
Inc.(a)
5,605‌
560,332‌
ON
Semiconductor
Corp.(a)
15,712‌
823,466‌
Palantir
Technologies,
Inc.,
Class
A(a)
4,291‌
584,949‌
Palo
Alto
Networks,
Inc.(a)
4,948‌
1,012,559‌
PTC,
Inc.(a)
7,962‌
1,372,171‌
Roper
Technologies,
Inc.
2,471‌
1,400,662‌
Seagate
Technology
Holdings
PLC
12,212‌
1,762,558‌
ServiceNow,
Inc.(a)
955‌
981,816‌
Super
Micro
Computer,
Inc.(a)
6,868‌
336,601‌
Synopsys,
Inc.(a)
1,647‌
844,384‌
TD
SYNNEX
Corp.
8,749‌
1,187,239‌
Teledyne
Technologies,
Inc.(a)
2,841‌
1,455,473‌
Teradyne,
Inc.
7,331‌
659,204‌
Texas
Instruments,
Inc.
5,811‌
1,206,480‌
Trimble,
Inc.(a)
14,859‌
1,128,987‌
Tyler
Technologies,
Inc.(a)
1,988‌
1,178,566‌
Western
Digital
Corp.
18,959‌
1,213,186‌
Zebra
Technologies
Corp.(a)
4,163‌
1,283,703‌
47,967,222‌
Materials
(
6
.9
%
):
Avery
Dennison
Corp.
7,911‌
1,388,143‌
CF
Industries
Holdings,
Inc.
12,334‌
1,134,728‌
Freeport-McMoRan,
Inc.
22,098‌
957,948‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Materials
(6.9%):
(continued)
International
Flavors
&
Fragrances,
Inc.
16,082‌
1,182,831‌
International
Paper
Co.
19,756‌
925,174‌
Linde
PLC
4,301‌
2,017,943‌
LyondellBasell
Industries
NV,
Class
A
22,847‌
1,321,927‌
Martin
Marietta
Materials,
Inc.
2,246‌
1,232,964‌
Newmont
Corp.
14,900‌
868,074‌
Nucor
Corp.
6,584‌
852,891‌
Packaging
Corp.
of
America
6,632‌
1,249,800‌
PPG
Industries,
Inc.
12,745‌
1,449,744‌
Reliance,
Inc.
3,527‌
1,107,125‌
RPM
International,
Inc.
11,583‌
1,272,277‌
Steel
Dynamics,
Inc.
6,497‌
831,681‌
The
Sherwin-Williams
Co.
3,627‌
1,245,367‌
Vulcan
Materials
Co.
4,275‌
1,115,006‌
Westlake
Corp.
11,733‌
890,887‌
21,044,510‌
Real
Estate
(
0
.3
%
):
CoStar
Group,
Inc.(a)
12,699‌
1,021,000‌
1,021,000‌
Utilities
(
8
.9
%
):
Alliant
Energy
Corp.
25,763‌
1,557,889‌
Ameren
Corp.
15,631‌
1,501,201‌
American
Electric
Power
Co.,
Inc.
13,980‌
1,450,565‌
American
Water
Works
Co.,
Inc.
8,383‌
1,166,159‌
Atmos
Energy
Corp.
11,473‌
1,768,104‌
CenterPoint
Energy,
Inc.
35,734‌
1,312,867‌
CMS
Energy
Corp.
23,976‌
1,661,057‌
Consolidated
Edison,
Inc.
13,135‌
1,318,097‌
Constellation
Energy
Corp.
1,868‌
602,916‌
DTE
Energy
Co.
12,716‌
1,684,362‌
Entergy
Corp.
12,075‌
1,003,674‌
Evergy,
Inc.
28,595‌
1,971,053‌
Eversource
Energy
21,321‌
1,356,442‌
NextEra
Energy,
Inc.
15,872‌
1,101,834‌
NiSource,
Inc.
42,689‌
1,722,074‌
NRG
Energy,
Inc.
6,324‌
1,015,508‌
Public
Service
Enterprise
Group,
Inc.
15,224‌
1,281,556‌
The
Southern
Co.
16,620‌
1,526,215‌
Vistra
Corp.
3,250‌
629,883‌
WEC
Energy
Group,
Inc.
15,164‌
1,580,089‌
27,211,545‌
Total
Common
Stocks
(Cost
$263,774,072)
304,639,399‌
Total
Investments
(Cost
$263,774,072)
—
99.7%
304,639,399‌
Other
assets
in
excess
of
liabilities
—
0.3%
791,803‌
NET
ASSETS
-
100.00%
$
305,431,202‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
12
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025
.
(a)
Non-income
producing
security.
Futures
Contracts
Long
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
S&P
500
Index
E-mini
9/19/25
2
$
605,366‌
$
625,375‌
$
20,009‌
$
20,009‌
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
High
Dividend
Stock
ETF
See
notes
to
financial
statements.
13
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.6%)
Consumer
Discretionary
(
5
.0
%
):
Genuine
Parts
Co.
17,697‌
2,146,823‌
Lennar
Corp.,
Class
A
21,273‌
2,353,007‌
Pool
Corp.
7,407‌
2,158,992‌
Service
Corp.
International
35,728‌
2,908,259‌
Texas
Roadhouse,
Inc.
16,544‌
3,100,511‌
Tractor
Supply
Co.
48,369‌
2,552,432‌
15,220,024‌
Consumer
Staples
(
6
.7
%
):
Dollar
General
Corp.
15,799‌
1,807,090‌
Hormel
Foods
Corp.
102,925‌
3,113,481‌
Kenvue,
Inc.
114,847‌
2,403,748‌
Kimberly-Clark
Corp.
26,857‌
3,462,404‌
McCormick
&
Co.,
Inc.
46,812‌
3,549,286‌
Sysco
Corp.
47,484‌
3,596,438‌
The
Campbell's
Co.
73,122‌
2,241,189‌
20,173,636‌
Energy
(
14
.1
%
):
Baker
Hughes
Co.
60,070‌
2,303,084‌
ConocoPhillips
Co.
30,470‌
2,734,378‌
Coterra
Energy,
Inc.
104,663‌
2,656,347‌
Devon
Energy
Corp.
80,146‌
2,549,444‌
Diamondback
Energy,
Inc.
17,362‌
2,385,539‌
EOG
Resources,
Inc.
26,229‌
3,137,251‌
Halliburton
Co.
106,851‌
2,177,623‌
Kinder
Morgan,
Inc.
106,326‌
3,125,984‌
Occidental
Petroleum
Corp.
72,166‌
3,031,694‌
ONEOK,
Inc.
32,018‌
2,613,629‌
Ovintiv,
Inc.
58,781‌
2,236,617‌
Permian
Resources
Corp.
185,336‌
2,524,276‌
Phillips
66
Co.
25,005‌
2,983,097‌
Schlumberger
NV
70,786‌
2,392,567‌
The
Williams
Cos.,
Inc.
47,872‌
3,006,840‌
Valero
Energy
Corp.
19,429‌
2,611,646‌
42,470,016‌
Financials
(
13
.8
%
):
Aflac,
Inc.
31,762‌
3,349,620‌
Ares
Management
Corp.,
Class
A
15,228‌
2,637,490‌
Blue
Owl
Capital,
Inc.
104,279‌
2,003,200‌
Cincinnati
Financial
Corp.
22,756‌
3,388,824‌
CME
Group,
Inc.
15,734‌
4,336,605‌
Corebridge
Financial,
Inc.
77,102‌
2,737,121‌
East
West
Bancorp,
Inc.
30,751‌
3,105,236‌
Equitable
Holdings,
Inc.
46,064‌
2,584,190‌
Everest
Group
Ltd.
7,909‌
2,687,874‌
Fidelity
National
Information
Services,
Inc.
40,015‌
3,257,621‌
Jefferies
Financial
Group,
Inc.
44,950‌
2,458,315‌
Principal
Financial
Group,
Inc.
40,558‌
3,221,522‌
Reinsurance
Group
of
America,
Inc.
13,586‌
2,694,919‌
The
Progressive
Corp.
11,059‌
2,951,205‌
41,413,742‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Health
Care
(
1
.2
%
):
Quest
Diagnostics,
Inc.
19,578‌
3,516,796‌
3,516,796‌
Industrials
(
17
.1
%
):
C.H.
Robinson
Worldwide,
Inc.
26,440‌
2,536,918‌
Caterpillar,
Inc.
8,354‌
3,243,106‌
CSX
Corp.
100,340‌
3,274,094‌
Fastenal
Co.
70,156‌
2,946,552‌
General
Dynamics
Corp.
11,862‌
3,459,671‌
Hubbell,
Inc.
6,075‌
2,481,091‌
IDEX
Corp.
16,317‌
2,864,776‌
Illinois
Tool
Works,
Inc.
15,900‌
3,931,275‌
Lincoln
Electric
Holdings,
Inc.
12,351‌
2,560,609‌
Masco
Corp.
46,292‌
2,979,353‌
Norfolk
Southern
Corp.
11,273‌
2,885,550‌
Otis
Worldwide
Corp.
37,770‌
3,739,986‌
Paychex,
Inc.
22,995‌
3,344,853‌
Rockwell
Automation,
Inc.
9,104‌
3,024,076‌
Snap-on,
Inc.
9,002‌
2,801,242‌
Union
Pacific
Corp.
15,011‌
3,453,731‌
Watsco,
Inc.
4,599‌
2,031,010‌
51,557,893‌
Information
Technology
(
9
.0
%
):
Analog
Devices,
Inc.
10,956‌
2,607,747‌
CDW
Corp.
16,091‌
2,873,692‌
Cognizant
Technology
Solutions
Corp.,
Class
A
46,353‌
3,616,925‌
Microchip
Technology,
Inc.
39,855‌
2,804,596‌
NetApp,
Inc.
23,344‌
2,487,303‌
NXP
Semiconductors
NV
10,246‌
2,238,649‌
Seagate
Technology
Holdings
PLC
30,336‌
4,378,395‌
TD
SYNNEX
Corp.
21,729‌
2,948,625‌
Texas
Instruments,
Inc.
14,439‌
2,997,825‌
26,953,757‌
Materials
(
11
.3
%
):
Avery
Dennison
Corp.
19,649‌
3,447,810‌
CF
Industries
Holdings,
Inc.
30,642‌
2,819,064‌
International
Flavors
&
Fragrances,
Inc.
39,941‌
2,937,661‌
International
Paper
Co.
49,067‌
2,297,808‌
LyondellBasell
Industries
NV,
Class
A
56,749‌
3,283,497‌
Newmont
Corp.
37,018‌
2,156,669‌
Nucor
Corp.
16,349‌
2,117,849‌
Packaging
Corp.
of
America
16,479‌
3,105,468‌
PPG
Industries,
Inc.
31,660‌
3,601,325‌
Reliance,
Inc.
8,761‌
2,750,078‌
RPM
International,
Inc.
28,768‌
3,159,877‌
Westlake
Corp.
29,136‌
2,212,296‌
33,889,402‌
Utilities
(
21
.4
%
):
Alliant
Energy
Corp.
63,980‌
3,868,871‌
Ameren
Corp.
38,825‌
3,728,753‌
American
Electric
Power
Co.,
Inc.
34,724‌
3,602,962‌
American
Water
Works
Co.,
Inc.
20,828‌
2,897,383‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
High
Dividend
Stock
ETF
See
notes
to
financial
statements.
14
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(21.4%):
(continued)
Atmos
Energy
Corp.
28,489‌
4,390,440‌
CenterPoint
Energy,
Inc.
88,759‌
3,261,006‌
CMS
Energy
Corp.
59,550‌
4,125,624‌
Consolidated
Edison,
Inc.
32,629‌
3,274,320‌
DTE
Energy
Co.
31,579‌
4,182,954‌
Entergy
Corp.
29,998‌
2,493,434‌
Evergy,
Inc.
71,022‌
4,895,546‌
Eversource
Energy
52,963‌
3,369,506‌
NextEra
Energy,
Inc.
39,428‌
2,737,092‌
NiSource,
Inc.
106,032‌
4,277,331‌
NRG
Energy,
Inc.
15,715‌
2,523,515‌
Public
Service
Enterprise
Group,
Inc.
37,815‌
3,183,267‌
The
Southern
Co.
41,279‌
3,790,650‌
WEC
Energy
Group,
Inc.
37,666‌
3,924,797‌
64,527,451‌
Total
Common
Stocks
(Cost
$281,286,736)
299,722,717‌
Total
Investments
(Cost
$281,286,736)
—
99.6%
299,722,717‌
Other
assets
in
excess
of
liabilities
—
0.4%
1,104,376‌
NET
ASSETS
-
100.00%
$
300,827,093‌
Futures
Contracts
Long
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
S&P
500
Index
E-mini
9/19/25
3
$
917,033‌
$
938,063‌
$
21,030‌
$
21,030‌
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
15
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.0%)
Australia
(
7.5%
):
Communication
Services
(
0.7%
):
REA
Group
Ltd.
2,038‌
322,497‌
Telstra
Group
Ltd.
211,314‌
672,975‌
995,472‌
Consumer
Discretionary
(
0.3%
):
Wesfarmers
Ltd.
9,211‌
513,655‌
513,655‌
Consumer
Staples
(
0.7%
):
Coles
Group
Ltd.
45,090‌
618,305‌
Woolworths
Group
Ltd.
24,123‌
493,806‌
1,112,111‌
Energy
(
0.7%
):
Santos
Ltd.
119,051‌
600,049‌
Woodside
Energy
Group
Ltd.
28,054‌
436,198‌
1,036,247‌
Financials
(
1.9%
):
ANZ
Group
Holdings
Ltd.
26,551‌
509,441‌
Commonwealth
Bank
of
Australia
4,264‌
518,354‌
Insurance
Australia
Group
Ltd.
75,345‌
447,680‌
National
Australia
Bank
Ltd.
19,251‌
498,578‌
Suncorp
Group
Ltd.
24,734‌
351,701‌
Westpac
Banking
Corp.
23,086‌
514,352‌
2,840,106‌
Health
Care
(
0.9%
):
Cochlear
Ltd.
2,145‌
424,015‌
CSL
Ltd.
3,631‌
572,164‌
Pro
Medicus
Ltd.
1,719‌
322,453‌
1,318,632‌
Industrials
(
0.9%
):
Brambles
Ltd.
30,962‌
477,135‌
Computershare
Ltd.
12,944‌
339,748‌
SGH
Ltd.
12,742‌
453,335‌
1,270,218‌
Information
Technology
(
0.2%
):
WiseTech
Global
Ltd.
3,715‌
266,520‌
266,520‌
Materials
(
0.9%
):
BHP
Group
Ltd.
18,740‌
453,160‌
Fortescue
Ltd.
25,516‌
256,544‌
Northern
Star
Resources
Ltd.
23,811‌
290,634‌
Rio
Tinto
Ltd.
5,415‌
381,711‌
1,382,049‌
Utilities
(
0.3%
):
Origin
Energy
Ltd.
61,499‌
436,631‌
436,631‌
11,171,641‌
Austria
(
0.9%
):
Energy
(
0.4%
):
OMV
AG
10,397‌
565,502‌
565,502‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Austria
(0.9%):
(continued)
Financials
(
0.2%
):
Erste
Group
Bank
AG
4,886‌
416,067‌
416,067‌
Utilities
(
0.3%
):
Verbund
AG
5,458‌
418,813‌
418,813‌
1,400,382‌
Belgium
(
0.6%
):
Financials
(
0.3%
):
KBC
Group
NV
4,578‌
472,660‌
472,660‌
Health
Care
(
0.3%
):
UCB
SA
2,089‌
410,768‌
410,768‌
883,428‌
Canada
(
11.7%
):
Consumer
Discretionary
(
0.6%
):
Dollarama,
Inc.
3,864‌
544,496‌
Magna
International,
Inc.
8,711‌
336,771‌
881,267‌
Consumer
Staples
(
0.9%
):
George
Weston
Ltd.
3,075‌
616,784‌
Metro,
Inc.
8,462‌
664,792‌
1,281,576‌
Energy
(
2.5%
):
ARC
Resources
Ltd.
17,033‌
359,149‌
Cameco
Corp.
5,168‌
383,842‌
Canadian
Natural
Resources
Ltd.
13,307‌
418,287‌
Cenovus
Energy,
Inc.
27,412‌
373,050‌
Imperial
Oil
Ltd.
5,277‌
419,261‌
Pembina
Pipeline
Corp.
14,763‌
554,372‌
Suncor
Energy,
Inc.
10,950‌
410,223‌
TC
Energy
Corp.
8,208‌
400,755‌
Tourmaline
Oil
Corp.
8,567‌
413,375‌
3,732,314‌
Financials
(
2.8%
):
Brookfield
Corp.
6,914‌
427,961‌
Fairfax
Financial
Holdings
Ltd.
288‌
519,906‌
Great-West
Lifeco,
Inc.
13,701‌
521,133‌
Intact
Financial
Corp.
2,679‌
623,021‌
National
Bank
of
Canada
6,887‌
710,753‌
Power
Corp.
of
Canada
15,658‌
611,669‌
The
Bank
of
Nova
Scotia
13,459‌
744,318‌
4,158,761‌
Industrials
(
1.4%
):
Canadian
National
Railway
Co.
4,795‌
499,679‌
Canadian
Pacific
Kansas
City
Ltd.
5,711‌
453,743‌
Waste
Connections,
Inc.
3,339‌
623,806‌
WSP
Global,
Inc.
2,665‌
543,667‌
2,120,895‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
16
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Canada
(11.7%):
(continued)
Information
Technology
(
0.6%
):
Celestica,
Inc.(a)
1,622‌
253,449‌
Constellation
Software,
Inc.
119‌
436,392‌
Shopify,
Inc.,
Class
A(a)
2,090‌
241,081‌
930,922‌
Materials
(
1.5%
):
Agnico
Eagle
Mines
Ltd.
2,864‌
341,257‌
Barrick
Mining
Corp.
15,117‌
314,752‌
Ivanhoe
Mines
Ltd.(a)
21,357‌
160,460‌
Kinross
Gold
Corp.
16,573‌
259,014‌
Nutrien
Ltd.
7,227‌
421,168‌
Teck
Resources
Ltd.,
Class
B
8,068‌
326,311‌
Wheaton
Precious
Metals
Corp.
4,161‌
374,233‌
2,197,195‌
Utilities
(
1.4%
):
Emera,
Inc.
13,903‌
636,948‌
Fortis,
Inc.
14,626‌
698,430‌
Hydro
One
Ltd.
19,689‌
709,562‌
2,044,940‌
17,347,870‌
Chile
(
0.2%
):
Materials
(
0.2%
):
Antofagasta
PLC
12,943‌
321,421‌
321,421‌
Denmark
(
2.4%
):
Consumer
Discretionary
(
0.3%
):
Pandora
A/S
2,641‌
463,743‌
463,743‌
Financials
(
0.8%
):
Danske
Bank
A/S
12,943‌
527,914‌
Tryg
A/S
23,863‌
616,471‌
1,144,385‌
Health
Care
(
0.5%
):
Coloplast
A/S,
Class
B
4,264‌
405,069‌
Genmab
A/S(a)
1,525‌
316,665‌
721,734‌
Industrials
(
0.5%
):
DSV
A/S
2,123‌
510,234‌
Vestas
Wind
Systems
A/S
14,723‌
220,910‌
731,144‌
Materials
(
0.3%
):
Novonesis
(Novozymes),
Class
B
7,052‌
505,671‌
505,671‌
3,566,677‌
Finland
(
1.6%
):
Financials
(
0.4%
):
Sampo
Oyj,
A
Shares
60,951‌
655,426‌
655,426‌
Industrials
(
0.3%
):
Wartsila
Oyj
Abp
16,423‌
387,634‌
387,634‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Finland
(1.6%):
(continued)
Information
Technology
(
0.3%
):
Nokia
Oyj
72,350‌
375,452‌
375,452‌
Materials
(
0.3%
):
UPM-Kymmene
Oyj
14,871‌
405,649‌
405,649‌
Utilities
(
0.3%
):
Fortum
Oyj
27,019‌
505,668‌
505,668‌
2,329,829‌
France
(
5.7%
):
Communication
Services
(
0.3%
):
Bollore
SE
75,048‌
471,127‌
471,127‌
Consumer
Discretionary
(
0.6%
):
Cie
Generale
des
Etablissements
Michelin
SCA
11,774‌
437,379‌
Hermes
International
SCA
135‌
365,548‌
802,927‌
Energy
(
0.4%
):
TotalEnergies
SE
9,105‌
558,714‌
558,714‌
Financials
(
0.9%
):
Amundi
SA
5,585‌
451,910‌
Credit
Agricole
SA
27,928‌
528,436‌
Societe
Generale
SA
6,576‌
376,030‌
1,356,376‌
Health
Care
(
0.5%
):
BioMerieux
3,518‌
486,447‌
Sartorius
Stedim
Biotech
1,237‌
295,468‌
781,915‌
Industrials
(
1.5%
):
Bouygues
SA
11,578‌
523,645‌
Bureau
Veritas
SA
15,410‌
525,258‌
Legrand
SA
3,175‌
424,435‌
Thales
SA
989‌
290,745‌
Vinci
SA
3,523‌
519,089‌
2,283,172‌
Information
Technology
(
0.2%
):
Dassault
Systemes
SE
9,403‌
340,330‌
340,330‌
Materials
(
0.4%
):
Air
Liquide
SA
2,774‌
572,221‌
572,221‌
Utilities
(
0.9%
):
Engie
SA
31,370‌
736,181‌
Veolia
Environnement
SA
14,692‌
523,454‌
1,259,635‌
8,426,417‌
Germany
(
4.6%
):
Communication
Services
(
0.2%
):
CTS
Eventim
AG
&
Co.
KGaA
2,965‌
368,076‌
368,076‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
17
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Germany
(4.6%):
(continued)
Consumer
Discretionary
(
0.2%
):
Continental
AG
3,608‌
314,888‌
314,888‌
Financials
(
1.2%
):
Commerzbank
AG
10,220‌
322,354‌
Hannover
Rueck
SE
1,546‌
486,539‌
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Class
R
674‌
437,087‌
Talanx
AG
3,670‌
475,046‌
1,721,026‌
Health
Care
(
0.3%
):
Fresenius
Medical
Care
AG
7,227‌
414,107‌
414,107‌
Industrials
(
0.7%
):
Deutsche
Post
AG
8,003‌
369,591‌
Knorr-Bremse
AG
3,581‌
346,063‌
Rheinmetall
AG
141‌
298,428‌
1,014,082‌
Information
Technology
(
0.5%
):
Infineon
Technologies
AG
8,278‌
352,115‌
Nemetschek
SE
2,671‌
386,947‌
739,062‌
Materials
(
0.6%
):
Heidelberg
Materials
AG
1,453‌
341,328‌
Symrise
AG
4,570‌
479,800‌
821,128‌
Real
Estate
(
0.3%
):
Vonovia
SE
11,734‌
413,366‌
413,366‌
Utilities
(
0.6%
):
E.ON
SE
28,454‌
523,643‌
RWE
AG
10,150‌
423,554‌
947,197‌
6,752,932‌
Hong
Kong
(
3.6%
):
Financials
(
0.9%
):
AIA
Group
Ltd.
47,866‌
429,286‌
Hang
Seng
Bank
Ltd.
32,989‌
494,224‌
Prudential
PLC
31,528‌
394,873‌
1,318,383‌
Industrials
(
0.5%
):
CK
Hutchison
Holdings
Ltd.
52,198‌
321,180‌
Techtronic
Industries
Co.
Ltd.
34,042‌
374,259‌
695,439‌
Real
Estate
(
1.0%
):
Henderson
Land
Development
Co.
Ltd.
146,965‌
513,929‌
Sun
Hung
Kai
Properties
Ltd.
46,375‌
532,004‌
Swire
Pacific
Ltd.,
Class
A
49,057‌
420,281‌
1,466,214‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Hong
Kong
(3.6%):
(continued)
Utilities
(
1.2%
):
CLP
Holdings
Ltd.
87,268‌
734,858‌
Hong
Kong
&
China
Gas
Co.
Ltd.
690,974‌
580,088‌
Power
Assets
Holdings
Ltd.
84,505‌
543,114‌
1,858,060‌
5,338,096‌
Ireland
(
1.8%
):
Consumer
Staples
(
0.3%
):
Kerry
Group
PLC,
Class
A
4,301‌
474,911‌
474,911‌
Financials
(
0.5%
):
AIB
Group
PLC
50,605‌
416,324‌
Bank
of
Ireland
Group
PLC
25,138‌
357,808‌
774,132‌
Industrials
(
0.8%
):
Experian
PLC
10,230‌
526,768‌
Kingspan
Group
PLC
3,537‌
300,777‌
Ryanair
Holdings
PLC,
ADR
6,447‌
371,798‌
1,199,343‌
Materials
(
0.2%
):
Smurfit
WestRock
PLC
6,792‌
292,877‌
292,877‌
2,741,263‌
Israel
(
1.0%
):
Financials
(
0.7%
):
Bank
Leumi
Le-Israel
BM,
Class
IS
27,680‌
515,088‌
Mizrahi
Tefahot
Bank
Ltd.
8,304‌
541,656‌
1,056,744‌
Industrials
(
0.3%
):
Elbit
Systems
Ltd.
801‌
356,571‌
356,571‌
1,413,315‌
Italy
(
4.9%
):
Consumer
Discretionary
(
0.2%
):
Moncler
SpA
4,773‌
272,031‌
272,031‌
Energy
(
0.4%
):
Eni
SpA
40,189‌
651,325‌
651,325‌
Financials
(
2.1%
):
FinecoBank
Banca
Fineco
SpA
19,392‌
430,190‌
Generali
16,546‌
588,729‌
Intesa
Sanpaolo
SpA
85,392‌
491,961‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
22,389‌
520,408‌
Poste
Italiane
SpA
31,848‌
684,193‌
UniCredit
SpA
5,751‌
385,482‌
3,100,963‌
Health
Care
(
0.4%
):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
8,145‌
512,276‌
512,276‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
18
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Italy
(4.9%):
(continued)
Industrials
(
0.4%
):
Leonardo
SpA
5,113‌
287,736‌
Prysmian
SpA
5,144‌
363,759‌
651,495‌
Utilities
(
1.4%
):
Enel
SpA
70,469‌
668,635‌
Snam
SpA
113,076‌
684,817‌
Terna
-
Rete
Elettrica
Nazionale
68,475‌
703,751‌
2,057,203‌
7,245,293‌
Japan
(
17.9%
):
Consumer
Discretionary
(
2.4%
):
Asics
Corp.
10,200‌
260,685‌
Bridgestone
Corp.
