Timothy Plan
09/04/2026 | Press release | Distributed by Public on 09/04/2026 11:21
Semi-Annual Report by Investment Company (Form N-CSRS)
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, 2026
Item 1. Reports to Stockholders.
(a)
Timothy Plan US Large/Mid Cap Core ETF
Ticker: TPLC Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
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, 2026 to June 30, 2026. 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)
Table Summary
|
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
|
$27
|
0.52%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
FUND STATISTICS
Table Summary
|
Net Assets
|
$304,269,774
|
|
Number of Portfolio Holdings
|
270
|
|
Portfolio Turnover Rate
|
20%
|
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
Consumer Staples
|
4.1%
|
|
Consumer Discretionary
|
5.9%
|
|
Energy
|
7.2%
|
|
Materials
|
8.1%
|
|
Health Care
|
9.5%
|
|
Utilities
|
11.2%
|
|
Financials
|
12.6%
|
|
Information Technology
|
16.3%
|
|
Industrials
|
24.7%
|
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Alliant Energy Corp.
|
0.7%
|
|
Evergy, Inc.
|
0.7%
|
|
WEC Energy Group, Inc.
|
0.7%
|
|
DTE Energy Co.
|
0.7%
|
|
Ameren Corp.
|
0.7%
|
|
CenterPoint Energy, Inc.
|
0.7%
|
|
CMS Energy Corp.
|
0.7%
|
|
The Southern Co.
|
0.7%
|
|
Aflac, Inc.
|
0.7%
|
|
Palo Alto Networks, Inc.
|
0.7%
|
Table Summary
|
*
|
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
|
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.
TPLC - SAR (6/26)
Timothy Plan High Dividend Stock ETF
Ticker: TPHD Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
The semi-annual shareholder report contains important information about Timothy Plan High Dividend Stock ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)
Table Summary
|
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
|
$27
|
0.52%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
FUND STATISTICS
Table Summary
|
Net Assets
|
$350,475,136
|
|
Number of Portfolio Holdings
|
101
|
|
Portfolio Turnover Rate
|
20%
|
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
Health Care
|
2.6%
|
|
Consumer Staples
|
4.3%
|
|
Consumer Discretionary
|
4.6%
|
|
Information Technology
|
5.2%
|
|
Materials
|
9.9%
|
|
Energy
|
14.0%
|
|
Financials
|
14.2%
|
|
Industrials
|
20.7%
|
|
Utilities
|
24.1%
|
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Alliant Energy Corp.
|
1.7%
|
|
Evergy, Inc.
|
1.7%
|
|
WEC Energy Group, Inc.
|
1.7%
|
|
DTE Energy Co.
|
1.6%
|
|
Ameren Corp.
|
1.6%
|
|
CenterPoint Energy, Inc.
|
1.6%
|
|
CMS Energy Corp.
|
1.5%
|
|
The Southern Co.
|
1.5%
|
|
Aflac, Inc.
|
1.5%
|
|
Atmos Energy Corp.
|
1.5%
|
Table Summary
|
*
|
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
|
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.
TPHD - SAR (6/26)
Timothy Plan US Small Cap Core ETF
Ticker: TPSC Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
The semi-annual shareholder report contains important information about Timothy Plan US Small Cap Core ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)
Table Summary
|
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
|
$29
|
0.52%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
FUND STATISTICS
Table Summary
|
Net Assets
|
$359,432,062
|
|
Number of Portfolio Holdings
|
437
|
|
Portfolio Turnover Rate
|
30%
|
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
Real Estate
|
0.7%
|
|
Communication Services
|
0.8%
|
|
Consumer Staples
|
4.6%
|
|
Energy
|
4.9%
|
|
Materials
|
5.4%
|
|
Utilities
|
6.4%
|
|
Health Care
|
7.7%
|
|
Information Technology
|
11.9%
|
|
Consumer Discretionary
|
12.7%
|
|
Industrials
|
20.1%
|
|
Financials
|
24.6%
|
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
IDACORP, Inc.
|
0.5%
|
|
The Hanover Insurance Group, Inc.
|
0.5%
|
|
New Jersey Resources Corp.
|
0.4%
|
|
American States Water Co.
|
0.4%
|
|
Southwest Gas Holdings, Inc.
|
0.4%
|
|
Watts Water Technologies, Inc., Class A
|
0.4%
|
|
Avista Corp.
|
0.4%
|
|
Portland General Electric Co.
|
0.4%
|
|
ONE Gas, Inc.
|
0.4%
|
|
MGE Energy, Inc.
|
0.4%
|
Table Summary
|
*
|
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
|
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.