8,700‌
356,483‌
Denso
Corp.
22,500‌
304,787‌
Fast
Retailing
Co.
Ltd.
900‌
309,521‌
Nitori
Holdings
Co.
Ltd.
2,300‌
222,349‌
Oriental
Land
Co.
Ltd.
14,600‌
337,040‌
Pan
Pacific
International
Holdings
Corp.
9,600‌
330,623‌
Sanrio
Co.
Ltd.
4,500‌
217,765‌
Sekisui
House
Ltd.
14,600‌
322,743‌
Shimano,
Inc.
2,400‌
348,441‌
Sumitomo
Electric
Industries
Ltd.
16,000‌
343,913‌
Suzuki
Motor
Corp.
22,600‌
273,573‌
3,627,923‌
Consumer
Staples
(
1.1%
):
Aeon
Co.
Ltd.
14,200‌
435,891‌
Ajinomoto
Co.,
Inc.
18,400‌
499,518‌
Kao
Corp.
10,200‌
457,403‌
Unicharm
Corp.
36,600‌
264,479‌
1,657,291‌
Energy
(
0.4%
):
ENEOS
Holdings,
Inc.
61,700‌
306,422‌
Inpex
Corp.
25,000‌
351,587‌
658,009‌
Financials
(
2.5%
):
Dai-ichi
Life
Holdings,
Inc.
40,600‌
309,033‌
Japan
Exchange
Group,
Inc.
29,800‌
302,263‌
Japan
Post
Bank
Co.
Ltd.
31,800‌
343,420‌
Japan
Post
Holdings
Co.
Ltd.
31,900‌
295,871‌
MS&AD
Insurance
Group
Holdings,
Inc.
13,300‌
298,347‌
ORIX
Corp.
14,500‌
328,287‌
Resona
Holdings,
Inc.
28,800‌
266,418‌
Sompo
Holdings,
Inc.
8,400‌
253,476‌
Sumitomo
Mitsui
Financial
Group,
Inc.
11,900‌
300,331‌
Sumitomo
Mitsui
Trust
Group,
Inc.
13,500‌
359,931‌
T&D
Holdings,
Inc.
13,200‌
290,603‌
Tokio
Marine
Holdings,
Inc.
6,600‌
280,107‌
3,628,087‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Japan
(17.9%):
(continued)
Health
Care
(
1.5%
):
Chugai
Pharmaceutical
Co.
Ltd.
5,900‌
308,337‌
Daiichi
Sankyo
Co.
Ltd.
10,900‌
254,729‌
Hoya
Corp.
2,600‌
309,765‌
Olympus
Corp.
25,500‌
303,719‌
Shionogi
&
Co.
Ltd.
26,000‌
468,394‌
Sysmex
Corp.
18,100‌
316,018‌
Terumo
Corp.
15,700‌
288,944‌
2,249,906‌
Industrials
(
4.7%
):
Central
Japan
Railway
Co.
20,000‌
448,920‌
Daikin
Industries
Ltd.
2,300‌
271,946‌
East
Japan
Railway
Co.
18,300‌
395,003‌
FANUC
Corp.
11,700‌
320,147‌
Fujikura
Ltd.
4,800‌
252,384‌
Hitachi
Ltd.
8,800‌
256,990‌
ITOCHU
Corp.
6,600‌
346,341‌
Kajima
Corp.
13,800‌
360,646‌
Komatsu
Ltd.
11,200‌
368,459‌
Kubota
Corp.
29,800‌
335,687‌
Marubeni
Corp.
17,500‌
354,035‌
Mitsubishi
Corp.
18,000‌
361,025‌
Mitsubishi
Electric
Corp.
13,200‌
285,195‌
Mitsubishi
Heavy
Industries
Ltd.
9,900‌
248,205‌
Mitsui
OSK
Lines
Ltd.
8,000‌
267,796‌
NIDEC
Corp.
19,400‌
377,922‌
Nippon
Yusen
KK
8,200‌
295,448‌
Secom
Co.
Ltd.
11,700‌
421,148‌
SMC
Corp.
900‌
325,273‌
Toyota
Industries
Corp.
2,700‌
305,646‌
Toyota
Tsusho
Corp.
16,200‌
367,788‌
6,966,004‌
Information
Technology
(
2.8%
):
Advantest
Corp.
3,900‌
288,593‌
Canon,
Inc.
11,200‌
325,834‌
Disco
Corp.
800‌
236,850‌
FUJIFILM
Holdings
Corp.
15,100‌
329,496‌
Fujitsu
Ltd.
12,000‌
292,937‌
Keyence
Corp.
600‌
241,017‌
Kyocera
Corp.
26,400‌
317,830‌
Murata
Manufacturing
Co.
Ltd.
18,500‌
276,748‌
NEC
Corp.
10,400‌
304,727‌
Nomura
Research
Institute
Ltd.
8,400‌
337,365‌
Obic
Co.
Ltd.
13,400‌
522,171‌
Renesas
Electronics
Corp.
14,900‌
185,125‌
TDK
Corp.
22,700‌
267,295‌
Tokyo
Electron
Ltd.
1,200‌
230,683‌
4,156,671‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
19
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Japan
(17.9%):
(continued)
Materials
(
1.2%
):
Nippon
Paint
Holdings
Co.
Ltd.
35,700‌
287,603‌
Nippon
Sanso
Holdings
Corp.
7,400‌
280,757‌
Nippon
Steel
Corp.
19,300‌
366,324‌
Nitto
Denko
Corp.
13,500‌
261,721‌
Shin-Etsu
Chemical
Co.
Ltd.
9,500‌
314,841‌
Toray
Industries,
Inc.
41,100‌
281,954‌
1,793,200‌
Real
Estate
(
0.9%
):
Daiwa
House
Industry
Co.
Ltd.
11,700‌
402,540‌
Mitsubishi
Estate
Co.
Ltd.
18,100‌
339,776‌
Mitsui
Fudosan
Co.
Ltd.
27,800‌
269,331‌
Sumitomo
Realty
&
Development
Co.
Ltd.
6,600‌
255,172‌
1,266,819‌
Utilities
(
0.4%
):
The
Kansai
Electric
Power
Co.,
Inc.
19,900‌
236,190‌
Tokyo
Gas
Co.
Ltd.
8,600‌
286,209‌
522,399‌
26,526,309‌
Luxembourg
(
0.5%
):
Energy
(
0.3%
):
Tenaris
SA
24,099‌
453,432‌
453,432‌
Materials
(
0.2%
):
ArcelorMittal
SA
9,335‌
295,429‌
295,429‌
748,861‌
Netherlands
(
3.5%
):
Consumer
Discretionary
(
0.3%
):
Prosus
NV(a)
7,476‌
417,985‌
417,985‌
Financials
(
1.8%
):
ABN
AMRO
Bank
NV
18,416‌
504,084‌
Adyen
NV(a)
167‌
306,526‌
ASR
Nederland
NV
8,484‌
563,375‌
Euronext
NV
3,316‌
566,701‌
NN
Group
NV
10,316‌
685,514‌
2,626,200‌
Health
Care
(
0.2%
):
Argenx
SE(a)
639‌
353,579‌
353,579‌
Industrials
(
0.7%
):
Ferrovial
SE
10,923‌
582,275‌
Wolters
Kluwer
NV
2,685‌
448,902‌
1,031,177‌
Information
Technology
(
0.2%
):
ASM
International
NV
493‌
315,528‌
315,528‌
Materials
(
0.3%
):
Akzo
Nobel
NV
6,152‌
430,402‌
430,402‌
5,174,871‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
New
Zealand
(
0.5%
):
Health
Care
(
0.2%
):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
15,905‌
349,357‌
349,357‌
Information
Technology
(
0.3%
):
Xero
Ltd.(a)
3,687‌
436,202‌
436,202‌
785,559‌
Norway
(
1.7%
):
Communication
Services
(
0.4%
):
Telenor
ASA
40,847‌
635,314‌
635,314‌
Energy
(
0.5%
):
Aker
BP
ASA
14,908‌
381,471‌
Equinor
ASA
13,480‌
341,318‌
722,789‌
Financials
(
0.4%
):
DNB
Bank
ASA
20,082‌
555,325‌
555,325‌
Industrials
(
0.2%
):
Kongsberg
Gruppen
ASA
8,385‌
325,291‌
325,291‌
Materials
(
0.2%
):
Norsk
Hydro
ASA
53,732‌
306,876‌
306,876‌
2,545,595‌
Portugal
(
0.9%
):
Consumer
Staples
(
0.2%
):
Jeronimo
Martins
SGPS
SA
13,077‌
330,837‌
330,837‌
Energy
(
0.4%
):
Galp
Energia
SGPS
SA
26,610‌
487,984‌
487,984‌
Utilities
(
0.3%
):
EDP
SA
106,834‌
463,303‌
463,303‌
1,282,124‌
Russian
Federation
(
0.0%
):
Materials
(
0.0%
):
Evraz
PLC(a)(b)(c)
38,723‌
—‌
—‌
Singapore
(
2.4%
):
Consumer
Staples
(
0.3%
):
Wilmar
International
Ltd.
205,100‌
463,056‌
463,056‌
Financials
(
1.3%
):
DBS
Group
Holdings
Ltd.
17,640‌
623,201‌
Oversea-Chinese
Banking
Corp.
Ltd.
52,300‌
671,030‌
United
Overseas
Bank
Ltd.
23,100‌
654,185‌
1,948,416‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
20
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Singapore
(2.4%):
(continued)
Industrials
(
0.8%
):
Singapore
Airlines
Ltd.
117,100‌
642,060‌
Singapore
Technologies
Engineering
Ltd.
81,300‌
498,212‌
1,140,272‌
3,551,744‌
South
Korea
(
3.8%
):
Communication
Services
(
0.3%
):
NAVER
Corp.
2,170‌
422,163‌
422,163‌
Consumer
Discretionary
(
0.5%
):
Hyundai
Mobis
Co.
Ltd.
1,900‌
404,136‌
Kia
Corp.
4,859‌
348,949‌
753,085‌
Financials
(
1.1%
):
Hana
Financial
Group,
Inc.
7,338‌
469,332‌
KB
Financial
Group,
Inc.
4,773‌
392,297‌
Meritz
Financial
Group,
Inc.
3,917‌
326,586‌
Shinhan
Financial
Group
Co.
Ltd.
8,403‌
382,379‌
1,570,594‌
Health
Care
(
0.2%
):
Celltrion,
Inc.
2,657‌
314,303‌
314,303‌
Industrials
(
1.1%
):
Doosan
Enerbility
Co.
Ltd.(a)
11,583‌
587,176‌
Hanwha
Aerospace
Co.
Ltd.
248‌
155,862‌
Hanwha
Ocean
Co.
Ltd.(a)
2,551‌
150,114‌
HMM
Co.
Ltd.
18,632‌
310,694‌
Samsung
C&T
Corp.
3,670‌
438,997‌
1,642,843‌
Information
Technology
(
0.4%
):
Samsung
SDI
Co.
Ltd.
1,608‌
205,931‌
SK
Hynix,
Inc.
1,419‌
307,083‌
513,014‌
Materials
(
0.2%
):
Korea
Zinc
Co.
Ltd.
195‌
118,362‌
POSCO
Holdings,
Inc.
1,174‌
227,091‌
345,453‌
5,561,455‌
Spain
(
3.1%
):
Consumer
Discretionary
(
0.6%
):
Amadeus
IT
Group
SA
6,154‌
518,100‌
Industria
de
Diseno
Textil
SA
7,522‌
391,409‌
909,509‌
Energy
(
0.4%
):
Repsol
SA
41,747‌
611,425‌
611,425‌
Financials
(
0.5%
):
Banco
de
Sabadell
SA
109,992‌
350,170‌
CaixaBank
SA
43,628‌
377,886‌
728,056‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Spain
(3.1%):
(continued)
Industrials
(
0.8%
):
ACS
Actividades
de
Construccion
y
Servicios
SA
7,377‌
512,195‌
Aena
SME
SA
22,160‌
591,428‌
1,103,623‌
Utilities
(
0.8%
):
Endesa
SA
18,832‌
596,429‌
Iberdrola
SA
33,114‌
635,338‌
1,231,767‌
4,584,380‌
Sweden
(
4.8%
):
Financials
(
1.9%
):
EQT
AB
10,604‌
354,214‌
Industrivarden
AB,
Class
C
14,583‌
526,912‌
Investor
AB,
Class
B
16,882‌
499,391‌
Skandinaviska
Enskilda
Banken
AB,
Class
A
29,696‌
518,432‌
Svenska
Handelsbanken
AB,
Class
A
34,889‌
466,503‌
Swedbank
AB,
Class
A
17,915‌
474,538‌
2,839,990‌
Health
Care
(
0.2%
):
Swedish
Orphan
Biovitrum
AB(a)
11,584‌
353,020‌
353,020‌
Industrials
(
2.2%
):
Alfa
Laval
AB
10,887‌
457,952‌
Assa
Abloy
AB,
Class
B
15,338‌
478,775‌
Atlas
Copco
AB,
Class
A
23,834‌
385,220‌
Epiroc
AB,
Class
A
18,294‌
397,334‌
Lifco
AB,
Class
B
10,370‌
419,757‌
Saab
AB,
Class
B
4,632‌
258,416‌
Sandvik
AB
18,203‌
417,493‌
Volvo
AB,
Class
B
13,782‌
386,776‌
3,201,723‌
Information
Technology
(
0.5%
):
Hexagon
AB,
Class
B
35,594‌
358,160‌
Telefonaktiebolaget
LM
Ericsson,
Class
B
47,777‌
408,911‌
767,071‌
7,161,804‌
Switzerland
(
7.2%
):
Communication
Services
(
0.5%
):
Swisscom
AG,
Registered
Shares
1,081‌
766,691‌
766,691‌
Consumer
Discretionary
(
0.2%
):
Cie
Financiere
Richemont
SA,
Registered
Shares
1,721‌
324,302‌
324,302‌
Consumer
Staples
(
0.3%
):
Chocoladefabriken
Lindt
&
Spruengli
AG,
Class
PC
28‌
471,315‌
471,315‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
21
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Switzerland
(7.2%):
(continued)
Financials
(
1.4%
):
Julius
Baer
Group
Ltd.
5,481‌
370,698‌
Partners
Group
Holding
AG
290‌
378,452‌
Swiss
Life
Holding
AG
747‌
755,948‌
Swiss
Re
AG
2,727‌
471,577‌
1,976,675‌
Health
Care
(
1.1%
):
Alcon
AG
5,230‌
462,925‌
Lonza
Group
AG,
Registered
Shares
585‌
416,751‌
Sonova
Holding
AG
1,545‌
460,519‌
Straumann
Holding
AG,
Class
R
2,569‌
335,418‌
1,675,613‌
Industrials
(
1.9%
):
ABB
Ltd.,
Registered
7,932‌
473,159‌
Geberit
AG,
Registered
Shares
622‌
489,381‌
Kuehne
+
Nagel
International
AG,
Class
R
2,031‌
439,568‌
Schindler
Holding
AG,
Class
PC
1,678‌
624,146‌
SGS
SA,
Registered
Shares
4,166‌
422,851‌
VAT
Group
AG
816‌
344,364‌
2,793,469‌
Information
Technology
(
0.2%
):
STMicroelectronics
NV
10,942‌
334,237‌
334,237‌
Materials
(
1.6%
):
DSM-Firmenich
AG
4,321‌
459,358‌
EMS-Chemie
Holding
AG
747‌
564,182‌
Givaudan
SA,
Registered
Shares
97‌
469,773‌
Holcim
AG
4,177‌
310,207‌
Sika
AG,
Registered
Shares
1,739‌
472,300‌
2,275,820‌
10,618,122‌
United
Kingdom
(
5.9%
):
Communication
Services
(
0.4%
):
Informa
PLC
51,603‌
570,667‌
570,667‌
Consumer
Discretionary
(
0.3%
):
Next
PLC
2,393‌
408,549‌
408,549‌
Consumer
Staples
(
0.4%
):
Haleon
PLC
112,844‌
579,823‌
579,823‌
Financials
(
1.9%
):
3i
Group
PLC
7,838‌
443,183‌
Admiral
Group
PLC
10,551‌
473,503‌
Legal
&
General
Group
PLC
153,181‌
535,235‌
Lloyds
Banking
Group
PLC
401,344‌
422,467‌
London
Stock
Exchange
Group
PLC
3,613‌
527,335‌
Wise
PLC,
Class
A(a)
25,807‌
368,343‌
2,770,066‌
Health
Care
(
0.3%
):
Smith
&
Nephew
PLC
28,241‌
431,376‌
431,376‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
United
Kingdom
(5.9%):
(continued)
Industrials
(
1.2%
):
Ashtead
Group
PLC
5,854‌
375,109‌
Bunzl
PLC
11,449‌
364,533‌
International
Consolidated
Airlines
Group
SA
95,351‌
446,494‌
Rentokil
Initial
PLC
57,934‌
279,950‌
Rolls-Royce
Holdings
PLC
29,093‌
386,336‌
1,852,422‌
Information
Technology
(
0.6%
):
Halma
PLC
12,265‌
538,640‌
The
Sage
Group
PLC
22,740‌
390,261‌
928,901‌
Materials
(
0.4%
):
Anglogold
Ashanti
PLC
4,519‌
205,931‌
Rio
Tinto
PLC
7,288‌
424,587‌
630,518‌
Utilities
(
0.4%
):
SSE
PLC
23,385‌
587,634‌
587,634‌
8,759,956‌
United
States
(
0.3%
):
Industrials
(
0.3%
):
RB
Global,
Inc.
4,267‌
453,369‌
453,369‌
Total
Common
Stocks
(Cost
$116,706,104)
146,692,713‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Warrant
(0.0%)
Canada
(
0.0%
):
Information
Technology
(
0.0%
):
Constellation
Software,
Inc.,
expiring  3/31/40
(a)(c)
141‌
—‌
—‌
Total
Warrant
(Cost
$–)
—‌
Total
Investments
(Cost
$
116,706,104
)—
99.0%
146,692,713‌
Other
assets
in
excess
of
liabilities
—
1.0%
1,481,881‌
NET
ASSETS
-
100.00%
$
148,174,594‌
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
22
Security
Name
Acquisition
Date
Cost
Evraz
PLC
12/4/2019
$
247,473
(b)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
June
30,
2025.
(c)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
0.00%
of
the
Fund's
net
asset
as
of
June
30,
2025.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.  
Futures
Contracts
Long
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
Mini
MSCI
EAFE
Index
9/19/25
7
$
922,689‌
$
938,595‌
$
15,906‌
$
15,906‌
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
See
notes
to
financial
statements.
23
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.6%)
Communication
Services
(
0
.3
%
):
Ralliant
Corp.(a)
362‌
17,569‌
The
Trade
Desk,
Inc.,
Class
A(a)
543‌
39,091‌
56,660‌
Consumer
Discretionary
(
7
.0
%
):
Aptiv
PLC(a)
931‌
63,513‌
CarMax,
Inc.(a)
761‌
51,147‌
Carvana
Co.(a)
113‌
38,077‌
Chewy,
Inc.,
Class
A(a)
1,009‌
43,004‌
Chipotle
Mexican
Grill,
Inc.(a)
1,015‌
56,992‌
Coupang,
Inc.(a)
2,101‌
62,946‌
D.R.
Horton,
Inc.
404‌
52,084‌
Deckers
Outdoor
Corp.(a)
324‌
33,395‌
Domino's
Pizza,
Inc.
105‌
47,313‌
Dutch
Bros,
Inc.,
Class
A(a)
400‌
27,348‌
Garmin
Ltd.
215‌
44,875‌
Genuine
Parts
Co.
407‌
49,373‌
Lennar
Corp.,
Class
A
486‌
53,756‌
NVR,
Inc.(a)
9‌
66,471‌
O'Reilly
Automotive,
Inc.(a)
891‌
80,306‌
Pool
Corp.
170‌
49,552‌
PulteGroup,
Inc.
531‌
55,999‌
Ross
Stores,
Inc.
488‌
62,259‌
Service
Corp.
International
820‌
66,748‌
Somnigroup
International,
Inc.
844‌
57,434‌
Tesla,
Inc.(a)
87‌
27,636‌
Texas
Roadhouse,
Inc.
381‌
71,403‌
Tractor
Supply
Co.
1,111‌
58,627‌
1,220,258‌
Consumer
Staples
(
4
.7
%
):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
445‌
47,984‌
Casey's
General
Stores,
Inc.
126‌
64,294‌
Coca-Cola
Consolidated,
Inc.
362‌
40,417‌
Costco
Wholesale
Corp.
79‌
78,205‌
Dollar
General
Corp.
362‌
41,406‌
Hormel
Foods
Corp.
2,359‌
71,360‌
Kenvue,
Inc.
2,632‌
55,088‌
Kimberly-Clark
Corp.
618‌
79,673‌
McCormick
&
Co.,
Inc.
1,072‌
81,279‌
Sprouts
Farmers
Market,
Inc.(a)
253‌
41,654‌
Sysco
Corp.
1,087‌
82,329‌
The
Campbell's
Co.
1,677‌
51,400‌
U.S.
Foods
Holding
Corp.(a)
1,138‌
87,637‌
822,726‌
Energy
(
7
.0
%
):
Antero
Resources
Corp.(a)
1,150‌
46,322‌
Baker
Hughes
Co.
1,377‌
52,794‌
Cheniere
Energy,
Inc.
266‌
64,776‌
ConocoPhillips
Co.
697‌
62,549‌
Coterra
Energy,
Inc.
2,398‌
60,861‌
Devon
Energy
Corp.
1,840‌
58,531‌
Diamondback
Energy,
Inc.
396‌
54,411‌
EOG
Resources,
Inc.
603‌
72,125‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Energy
(7.0%):
(continued)
EQT
Corp.
872‌
50,855‌
Halliburton
Co.
2,448‌
49,890‌
Kinder
Morgan,
Inc.
2,437‌
71,648‌
Occidental
Petroleum
Corp.
1,657‌
69,611‌
ONEOK,
Inc.
732‌
59,753‌
Ovintiv,
Inc.
1,346‌
51,215‌
Permian
Resources
Corp.
4,250‌
57,885‌
Phillips
66
Co.
574‌
68,478‌
Schlumberger
NV
1,623‌
54,857‌
Targa
Resources
Corp.
325‌
56,576‌
Texas
Pacific
Land
Corp.
26‌
27,466‌
The
Williams
Cos.,
Inc.
1,100‌
69,091‌
Valero
Energy
Corp.
448‌
60,220‌
1,219,914‌
Financials
(
13
.9
%
):
Aflac,
Inc.
729‌
76,880‌
Arch
Capital
Group
Ltd.
681‌
62,005‌
Ares
Management
Corp.,
Class
A
348‌
60,274‌
Arthur
J.
Gallagher
&
Co.
243‌
77,789‌
Blue
Owl
Capital,
Inc.
2,391‌
45,931‌
Brown
&
Brown,
Inc.
730‌
80,935‌
Cboe
Global
Markets,
Inc.
330‌
76,959‌
Cincinnati
Financial
Corp.
523‌
77,885‌
CME
Group,
Inc.
359‌
98,947‌
Coinbase
Global,
Inc.,
Class
A(a)
102‌
35,750‌
Corebridge
Financial,
Inc.
1,768‌
62,764‌
East
West
Bancorp,
Inc.
707‌
71,393‌
Equitable
Holdings,
Inc.
1,058‌
59,354‌
Everest
Group
Ltd.
181‌
61,513‌
Fidelity
National
Information
Services,
Inc.
916‌
74,571‌
First
Citizens
BancShares,
Inc.,
Class
A
24‌
46,955‌
Global
Payments,
Inc.
623‌
49,865‌
Houlihan
Lokey,
Inc.
385‌
69,281‌
Interactive
Brokers
Group,
Inc.
943‌
52,252‌
Intercontinental
Exchange,
Inc.
606‌
111,183‌
Jack
Henry
&
Associates,
Inc.
462‌
83,238‌
Jefferies
Financial
Group,
Inc.
1,033‌
56,495‌
LPL
Financial
Holdings,
Inc.
135‌
50,621‌
Markel
Group,
Inc.(a)
38‌
75,900‌
Morningstar,
Inc.
271‌
85,075‌
MSCI,
Inc.
128‌
73,823‌
Nasdaq,
Inc.
1,065‌
95,232‌
Principal
Financial
Group,
Inc.
928‌
73,711‌
Reinsurance
Group
of
America,
Inc.
311‌
61,690‌
RenaissanceRe
Holdings
Ltd.
242‌
58,782‌
Rocket
Cos.,
Inc.,
Class
A
2,437‌
34,557‌
Ryan
Specialty
Holdings,
Inc.
807‌
54,868‌
SoFi
Technologies,
Inc.(a)
2,514‌
45,780‌
The
Progressive
Corp.
251‌
66,982‌
Tradeweb
Markets,
Inc.,
Class
A
572‌
83,741‌
W.R.
Berkley
Corp.
962‌
70,678‌
2,423,659‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
See
notes
to
financial
statements.
24
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Health
Care
(
11
.0
%
):
Agilent
Technologies,
Inc.
615‌
72,576‌
Align
Technology,
Inc.(a)
254‌
48,090‌
Avantor,
Inc.(a)
2,823‌
37,998‌
BioMarin
Pharmaceutical,
Inc.(a)
837‌
46,010‌
Centene
Corp.(a)
726‌
39,407‌
Danaher
Corp.
344‌
67,954‌
DaVita,
Inc.(a)
314‌
44,729‌
Dexcom,
Inc.(a)
395‌
34,480‌
Doximity,
Inc.,
Class
A(a)
354‌
21,714‌
Edwards
Lifesciences
Corp.(a)
502‌
39,262‌
GE
HealthCare
Technologies,
Inc.
1,071‌
79,329‌
Globus
Medical,
Inc.(a)
814‌
48,042‌
HCA
Healthcare,
Inc.
172‌
65,893‌
Humana,
Inc.
123‌
30,071‌
IDEXX
Laboratories,
Inc.(a)
136‌
72,942‌
Incyte
Corp.(a)
804‌
54,752‌
Insulet
Corp.(a)
190‌
59,694‌
Intuitive
Surgical,
Inc.(a)
103‌
55,971‌
IQVIA
Holdings,
Inc.(a)
370‌
58,308‌
Mettler-Toledo
International,
Inc.(a)
57‌
66,959‌
Neurocrine
Biosciences,
Inc.(a)
424‌
53,293‌
Quest
Diagnostics,
Inc.
447‌
80,295‌
ResMed,
Inc.
239‌
61,662‌
Revvity,
Inc.
556‌
53,776‌
Solventum
Corp.(a)
807‌
61,203‌
STERIS
PLC
371‌
89,122‌
Stryker
Corp.
227‌
89,808‌
Tenet
Healthcare
Corp.(a)
315‌
55,440‌
United
Therapeutics
Corp.(a)
175‌
50,286‌
Universal
Health
Services,
Inc.,
Class
B
280‌
50,722‌
Veeva
Systems,
Inc.,
Class
A(a)
229‌
65,948‌
Waters
Corp.(a)
137‌
47,819‌
West
Pharmaceutical
Services,
Inc.
123‌
26,912‌
Zoetis,
Inc.
461‌
71,893‌
1,902,360‌
Industrials
(
23
.8
%
):
AECOM
700‌
79,002‌
AMETEK,
Inc.
431‌
77,994‌
Axon
Enterprise,
Inc.(a)
44‌
36,429‌
Builders
FirstSource,
Inc.(a)
333‌
38,858‌
C.H.
Robinson
Worldwide,
Inc.
604‌
57,954‌
Carlisle
Cos.,
Inc.
147‌
54,890‌
Carrier
Global
Corp.
929‌
67,993‌
Caterpillar,
Inc.
190‌
73,760‌
Cintas
Corp.
304‌
67,752‌
Clean
Harbors,
Inc.(a)
267‌
61,725‌
Comfort
Systems
USA,
Inc.
76‌
40,752‌
Copart,
Inc.(a)
1,092‌
53,584‌
CSX
Corp.
2,301‌
75,082‌
Curtiss-Wright
Corp.
149‌
72,794‌
Deere
&
Co.
127‌
64,578‌
Dover
Corp.
409‌
74,941‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(23.8%):
(continued)
EMCOR
Group,
Inc.
97‌
51,884‌
Equifax,
Inc.
267‌
69,252‌
Expeditors
International
of
Washington,
Inc.
711‌
81,232‌
Fastenal
Co.
1,608‌
67,536‌
Fortive
Corp.
1,087‌
56,665‌
GE
Vernova,
Inc.
84‌
44,449‌
General
Dynamics
Corp.
271‌
79,040‌
Graco,
Inc.
1,005‌
86,400‌
HEICO
Corp.
217‌
71,176‌
Howmet
Aerospace,
Inc.
344‌
64,029‌
Hubbell,
Inc.
137‌
55,952‌
IDEX
Corp.
373‌
65,488‌
Illinois
Tool
Works,
Inc.
365‌
90,246‌
Ingersoll
Rand,
Inc.
771‌
64,132‌
ITT,
Inc.
446‌
69,946‌
J.B.
Hunt
Transport
Services,
Inc.
424‌
60,886‌
Lennox
International,
Inc.
91‌
52,165‌
Lincoln
Electric
Holdings,
Inc.
282‌
58,464‌
Masco
Corp.
1,059‌
68,157‌
Norfolk
Southern
Corp.
258‌
66,040‌
Old
Dominion
Freight
Line,
Inc.
299‌
48,528‌
Otis
Worldwide
Corp.
864‌
85,553‌
PACCAR,
Inc.
602‌
57,226‌
Parker-Hannifin
Corp.
96‌
67,053‌
Paychex,
Inc.
525‌
76,366‌
Paycom
Software,
Inc.
184‌
42,578‌
Paylocity
Holding
Corp.(a)
266‌
48,197‌
Quanta
Services,
Inc.
136‌
51,419‌
Republic
Services,
Inc.
381‌
93,958‌
Rockwell
Automation,
Inc.
209‌
69,424‌
Rollins,
Inc.
1,359‌
76,675‌
Snap-on,
Inc.
206‌
64,103‌
SS&C
Technologies
Holdings,
Inc.
960‌
79,488‌
Textron,
Inc.
995‌
79,889‌
Trane
Technologies
PLC
175‌
76,547‌
TransDigm
Group,
Inc.
45‌
68,429‌
TransUnion
656‌
57,728‌
U-Haul
Holding
Co.
1,162‌
63,178‌
Union
Pacific
Corp.
342‌
78,687‌
United
Rentals,
Inc.
75‌
56,505‌
Verisk
Analytics,
Inc.
274‌
85,351‌
Vertiv
Holdings
Co.,
Class
A
313‌
40,192‌
W.W.
Grainger,
Inc.
71‌
73,857‌
Waste
Management,
Inc.
344‌
78,714‌
Watsco,
Inc.
106‌
46,812‌
Westinghouse
Air
Brake
Technologies
Corp.
370‌
77,459‌
Xylem,
Inc.
619‌
80,074‌
4,145,217‌
Information
Technology
(
15
.7
%
):
Akamai
Technologies,
Inc.(a)
523‌
41,714‌
Amphenol
Corp.,
Class
A
658‌
64,978‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
See
notes
to
financial
statements.
25
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Information
Technology
(15.7%):
(continued)
Analog
Devices,
Inc.
253‌
60,219‌
AppLovin
Corp.,
Class
A(a)
64‌
22,405‌
Arista
Networks,
Inc.(a)
413‌
42,254‌
Bentley
Systems,
Inc.,
Class
B
1,373‌
74,101‌
Broadcom,
Inc.
137‌
37,764‌
Cadence
Design
Systems,
Inc.(a)
148‌
45,606‌
CDW
Corp.
371‌
66,257‌
Ciena
Corp.(a)
506‌
41,153‌
Cognizant
Technology
Solutions
Corp.,
Class
A
1,061‌
82,790‌
Corpay,
Inc.(a)
197‌
65,369‌
Datadog,
Inc.,
Class
A(a)
435‌
58,434‌
Docusign,
Inc.(a)
422‌
32,870‌
Dynatrace,
Inc.(a)
1,150‌
63,492‌
Entegris,
Inc.
513‌
41,373‌
EPAM
Systems,
Inc.(a)
277‌
48,979‌
F5,
Inc.(a)
195‌
57,392‌
Fair
Isaac
Corp.(a)
28‌
51,183‌
First
Solar,
Inc.(a)
241‌
39,895‌
Fortinet,
Inc.(a)
394‌
41,654‌
Gartner,
Inc.(a)
172‌
69,526‌
Jabil,
Inc.
341‌
74,372‌
Keysight
Technologies,
Inc.(a)
344‌
56,368‌
KLA
Corp.
51‌
45,683‌
Microchip
Technology,
Inc.
916‌
64,459‌
Monolithic
Power
Systems,
Inc.
46‌
33,643‌
Motorola
Solutions,
Inc.
190‌
79,887‌
NetApp,
Inc.
537‌
57,217‌
NVIDIA
Corp.
251‌
39,655‌
NXP
Semiconductors
NV
236‌
51,564‌
Okta,
Inc.(a)
317‌
31,690‌
ON
Semiconductor
Corp.(a)
894‌
46,855‌
Palantir
Technologies,
Inc.,
Class
A(a)
243‌
33,126‌
Palo
Alto
Networks,
Inc.(a)
279‌
57,095‌
PTC,
Inc.(a)
453‌
78,070‌
Roper
Technologies,
Inc.
139‌
78,791‌
Seagate
Technology
Holdings
PLC
693‌
100,021‌
ServiceNow,
Inc.(a)
56‌
57,572‌
Super
Micro
Computer,
Inc.(a)
392‌
19,212‌
Synopsys,
Inc.(a)
95‌
48,705‌
TD
SYNNEX
Corp.
500‌
67,850‌
Teledyne
Technologies,
Inc.(a)
164‌
84,019‌
Teradyne,
Inc.
419‌
37,676‌
Texas
Instruments,
Inc.
333‌
69,137‌
Trimble,
Inc.(a)
847‌
64,355‌
Tyler
Technologies,
Inc.(a)
111‌
65,805‌
Western
Digital
Corp.
1,080‌
69,109‌
Zebra
Technologies
Corp.(a)
239‌
73,698‌
2,735,042‌
Materials
(
6
.9
%
):
Avery
Dennison
Corp.
448‌
78,610‌
CF
Industries
Holdings,
Inc.
703‌
64,676‌
Freeport-McMoRan,
Inc.
1,257‌
54,491‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Materials
(6.9%):
(continued)
International
Flavors
&
Fragrances,
Inc.
918‌
67,519‌
International
Paper
Co.
1,123‌
52,590‌
Linde
PLC
244‌
114,480‌
LyondellBasell
Industries
NV,
Class
A
1,302‌
75,334‌
Martin
Marietta
Materials,
Inc.
127‌
69,718‌
Newmont
Corp.
851‌
49,579‌
Nucor
Corp.
374‌
48,448‌
Packaging
Corp.
of
America
378‌
71,234‌
PPG
Industries,
Inc.
725‌
82,469‌
Reliance,
Inc.
203‌
63,722‌
RPM
International,
Inc.
658‌
72,275‌
Steel
Dynamics,
Inc.
368‌
47,108‌
The
Sherwin-Williams
Co.
206‌
70,732‌
Vulcan
Materials
Co.
241‌
62,857‌
Westlake
Corp.
670‌
50,873‌
1,196,715‌
Real
Estate
(
0
.4
%
):
CoStar
Group,
Inc.(a)
721‌
57,968‌
57,968‌
Utilities
(
8
.9
%
):
Alliant
Energy
Corp.
1,467‌
88,710‌
Ameren
Corp.
888‌
85,284‌
American
Electric
Power
Co.,
Inc.
798‌
82,801‌
American
Water
Works
Co.,
Inc.
476‌
66,216‌
Atmos
Energy
Corp.
655‌
100,942‌
CenterPoint
Energy,
Inc.
2,034‌
74,729‌
CMS
Energy
Corp.
1,366‌
94,636‌
Consolidated
Edison,
Inc.
746‌
74,861‌
Constellation
Energy
Corp.
108‌
34,858‌
DTE
Energy
Co.
722‌
95,636‌
Entergy
Corp.
687‌
57,103‌
Evergy,
Inc.
1,631‌
112,425‌
Eversource
Energy
1,217‌
77,426‌
NextEra
Energy,
Inc.
902‌
62,617‌
NiSource,
Inc.
2,432‌
98,107‌
NRG
Energy,
Inc.
358‌
57,488‌
Public
Service
Enterprise
Group,
Inc.
865‌
72,816‌
The
Southern
Co.
945‌
86,779‌
Vistra
Corp.
187‌
36,242‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
See
notes
to
financial
statements.
26
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(8.9%):
(continued)
WEC
Energy
Group,
Inc.
866‌
90,237‌
1,549,913‌
Total
Common
Stocks
(Cost
$16,553,605)
17,330,432‌
Investment
Companies
(0.4%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.17%(b)
62,460‌
62,460‌
Total
Investment
Companies
(Cost
$62,460)
62,460‌
Total
Investments
(Cost
$16,616,065)
—
100.0%
17,392,892‌
Other
assets
in
excess
of
liabilities
—
0.0%
7,476‌
NET
ASSETS
-
100.00%
$
17,400,368‌
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
7-Day
effective
yield
on
June
30,
2025.
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
See
notes
to
financial
statements.
27
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.4%)
Consumer
Discretionary
(
5
.1
%
):
Genuine
Parts
Co.
1,478‌
179,296‌
Lennar
Corp.,
Class
A
1,776‌
196,443‌
Pool
Corp.
618‌
180,135‌
Service
Corp.
International
2,984‌
242,898‌
Texas
Roadhouse,
Inc.
1,382‌
259,001‌
Tractor
Supply
Co.
4,039‌
213,138‌
1,270,911‌
Consumer
Staples
(
6
.7
%
):
Dollar
General
Corp.
1,320‌
150,982‌
Hormel
Foods
Corp.
8,595‌
259,999‌
Kenvue,
Inc.
9,590‌
200,719‌
Kimberly-Clark
Corp.
2,243‌
289,167‌
McCormick
&
Co.,
Inc.
3,910‌
296,456‌
Sysco
Corp.
3,966‌
300,385‌
The
Campbell's
Co.
6,107‌
187,179‌
1,684,887‌
Energy
(
14
.1
%
):
Baker
Hughes
Co.
5,016‌
192,313‌
ConocoPhillips
Co.
2,545‌
228,388‌
Coterra
Energy,
Inc.
8,741‌
221,847‌
Devon
Energy
Corp.
6,692‌
212,872‌
Diamondback
Energy,
Inc.
1,450‌
199,230‌
EOG
Resources,
Inc.
2,190‌
261,946‌
Halliburton
Co.
8,923‌
181,851‌
Kinder
Morgan,
Inc.
8,879‌
261,043‌
Occidental
Petroleum
Corp.
6,027‌
253,194‌
ONEOK,
Inc.
2,673‌
218,197‌
Ovintiv,
Inc.
4,910‌
186,825‌
Permian
Resources
Corp.
15,477‌
210,797‌
Phillips
66
Co.
2,089‌
249,218‌
Schlumberger
NV
5,911‌
199,792‌
The
Williams
Cos.,
Inc.
3,998‌
251,114‌
Valero
Energy
Corp.
1,623‌
218,164‌
3,546,791‌
Financials
(
13
.7
%
):
Aflac,
Inc.
2,652‌
279,680‌
Ares
Management
Corp.,
Class
A
1,271‌
220,137‌
Blue
Owl
Capital,
Inc.
8,709‌
167,300‌
Cincinnati
Financial
Corp.
1,900‌
282,948‌
CME
Group,
Inc.
1,313‌
361,889‌
Corebridge
Financial,
Inc.
6,439‌
228,584‌
East
West
Bancorp,
Inc.
2,569‌
259,418‌
Equitable
Holdings,
Inc.
3,847‌
215,817‌
Everest
Group
Ltd.
660‌
224,301‌
Fidelity
National
Information
Services,
Inc.
3,342‌
272,072‌
Jefferies
Financial
Group,
Inc.
3,753‌
205,251‌
Principal
Financial
Group,
Inc.
3,388‌
269,109‌
Reinsurance
Group
of
America,
Inc.
1,134‌
224,940‌
The
Progressive
Corp.
924‌
246,579‌
3,458,025‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Health
Care
(
1
.2
%
):
Quest
Diagnostics,
Inc.
1,635‌
293,695‌
293,695‌
Industrials
(
17
.1
%
):
C.H.
Robinson
Worldwide,
Inc.
2,209‌
211,954‌
Caterpillar,
Inc.
697‌
270,582‌
CSX
Corp.
8,379‌
273,407‌
Fastenal
Co.
5,859‌
246,078‌
General
Dynamics
Corp.
990‌
288,744‌
Hubbell,
Inc.
508‌
207,472‌
IDEX
Corp.
1,363‌
239,302‌
Illinois
Tool
Works,
Inc.
1,329‌
328,595‌
Lincoln
Electric
Holdings,
Inc.
1,030‌
213,540‌
Masco
Corp.
3,867‌
248,880‌
Norfolk
Southern
Corp.
941‌
240,868‌
Otis
Worldwide
Corp.
3,153‌
312,210‌
Paychex,
Inc.
1,920‌
279,283‌
Rockwell
Automation,
Inc.
760‌
252,449‌
Snap-on,
Inc.
751‌
233,696‌
Union
Pacific
Corp.
1,253‌
288,290‌
Watsco,
Inc.
384‌
169,582‌
4,304,932‌
Information
Technology
(
8
.9
%
):
Analog
Devices,
Inc.
914‌
217,550‌
CDW
Corp.
1,344‌
240,025‌
Cognizant
Technology
Solutions
Corp.,
Class
A
3,870‌
301,976‌
Microchip
Technology,
Inc.
3,329‌
234,262‌
NetApp,
Inc.
1,950‌
207,772‌
NXP
Semiconductors
NV
855‌
186,809‌
Seagate
Technology
Holdings
PLC
2,533‌
365,588‌
TD
SYNNEX
Corp.
1,814‌
246,160‌
Texas
Instruments,
Inc.
1,206‌
250,390‌
2,250,532‌
Materials
(
11
.2
%
):
Avery
Dennison
Corp.
1,641‌
287,946‌
CF
Industries
Holdings,
Inc.
2,559‌
235,428‌
International
Flavors
&
Fragrances,
Inc.
3,335‌
245,289‌
International
Paper
Co.
4,097‌
191,862‌
LyondellBasell
Industries
NV,
Class
A
4,739‌
274,199‌
Newmont
Corp.
3,090‌
180,023‌
Nucor
Corp.
1,366‌
176,952‌
Packaging
Corp.
of
America
1,376‌
259,307‌
PPG
Industries,
Inc.
2,644‌
300,755‌
Reliance,
Inc.
731‌
229,461‌
RPM
International,
Inc.
2,403‌
263,946‌
Westlake
Corp.
2,433‌
184,738‌
2,829,906‌
Utilities
(
21
.4
%
):
Alliant
Energy
Corp.
5,344‌
323,152‌
Ameren
Corp.
3,243‌
311,458‌
American
Electric
Power
Co.,
Inc.
2,900‌
300,904‌
American
Water
Works
Co.,
Inc.
1,739‌
241,912‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
See
notes
to
financial
statements.
28
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(21.4%):
(continued)
Atmos
Energy
Corp.
2,379‌
366,628‌
CenterPoint
Energy,
Inc.
7,412‌
272,317‌
CMS
Energy
Corp.
4,972‌
344,460‌
Consolidated
Edison,
Inc.
2,726‌
273,554‌
DTE
Energy
Co.
2,637‌
349,297‌
Entergy
Corp.
2,505‌
208,216‌
Evergy,
Inc.
5,930‌
408,755‌
Eversource
Energy
4,423‌
281,391‌
NextEra
Energy,
Inc.
3,292‌
228,531‌
NiSource,
Inc.
8,854‌
357,170‌
NRG
Energy,
Inc.
1,312‌
210,681‌
Public
Service
Enterprise
Group,
Inc.
3,158‌
265,840‌
The
Southern
Co.
3,448‌
316,630‌
WEC
Energy
Group,
Inc.
3,146‌
327,813‌
5,388,709‌
Total
Common
Stocks
(Cost
$24,147,237)
25,028,388‌
Investment
Companies
(0.5%)
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.17%(a)
113,855‌
113,855‌
Total
Investment
Companies
(Cost
$113,855)
113,855‌
Total
Investments
(Cost
$24,261,092)
—
99.9%
25,142,243‌
Other
assets
in
excess
of
liabilities
—
0.1%
18,767‌
NET
ASSETS
-
100.00%
$
25,161,010‌
(a)
Rate
disclosed
is
the
7-Day
effective
yield
on
June
30,
2025.
Schedule
of
Portfolio
Investments
June
30,
2025
(Unaudited)
Timothy
Plan
Market
Neutral
ETF
See
notes
to
financial
statements.
29
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(91.4%)
Communication
Services
(
3
.1
%
):
Cable
One,
Inc.
199‌
27,026‌
Gray
Television,
Inc.
22,030‌
99,796‌
Infrastrutture
Wireless
Italiane
SpA
5,211‌
63,708‌
John
Wiley
&
Sons,
Inc.,
Class
A
1,669‌
74,488‌
LG
Uplus
Corp.
4,167‌
44,162‌
Playtika
Holding
Corp.
6,758‌
31,965‌
SK
Telecom
Co.
Ltd.
1,184‌
49,754‌
Tele2
AB,
Class
B
Shares
16,371‌
239,324‌
Telenor
ASA
16,179‌
251,640‌
Telstra
Group
Ltd.
27,144‌
86,446‌
968,309‌
Consumer
Discretionary
(
7
.7
%
):
Barratt
Redrow
PLC
21,502‌
134,533‌
Bloomin'
Brands,
Inc.
5,144‌
44,290‌
Canadian
Tire
Corp.
Ltd.,
Class
A
352‌
47,927‌
Carter's,
Inc.
1,604‌
48,328‌
Designer
Brands,
Inc.,
Class
A
19,084‌
45,420‌
Dillard's,
Inc.,
Class
A
121‌
50,557‌
Dine
Brands
Global,
Inc.
3,214‌
78,197‌
Ethan
Allen
Interiors,
Inc.
3,346‌
93,186‌
Garmin
Ltd.
350‌
73,052‌
H&R
Block,
Inc.
1,694‌
92,984‌
Harley-Davidson,
Inc.
1,775‌
41,890‌
Haverty
Furniture
Cos.,
Inc.
3,183‌
64,774‌
Jack
in
the
Box,
Inc.
1,597‌
27,884‌
LCI
Industries
864‌
78,788‌
Lear
Corp.
771‌
73,230‌
LKQ
Corp.
1,672‌
61,881‌
Magna
International,
Inc.
2,071‌
80,066‌
Monro,
Inc.
4,375‌
65,231‌
Movado
Group,
Inc.
5,118‌
78,049‌
Newell
Brands,
Inc.
4,652‌
25,121‌
Oxford
Industries,
Inc.
985‌
39,646‌
Papa
John's
International,
Inc.
2,032‌
99,446‌
Persimmon
PLC
2,605‌
46,333‌
Polaris,
Inc.
1,057‌
42,967‌
Porsche
Automobil
Holding
SE,
Preference
Shares
4,992‌
198,083‌
Smith
&
Wesson
Brands,
Inc.
7,782‌
67,548‌
Stellantis
NV
6,424‌
64,381‌
Strategic
Education,
Inc.
892‌
75,936‌
Taylor
Wimpey
PLC
76,617‌
124,865‌
The
Buckle,
Inc.
1,884‌
85,439‌
The
Wendy's
Co.
5,450‌
62,239‌
Upbound
Group,
Inc.
3,481‌
87,373‌
Vail
Resorts,
Inc.
347‌
54,524‌
2,354,168‌
Consumer
Staples
(
5
.9
%
):
B&G
Foods,
Inc.
14,190‌
60,024‌
Bunge
Global
SA
981‌
78,755‌
Calavo
Growers,
Inc.
1,879‌
49,963‌
Cal-Maine
Foods,
Inc.
1,196‌
119,157‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Consumer
Staples
(5.9%):
(continued)
Dollar
General
Corp.
785‌
89,788‌
Energizer
Holdings,
Inc.
4,588‌
92,494‌
Flowers
Foods,
Inc.
6,564‌
104,893‌
Fresh
Del
Monte
Produce,
Inc.
2,972‌
96,352‌
Hormel
Foods
Corp.
1,949‌
58,957‌
Ingredion,
Inc.
796‌
107,954‌
J
Sainsbury
PLC
31,241‌
124,252‌
Kenvue,
Inc.
2,926‌
61,241‌
Kesko
Oyj,
Class
B
3,654‌
90,119‌
Nu
Skin
Enterprises,
Inc.,
Class
A
13,703‌
109,487‌
Reynolds
Consumer
Products,
Inc.
5,753‌
123,229‌
Salmar
ASA
996‌
43,182‌
SpartanNash
Co.
6,001‌
158,967‌
The
Campbell's
Co.
2,446‌
74,970‌
The
J.M.
Smucker
Co.
1,025‌
100,655‌
WK
Kellogg
Co.
4,030‌
64,238‌
1,808,677‌
Energy
(
15
.5
%
):
Aker
BP
ASA
5,500‌
140,736‌
Antero
Midstream
Corp.
10,765‌
203,997‌
APA
Corp.
3,229‌
59,058‌
Ardmore
Shipping
Corp.
4,965‌
47,664‌
Berry
Corp.
26,815‌
74,278‌
Chord
Energy
Corp.
720‌
69,732‌
Civitas
Resources,
Inc.
2,555‌
70,314‌
Coterra
Energy,
Inc.
4,071‌
103,322‌
Crescent
Energy
Co.,
Class
A
7,554‌
64,964‌
Devon
Energy
Corp.
1,782‌
56,685‌
DHT
Holdings,
Inc.
10,563‌
114,186‌
DT
Midstream,
Inc.
1,686‌
185,308‌
Eni
SpA
7,869‌
127,529‌
Equinor
ASA
3,932‌
99,560‌
FLEX
LNG
Ltd.
4,909‌
107,900‌
FutureFuel
Corp.
14,759‌
57,265‌
Golar
LNG
Ltd.
917‌
37,771‌
Granite
Ridge
Resources,
Inc.
9,420‌
60,005‌
HD
Hyundai
Co.
Ltd.
1,494‌
143,388‌
Helmerich
&
Payne,
Inc.
3,280‌
49,725‌
HF
Sinclair
Corp.
1,823‌
74,889‌
Keyera
Corp.
6,628‌
216,812‌
Kinder
Morgan,
Inc.
6,190‌
181,986‌
Kinetik
Holdings,
Inc.
2,801‌
123,384‌
Noble
Corp.
PLC
5,149‌
136,706‌
Nordic
American
Tankers
Ltd.
53,306‌
140,195‌
Northern
Oil
&
Gas,
Inc.
2,725‌
77,254‌
OMV
AG
2,590‌
140,872‌
ONEOK,
Inc.
1,420‌
115,915‌
Ovintiv,
Inc.
1,273‌
48,438‌
Pembina
Pipeline
Corp.
5,155‌
193,577‌
Phillips
66
Co.
683‌
81,482‌
Repsol
SA
8,094‌
118,544‌
Riley
Exploration
Permian,
Inc.
2,357‌
61,824‌
Santos
Ltd.
14,026‌
70,695‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
Market
Neutral
ETF
See
notes
to
financial
statements.
30
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Energy
(15.5%):
(continued)
Scorpio
Tankers,
Inc.
1,713‌
67,030‌
SFL
Corp.
Ltd.
13,738‌
114,438‌
Sitio
Royalties
Corp.,
Class
A
6,088‌
111,897‌
Suncor
Energy,
Inc.
873‌
32,705‌
TC
Energy
Corp.
3,535‌
172,596‌
Tenaris
SA
3,803‌
71,555‌
The
Williams
Cos.,
Inc.
2,509‌
157,590‌
TotalEnergies
SE
908‌
55,718‌
VAALCO
Energy,
Inc.
19,736‌
71,247‌
Valero
Energy
Corp.
663‌
89,120‌
Vitesse
Energy,
Inc.
4,790‌
105,811‌
Woodside
Energy
Group
Ltd.
3,996‌
62,132‌
4,767,799‌
Financials
(
21
.6
%
):
ABN
AMRO
Bank
NV
6,024‌
164,889‌
Ageas
SA
2,549‌
172,177‌
A-Mark
Precious
Metals,
Inc.
2,015‌
44,693‌
ANZ
Group
Holdings
Ltd.
10,129‌
194,347‌
Artisan
Partners
Asset
Management,
Inc.,
Class
A
3,751‌
166,282‌
Axis
Capital
Holdings
Ltd.
721‌
74,854‌
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
2,502‌
100,831‌
Bank
of
Hawaii
Corp.
881‌
59,494‌
Bank
OZK
2,063‌
97,085‌
BankUnited,
Inc.
2,032‌
72,319‌
Blue
Owl
Capital,
Inc.
1,957‌
37,594‌
Columbia
Banking
System,
Inc.
2,575‌
60,203‌
Credit
Agricole
SA
4,287‌
81,116‌
First
American
Financial
Corp.
443‌
27,196‌
First
Bancorp
Puerto
Rico
3,542‌
73,780‌
First
Busey
Corp.
2,190‌
50,118‌
First
Financial
Bancorp
3,803‌
92,261‌
First
Hawaiian,
Inc.
3,202‌
79,922‌
First
Interstate
BancSystem,
Inc.,
Class
A
3,652‌
105,251‌
FNB
Corp.
11,161‌
162,727‌
Generali
1,562‌
55,578‌
Glacier
Bancorp,
Inc.
1,388‌
59,795‌
Great-West
Lifeco,
Inc.
1,885‌
71,698‌
HA
Sustainable
Infrastructure
Capital,
Inc.
1,709‌
45,904‌
Hana
Financial
Group,
Inc.
1,357‌
86,792‌
Hanmi
Financial
Corp.
3,990‌
98,473‌
Hope
Bancorp,
Inc.
10,602‌
113,759‌
Industrial
Bank
of
Korea
5,175‌
70,033‌
Intesa
Sanpaolo
SpA
44,400‌
255,798‌
Invesco
Ltd.
5,597‌
88,265‌
Janus
Henderson
Group
PLC
4,201‌
163,167‌
Jefferies
Financial
Group,
Inc.
1,567‌
85,699‌
KBC
Group
NV
1,393‌
143,822‌
Lazard,
Inc.
2,112‌
101,334‌
Legal
&
General
Group
PLC
14,594‌
50,993‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Financials