TPSC - SAR (6/26)
Timothy Plan International ETF
Ticker: TPIF Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
The semi-annual shareholder report contains important information about Timothy Plan International ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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)
Table Summary
|
FUND NAME
|
COSTS OF A $10,000 INVESTMENT
|
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
|
|
Timothy Plan International ETF
|
$32
|
0.62%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
FUND STATISTICS
Table Summary
|
Net Assets
|
$244,572,686
|
|
Number of Portfolio Holdings
|
372
|
|
Portfolio Turnover Rate
|
18%
|
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
Communication Services
|
2.0%
|
|
Real Estate
|
2.1%
|
|
Consumer Staples
|
3.1%
|
|
Energy
|
5.8%
|
|
Health Care
|
6.0%
|
|
Consumer Discretionary
|
6.3%
|
|
Information Technology
|
7.4%
|
|
Materials
|
8.7%
|
|
Utilities
|
9.0%
|
|
Industrials
|
23.2%
|
|
FinancialsFootnote Reference**
|
25.5%
|
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
CLP Holdings Ltd.
|
0.7%
|
|
Great-West Lifeco, Inc.
|
0.6%
|
|
Fortis, Inc.
|
0.6%
|
|
Hydro One Ltd.
|
0.6%
|
|
Oversea-Chinese Banking Corp. Ltd.
|
0.6%
|
|
Emera, Inc.
|
0.6%
|
|
United Overseas Bank Ltd.
|
0.6%
|
|
Power Corp. of Canada
|
0.5%
|
|
DBS Group Holdings Ltd.
|
0.5%
|
|
Samsung Electro-Mechanics Co. Ltd.
|
0.5%
|
Table Summary
|
*
|
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.
|
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.
TPIF - SAR (6/26)
Timothy Plan Fixed Income ETF
Ticker: TPFI Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
The semi-annual shareholder report contains important information about Timothy Plan Fixed Income ETF (the "Fund") for the period of May 5, 2026 to June 30, 2026. 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 reporting period?
(based on a hypothetical $10,000 investment)
Table Summary
|
FUND NAME
|
COSTS OF A $10,000 INVESTMENT
|
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
|
|
Timothy Plan Fixed Income ETF
|
$36Footnote Reference**
|
0.55%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
|
Footnote**
|
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
FUND STATISTICS
Table Summary
|
Net Assets
|
$21,217,473
|
|
Number of Portfolio Holdings
|
331
|
|
Portfolio Turnover Rate
|
32%
|
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
U.S. Government Agency Mortgages
|
27.0%
|
|
U.S. Treasury Obligations
|
24.5%
|
|
Corporate Bonds
|
18.0%
|
|
Asset-Backed Securities
|
15.5%
|
|
Collateralized Mortgage Obligations
|
8.4%
|
|
Yankee Dollars
|
3.7%
|
|
Senior Secured Loans
|
2.1%
|
|
OtherFootnote Reference**
|
0.2%
|
Table Summary
|
*
|
Does not include futures contracts, money market instruments, or other assets in excess of liabilities.
|
|
**
|
Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
|
|
^
|
Percentages are of the net assets of the Fund and may not equal 100%.
|
|
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.
TPFI - SAR (6/26)
Timothy Plan Free Cash Flow ETF
Ticker: TPFC Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
The semi-annual shareholder report contains important information about Timothy Plan Free Cash Flow ETF (the "Fund") for the period of May 5, 2026 to June 30, 2026. 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 reporting period?