(21.6%):
(continued)
MGIC
Investment
Corp.
1,431‌
39,839‌
Navient
Corp.
5,589‌
78,805‌
NH
Investment
&
Securities
Co.
Ltd.
1,960‌
29,038‌
NN
Group
NV
2,964‌
196,962‌
Northwest
Bancshares,
Inc.
12,024‌
153,667‌
OceanFirst
Financial
Corp.
3,394‌
59,768‌
Old
Republic
International
Corp.
4,898‌
188,279‌
OneMain
Holdings,
Inc.
2,520‌
143,640‌
Pacific
Premier
Bancorp,
Inc.
3,941‌
83,116‌
Patria
Investments
Ltd.,
Class
A
7,836‌
110,174‌
Popular,
Inc.
1,142‌
125,860‌
Poste
Italiane
SpA
4,305‌
92,485‌
Power
Corp.
of
Canada
5,483‌
214,190‌
Principal
Financial
Group,
Inc.
690‌
54,807‌
Prosperity
Bancshares,
Inc.
1,401‌
98,406‌
Safety
Insurance
Group,
Inc.
1,331‌
105,668‌
Schroders
PLC
7,071‌
35,071‌
Shinhan
Financial
Group
Co.
Ltd.
719‌
32,718‌
Societe
Generale
SA
1,172‌
67,018‌
Southside
Bancshares,
Inc.
2,992‌
88,055‌
Svenska
Handelsbanken
AB,
Class
A
4,626‌
61,854‌
Swedbank
AB,
Class
A
1,572‌
41,640‌
Swiss
Re
AG
1,061‌
183,478‌
Synovus
Financial
Corp.
1,779‌
92,063‌
TFS
Financial
Corp.
4,547‌
58,884‌
The
Bank
of
NT
Butterfield
&
Son
Ltd.
4,404‌
195,009‌
The
Western
Union
Co.
10,088‌
84,941‌
UWM
Holdings
Corp.
4,587‌
18,990‌
Valley
National
Bancorp
7,115‌
63,537‌
Virtus
Investment
Partners,
Inc.
331‌
60,043‌
WesBanco,
Inc.
2,511‌
79,423‌
Westpac
Banking
Corp.
5,637‌
125,591‌
Woori
Financial
Group,
Inc.
6,199‌
103,140‌
XP,
Inc.,
Class
A
2,359‌
47,652‌
6,622,060‌
Health
Care
(
1
.1
%
):
Baxter
International,
Inc.
2,447‌
74,095‌
Embecta
Corp.
1,813‌
17,568‌
Ono
Pharmaceutical
Co.
Ltd.
12,300‌
133,174‌
Premier,
Inc.,
Class
A
4,611‌
101,119‌
325,956‌
Industrials
(
9
.1
%
):
ACCO
Brands
Corp.
9,047‌
32,388‌
ACS
Actividades
de
Construccion
y
Servicios
SA
3,783‌
262,659‌
Adecco
Group
AG
2,948‌
87,648‌
AGCO
Corp.
1,001‌
103,263‌
Bouygues
SA
4,916‌
222,339‌
CNH
Industrial
NV
5,682‌
73,639‌
Concentrix
Corp.
819‌
43,288‌
Costamare
Bulkers
Holdings
Ltd.(a)
1,428‌
12,381‌
Costamare,
Inc.
7,145‌
65,091‌
Deluxe
Corp.
5,855‌
93,153‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
Market
Neutral
ETF
See
notes
to
financial
statements.
31
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(9.1%):
(continued)
Deutsche
Post
AG
1,985‌
91,670‌
Doosan
Bobcat,
Inc.
938‌
40,459‌
Douglas
Dynamics,
Inc.
2,860‌
84,284‌
Eiffage
SA
423‌
59,412‌
Ennis,
Inc.
3,155‌
57,232‌
Genco
Shipping
&
Trading
Ltd.
6,394‌
83,570‌
Golden
Ocean
Group
Ltd.
8,843‌
64,731‌
GS
Holdings
Corp.
2,202‌
76,131‌
HNI
Corp.
2,046‌
100,622‌
Insteel
Industries,
Inc.
2,185‌
81,304‌
Komatsu
Ltd.
1,600‌
52,637‌
Kuehne
+
Nagel
International
AG,
Class
R
441‌
95,445‌
ManpowerGroup,
Inc.
1,148‌
46,379‌
Matthews
International
Corp.,
Class
A
3,939‌
94,182‌
MSC
Industrial
Direct
Co.,
Inc.
892‌
75,838‌
National
Presto
Industries,
Inc.
1,179‌
115,495‌
Paychex,
Inc.
320‌
46,547‌
Randstad
NV
1,437‌
66,346‌
Robert
Half,
Inc.
1,355‌
55,623‌
Ryder
System,
Inc.
422‌
67,098‌
Teleperformance
SE
314‌
30,444‌
Transurban
Group
6,309‌
58,035‌
Trinity
Industries,
Inc.
3,537‌
95,534‌
Vinci
SA
299‌
44,056‌
Volvo
AB,
Class
B
1,682‌
47,203‌
Watsco,
Inc.
122‌
53,878‌
2,780,004‌
Materials
(
8
.2
%
):
Amcor
PLC
9,100‌
83,629‌
Anglo
American
PLC
923‌
27,235‌
Ardagh
Metal
Packaging
SA
28,344‌
121,312‌
Arkema
SA
1,263‌
93,047‌
BHP
Group
Ltd.
3,087‌
74,648‌
Boliden
AB(a)
2,731‌
85,219‌
CRH
PLC
871‌
79,958‌
Eastman
Chemical
Co.
1,663‌
124,160‌
Evonik
Industries
AG
8,700‌
179,320‌
FMC
Corp.
917‌
38,285‌
Fortescue
Ltd.
6,003‌
60,356‌
International
Paper
Co.
1,229‌
57,554‌
JFE
Holdings,
Inc.
12,400‌
144,418‌
Kaiser
Aluminum
Corp.
1,146‌
91,565‌
LyondellBasell
Industries
NV,
Class
A
1,511‌
87,427‌
Mitsui
Chemicals,
Inc.
3,600‌
83,381‌
Myers
Industries,
Inc.
3,198‌
46,339‌
Newmont
Corp.
905‌
52,725‌
Nippon
Steel
Corp.
6,100‌
115,781‌
Norsk
Hydro
ASA
9,454‌
53,994‌
Nutrien
Ltd.
1,495‌
87,124‌
Packaging
Corp.
of
America
762‌
143,599‌
Rio
Tinto
PLC
1,196‌
69,677‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Materials
(8.2%):
(continued)
Sonoco
Products
Co.
2,392‌
104,196‌
Southern
Copper
Corp.
446‌
45,122‌
SunCoke
Energy,
Inc.
10,570‌
90,796‌
The
Mosaic
Co.
2,880‌
105,062‌
The
Scotts
Miracle-Gro
Co.
1,018‌
67,147‌
Tronox
Holdings
PLC
5,727‌
29,036‌
UPM-Kymmene
Oyj
3,129‌
85,352‌
Valterra
Platinum
Ltd.(a)
107‌
4,699‌
2,532,163‌
Utilities
(
19
.2
%
):
Alliant
Energy
Corp.
2,437‌
147,365‌
American
Electric
Power
Co.,
Inc.
660‌
68,482‌
APA
Group
8,908‌
47,888‌
Avista
Corp.
4,418‌
167,663‌
Black
Hills
Corp.
2,740‌
153,714‌
Canadian
Utilities
Ltd.,
Class
A
1,449‌
40,099‌
Clearway
Energy,
Inc.,
Class
C
2,118‌
67,776‌
CMS
Energy
Corp.
2,470‌
171,122‌
Consolidated
Edison,
Inc.
1,869‌
187,554‌
DTE
Energy
Co.
1,530‌
202,664‌
EDP
SA
31,768‌
137,767‌
Emera,
Inc.
4,827‌
221,143‌
Endesa
SA
2,600‌
82,345‌
Enel
SpA
26,582‌
252,220‌
Engie
SA
3,935‌
92,345‌
Entergy
Corp.
1,500‌
124,680‌
Evergy,
Inc.
2,132‌
146,959‌
Eversource
Energy
1,995‌
126,922‌
Fortum
Oyj
3,740‌
69,995‌
IDACORP,
Inc.
1,185‌
136,808‌
National
Fuel
Gas
Co.
1,219‌
103,262‌
New
Jersey
Resources
Corp.
2,497‌
111,916‌
NextEra
Energy,
Inc.
1,156‌
80,250‌
NiSource,
Inc.
4,569‌
184,313‌
Northwest
Natural
Holding
Co.
3,056‌
121,384‌
Northwestern
Energy
Group,
Inc.
3,386‌
173,702‌
OGE
Energy
Corp.
2,642‌
117,252‌
ONE
Gas,
Inc.
2,227‌
160,032‌
Origin
Energy
Ltd.
9,980‌
70,856‌
Pinnacle
West
Capital
Corp.
1,907‌
170,619‌
Portland
General
Electric
Co.
4,145‌
168,411‌
Public
Service
Enterprise
Group,
Inc.
857‌
72,142‌
Redeia
Corp.
SA
4,888‌
104,491‌
RWE
AG
1,886‌
78,702‌
SJW
Group
3,808‌
197,902‌
Snam
SpA
21,856‌
132,365‌
Southwest
Gas
Holdings,
Inc.
1,932‌
143,721‌
Spire,
Inc.
2,668‌
194,737‌
SSE
PLC
5,690‌
142,982‌
The
Southern
Co.
959‌
88,065‌
TXNM
Energy,
Inc.
3,988‌
224,604‌
UGI
Corp.
1,699‌
61,878‌
United
Utilities
Group
PLC
4,613‌
72,267‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
Market
Neutral
ETF
See
notes
to
financial
statements.
32
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2025
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(19.2%):
(continued)
Veolia
Environnement
SA
4,146‌
147,716‌
WEC
Energy
Group,
Inc.
1,361‌
141,816‌
5,910,896‌
Total
Common
Stocks
(Cost
$25,842,075)
28,070,032‌
Total
Investments
(Cost
$25,842,075)
—
91.4%
28,070,032‌
Other
assets
in
excess
of
liabilities
—
8.6%
2,625,477‌
NET
ASSETS
-
100.00%
$
30,695,509‌
(a)
Non-income
producing
security.
Futures
Contracts
Short
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
E-Mini
Russell
2000
Index
9/19/25
64
$
(
6,778,768‌
)
$
(
7,013,440‌
)
$
(
234,672‌
)
Mini
MSCI
EAFE
Index
9/19/25
65
(
8,632,872‌
)
(
8,715,525‌
)
(
82,653‌
)
S&P
500
Index
E-mini
9/19/25
130
(
39,211,091‌
)
(
40,649,375‌
)
(
1,438,284‌
)
$
(
1,755,609‌
)
Long
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
NASDAQ
100
E-Mini
Future
Index
9/19/25
63
$
27,555,855‌
$
28,845,495‌
$
1,289,640‌
$
1,289,640‌
Total
Net
Futures
Contracts
$
(
465,969‌
)
Statements
of
Assets
and
Liabilities
June
30,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
33
Timothy
Plan
US
Small
Cap
Core
ETF
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
ASSETS:
Investments,
at
value
(Cost
$187,905,780
and
$263,774,072)
$
206,553,650‌
$
304,639,399‌
Foreign
currency,
at
value
(Cost
$447,290
and
$527,058)
447,290‌
527,058‌
Deposits
with
broker
for
futures
contracts
195,376‌
251,417‌
Interest
and
dividends
receivable
154,269‌
139,892‌
Receivable
for
capital
shares
issued
1,937,106‌
—‌
Variation
margin
receivable
on
open
futures
contracts
766‌
3,000‌
Total
Assets
209,288,457‌
305,560,766‌
LIABILITIES:
Payable
for
investments
purchased
1,931,984‌
—‌
Accrued
expenses
and
other
payables:
—‌
—‌
Investment
advisory
fees
86,154‌
129,564‌
Total
Liabilities
2,018,138‌
129,564‌
Net
Assets
207,270,319‌
305,431,202‌
NET
ASSETS
CONSIST
OF:
Capital
$
209,443,668‌
$
279,557,108‌
Total
distributable
earnings/(loss)
(
2,173,349‌
)
25,874,094‌
Net
Assets
$
207,270,319‌
$
305,431,202‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
5,350,000‌
6,800,000‌
Net
asset
value
per
share:
$
38.74‌
$
44.92‌
Statements
of
Assets
and
Liabilities
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
34
Timothy
Plan
High
Dividend
Stock
ETF
Timothy
Plan
International
ETF
ASSETS:
Investments,
at
value
(Cost
$281,286,736
and
$116,706,104)
$
299,722,717‌
$
146,692,713‌
Foreign
currency,
at
value
(Cost
$846,797
and
$811,379)
846,797‌
811,718‌
Deposits
with
broker
for
futures
contracts
115,569‌
53,655‌
Interest
and
dividends
receivable
284,825‌
152,917‌
Receivable
for
investments
sold
5,657,814‌
—‌
Variation
margin
receivable
on
open
futures
contracts
4,021‌
736‌
Reclaims
receivable
—‌
536,867‌
Total
Assets
306,631,743‌
148,248,606‌
LIABILITIES:
Payable
for
capital
shares
redeemed
5,675,983‌
—‌
Accrued
expenses
and
other
payables:
—‌
—‌
Investment
advisory
fees
128,667‌
74,012‌
Total
Liabilities
5,804,650‌
74,012‌
Net
Assets
300,827,093‌
148,174,594‌
NET
ASSETS
CONSIST
OF:
Capital
$
303,526,684‌
$
124,862,396‌
Total
distributable
earnings/(loss)
(
2,699,591‌
)
23,312,198‌
Net
Assets
$
300,827,093‌
$
148,174,594‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
7,950,000‌
4,600,000‌
Net
asset
value
per
share:
$
37.84‌
$
32.21‌
Statements
of
Assets
and
Liabilities
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
35
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
ASSETS:
Investments,
at
value
(Cost
$16,616,065
and
$24,261,092)
$
17,392,892‌
$
25,142,243‌
Deposits
with
broker
for
futures
contracts
6,747‌
56‌
Interest
and
dividends
receivable
8,546‌
30,019‌
Total
Assets
17,408,185‌
25,172,318‌
LIABILITIES:
Accrued
expenses
and
other
payables:
—‌
—‌
Investment
advisory
fees
7,817‌
11,308‌
Total
Liabilities
7,817‌
11,308‌
Net
Assets
17,400,368‌
25,161,010‌
NET
ASSETS
CONSIST
OF:
Capital
$
30,017,556‌
$
37,688,102‌
Total
distributable
earnings/(loss)
(
12,617,188‌
)
(
12,527,092‌
)
Net
Assets
$
17,400,368‌
$
25,161,010‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
650,000‌
1,000,000‌
Net
asset
value
per
share:
$
26.77‌
$
25.16‌
Statements
of
Assets
and
Liabilities
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
36
Timothy
Plan
Market
Neutral
ETF
ASSETS:
Investments,
at
value
(Cost
$25,842,075)
$
28,070,032‌
Foreign
currency,
at
value
(Cost
$574,481)
574,524‌
Deposits
with
broker
for
futures
contracts
1,947,473‌
Interest
and
dividends
receivable
53,833‌
Variation
margin
receivable
on
open
futures
contracts
184,117‌
Reclaims
receivable
93,214‌
Total
Assets
30,923,193‌
LIABILITIES:
Variation
margin
payable
on
open
futures
contracts
211,218‌
Accrued
expenses
and
other
payables:
—‌
Investment
advisory
fees
16,466‌
Total
Liabilities
227,684‌
Net
Assets
30,695,509‌
NET
ASSETS
CONSIST
OF:
Capital
$
34,036,042‌
Total
distributable
earnings/(loss)
(
3,340,533‌
)
Net
Assets
$
30,695,509‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
1,270,000‌
Net
asset
value
per
share:
$
24.17‌
Statements
of
Operations
For
the
Six
Months
Ended
30
June,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
37
Timothy
Plan
US
Small
Cap
Core
ETF
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
Investment
Income:
Dividend
income
$
1,600,828‌
$
2,056,669‌
Interest
income
2,847‌
5,192‌
Foreign
tax
withholding
(
2,385‌
)
(
2,444‌
)
Total
Income
1,601,290‌
2,059,417‌
Expenses:
Investment
advisory
fees
479,400‌
724,557‌
Total
Expenses
479,400‌
724,557‌
Net
Investment
Income
(Loss)
1,121,890‌
1,334,860‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
(
3,269,346‌
)
(
1,527,627‌
)
Net
realized
gains
(losses)
from
in-kind
transactions
2,529,891‌
14,328,561‌
Net
realized
gains
(losses)
from
futures
contracts
(
142,128‌
)
(
96,717‌
)
Net
change
in
unrealized
appreciation/depreciation
on
investments
and
foreign
currency
translations
453,587‌
6,839,574‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
42,804‌
58,974‌
Net
realized/unrealized
gains/losses
on
investments
(
385,192‌
)
19,602,765‌
Change
in
net
assets
resulting
from
operations
$
736,698‌
$
20,937,625‌
Statements
of
Operations
-
continued
For
the
Six
Months
Ended
30
June,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
38
Timothy
Plan
High
Dividend
Stock
ETF
Timothy
Plan
International
ETF
Investment
Income:
Dividend
income
$
3,598,781‌
$
2,859,920‌
Interest
income
5,974‌
460‌
Foreign
tax
withholding
(
5,664‌
)
(
413,135‌
)
Total
Income
3,599,091‌
2,447,245‌
Expenses:
Investment
advisory
fees
674,280‌
383,187‌
Total
Expenses
674,280‌
383,187‌
Net
Investment
Income
(Loss)
2,924,811‌
2,064,058‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
and
foreign
currency
transactions
(
293,426‌
)
2,565,472‌
Net
realized
gains
(losses)
from
in-kind
transactions
6,396,058‌
1,245,637‌
Net
realized
gains
(losses)
from
futures
contracts
(
140,629‌
)
59,296‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
and
foreign
currency
translations
7,632,079‌
21,274,306‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
53,957‌
28,415‌
Net
realized/unrealized
gains
on
investments
13,648,039‌
25,173,126‌
Change
in
net
assets
resulting
from
operations
$
16,572,850‌
$
27,237,184‌
Statements
of
Operations
-
continued
For
the
Six
Months
Ended
30
June,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
39
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
Investment
Income:
Dividend
income
$
342,079‌
$
644,541‌
Interest
income
805‌
1,073‌
Foreign
tax
withholding
(
526‌
)
(
1,245‌
)
Total
Income
342,358‌
644,369‌
Expenses:
Investment
advisory
fees
122,812‌
124,012‌
Total
Expenses
122,812‌
124,012‌
Net
Investment
Income
(Loss)
219,546‌
520,357‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
(
180,623‌
)
(
70,570‌
)
Net
realized
gains
(losses)
from
in-kind
transactions
1,664,481‌
519,272‌
Net
realized
gains
(losses)
from
futures
contracts
(
55,144‌
)
(
48,507‌
)
Net
change
in
unrealized
appreciation/depreciation
on
investments
(
5,926,207‌
)
(
2,472,611‌
)
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
9,637‌
9,637‌
Net
realized/unrealized
losses
on
investments
(
4,487,856‌
)
(
2,062,779‌
)
Change
in
net
assets
resulting
from
operations
$
(
4,268,310‌
)
$
(
1,542,422‌
)
Statements
of
Operations
-
continued
For
the
Six
Months
Ended
30
June,
2025
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
40
Timothy
Plan
Market
Neutral
ETF
Investment
Income:
Dividend
income
$
860,789‌
Interest
income
54,386‌
Foreign
tax
withholding
(
52,824‌
)
Total
Income
862,351‌
Expenses:
Investment
advisory
fees
106,803‌
Total
Expenses
106,803‌
Net
Investment
Income
(Loss)
755,548‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
and
foreign
currency
transactions
108,658‌
Net
realized
gains
(losses)
from
in-kind
transactions
1,474,426‌
Net
realized
gains
(losses)
from
futures
contracts
726,954‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
and
foreign
currency
translations
21,184‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
(
1,576,327‌
)
Net
realized/unrealized
gains
on
investments
754,895‌
Change
in
net
assets
resulting
from
operations
$
1,510,443‌
Statements
of
Changes
in
Net
Assets
Timothy
Plan
See
notes
to
financial
statements.
41
Timothy
Plan
US
Small
Cap
Core
ETF
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
(Unaudited)
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
1,121,890‌
$
1,388,981‌
$
1,334,860‌
$
2,158,844‌
Net
realized
gains
(losses)  
(
881,583‌
)
8,320,708‌
12,704,217‌
24,287,300‌
Net
change
in
unrealized
appreciation/depreciation  
496,391‌
5,473,764‌
6,898,548‌
2,175,741‌
Change
in
net
assets
resulting
from
operations
736,698‌
15,183,453‌
20,937,625‌
28,621,885‌
Distributions
to
Shareholders:
Distributions
(
943,313‌
)
(
1,405,308‌
)
(
1,220,153‌
)
(
2,166,878‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
943,313‌
)
(
1,405,308‌
)
(
1,220,153‌
)
(
2,166,878‌
)
Change
in
net
assets
resulting
from
capital
transactions
37,710,954‌
53,511,526‌
17,915,638‌
4,392,539‌
Change
in
net
assets
37,504,339‌
67,289,671‌
37,633,110‌
30,847,546‌
Net
Assets:
Beginning
of
period
169,765,980‌
102,476,309‌
267,798,092‌
236,950,546‌
End
of
period
$
207,270,319‌
$
169,765,980‌
$
305,431,202‌
$
267,798,092‌
Capital
Transactions:
Proceeds
from
shares
issued
$
48,976,861‌
$
105,385,140‌
$
71,992,301‌
$
104,545,272‌
Cost
of
shares
redeemed
(
11,265,907‌
)
(
51,873,614‌
)
(
54,076,663‌
)
(
100,152,733‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
37,710,954‌
$
53,511,526‌
$
17,915,638‌
$
4,392,539‌
Share
Transactions:
Issued
1,300,000‌
2,850,000‌
1,800,000‌
2,500,000‌
Redeemed
(
300,000‌
)
(
1,400,000‌
)
(
1,250,000‌
)
(
2,450,000‌
)
Change
in
Shares
1,000,000‌
1,450,000‌
550,000‌
50,000‌
Statements
of
Changes
in
Net
Assets
-
continued
Timothy
Plan
See
notes
to
financial
statements.
42
Timothy
Plan
High
Dividend
Stock
ETF
Timothy
Plan
International
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
(Unaudited)
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
2,924,811‌
$
5,053,344‌
$
2,064,058‌
$
2,522,846‌
Net
realized
gains
(losses)  
5,962,003‌
25,709,883‌
3,870,405‌
1,286,683‌
Net
change
in
unrealized
appreciation/depreciation  
7,686,036‌
(
5,090,448‌
)
21,302,721‌
(
981,027‌
)
Change
in
net
assets
resulting
from
operations
16,572,850‌
25,672,779‌
27,237,184‌
2,828,502‌
Distributions
to
Shareholders:
Distributions
(
2,783,192‌
)
(
4,895,565‌
)
(
2,089,537‌
)
(
3,111,526‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
2,783,192‌
)
(
4,895,565‌
)
(
2,089,537‌
)
(
3,111,526‌
)
Change
in
net
assets
resulting
from
capital
transactions
48,905,764‌
(
11,443,891‌
)
10,901,954‌
14,606,623‌
Change
in
net
assets
62,695,422‌
9,333,323‌
36,049,601‌
14,323,599‌
Net
Assets:
Beginning
of
period
238,131,671‌
228,798,348‌
112,124,993‌
97,801,394‌
End
of
period
$
300,827,093‌
$
238,131,671‌
$
148,174,594‌
$
112,124,993‌
Capital
Transactions:
Proceeds
from
shares
issued
$
87,558,945‌
$
138,750,959‌
$
16,390,398‌
$
14,606,623‌
Cost
of
shares
redeemed
(
38,653,181‌
)
(
150,194,850‌
)
(
5,488,444‌
)
—‌
Change
in
net
assets
resulting
from
capital
transactions
$
48,905,764‌
$
(
11,443,891‌
)
$
10,901,954‌
$
14,606,623‌
Share
Transactions:
Issued
2,450,000‌
3,850,000‌
550,000‌
550,000‌
Redeemed
(
1,050,000‌
)
(
4,200,000‌
)
(
200,000‌
)
—‌
Change
in
Shares
1,400,000‌
(
350,000‌
)
350,000‌
550,000‌
Statements
of
Changes
in
Net
Assets
-
continued
Timothy
Plan
See
notes
to
financial
statements.
43
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
(Unaudited)
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
219,546‌
$
630,430‌
$
520,357‌
$
1,468,033‌
Net
realized
gains
(losses)  
1,428,714‌
5,783,016‌
400,195‌
6,369,437‌
Net
change
in
unrealized
appreciation/depreciation  
(
5,916,570‌
)
1,651,669‌
(
2,462,974‌
)
(
281,817‌
)
Change
in
net
assets
resulting
from
operations
(
4,268,310‌
)
8,065,115‌
(
1,542,422‌
)
7,555,653‌
Distributions
to
Shareholders:
Distributions
(
270,959‌
)
(
633,632‌
)
(
638,435‌
)
(
1,413,960‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
270,959‌
)
(
633,632‌
)
(
638,435‌
)
(
1,413,960‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
48,443,482‌
)
4,774,464‌
(
37,208,580‌
)
(
8,355,308‌
)
Change
in
net
assets
(
52,982,751‌
)
12,205,947‌
(
39,389,437‌
)
(
2,213,615‌
)
Net
Assets:
Beginning
of
period
70,383,119‌
58,177,172‌
64,550,447‌
66,764,062‌
End
of
period
$
17,400,368‌
$
70,383,119‌
$
25,161,010‌
$
64,550,447‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
24,141,386‌
$
—‌
$
17,354,716‌
Cost
of
shares
redeemed
(
48,443,482‌
)
(
19,366,922‌
)
(
37,208,580‌
)
(
25,710,024‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
48,443,482‌
)
$
4,774,464‌
$
(
37,208,580‌
)
$
(
8,355,308‌
)
Share
Transactions:
Issued
—‌
950,000‌
—‌
700,000‌
Redeemed
(
2,100,000‌
)
(
750,000‌
)
(
1,600,000‌
)
(
1,050,000‌
)
Change
in
Shares
(
2,100,000‌
)
200,000‌
(
1,600,000‌
)
(
350,000‌
)
Statements
of
Changes
in
Net
Assets
-
continued
Timothy
Plan
See
notes
to
financial
statements.
44
Timothy
Plan
Market
Neutral
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
755,548‌
$
1,559,850‌
Net
realized
gains
(losses)  
2,310,038‌
(
3,636,037‌
)
Net
change
in
unrealized
appreciation/depreciation  
(
1,555,143‌
)
2,803,320‌
Change
in
net
assets
resulting
from
operations
1,510,443‌
727,133‌
Distributions
to
Shareholders:
Distributions
(
669,556‌
)
(
1,688,176‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
669,556‌
)
(
1,688,176‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
11,848,671‌
)
8,257,471‌
Change
in
net
assets
(
11,007,784‌
)
7,296,428‌
Net
Assets:
Beginning
of
period
41,703,293‌
34,406,865‌
End
of
period
$
30,695,509‌
$
41,703,293‌
Capital
Transactions:
Proceeds
from
shares
issued
$
—‌
$
9,680,975‌
Cost
of
shares
redeemed
(
11,848,671‌
)
(
1,423,504‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
11,848,671‌
)
$
8,257,471‌
Share
Transactions:
Issued
—‌
410,000‌
Redeemed
(
500,000‌
)
(
60,000‌
)
Change
in
Shares
(
500,000‌
)
350,000‌
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
45
Timothy
Plan
US
Small
Cap
Core
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
For
the
Year
Ended
December
31,
2020
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
39.03‌
$
35.34‌
$
30.39‌
$
35.49‌
$
27.71‌
$
25.55‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.23‌
0.38‌
0.36‌
0.34‌
0.40‌
0.32‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
(0.33‌)
3.69‌
4.97‌
(5.11‌)
7.78‌
2.15‌
Total
from
Investment
Activities
(0.10‌)
4.07‌
5.33‌
(4.77‌)
8.18‌
2.47‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.19‌)
(0.38‌)
(0.38‌)
(0.33‌)
(0.40‌)
(0.31‌)
Total
Distributions
(0.19‌)
(0.38‌)
(0.38‌)
(0.33‌)
(0.40‌)
(0.31‌)
Net
Asset
Value,
End
of
Period
$
38.74‌
$
39.03‌
$
35.34‌
$
30.39‌
$
35.49‌
$
27.71‌
Total
Return
(b)(c)
(0.22‌%)
11.57‌%
17.64‌%
(13.45‌%)
29.62‌%
9.99‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(d)
0.52‌%
0.52‌%
0.52‌%
0.52‌%
0.52‌%
0.52‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(d)
1
.22‌%
1.02‌%
1.13‌%
1.09‌%
1.20‌%
1.45‌%
Net
Assets,
End
of
Period
(000's)
$
207,270‌
$
169,766‌
$
102,476‌
$
71,422‌
$
56,792‌
$
31,869‌
Portfolio
Turnover
(b)(e)
23‌%
44‌%
60‌%
59‌%
57‌%
78‌%
Table
Line
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Excludes
impact
of
in-kind
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
46
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
For
the
Year
Ended
December
31,
2020
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
42.85‌
$
38.22‌
$
33.47‌
$
38.65‌
$
30.93‌
$
27.23‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.20‌
0.37‌
0.36‌
0.35‌
0.24‌
0.23‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
2.06‌
4.64‌
4.73‌
(5.17‌)
7.72‌
3.72‌
Total
from
Investment
Activities
2.26‌
5.01‌
5.09‌
(4.82‌)
7.96‌
3.95‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.19‌)
(0.38‌)
(0.34‌)
(0.36‌)
(0.24‌)
(0.25‌)
Total
Distributions
(0.19‌)
(0.38‌)
(0.34‌)
(0.36‌)
(0.24‌)
(0.25‌)
Net
Asset
Value,
End
of
Period
$
44.92‌
$
42.85‌
$
38.22‌
$
33.47‌
$
38.65‌
$
30.93‌
Total
Return
(b)(c)
5.29‌
%
13.12‌%
15.30‌%
(12.48‌%)
25.82‌%
14.67‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(d)
0.52‌%
0.52‌%
0.52‌%
0.52‌%
0.52‌%
0.52‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(d)
0.96‌%
0.90‌%
1.03‌%
1.02‌%
0.69‌%
0.88‌%
Net
Assets,
End
of
Period
(000's)
$
305,431‌
$
267,798‌
$
236,951‌
$
179,060‌
$
168,140‌
$
163,904‌
Portfolio
Turnover
(b)(e)
18‌%
25‌%
30‌%
26‌%
27‌%
45‌%
Table
Line
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Excludes
impact
of
in-kind
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
47
Timothy
Plan
High
Dividend
Stock
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
For
the
Year
Ended
December
31,
2020
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
36.36‌
$
33.16‌
$
31.13‌
$
32.49‌
$
25.88‌
$
26.89‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.41‌
0.77‌
0.75‌
0.73‌
0.61‌
0.57‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
1.46‌
3.19‌
2.01‌
(1.35‌)
6.60‌
(0.96‌)
Total
from
Investment
Activities
1.87‌
3.96‌
2.76‌
(0.62‌)
7.21‌
(0.39‌)
Distributions
to
Shareholders:
Net
Investment
Income
(0.39‌)
(0.76‌)
(0.73‌)
(0.74‌)
(0.60‌)
(0.62‌)
Total
Distributions
(0.39‌)
(0.76‌)
(0.73‌)
(0.74‌)
(0.60‌)
(0.62‌)
Net
Asset
Value,
End
of
Period
$
37.84‌
$
36.36‌
$
33.16‌
$
31.13‌
$
32.49‌
$
25.88‌
Total
Return
(b)(c)
5.20‌%
11.99‌%
9.03‌%
(1.88‌%)
28.10‌%
(1.17‌%)
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(d)
0.52‌%
0.52‌%
0.52‌%
0.52‌%
0.52‌%
0.52‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(d)
2.25‌%
2.15‌%
2.39‌%
2.32‌%
2.07‌%
2.45‌%
Net
Assets,
End
of
Period
(000's)
$
300,827‌
$
238,132‌
$
228,798‌
$
178,986‌
$
131,582‌
$
122,911‌
Portfolio
Turnover
(b)(e)
24‌%
34‌%
41‌%
42‌%
43‌%
68‌%
Table
Line
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Excludes
impact
of
in-kind
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
48
Timothy
Plan
International
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
For
the
Year
Ended
December
31,
2020
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
26.38‌
$
26.43‌
$
23.30‌
$
29.06‌
$
26.98‌
$
25.58‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.48‌
0.63‌
0.64‌
0.66‌
0.56‌
0.47‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
5.83‌
0.11‌
3.12‌
(5.82‌)
2.21‌
1.40‌
Total
from
Investment
Activities
6.31‌
0.74‌
3.76‌
(5.16‌)
2.77‌
1.87‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.48‌)
(0.79‌)
(0.63‌)
(0.60‌)
(0.69‌)
(0.47‌)
Total
Distributions
(0.48‌)
(0.79‌)
(0.63‌)
(0.60‌)
(0.69‌)
(0.47‌)
Net
Asset
Value,
End
of
Period
$
32.21‌
$
26.38‌
$
26.43‌
$
23.30‌
$
29.06‌
$
26.98‌
Total
Return
(b)(c)
24
.12‌%
2.77‌%
16.41‌%
(17.80‌%)
10.34‌%
7.66‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(d)
0.62‌%
0.62‌%
0.62‌%
0.62‌%
0.62‌%
0.62‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(d)
3.33‌%
2.34‌%
2.60‌%
2.72‌%
1.94‌%
1.98‌%
Net
Assets,
End
of
Period
(000's)
$
148,175‌
$
112,125‌
$
97,801‌
$
76,875‌
$
82,827‌
$
71,500‌
Portfolio
Turnover
(b)(e)
16‌%
35‌%
34‌%
39‌%
42‌%
63‌%
Table
Line
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Excludes
impact
of
in-kind
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
49
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
period
July
29,
2021
(a)
to
December
31,
2021
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
25.59‌
$
22.81‌
$
23.75‌
$
27.19‌
$
25.00‌
Investment
Activities:
Net
Investment
Income
(Loss)
(b)
0.12‌
0.23‌
0.38‌
0.25‌
0.11‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
1.21‌
2.77‌
(0.96‌)
(3.40‌)
2.16‌
Total
from
Investment
Activities
1.33‌
3.00‌
(0.58‌)
(3.15‌)
2.27‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.15‌)
(0.22‌)
(0.36‌)
(0.28‌)
(0.08‌)
Return
of
Capital
—‌
—‌
—‌
(0.01‌)
—‌
Total
Distributions
(0.15‌)
(0.22‌)
(0.36‌)
(0.29‌)
(0.08‌)
Net
Asset
Value,
End
of
Period
$
26.77‌
$
25.59‌
$
22.81‌
$
23.75‌
$
27.19‌
Total
Return
(c)(d)
5.20‌%
13.18‌%
(2.40‌%)
(11.58‌%)
9.09‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(e)
0.52‌%
0.52‌%
0.52‌%
(f)
0.52‌%
0.51‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(e)
0.94‌%
0.91‌%
1.69‌%
1.05‌%
1.00‌%
Net
Assets,
End
of
Period
(000's)
$
17,400‌
$
70,383‌
$
58,177‌
$
70,060‌
$
69,327‌
Portfolio
Turnover
(c)(g)
9‌%
29‌%
(h)
302‌%
(
i
)
155‌%
(
i
)
13‌%
Table
Line
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Excludes
impact
of
in-kind
transactions.
(h)
Portfolio
turnover
decreased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
(i)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
50
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
period
July
29,
2021
(a)
to
December
31,
2021
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
24.83‌
$
22.63‌
$
23.47‌
$
26.90‌
$
25.00‌
Investment
Activities:
Net
Investment
Income
(Loss)
(b)
0.27‌
0.53‌
0.60‌
0.60‌
0.28‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
0.38‌
2.18‌
(0.88‌)
(3.37‌)
1.86‌
Total
from
Investment
Activities
0.65‌
2.71‌
(0.28‌)
(2.77‌)
2.14‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.32‌)
(0.51‌)
(0.56‌)
(0.66‌)
(0.24‌)
Total
Distributions
(0.32‌)
(0.51‌)
(0.56‌)
(0.66‌)
(0.24‌)
Net
Asset
Value,
End
of
Period
$
25.16‌
$
24.83‌
$
22.63‌
$
23.47‌
$
26.90‌
Total
Return
(c)(d)
2.66‌%
12.01‌%
(1.17‌%)
(10.44‌%)
8.59‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(e)
0.52‌%
0.52‌%
0.52‌%
(f)
0.52‌%
0.51‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(e)
2.19‌%
2.18‌%
2.60‌%
2.39‌%
2.50‌%
Net
Assets,
End
of
Period
(000's)
$
25,161‌
$
64,550‌
$
66,764‌
$
68,055‌
$
47,081‌
Portfolio
Turnover
(c)(g)
64‌%
39‌%
(h)
209‌%
191‌%
(
i
)
16‌%
Table
Line
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Excludes
impact
of
in-kind
transactions.
(h)
Portfolio
turnover
decreased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
(i)
Portfolio
turnover
increased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
51
Timothy
Plan
Market
Neutral
ETF
For
the
Six
Months
Ended
June
30,
2025
For
the
Year
Ended
December
31,
2024
For
the
period
January
25,
2023
(a)
to
December
31,
2023
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
23.56‌
$
24.23‌
$
25.00‌
Investment
Activities:
Net
Investment
Income
(Loss)
(b)
0.55‌
0.93‌
1.01‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
0.56‌
(0.62‌)
0.31‌
Total
from
Investment
Activities
1.11‌
0.31‌
1.32‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.50‌)
(0.98‌)
(1.06‌)
Net
Realized
Gains
From
Investments
—‌
—‌
(1.03‌)
Total
Distributions
(0.50‌)
(0.98‌)
(2.09‌)
Net
Asset
Value,
End
of
Period
$
24.17‌
$
23.56‌
$
24.23‌
Total
Return
(c)(d)
4.76‌%
1.39‌%
5.46‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(e)
0.65‌%
0.65‌%
0.65‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(e)
4.61‌%
3.94‌%
4.37‌%
Net
Assets,
End
of
Period
(000's)
$
30,696‌
$
41,703‌
$
34,407‌
Portfolio
Turnover
(c)(f)
19‌%
35‌%
(g)
112‌%
Table
Line
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Excludes
impact
of
in-kind
transactions.
(g)
Portfolio
turnover
decreased
significantly
due
to
changes
in
the
volume
and
timing
of
purchases
and
sales
of
portfolio
holdings
during
the
year.
Notes
to
Financial
Statements
June
30,
2025
(Unaudited)
Timothy
Plan
52
1.
ORGANIZATION:
The
Timothy
Plan
(the
“Trust”)
was
organized
pursuant
to
a
trust
agreement
dated
December
16,
1993
as
a
Delaware
business
trust.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company
and
thus
is
determined
to
be
an
investment
company
for
accounting
purposes.
The
Trust
follows
the
investment
company
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946
“Financial
Services—
Investment
Companies.”
The
Trust
is
comprised
of
multiple
series
funds,
seven
of
which
are
exchange-traded
funds
(“ETFs”),
and
are
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with
no
par
value.
Each
ETF
is
classified
as
diversified
under
the
1940
Act.
The
accompanying
financial
statements
are
those
of
the
Timothy
Plan
US
Small
Cap
Core
ETF
(“US
Small
Cap
Core
ETF”),
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
(“US
Large/Mid
Cap
Core
ETF”),
Timothy
Plan
High
Dividend
Stock
ETF
(“High
Dividend
Stock
ETF”),
Timothy
Plan
International
ETF
(“International
ETF”),
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
(“US
Large/Mid
Cap
Core
Enhanced
ETF”),
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
(“High
Dividend
Stock
Enhanced
ETF”)
and
Timothy
Plan
Market
Neutral
ETF
(“Market
Neutral
ETF”)
(individually,
a
“Fund”
and
collectively,
the
“Funds”).
The
Funds,
except
for
the
Market
Neutral
ETF,
seek
to
provide
investment
results
that
track
the
performance
of
an
underlying
index,
before
fees
and
expenses.
The
underlying
indices
for
the
US
Small
Cap
Core
ETF,
US
Large/Mid
Cap
Core
ETF,
High
Dividend
Stock
ETF,
International
ETF,
US
Large/Mid
Cap
Core
Enhanced
ETF,
and
High
Dividend
Stock
Enhanced
ETF
are
the
Victory
US
Small
Cap
Volatility
Weighted
BRI
Index,
Victory
US
Large/Mid
Cap
Volatility
Weighted
BRI
Index,
Victory
US
Large
Cap
High
Dividend
Volatility
Weighted
BRI
Index,
Victory
International
Volatility
Weighted
BRI
Index,
Victory
US
Large/Mid
Cap
Long/Cash
Volatility
Wtd
BRI
Index,
and
Victory
US
Large
Cap
High
Div
Long/Cash
Vol
Wtd
BRI
Index
(individually,
an
“Index”
and
collectively,
the
“Indices”),
respectively.
The
Market
Neutral
ETF
seeks
to
provide
high
current
income
and
low
correlation
to
stocks
and
bonds.
Under
the
Trust’s
organizational
documents,
its
officers
and
Board
of
Trustees
(the
“Board”)
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
with
their
vendors
and
others
that
provide
for
general
indemnifications.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds.
However,
based
on
experience,
the
Funds
expect
that
risk
of
loss
to
be
remote.
2.
SIGNIFICANT
ACCOUNTING
POLICIES:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Trust
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Funds
follow
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies.
Shares
of
the
Funds
are
listed
and
traded
on
the
New
York
Stock
Exchange
(“NYSE”
or
the
“Exchange”).
The
Funds’
shares
are
offered
at
net
asset
value
(“NAV”)
only
in
aggregations
of
50,000
Shares
(each
a
“Creation
Unit”).
The
Funds
will
issue
and
redeem
Creation
Units
principally
in
exchange
for
a
basket
of
securities
included
in
the
respective
Fund’s
Index
(the
“Deposit
Securities”),
together
with
the
deposit
of
a
specified
cash
payment
(the
“Cash
Component”),
plus
transaction
fees
(“Transaction
Fees”)
as
further
described
below.
Shares
trade
on
the
Exchange
at
market
prices
that
may
be
below,
at,
or
above
NAV.
Shares
of
a
Fund
may
only
be
purchased
or
redeemed
by
certain
financial
institutions
(“Authorized
Participants”).
An
Authorized
Participant
is
either
(i)
a
broker-dealer
or
other
participant
in
the
clearing
process
through
the
Continuous
Net
Settlement
System
(“Clearing
Process”)
of
the
National
Securities
Clearing
Corporation
(“NSCC”)
or
(ii)
a
DTC
participant
and,
in
each
case,
must
have
executed
a
Participant
Agreement
with
the
Distributor.
Most
retail
investors
do
not
qualify
as
Authorized
Participants
nor
have
the
resources
to
buy
and
sell
whole
Creation
Units.
Therefore,
they
are
unable
to
purchase
or
redeem
the
shares
directly
from
a
Fund.
The
Funds
reserve
the
right
to
offer
creations
and
redemptions
of
Shares
for
cash.
In
addition,
Shares
may
be
issued
in
advance
of
receipt
of
Deposit
Securities
subject
to
various
conditions,
including
a
requirement
to
maintain
on
deposit
with
the
Trust
cash
equal
to
up
to
105%
of