(based on a hypothetical $10,000 investment)
Table Summary
|
FUND NAME
|
COSTS OF A $10,000 INVESTMENT
|
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
|
|
Timothy Plan Free Cash Flow ETF
|
$38Footnote Reference**
|
0.59%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
|
Footnote**
|
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
FUND STATISTICS
Table Summary
|
Net Assets
|
$39,221,174
|
|
Number of Portfolio Holdings
|
50
|
|
Portfolio Turnover Rate
|
-%
|
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
Consumer Staples
|
0.7%
|
|
Consumer Discretionary
|
3.7%
|
|
Utilities
|
6.4%
|
|
Industrials
|
7.1%
|
|
Materials
|
10.4%
|
|
Energy
|
21.6%
|
|
Health Care
|
22.8%
|
|
Information TechnologyFootnote Reference**
|
27.2%
|
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
ServiceNow, Inc.
|
4.4%
|
|
Phillips 66 Co.
|
4.0%
|
|
Vistra Corp.
|
3.7%
|
|
Diamondback Energy, Inc.
|
3.6%
|
|
NXP Semiconductors NV
|
3.5%
|
|
Humana, Inc.
|
3.4%
|
|
Devon Energy Corp.
|
3.3%
|
|
Coeur Mining, Inc.
|
3.3%
|
|
Tenet Healthcare Corp.
|
3.2%
|
|
Expand Energy Corp.
|
3.2%
|
Table Summary
|
*
|
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.
|
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.
TPFC - SAR (6/26)
Timothy Plan Free Cash Flow Growth ETF
Ticker: TPFG Exchange: NYSE
Semi-annual shareholder report - June 30, 2026
The semi-annual shareholder report contains important information about Timothy Plan Free Cash Flow Growth ETF (the "Fund") for the period of May 5, 2026 to June 30, 2026. 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 reporting period?
(based on a hypothetical $10,000 investment)
Table Summary
|
FUND NAME
|
COSTS OF A $10,000 INVESTMENT
|
COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENTFootnote Reference*
|
|
Timothy Plan Free Cash Flow Growth ETF
|
$41Footnote Reference**
|
0.59%
|
| Footnote | Description |
|
Footnote*
|
Annualized |
|
Footnote**
|
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown. |
FUND STATISTICS
Table Summary
|
Net Assets
|
$35,491,912
|
|
Number of Portfolio Holdings
|
50
|
|
Portfolio Turnover Rate
|
-%
|
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Value
|
Value
|
|
Consumer Discretionary
|
1.5%
|
|
Consumer Staples
|
3.3%
|
|
Utilities
|
4.5%
|
|
Materials
|
5.1%
|
|
Health Care
|
9.2%
|
|
Industrials
|
24.9%
|
|
Information TechnologyFootnote Reference**
|
51.4%
|
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of June 30, 2026)
Table Summary
|
Seagate Technology Holdings PLC
|
6.2%
|
|
Western Digital Corp.
|
6.1%
|
|
KLA Corp.
|
5.6%
|
|
Caterpillar, Inc.
|
4.4%
|
|
Amphenol Corp., Class A
|
4.2%
|
|
GE Vernova, Inc.
|
4.0%
|
|
Vertiv Holdings Co., Class A
|
3.9%
|
|
Comfort Systems USA, Inc.
|
3.7%
|
|
Broadcom, Inc.
|
3.5%
|
|
Arista Networks, Inc.
|
3.4%
|
Table Summary
|
*
|
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.
|
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.
TPFG - SAR (6/26)
(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,
2026
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
FREE
CASH
FLOW
ETF
TPFC
TIMOTHY
PLAN
FREE
CASH
FLOW
GROWTH
ETF
TPFG
TIMOTHY
PLAN
FIXED
INCOME
ETF
TPFI
Table
of
Contents
•
NOT
FDIC
INSURED
•NO
BANK
GUARANTEE
•
MAY
LOSE
VALUE
•
INVESTMENTS
INVOLVE
RISK
•
PRINCIPAL
LOSS
IS
POSSIBLE
Schedule
of
Portfolio
Investments
(Form
N-CSR
Item
6)
.............................................................
3
Timothy
Plan
US
Small
Cap
Core
ETF
.....................................................................................................................................................................................................................................
3
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
..................................................................................................................................................................................................................
9
Timothy
Plan
High
Dividend
Stock
ETF
...............................................................................................................................................................................................................................
13
Timothy
Plan
International
ETF
.........................................................................................................................................................................................................................................................
15
Timothy
Plan
Free
Cash
Flow
ETF
..................................................................................................................................................................................................................................................
24
Timothy
Plan
Free
Cash
Flow
Growth
ETF
...................................................................................................................................................................................................................
25
Timothy
Plan
Fixed
Income
ETF
.........................................................................................................................................................................................................................................................
26
Financial
Statements
(Form
N-CSR
Item
7)
.................................................................................
37
Statements
of
Assets
and
Liabilities
.........................................................................................................................................................................................................................................
37
Statements
of
Operations
41
Statements
of
Changes
in
Net
Assets
45
Financial
Highlights
48
Notes
to
Financial
Statements
(Form
N-CSR
Item
7)
...................................................................
55
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
(Form
N-CSR
Item
11)
..............................................
67
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
3
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.8%)
Communication
Services
(
0
.8
%
):
Cargurus,
Inc.,
Class
A(a)
21,747‌
741,355‌
Iridium
Communications,
Inc.
12,277‌
673,393‌
Madison
Square
Garden
Entertainment
Corp.,
Class
A(a)
13,550‌
1,096,060‌
U.S.
Cellular
Corp.
13,757‌
498,829‌
3,009,637‌
Consumer
Discretionary
(
12
.7
%
):
Academy
Sports
&
Outdoors,
Inc.
10,735‌
505,940‌
Acushnet
Holdings
Corp.
10,386‌
1,231,053‌
ADT,
Inc.
143,754‌
934,401‌
Asbury
Automotive
Group,
Inc.(a)
4,077‌
819,803‌
AutoNation,
Inc.(a)
4,806‌
892,907‌
Boot
Barn
Holdings,
Inc.(a)
4,098‌
673,178‌
Bright
Horizons
Family
Solutions,
Inc.(a)
7,470‌
529,474‌
Brinker
International,
Inc.(a)
3,945‌
662,760‌
Cavco
Industries,
Inc.(a)
1,078‌
662,302‌
Champion
Homes,
Inc.(a)
7,235‌
637,548‌
Columbia
Sportswear
Co.
11,032‌
681,998‌
Covista,
Inc.(a)
4,782‌
596,124‌
Dana,
Inc.
19,711‌
536,336‌
Dillard's,
Inc.,
Class
A
1,038‌
548,500‌
Dorman
Products,
Inc.(a)
7,024‌
958,425‌
Dutch
Bros,
Inc.,
Class
A(a)
8,728‌
626,758‌
Figs,
Inc.,
Class
A(a)
31,532‌
322,572‌
Five
Below,
Inc.(a)
3,235‌
581,621‌
Frontdoor,
Inc.(a)
10,929‌
847,981‌
Garrett
Motion,
Inc.
32,551‌
1,179,323‌
Gentex
Corp.
37,914‌
958,087‌
Global
Business
Travel
Group
I(a)
109,174‌
1,025,144‌
Graham
Holdings
Co.,
Class
B
864‌
986,187‌
Grand
Canyon
Education,
Inc.(a)
4,705‌
673,332‌
Green
Brick
Partners,
Inc.(a)
10,779‌
862,751‌
Group
1
Automotive,
Inc.
2,425‌
706,087‌
H&R
Block,
Inc.
25,964‌
988,709‌
Hilton
Grand
Vacations,
Inc.(a)
15,671‌
820,690‌
Installed
Building
Products,
Inc.
1,963‌
451,176‌
KB
Home
14,258‌
892,408‌
Kontoor
Brands,
Inc.
7,258‌
604,882‌
Laureate
Education,
Inc.,
Class
A(a)
24,996‌
907,855‌
LCI
Industries
6,446‌
682,502‌
Lear
Corp.