the
market
value
of
the
missing
Deposit
Securities.
In
each
instance
of
such
cash
creations
or
redemptions,
transaction
fees
may
be
imposed
and
may
be
higher
than
the
transaction
fees
associated
with
in-kind
creations
or
redemptions.
Transaction
Fees
include
a
fixed
fee
(“Fixed
Fee”)
payable
to
the
Custodian
(“Citibank
N.A.”),
which
is
imposed
on
each
creation
and
redemption
transaction
regardless
of
the
number
of
Creation
Units
involved
in
the
transaction.
Transaction
Fees
may
also
include
an
additional
variable
charge
(“Variable
Charge”)
for
purchases
and
redemptions
of
Creation
Units
for
cash
or
involving
cash-in-lieu,
to
compensate
each
Fund
and
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
53
its
ongoing
shareholders
for
brokerage
and
market
impact
expenses
relating
to
Creation
Unit
transactions.
Under
certain
circumstances,
the
Transaction
Fees
may
be
waived
or
adjusted.
In
such
cases,
the
Authorized
Participant
will
reimburse
each
Fund
for,
among
other
things,
any
difference
between
the
market
value
at
which
the
securities
and/or
financial
instruments
were
purchased
by
each
Fund
and
the
cash-in-lieu
amount,
applicable
registration
fees,
brokerage
commissions
and
certain
taxes
and
other
costs
and
expenses
related
to
the
execution
of
trades
resulting
from
such
transaction
(up
to
the
maximum
amount
shown
below).
In
addition,
purchasers
of
Creation
Units
are
responsible
for
the
costs
of
transferring
the
Deposit
Securities
to
the
account
of
each
Fund.
Variable
fees
received
by
each
Fund
are
displayed
in
the
Capital
Share
Transaction
section
of
the
Statements
of
Changes
in
Net
Assets
as
an
increase
to
Paid-In-Capital.
Investors
who
use
the
services
of
a
broker,
or
other
such
intermediary
may
be
charged
a
fee
for
such
services.
The
Transaction
Fees
for
each
Fund
are
listed
below: 
*
As
a
percentage
of
the
amount
invested.
Investment
Valuation:
The
Funds
record
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Funds’
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities
or
interest
rates
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risk
associated
with
entering
into
those
investments.
Portfolio
securities
listed
or
traded
on
securities
exchanges
including,
common
stocks,
warrants
and
American
Depositary
Receipts
(“ADRs”),
are
valued
at
the
closing
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
last
available
bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Futures
contracts
are
valued
at
the
settlement
price
established
each
day
by
the
board
of
trade
or
an
exchange
on
which
they
are
traded.
These
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies
are
valued
at
net
asset
value.
These
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
for
which
there
are
no
such
quotations,
or
for
which
quotations
do
not
appear
reliable,
are
valued
at
fair
value
in
accordance
with
procedures
established
by
valuation
designee
and
under
the
general
supervision
and
oversight
of
the
Trust’s
Board.
These
valuations
Fee
for
In-Kind
and
Cash
Purchases
and
Redemptions
Maximum
Additional
Variable
Charge
for
Cash
Purchases
and
Redemptions*
US
Small
Cap
Core
ETF
$250
2.00%
US
Large/Mid
Cap
Core
ETF
$500
2.00%
High
Dividend
Stock
ETF
$250
2.00%
International
ETF
$4,500
2.00%
US
Large/Mid
Cap
Core
Enhanced
ETF
$500
2.00%
High
Dividend
Stock
Enhanced
ETF
$250
2.00%
Market
Neutral
ETF
$250
2.00%
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
54
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
A
summary
of
the
valuations
as
of
June
30,
2025
,
based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
in
the
Schedules
of
Portfolio
Investments:
US
Small
Cap
Core
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
206,553,650
$
–
$
–
$
206,553,650
Total
206,553,650
–
–
206,553,650
Other
Financial
Instruments*
Assets:
Futures
Contracts
17,39
5
–
–
17,39
5
Total
$
17,39
5
$
–
$
–
$
17,39
5
US
Large/Mid
Cap
Core
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
304,639,399
$
–
$
–
$
304,639,399
Total
304,639,399
–
–
304,639,399
Other
Financial
Instruments*
Assets:
Futures
Contracts
20,009
–
–
20,009
Total
$
20,009
$
–
$
–
$
20,009
High
Dividend
Stock
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
299,722,717
$
–
$
–
$
299,722,717
Total
299,722,717
–
–
299,722,717
Other
Financial
Instruments*
Assets:
Futures
Contracts
21,030
–
–
21,030
Total
$
21,030
$
–
$
–
$
21,030
International
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
146,692,713
$
–
$
–
$
146,692,713
Warrants
$
–
$
–
$
–(a)
$
–
Total
146,692,713
–
–
146,692,713
Other
Financial
Instruments*
Assets:
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
55
As
of
June
30,
2025
,
there
were
no
transfers
into/out
of
Level
3.
Management
has
determined
that
the
amount
of
Level
3
securities
compared
to
total
net
assets
is
not
material;
therefore,
no
additional
disclosures
are
necessary
for
the
period
ended
June
30,
2025
.
Real
Estate
Investment
Trusts
(“REITs”):
The
Funds
may
invest
in
REITs
which
report
information
on
the
source
of
their
distributions
annually.
REITs
are
pooled
investment
vehicles
that
invest
primarily
in
income-producing
real
estate
or
real
estate
related
loans
or
interests
(such
as
mortgages).
Certain
distributions
received
from
REITs
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
Investment
Companies:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
Futures
Contracts
15,906
–
–
15,906
Total
$
15,906
$
–
$
–
$
15,906
US
Large/Mid
Cap
Core
Enhanced
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
17,330,432
$
–
$
–
$
17,330,432
Investment
Companies
$
62,460
$
–
$
–
$
62,460
Total
17,392,892
–
–
17,392,892
High
Dividend
Stock
Enhanced
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
25,028,388
$
–
$
–
$
25,028,388
Investment
Companies
$
113,855
$
–
$
–
$
113,855
Total
25,142,243
–
–
25,142,243
Market
Neutral
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
28,070,032
$
–
$
–
$
28,070,032
Total
28,070,032
–
–
28,070,032
Other
Financial
Instruments*
Assets:
Futures
Contracts
1,289,640
–
–
1,289,640
Liabilities:
Futures
Contracts
(1,755,609)
–
–
(1,755,609)
Total
$
(465,969)
$
–
$
–
$
(465,969)
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
(a)
Zero
market
value.
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
56
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
on
the
last
business
day
of
the
reporting
period.
Interest
income
is
recognized
on
an
accrual
basis
and
includes,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received.
Gains
or
losses
realized
on
sales
of
securities
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Withholding
taxes
on
interest,
dividends
and
gains
as
a
result
of
certain
investments
in
ADRs
by
the
Funds
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Futures
Contracts:
During
the
period
ended
June
30,
2025
,
the
Funds
used
futures
contracts
to
provide
market
exposure
on
the
Funds’
cash
balances.
Futures
contracts
are
valued
based
upon
their
quoted
daily
settlement
prices.
Upon
entering
into
a
futures
contract,
and
to
maintain
the
Fund’s
open
positions
in
futures
contracts,
the
Fund
would
be
required
to
deposit
with
its
custodian
or
futures
broker
in
a
segregated
account
in
the
name
of
the
futures
broker
an
amount
of
cash,
U.S.
government
securities,
suitable
money
market
instruments,
or
other
liquid
securities,
known
as
“initial
margin.”
The
margin
required
for
a
particular
futures
contract
is
set
by
the
exchange
on
which
the
contract
is
traded,
and
may
be
significantly
modified
from
time
to
time
by
the
exchange
during
the
term
of
the
contract.
Futures
contracts
are
customarily
purchased
and
sold
on
margins
that
may
range
upward
from
less
than
5%
of
the
value
of
the
contract
being
traded.
Deposits
for
futures
for
the
Funds
are
reported
as
Deposit
with
broker
for
futures
contracts
on
the
Statements
of
Assets
and
Liabilities.
If
the
price
of
an
open
futures
contract
changes
(by
increase
in
underlying
instrument
or
index
in
the
case
of
a
sale
or
by
decrease
in
the
case
of
a
purchase)
so
that
the
loss
on
the
futures
contract
reaches
a
point
at
which
the
margin
on
deposit
does
not
satisfy
margin
requirements,
the
broker
will
require
an
increase
in
the
margin.
However,
if
the
value
of
a
position
increases
because
of
favorable
price
changes
in
the
futures
contract
so
that
the
margin
deposit
exceeds
the
required
margin,
the
broker
will
pay
the
excess
to
a
Fund.
These
subsequent
payments,
called
“Variation
Margin,”
to
and
from
the
futures
broker,
are
made
on
a
daily
basis
as
the
price
of
the
underlying
assets
fluctuate
making
the
long
and
short
positions
in
the
futures
contract
more
or
less
valuable,
a
process
known
as
“marking
to
the
market.”
The
Funds
recorded
a
payable
or
receivable
on
variation
margin.
The
Funds
expect
to
earn
interest
income
on
its
margin
deposits.
Gains
or
losses
are
recognized
but
not
considered
realized
until
the
contracts
expire
or
are
closed.
Futures
contracts
involve,
to
varying
degrees,
elements
of
market
risk
(generally
equity
price
risk
related
to
stock
futures,
interest
rate
risk
related
to
bond
futures,
and
foreign
currency
risk
related
to
currency
futures)
and
exposure
to
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
the
imperfect
correlation
between
the
change
in
fair
value
of
the
underlying
securities
and
the
prices
of
futures
contracts,
the
possibility
of
an
illiquid
market,
and
the
inability
of
the
counterparty
to
meet
the
terms
of
the
contract.
Realized
and
unrealized
gains
and
losses
are
reported
as
“Net
realized
gains/(losses)
from
futures
transactions”
and
“Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts”,
respectively,
on
the
Statements
of
Operations.
Average
Notional
Value
The
table
below
summarizes
the
monthly
average
notional
value
of
futures
contracts
for
the
period
ended
June
30,
2025
.
Summary
of
Derivative
Instruments
The
following
is
a
summary
of
the
fair
values
of
derivative
instruments
on
Statements
of
Assets
and
Liabilities,
categorized
by
risk
exposure,
Average
Notional
Value
Fund
Long
Short
US
Small
Cap
Core
ETF
$
636,358
$
—
US
Large/Mid
Cap
Core
ETF
838,294
—
High
Dividend
Stock
ETF
984,235
—
International
ETF
571,063
—
US
Large/Mid
Cap
Core
Enhanced
ETF
147,365
—
High
Dividend
Stock
Enhanced
ETF
147,365
—
Market
Neutral
ETF
29,706,433
58,604,748
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
57
as
of
June
30,
2025
:
*
Includes
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
on
the
Schedules
of
Portfolio
Investments.
Only
current
day’s
variation
margin
for
futures
contracts
is
reported
within
the
Statements
of
Assets
and
Liabilities.
The
following
is
a
summary
of
the
effect
of
derivative
instruments
on
the
Statements
of
Operations,
categorized
by
risk
exposure,
for
the
period
ended
June
30,
2025
: 
Foreign
Currency
Translations:
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of
a
Fund
denominated
in
a
foreign
currency
are
translated
into
U.S.
dollars
at
current
exchange
rates.
Purchases
and
sales
of
securities,
income
receipts
and
expense
payments
are
translated
into
U.S.
dollars
at
the
exchange
rates
on
the
date
of
the
transactions.
The
Funds
do
not
isolate
the
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations
are
disclosed
as
net
change
in
unrealized
appreciation/depreciation
on
investments
and
foreign
currency
translations
on
the
Statements
of
Operations.
Any
realized
gains
or
losses
from
these
fluctuations
are
disclosed
as
net
realized
gains
or
losses
from
investment
transactions
and
foreign
currency
transactions
on
the
Statements
of
Operations.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
related
to
foreign
income
received
(a
portion
of
which
may
be
reclaimable),
capital
gains
on
the
sale
of
securities,
and
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Dividends
to
Shareholders:
Dividends
from
net
investment
income,
if
any,
are
declared
and
paid
monthly
by
the
Funds.
Distributable
net
realized
gains,
if
any,
are
declared
and
distributed
at
least
annually
by
each
Fund.
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(i.e.,
that
they
result
from
other
than
timing
of
recognition
“temporary
difference”),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
a
Fund
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statements
of
Assets
and
Liabilities.
Assets
Liabilities
Fund
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Variation
Margin
Payable
on
Open
Futures
Contracts*
Equity
Risk
Exposure
–
–
US
Small
Cap
Core
ETF
$
17,395
$
–
US
Large/Mid
Cap
Core
ETF
20,009
–
High
Dividend
Stock
ETF
21,030
–
International
ETF
15,906
–
Market
Neutral
ETF
–
465,969
Fund
Net
realized
gains
(losses)
from
futures
transactions
Net
Change
in
unrealized
appreciation
(depreciation)
on
futures
transactions
Equity
Risk
Exposure:
–
–
US
Small
Cap
Core
ETF
$
(142,128)
$
42,804
US
Large/Mid
Cap
Core
ETF
(96,717)
58,974
High
Dividend
Stock
ETF
(140,629)
53,957
International
ETF
59,296
28,415
US
Large/Mid
Cap
Core
Enhanced
ETF
(55,144)
–
High
Dividend
Stock
Enhanced
ETF
(48,507)
9,637
Market
Neutral
ETF
726,954
–
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
58
Federal
Income
Taxes:
It
is
the
policy
of
each
Fund
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Funds
identifies
its
major
tax
jurisdiction
as
U.S.
Federal.
As
of
and
during
the
period
ended
June
30,
2025
,
the
Funds
did
not
have
a
liability
for
any
unrecognized
tax
benefits.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
on
the
Statements
of
Operations.
During
the
period,
the
Funds
did
not
incur
any
interest
or
penalties.
For
the
current
open
tax
year,
management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
that
would
require
recognition
in
the
financial
statements.
Further,
management
of
the
Funds
is
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
any
unrecognized
tax
benefits
will
significantly
change
over
the
next
fiscal
year.
3.
PURCHASES
AND
SALES
OF
SECURITIES:
Purchases
and
sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
and
in-kind
transactions
associated
with
purchases
and
sales for
the
period
ended 
June
30,
2025,
were
as
follows: 
 For
the
period
ended
June
30,
2025
,
there
were
no
purchases
or
sales
of
U.S.
Government
Securities. 
4.
FEES
AND
TRANSACTIONS
WITH
AFFILIATES
AND
OTHER
PARTIES:
Timothy
Partners,
Ltd
(“TPL”
or
the
“Advisor”),
a
Florida
limited
partnership,
serves
as
the
Funds’
investment
advisor
pursuant
to
an
Investment
Advisory
Agreement.
Subject
always
to
the
supervision
and
approval
of
the
Board,
the
Advisor
is
responsible
for
the
overall
management
of
the
Funds.
The
Advisor
has
arranged
for
distribution,
custody,
fund
administration,
transfer
agency
and
all
other
services
necessary
for
the
Funds
to
operate.
The
Advisor
receives
a
fee
for
its
services,
(the
“Management
Fee”).
From
the
Management
Fee,
the
Advisor
is
obligated
to
pay
or
arrange
for
the
payment
of
substantially
all
expenses
of
the
Funds,
including
the
cost
of
transfer
agency,
custody,
fund
administration
and
accounting,
legal,
audit,
independent
trustees
and
other
services,
except
for
interest
expenses,
distribution
fees
or
expenses,
brokerage
expenses,
acquired
fund
fees
and
expenses,
taxes
and
extraordinary
expenses
such
as
litigation
and
other
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business.
The
Advisor’s
Management
Fee
is
designed
to
cause
substantially
all
of
the
Funds’
expenses
to
be
paid
and
to
compensate
the
Advisor
for
providing
services
for
the
Funds.
US
Small
Cap
Core
ETF,
US
Large/Mid
Cap
Core
ETF,
High
Dividend
Stock
ETF,
High
Dividend
Stock
Enhanced
ETF,
and
US
Large/Mid
Cap
Core
Enhanced
ETF
pay
a
Management
Fee
equivalent
to
0.52%,
International
ETF
pays
a
Management
Fee
equivalent
to
0.62%,
and
Market
Neutral
ETF
pays
a
Management
Fee
equivalent
to
0.65%
of
the
Fund’s
average
daily
net
assets,
computed
daily
and
paid
monthly.
Victory
Capital
Management,
Inc.,
a
New
York
corporation,
serves
as
the
Funds’
sub-advisor
pursuant
to
a
written
sub-advisory
agreement
with
the
Advisor
and
receives
fees
from
the
Advisor
for
these
services.
Citibank,
N.A.
serves
as
the
Funds’
Custodian
and
Transfer
Agent
pursuant
to
a
Global
Custodial
and
Agency
Services
Agreement
with
the
Trust.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
N.A.,
acts
as
the
Funds’
administrator
and
fund
accountant
pursuant
to
a
Services
Agreement
with
the
Trust.
Foreside
Fund
Services,
LLC
(“Foreside”)
serves
as
the
Funds’
distributor.
Drake
Compliance
LLC
provides
compliance
services
to
the
Trust.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Advisor.
Excluding
in-kind
transactions
Associated
with
in-kind
transactions
Fund
Purchases
Sales
Purchases
Sales
US
Small
Cap
Core
ETF
$
43,928,961
$
43,761,760
$
48,735,457
$
11,211,307
US
Large/Mid
Cap
Core
ETF
52,249,661
51,701,788
71,787,201
53,875,309
High
Dividend
Stock
ETF
62,184,306
61,676,821
87,188,269
38,497,080
International
ETF
20,158,046
19,620,838
15,219,014
5,112,442
US
Large/Mid
Cap
Core
Enhanced
ETF
4,619,627
4,393,047
—
48,439,539
High
Dividend
Stock
Enhanced
ETF
29,270,642
29,307,397
—
37,093,016
Market
Neutral
ETF
5,654,715
5,756,577
—
9,825,363