6,700‌
898,202‌
Life
Time
Group
Holdings,
Inc.(a)
28,052‌
1,145,644‌
Lithia
Motors,
Inc.,
Class
A
2,979‌
865,370‌
LKQ
Corp.
24,683‌
649,903‌
M/I
Homes,
Inc.(a)
6,291‌
1,011,530‌
Meritage
Homes
Corp.
10,533‌
883,192‌
Mohawk
Industries,
Inc.(a)
7,054‌
855,862‌
Murphy
USA,
Inc.
1,487‌
801,300‌
National
Vision
Holdings,
Inc.(a)
23,376‌
444,378‌
OneSpaWorld
Holdings
Ltd.
34,268‌
967,728‌
Patrick
Industries,
Inc.
7,401‌
664,462‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Consumer
Discretionary
(12.7%):
(continued)
Perdoceo
Education
Corp.
24,260‌
776,320‌
Phinia,
Inc.
12,848‌
1,058,290‌
RH(a)
3,614‌
595,334‌
Sonic
Automotive,
Inc.,
Class
A
9,718‌
823,989‌
Steven
Madden
Ltd.
15,147‌
637,689‌
Stride,
Inc.(a)
3,841‌
331,248‌
Taylor
Morrison
Home
Corp.,
Class
A(a)
13,941‌
1,000,127‌
The
Buckle,
Inc.
17,219‌
726,642‌
The
Cheesecake
Factory,
Inc.
13,239‌
1,053,030‌
Thor
Industries,
Inc.
8,462‌
636,004‌
Vail
Resorts,
Inc.
5,826‌
793,210‌
Valvoline,
Inc.(a)
25,456‌
1,006,530‌
Visteon
Corp.
7,934‌
787,132‌
Warby
Parker,
Inc.,
Class
A(a)
17,885‌
542,631‌
YETI
Holdings,
Inc.(a)
17,309‌
857,834‌
45,802,395‌
Consumer
Staples
(
4
.6
%
):
BellRing
Brands,
Inc.(a)
25,838‌
334,344‌
Cal-Maine
Foods,
Inc.
9,881‌
796,013‌
Central
Garden
&
Pet
Co.,
Class
A(a)
26,984‌
1,046,170‌
Darling
Ingredients,
Inc.(a)
11,164‌
609,778‌
Del
Monte
Corp.
22,190‌
619,323‌
Flowers
Foods,
Inc.
99,723‌
787,812‌
Freshpet,
Inc.(a)
8,010‌
473,551‌
Herbalife
Ltd.(a)
27,684‌
364,044‌
Interparfums,
Inc.
10,012‌
1,119,942‌
National
Beverage
Corp.(a)
29,028‌
905,674‌
Post
Holdings,
Inc.(a)
9,755‌
860,976‌
PriceSmart,
Inc.
5,825‌
1,137,855‌
Reynolds
Consumer
Products,
Inc.
45,631‌
1,225,192‌
Seaboard
Corp.
133‌
593,756‌
The
Andersons,
Inc.
10,928‌
747,475‌
The
Chefs'
Warehouse,
Inc.(a)
11,928‌
1,146,281‌
The
Marzetti
Company
7,025‌
801,974‌
The
Vita
Coco
Co.,
Inc.(a)
11,791‌
779,857‌
Tootsie
Roll
Industries,
Inc.
22,896‌
905,537‌
WD-40
Co.
4,523‌
1,101,984‌
16,357,538‌
Energy
(
4
.9
%
):
APA
Corp.
15,486‌
504,379‌
Archrock,
Inc.
24,941‌
1,015,348‌
BKV
Corp.(a)
21,320‌
583,315‌
Cactus,
Inc.,
Class
A
11,610‌
594,780‌
California
Resources
Corp.
11,848‌
626,404‌
Centrus
Energy
Corp.,
Class
A(a)
1,583‌
265,738‌
Chord
Energy
Corp.
5,648‌
645,566‌
CNX
Resources
Corp.(a)
22,266‌
755,485‌
Comstock
Resources,
Inc.(a)
25,597‌
381,907‌
Crescent
Energy
Co.,
Class
A
41,238‌
404,957‌
CVR
Energy,
Inc.