Notes to Financial Statements - continued

June 30, 2025 (Unaudited)

 

Timothy Plan

 

 

5. INVESTMENT RISKS:

 

The following describes the principal risks that you may assume as an investor in each Fund. The risk descriptions below provide a more detailed explanation of the principal investment risks.

 

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. Each Fund may be subject to other risks in addition to these identified risks.

 

 

 

 US Small Cap Core ETF US Large/Mid Cap Core ETF  High Dividend Stock ETF International ETF US Large/Mid Cap Core Enhanced ETF  High Dividend Stock Enhanced ETF Market Neutral ETF
Excluded Security Risk X X X X X X  
Index Risk X X X X X X  
Large-Capitalization Stock Risk   X X   X X X
Mid-Capitalization Stock Risk   X X   X X  
Small Company Risk X           X
Fixed Income Risk         X X  
Foreign Securities Risk       X     X

 

Excluded Security Risk

Because the Index omits Excluded Securities, the Funds may be riskier than other funds that invest in a broader array of securities. Biblically Responsible Investing (“BRI”) may not be successful. Because the Index is reconstituted only at prescribed times during the year, the Funds may temporarily hold securities that do not comply with the BRI filtering criteria if the application of the criteria or the nature of a company’s business changes between these dates.

 

Index Risk

There is no guarantee that the Funds’ investment results will have a high degree of correlation to those of the respective Underlying Index or that the Funds will achieve their investment objectives. Market disruptions and regulatory restrictions could have an adverse effect on the Funds’ ability to adjust their exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Funds and their shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition.

 

Large-Capitalization Stock Risk

The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.

 

Mid-Capitalization Stock Risk

Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.

 

59

Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
60
Small
Company
Risk
Small
company
stocks
present
above-average
risks.
This
means
that
when
stock
prices
decline
overall,
the
Portfolios
may
decline
more
than
a
broad-based
securities
market
index.
These
companies
usually
offer
a
smaller
range
of
products
and
services
than
larger
companies.
They
may
also
have
limited
financial
resources
and
may
lack
management
depth.
As
a
result,
stocks
issued
by
smaller
companies
tend
to
be
less
liquid
and
fluctuate
in
value
more
than
the
stocks
of
larger,
more
established
companies.
Fixed
Income
Risk
The
value
of
the
Funds’
direct
or
indirect
investments
in
fixed
income
securities
changes
in
response
to
various
factors,
including,
for
example,
market-related
factors
(such
as
changes
in
interest
rates
or
changes
in
the
risk
appetite
of
investors
generally)
and
changes
in
the
actual
or
perceived
ability
of
the
issuer
(or
of
issuers
generally)
to
meet
its
(or
their)
obligations.
Foreign
Securities
Risk
Foreign
securities
(including
depositary
receipts)
are
subject
to
political,
regulatory,
and
economic
risks
not
present
in
domestic
investments.
Foreign
securities
could
be
affected
by
factors
not
present
in
the
U.S.
including
expropriation,
confiscation
of
property,
and
difficulties
in
enforcing
contracts.
Compared
to
U.S.
companies,
there
generally
is
less
publicly
available
information
about
foreign
companies
and
there
may
be
less
governmental
regulation
and
supervision
of
foreign
companies.
Foreign
securities
generally
experience
more
volatility
than
their
domestic
counterparts.
Depositary
receipts
may
have
additional
risks,
including
creditworthiness
of
the
depositary
bank
and
the
risk
of
an
illiquid
market.
In
addition,
to
the
extent
investments
are
made
in
a
limited
number
of
countries,
events
in
those
countries
will
have
a
more
significant
impact
on
the
Funds.
Fluctuations
in
the
exchange
rates
between
the
U.S.
dollar
and
foreign
currencies,
currency
exchange
control
regulations,
and
restrictions
or
prohibitions
on
the
repatriation
of
foreign
currencies
may
negatively
affect
an
investment.
 6.
FEDERAL
INCOME
TAX
INFORMATION:
The
tax
characteristics
of
distributions
paid
to
shareholders
during
the
year/period
ended
December
31,
2024
were
as
follows:
At
December
31,
2024
,
the
Funds
had
net
capital
loss
carry
forwards
(“CLCFs”)
for
federal
income
tax
purposes
which
are
available
to
reduce
the
future
capital
gain
distributions
to
shareholders.
CLCFs
not
subject
to
expiration:
As
of
December
31
,
2024
,
the
cost
basis
for
federal
income
tax
purposes,
gross
unrealized
appreciation,
gross
unrealized
depreciation
and
net
Year
Ended
December
31,
2024
Distributions
Paid
From:
Fund
Ordinary
Income
Net
Long-Term
Gains
Total
Taxable
Distributions
Tax-Exempt
Distributions
Return
of
Capital
Total
Distributions
Paid
*
US
Small
Cap
Core
ETF
$
1,405,308
$
—
$
1,405,308
$
—
$
—
$
1,405,308
US
Large/Mid
Cap
Core
ETF
2,166,878
—
2,166,878
—
—
2,166,878
High
Dividend
Stock
ETF
4,895,565
—
4,895,565
—
—
4,895,565
International
ETF
3,111,526
—
3,111,526
—
—
3,111,526
US
Large/Mid
Cap
Core
Enhanced
ETF
633,632
—
633,632
—
—
633,632
High
Dividend
Stock
Enhanced
ETF
1,413,960
—
1,413,960
—
—
1,413,960
Market
Neutral
ETF
1,688,176
—
1,688,176
—
—
1,688,176
*
Total
distributions
paid
may
differ
from
the
Statement
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
Fund
Short-Term
Amount
Long-Term
Amount
Total
US
Small
Cap
Core
ETF
$
(12,849,415)
$
(7,288,580)
$
(20,137,995)
US
Large/Mid
Cap
Core
ETF
(13,673,827)
(14,281,333)
(27,955,160)
High
Dividend
Stock
ETF
(15,152,605)
(12,452,435)
(27,605,040)
International
ETF
(4,111,567)
(5,675,713)
(9,787,280)
US
Large/Mid
Cap
Core
Enhanced
ETF
(9,724,185)
(2,763,501)
(12,487,686)
High
Dividend
Stock
Enhanced
ETF
(11,217,103)
(590,285)
(11,807,388)
Market
Neutral
ETF
(2,435,242)
(3,723,977)
(6,159,219)
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
61
unrealized
appreciation
(depreciation)
for
investments
were
as
follows:
7.
SEGMENT
REPORTING:
In
this
reporting
period,
the
Funds
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund’s
financial
position
or
the
results
of
its
operations.
The
Adviser’s
Management
Committee acts
as
each
Fund’s
Chief
Operating
Decision
Maker
(“CODM”).
Each
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
each
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
Fund's
single
investment
objective.
The
financial
information
in
the
form
of
the
Funds’
portfolio
composition,
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
each
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
each
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
Statements
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
expenses
are
listed
on
the
accompanying
Statements
of
Operations.
8.
SUBSEQUENT
EVENTS:
Management
has
evaluated
subsequent
events
through
the
date
these
financial
statements
were
issued.
Market
Neutral
ETF
Liquidation
On
May
30,
2025,
on
the
recommendation
of
Timothy
Partners,
Ltd.,
the
Trust’s
investment
adviser,
the
Trust’s
Board
of
Trustees
voted
to
close
and
liquidate
the
Market
Neutral
ETF
(the
“Fund”).
The
Fund
will
create
and
redeem
creation
units
through
July
22,
2025,
which
will
also
be
the
last
day
of
trading
of
the
Fund’s
shares
on
the
NYSE
Arca,
Inc.,
the
Fund’s
principal
U.S.
listing
exchange.
The
Fund
will
cease
operations,
liquidate
its
assets,
and
prepare
to
distribute
proceeds
to
shareholders
of
record
on
or
about
July
29,
2025,
(the
“Liquidation
Date”).
Tax-Free
Merger/Reorganization
On
July
25,
2025,
at
the
recommendation
of
Timothy
Partners,
Ltd.,
the
Trust’s
investment
adviser,
the
Board
of
Trustees
of
The
Timothy
Plan
(the
“Trust”)
approved
the
tax-free
merger
of
the
Timothy
Plan
US
Large/Mid
Cap
Core
Enhanced
ETF
(the
“Acquired
Fund”)
into
the
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
(the
“Acquiring
Fund”)
and
the
merger
of
the
Timothy
Plan
High
Dividend
Stock
Enhanced
ETF
(the
“Acquired
Fund”)
into
the
Timothy
Plan
High
Dividend
ETF
(the
“Acquiring
Fund”)
each
a
series
of
the
Trust
(each
of
the
Acquired
Fund
and
Acquiring
Fund
may
be
referred
to
as
a
“Fund,”
and
together,
the
“Funds”)
(the
“Reorganization”).
The
Acquired
Funds
and
the
Acquiring
Funds
are
each
index
funds
and
have
similar,
but
not
identical,
principal
investment
strategies.
The
Funds
are
managed
by
the
same
investment
adviser,
investment
sub-adviser
and
portfolio
managers.
The
Reorganization
is
expected
to
occur
on
or
about
October
3,
2025.
Distributions
Subsequent
to
June
30,
2025,
the
Funds
paid
a
distribution
from
ordinary
income
for
the
following
amounts:
Fund
Cost
of
Investments
for
Federal
Tax
Purposes
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
US
Small
Cap
Core
ETF
$
150,988,840
$
24,003,355
$
(5,843,988)
$
18,159,367
US
Large/Mid
Cap
Core
ETF
232,489,040
42,868,914
(8,842,357)
34,026,557
High
Dividend
Stock
ETF
225,976,647
22,400,740
(11,588,055)
10,812,685
International
ETF
103,287,049
15,005,571
(7,264,011)
7,741,560
US
Large/Mid
Cap
Core
Enhanced
ETF
65,977,692
9,354,103
(5,014,255)
4,339,848
High
Dividend
Stock
Enhanced
ETF
63,134,650
6,622,283
(5,330,594)
1,291,689
Market
Neutral
ETF
34,404,664
3,861,770
(1,881,163)
1,980,607
Notes
to
Financial
Statements
-
continued
June
30,
2025
(Unaudited)
Timothy
Plan
62
Fund
7/10/2025
8/6/2025
US
Small
Cap
Core
ETF
$
203,225
$
36,281
US
Large/Mid
Cap
Core
ETF
208,644
60,472
High
Dividend
Stock
ETF
489,489
247,096
International
ETF
273,659
7,868
US
Large/Mid
Cap
Core
Enhanced
ETF
12,650
3,595
High
Dividend
Stock
Enhanced
ETF
42,028
21,082
Market
Neutral
ETF
129,197
N/A
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
June
30,
2025
Timothy
Plan
63
Investment
Advisory
Agre
ement
between
the
Trust
and
Timothy
Partners,
Ltd.
(“TPL”)
At
an
in-person
meeting
held
on
February
20,
2025,
the
Trustees
considered
the
Investment
Advisory
Agreement
between
the
Trust
and
Timothy
Partners,
Ltd.
(the
“Advisor”
or
“TPL”)
for
the
U.S.
Large
Cap
Core
ETF,
High
Dividend
Yield
ETF,
U.S.
Small
Cap
Core
ETF,
Market
Neutral
ETF,
International
ETF,
U.S.
Large/Mid
Core
Enhanced
ETF
and
High
Dividend
Stock
Enhanced
ETF
(each,
a
“Fund”
and
together,
the
“Funds”).
Fund
counsel
reviewed
the
standards
of
review
required
of
Trustees,
and
Independent
Trustees
in
particular,
with
respect
to
the
renewal
of
advisory
and
sub-advisory
agreements.
The
Trustees
reviewed
the
2025
Annual
Investment
Advisory
Agreement
Renewal
Questionnaire
responses
provided
by
TPL
and
the
materials
provided
by
the
Advisor
in
support
of
the
continuance
of
the
Investment
Advisory
Agreement,
including,
including,
among
other
things,
the
Advisor’s
financial
statements,
Form
ADV,
Compliance
Policies
and
Procedures
Manual,
information
regarding
the
Advisor’s
key
personnel
and
brokerage
policies,
and
comparative
expense
and
performance
information.
The
Trustees
considered
the
following
factors,
among
others,
in
connection
with
determining
whether
to
approve
the
continuance
of
the
Investment
Advisory
Agreement.
The
Trustees
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
services
provided
to
the
Funds
by
the
Advisor.
The
Trustees
specifically
reviewed
the
qualifications,
backgrounds,
and
responsibilities
of
the
key
personnel
who
oversee
the
investment
management
and
day-to-day
operations
of
the
Funds.
The
Trustees
considered
that
the
Advisor
has
a
staff
of
skilled
investment
professionals
who
provide
research
and
monitoring
services
to
the
Funds
and
determined
that
the
Advisor
possesses
adequate
resources
to
manage
the
Funds.
The
Trustees
also
considered
the
Advisor’s
compliance
program
and
noted
the
resources
it
has
dedicated
towards
compliance,
including
providing
a
qualified
compliance
officer
to
oversee
its
compliance
program.
The
Trustees
also
considered
the
Advisor’s
experience
and
consistency
in
incorporating
and
implementing
the
unique,
biblically-based
management
style
that
is
a
stated
objective
of
all
the
Funds,
as
set
forth
in
the
Funds’
prospectus.
The
Trustees
noted
that
the
Advisor
had
managed
the
Funds
since
their
inceptions,
had
implemented
and
provided
continuous
monitoring
of
the
Biblically
Responsible
Investing
(“BRI”)
screens
utilized
by
the
Trust,
oversaw
and
monitored
the
ongoing
activities
of
the
Funds’
sub-advisor,
and
provided
general
management
services
to
the
Trust.
The
Trustees
next
considered
the
investment
performance
of
each
Fund
and
the
Advisor’s
performance
in
monitoring
the
investment
manager
of
the
Funds.
The
Trustees
noted
that
comprehensive
performance
information
had
been
provided
for
each
Fund
at
each
Trustees’
Meeting,
and
the
Trustees
incorporated
that
information
into
their
considerations.
The
Board
noted
that
each
of
the
Funds
has
a
strategy
to
track
a
specific
benchmark
and
they
considered
how
the
performance
of
each
Fund
compared
to
such
Fund’s
respective
benchmark
and
peer
group
while
acknowledging
that
the
BRI
screening
process
employed
by
the
Advisor
disqualified
a
number
of
issuers
that
constituted
major
components
of
the
Funds’
benchmark
indices
and
did
not
apply
to
the
funds
in
the
peer
groups.
After
review
of
the
Funds’
performance
over
time,
the
Trustees
concluded
that
each
Fund’s
performance
was
satisfactory,
and
that
the
Advisor
was
performing
its
responsibilities
in
a
professional
manner.
The
Trustees
next
reviewed
the
contractual
investment
advisory
fee
rates
payable
by
the
Funds,
noting
that
each
Fund
has
a
unitary
management
fee.
As
a
part
of
their
review,
the
Trustees
considered
each
Fund’s
unitary
management
fee
and
total
expense
ratio
compared
to
similar
funds.
The
Trustees
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
-
continued
June
30,
2025
Timothy
Plan
64
considered
the
fees
charged
by
the
Advisor
in
light
of
the
services
provided
to
the
Funds
by
the
Advisor,
the
unique
nature
of
the
Funds
and
their
BRI
screening
requirements,
and
the
Advisor’s
role
as
a
manager
of
managers.
After
full
and
careful
consideration
of
the
materials
presented
to
the
Trustees,
the
Trustees
made
the
following
conclusions:
The
fees
charged
by
the
Advisor
for
each
Fund
were
not
as
low
as
some
of
its
competitors
with
similar
screens,
but
the
fees
were
not
as
high
or
higher
than
other
competitors.
The
Trustees
concluded
that
the
fees
were
not
so
high
as
to
fall
outside
the
range
of
fees
negotiated
at
arm’s
length.
After
review
of
the
facts
and
circumstances
applicable
to
this
Trust,
the
Trustees
agreed
that
the
fees
charged
by
the
Advisor
were
fair
and
reasonable
in
light
of
the
services
provided
to
the
Funds.
The
Trustees
also
discussed
the
Advisor’s
current
fee
structure
and
whether
such
structure
would
allow
the
Funds
to
realize
economies
of
scale
as
they
grow.
The
Trustees
noted
that
the
current
fee
structure
did
not
include
breakpoints
that
would
reduce
the
Advisor’s
fee
rate
as
the
Funds
grow
in
assets,
but
the
Trustees
noted
that
the
Funds
currently
were
not
large
enough
to
realize
meaningful
economies
of
scale. 
The
Trustees
then
reviewed
the
internal
operations
of
the
Advisor
and
examined
whether
the
Advisor
received
any
ancillary
benefits
from
its
relationship
with
the
Trust.
The
Trustees
noted
that
the
Advisor’s
business
was
devoted
exclusively
to
serving
the
Funds,
and
that
the
Advisor
did
not
realize
any
material
ancillary
benefits
or
profits
deriving
from
its
relationship
with
the
Funds
other
than
advisory
fees.
After
full
consideration
of
the
above
factors
as
well
as
other
factors,
the
Board,
with
the
Independent
Trustees
voting
separately,
unanimously
concluded
that
approval
of
the
continuance
of
the
Investment
Advisory
Agreement
was
in
the
best
interest
of
the
Funds
and
their
shareholders.
In
arriving
at
this
conclusion,
the
Trustees
noted
that
no
single
factor
was
responsible
for
the
Trustees’
decision
to
approve
the
continuation
of
the
Investment
Advisory
Agreement,
and
each
Trustee
weighed
the
factors
independently
in
coming
to
his
or
her
own
conclusions
..
Further,
the
Independent
Trustees
were
advised
by
counsel
during
their
consideration
of
the
Advisory
Agreement
renewal
and
the
Sub-Advisor
Agreement
renewals.
Victory
Capital
Management,
Inc.
;
 Sub-Advisor
to
each
of
the
Funds.
The
Trustees
next
considered
the
Sub-Advisory
Agreement
between
the
Trust,
TPL
and
Victory
Capital
Management,
Inc.
(“Victory”),
on
behalf
of
each
Fund.
The
Trustees
reviewed
the
2025
Annual
Investment
Sub-Advisory
Agreement
Renewal
Questionnaire
for
Victory
and
reviewed
the
materials
provided
by
Victory
in
support
of
the
continuance
of
the
Investment
Sub-Advisory
Agreement
(the
“Sub-Advisory
Agreement”),
including,
among
other
things,
Victory’s
financial
statements,
Form
ADV,
the
Compliance
Policies
and
Procedures
Manual,
information
regarding
Victory’s
key
personnel
and
brokerage
policies,
and
comparative
expense
and
performance
information.
The
Trustees
considered
the
following
factors,
among
others,
in
connection
with
determining
whether
to
approve
the
continuance
of
the
Sub-Advisory
Agreement.
The
Trustees
first
noted
that
TPL
recommended
that
the
Sub-Advisory
Agreement
should
be
renewed
for
an
additional
year.
The
Trustees
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
services
provided
to
each
Fund
by
Victory.
The
Trustees
reviewed
the
qualifications,
backgrounds,
and
responsibilities
of
the
key
personnel
who
oversee
the
investment
management
and
day-to-day
operations
of
the
Funds.
The
Trustees
considered
that
Victory
has
a
staff
of
skilled
investment
professionals
who
provide
research
and
trading
services
to
the
Fund
and
determined
that
Victory
possesses
adequate
resources
to
manage
the
Funds.
The
Trustees
also
considered
Victory’s
compliance
program
and
noted
the
resources
it
has
dedicated
towards
compliance,
including
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
-
continued
June
30,
2025
Timothy
Plan
65
providing
a
qualified
compliance
officer
to
oversee
its
compliance
program.
The
Trustees
next
considered
the
investment
performance
of
the
Funds
and
Victory’s
performance
in
managing
the
Funds.
The
Trustees
noted
that
comprehensive
performance
information
had
been
provided
for
the
Funds
at
each
Trustees
Meeting,
and
the
Trustees
incorporated
that
information
into
their
considerations.
As
each
Fund
is
an
index-based
ETF,
the
Board
additionally
reviewed
information
regarding
each
Fund’s
performance
as
compared
to
its
respective
underlying
index
for
various
time
periods.
The
Board
noted
management’s
explanation
that
analysis
of
investment
performance,
in
absolute
terms,
is
less
relevant
for
index-based
Funds
than
it
is
for
actively
managed
funds,
given
the
Funds’
index-based
investment
objectives.
The
Board
also
noted
management’s
further
explanation
that
it
is
more
relevant
to
review
the
performance
of
the
Funds
by
focusing
on
the
extent
to
which
each
Fund
tracked
its
underlying
index.
The
Board
reviewed
information
regarding
each
Fund’s
index
tracking,
discussing,
as
applicable,
factors
which
contributed
to
each
Fund’s
tracking
error.
After
reviewing
each
Fund’s
performance
over
time,
the
Trustees
concluded
that
the
Funds’
performance
was
satisfactory,
and
that
Victory
was
performing
its
responsibilities
in
a
professional
manner.
The
Trustees
noted
that
the
fees
payable
to
Victory
were
paid
by
the
Advisor
out
of
the
unitary
management
fees
received.
Accordingly,
the
Trustees’
inquiry
was
limited
to
whether
those
fees
represented
a
fair
percentage
of
the
overall
fees
paid
to
the
Advisor
by
each
Fund
in
light
of
the
services
provided
by
Victory.
After
full
and
careful
consideration,
the
Trustees
agreed
that
the
fees
charged
by
Victory
and
paid
out
of
the
fees
received
by
the
Advisor
were
fair
and
reasonable
in
light
of
the
services
provided
by
Victory.
The
Independent
Trustees
considered
the
economies
of
scale
and
decided
that
this
particular
factor
was
not
relevant
with
respect
to
the
Sub-Advisory
Agreement
because
Victory
was
paid
out
of
the
fees
paid
to
Advisor.
The
Independent
Trustees
also
considered
any
“fallout”
benefits
to
Victory
with
respect
to
the
Fund.
After
full
consideration
of
the
above
factors
as
well
as
other
factors,
the
Board,
with
the
Independent
Trustees
voting
separately,
unanimously
concluded
that
approval
of
the
continuance
of
the
Sub-Advisory
Agreement
was
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
this
conclusion,
the
Trustees
noted
that
no
single
factor
was
responsible
for
the
Trustees’
decision
to
approve
the
continuation
of
the
Sub-Advisory
Agreement,
and
each
Trustee
weighed
the
factors
independently
in
coming
to
his
or
her
own
conclusions.
Visit
our
website
at
etf.timothyplan.com
Call
Timothy
Plan
at
800.846.7526
Timothy
Plan
1055
Maitland
Center
Commons
Maitland,
Florida
32751
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AND
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the
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objectives,
risks,
charges,
and
expenses.
This
and
other
important
information
can
be
found
in
the
Fund’s
prospectus.
To
obtain
a
copy,
visit
timothyplan.com
or
call
800.846.7526.
Read
the
prospectus
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before
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Services,
LLC.
(b)  The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.
 
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
 
Not applicable.
 
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
 
Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.
 
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
 
Not applicable.
 
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
 
Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.
 
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable.
 
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable.
 
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable.
 
Item 15. Submission of Matters to a Vote of Security Holders.
 
Not applicable.
 
Item 16. Controls and Procedures.
 
(a)  The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
 
(b)  There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
 
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
Not applicable.
 
Item 18. Recovery of Erroneously Awarded Compensation.
 
Not applicable.
 
Item 19. Exhibits.
 
(a)(1)  Not applicable – only for annual reports.
 
(a)(2)  Not applicable.
 
(a)(3)  The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.
 
(b)  The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant) Timothy Plan                                                                                                                                                                                      
 
 
By (Signature and Title)     /s/ Greg Ally                                                                                                                                         
                                                                    Greg Ally, Treasurer and Principal Financial Officer
 
Date      September 5, 2025
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By (Signature and Title)     /s/ Brian Mumbert                                                                                                                                              
                                                                    Brian Mumbert, President and Principal Executive Officer
Date      September 5, 2025
 
 
By (Signature and Title)     /s/ Greg Ally                                                                                                                                         
                                                                    Greg Ally, Treasurer and Principal Financial Officer
Date      September 5, 2025
 
 
 
 
 
 
 
 
 
 

 

 
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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