16,826‌
463,388‌
Excelerate
Energy,
Inc.,
Class
A
20,470‌
777,655‌
Expro
Group
Holdings
NV(a)
26,097‌
385,453‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
4
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Energy
(4.9%):
(continued)
Flowco
Holdings,
Inc.,
Class
A
24,458‌
521,934‌
Gulfport
Energy
Corp.(a)
3,712‌
629,926‌
International
Seaways,
Inc.
9,740‌
745,987‌
Kinetik
Holdings,
Inc.,
Class
A
15,346‌
741,826‌
Kodiak
Gas
Services,
Inc.
12,466‌
936,571‌
Liberty
Energy,
Inc.,
Class
A
14,852‌
388,974‌
Magnolia
Oil
&
Gas
Corp.,
Class
A
31,253‌
799,452‌
Matador
Resources
Co.
11,449‌
569,931‌
Murphy
Oil
Corp.
14,912‌
485,535‌
Northern
Oil
&
Gas,
Inc.
21,772‌
395,162‌
NOV,
Inc.
34,561‌
641,107‌
Oceaneering
International,
Inc.(a)
16,531‌
669,836‌
Par
Pacific
Holdings,
Inc.(a)
8,109‌
454,753‌
SM
Energy
Co.
19,705‌
514,300‌
Solaris
Energy
Infrastructure,
Inc.,
Class
A
5,583‌
449,208‌
Tidewater,
Inc.(a)
5,090‌
339,147‌
Venture
Global,
Inc.,
Class
A
26,740‌
297,616‌
Weatherford
International
PLC
6,380‌
519,970‌
17,505,610‌
Financials
(
24
.6
%
):
Affiliated
Managers
Group,
Inc.
2,944‌
996,250‌
Ameris
Bancorp
12,307‌
1,110,830‌
Artisan
Partners
Asset
Management,
Inc.,
Class
A
28,714‌
991,494‌
Associated
Banc-Corp.
34,813‌
1,071,196‌
Assured
Guaranty
Ltd.
16,510‌
1,323,442‌
Atlantic
Union
Bankshares
Corp.
22,832‌
966,022‌
Axis
Capital
Holdings
Ltd.
12,115‌
1,301,636‌
Axos
Financial,
Inc.(a)
8,991‌
875,633‌
Banc
of
California,
Inc.
44,743‌
914,099‌
BancFirst
Corp.
8,128‌
903,265‌
Bank
of
Hawaii
Corp.
13,047‌
1,063,200‌
Bank
OZK
21,832‌
1,137,229‌
BankUnited,
Inc.
18,103‌
877,090‌
Beacon
Financial
Corp.
29,565‌
900,254‌
BGC
Group,
Inc.,
Class
A
84,288‌
901,039‌
BOK
Financial
Corp.
8,073‌
1,121,178‌
Cathay
General
Bancorp
18,449‌
1,143,654‌
CNO
Financial
Group,
Inc.
27,071‌
1,380,080‌
Cohen
&
Steers,
Inc.
15,265‌
1,162,277‌
Columbia
Banking
System,
Inc.
28,221‌
904,483‌
Community
Financial
System,
Inc.
16,579‌
1,112,782‌
Credit
Acceptance
Corp.(a)
1,341‌
853,868‌
CVB
Financial
Corp.
46,951‌
1,058,745‌
Essent
Group
Ltd.
19,985‌
1,284,636‌
Euronet
Worldwide,
Inc.(a)
12,326‌
902,140‌
FB
Financial
Corp.
16,186‌
895,895‌
Federated
Hermes,
Inc.,
Class
B
22,028‌
1,216,386‌
First
American
Financial
Corp.
15,313‌
1,050,319‌
First
Bancorp
45,004‌
1,173,254‌
First
Financial
Bancorp
33,168‌
1,122,073‌
First
Financial
Bankshares,
Inc.
31,911‌
1,104,121‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Financials
(24.6%):
(continued)
First
Hawaiian,
Inc.
40,197‌
1,177,772‌
First
Interstate
BancSystem,
Inc.,
Class
A
25,864‌
997,316‌
First
Merchants
Corp.
25,317‌
1,106,100‌
FirstCash
Holdings,
Inc.
4,668‌
1,009,782‌
FNB
Corp.
56,079‌
1,069,987‌
Fulton
Financial
Corp.
43,486‌
1,051,926‌
Genworth
Financial,
Inc.,
Class
A(a)
123,082‌
1,165,587‌
Glacier
Bancorp,
Inc.
17,611‌
908,375‌
HA
Sustainable
Infrastructure
Capital,
Inc.
20,049‌
782,913‌
Hamilton
Lane,
Inc.,
Class
A
7,363‌
580,425‌
Hancock
Whitney
Corp.
14,512‌
1,084,337‌
Home
Bancshares,
Inc.
40,466‌
1,155,304‌
Independent
Bank
Corp.
11,708‌
980,194‌
International
Bancshares
Corp.
15,108‌
1,147,453‌
Lazard,
Inc.,
Class
A
16,244‌
681,273‌
Mercury
General
Corp.
10,767‌
1,147,978‌
MGIC
Investment
Corp.
42,650‌
1,202,730‌
Moelis
&
Co.,
Class
A
12,294‌
804,273‌
Nelnet,
Inc.,
Class
A
9,580‌
1,277,301‌
Nicolet
Bankshares,
Inc.
5,251‌
868,463‌
NMI
Holdings,
Inc.,
Class
A(a)
29,684‌
1,219,716‌
OneMain
Holdings,
Inc.,
Class
A
15,720‌
958,448‌
Palomar
Holdings,
Inc.(a)
5,530‌
698,937‌
Park
National
Corp.
5,866‌
1,073,419‌
PennyMac
Financial
Services,
Inc.
5,643‌
491,505‌
Pinnacle
Financial
Partners,
Inc.
8,755‌
883,204‌
Piper
Sandler
Cos.
9,090‌
657,571‌
PJT
Partners,
Inc.,
Class
A
5,937‌
896,131‌
Prosperity
Bancshares,
Inc.
15,479‌
1,130,431‌
Provident
Financial
Services,
Inc.
42,869‌
1,013,423‌
Radian
Group,
Inc.
32,817‌
1,236,216‌
Remitly
Global,
Inc.(a)
26,044‌
583,646‌
Renasant
Corp.
24,035‌
1,022,449‌
RLI
Corp.
21,085‌
1,245,491‌
Seacoast
Banking
Corp.
of
Florida
29,284‌
973,693‌
Selective
Insurance
Group,
Inc.
10,705‌
1,038,492‌
ServisFirst
Bancshares,
Inc.
9,801‌
850,237‌
Shift4
Payments,
Inc.,
Class
A(a)
11,554‌
561,987‌
SiriusPoint
Ltd.(a)
41,379‌
993,096‌
SLM
Corp.
30,418‌
789,043‌
StoneX
Group,
Inc.(a)
6,831‌
809,474‌
Texas
Capital
Bancshares,
Inc.
8,702‌
898,569‌
The
Hanover
Insurance
Group,
Inc.
7,790‌
1,667,995‌
The
Western
Union
Co.
95,548‌
735,720‌
Towne
Bank
31,712‌
1,149,243‌
Trustmark
Corp.
23,908‌
1,100,007‌
United
Bankshares,
Inc.
24,462‌
1,121,093‌
United
Community
Banks,
Inc.
29,592‌
1,038,383‌
Valley
National
Bancorp
68,478‌
1,003,203‌
Virtu
Financial,
Inc.,
Class
A
19,491‌
1,161,079‌
Voya
Financial,
Inc.
13,303‌
1,204,321‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
5
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Financials
(24.6%):
(continued)
WaFd,
Inc.
33,724‌
1,293,990‌
WesBanco,
Inc.
26,211‌
1,023,015‌
WEX,
Inc.(a)
4,891‌
690,071‌
White
Mountains
Insurance
Group
Ltd.
457‌
947,539‌
WSFS
Financial
Corp.
14,710‌
1,128,698‌
88,307,594‌
Health
Care
(
7
.7
%
):
ACADIA
Pharmaceuticals,
Inc.(a)
30,584‌
773,775‌
ADMA
Biologics,
Inc.(a)
47,569‌
398,153‌
Alkermes
PLC(a)
17,848‌
935,146‌
Arrowhead
Pharmaceuticals,
Inc.(a)
5,702‌
464,770‌
BioCryst
Pharmaceuticals,
Inc.(a)
59,595‌
595,950‌
Bio-Rad
Laboratories,
Inc.,
Class
A(a)
2,358‌
692,332‌
BrightSpring
Health
Services,
Inc.(a)
14,198‌
990,169‌
Catalyst
Pharmaceuticals,
Inc.(a)
30,669‌
963,927‌
Chemed
Corp.
2,160‌
1,005,998‌
Concentra
Group
Holdings
Parent,
Inc.
43,375‌
1,290,406‌
Corcept
Therapeutics,
Inc.(a)
7,449‌
647,691‌
CorVel
Corp.(a)
11,492‌
718,480‌
Envista
Holdings
Corp.(a)
24,402‌
642,993‌
Globus
Medical,
Inc.,
Class
A(a)
5,548‌
438,347‌
Guardian
Pharmacy
Services,
Inc.,
Class
A(a)
14,830‌
620,932‌
Haemonetics
Corp.(a)
7,898‌
592,350‌
ICU
Medical,
Inc.(a)
5,399‌
791,493‌
Integer
Holdings
Corp.(a)
6,521‌
609,387‌
Krystal
Biotech,
Inc.(a)
2,549‌
947,387‌
Lantheus
Holdings,
Inc.(a)
6,361‌
705,689‌
LeMaitre
Vascular,
Inc.
6,031‌
578,735‌
LifeStance
Health
Group,
Inc.(a)
75,627‌
809,965‌
Ligand
Pharmaceuticals,
Inc.(a)
3,754‌
1,186,602‌
Merit
Medical
Systems,
Inc.(a)
13,010‌
902,113‌
National
HealthCare
Corp.
5,117‌
1,081,529‌
Option
Care
Health,
Inc.(a)
29,105‌
610,332‌
Pacs
Group,
Inc.(a)
6,589‌
280,955‌
Phibro
Animal
Health
Corp.,
Class
A
8,669‌
272,207‌
Prestige
Consumer
Healthcare,
Inc.(a)
18,554‌
877,048‌
Privia
Health
Group,
Inc.(a)
35,132‌
903,946‌
PTC
Therapeutics,
Inc.(a)
9,230‌
752,891‌
Repligen
Corp.(a)
5,164‌
704,576‌
Sotera
Health
Co.(a)
41,598‌
738,364‌
Stoke
Therapeutics,
Inc.(a)
10,418‌
340,877‌
TG
Therapeutics,
Inc.(a)
17,373‌
954,473‌
TransMedics
Group,
Inc.(a)
4,535‌
301,215‌
Veracyte,
Inc.(a)
14,385‌
844,831‌
Waystar
Holding
Corp.(a)
29,520‌
606,046‌
27,572,080‌
Industrials
(
20
.1
%
):
AAON,
Inc.
5,427‌
688,469‌
AAR
Corp.(a)
5,221‌
746,237‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(20.1%):
(continued)
ABM
Industries,
Inc.
23,930‌
1,058,663‌
Alamo
Group,
Inc.
4,538‌
746,456‌
Allison
Transmission
Holdings,
Inc.
8,161‌
920,071‌
Amentum
Holdings,
Inc.(a)
21,091‌
435,951‌
ArcBest
Corp.
4,957‌
711,528‌
Arcosa,
Inc.
6,504‌
944,966‌
Argan,
Inc.
539‌
430,418‌
Astronics
Corp.(a)
8,342‌
677,871‌
Astronics
Corp.,
Class
B(a)
0‌
â€
30‌
Atmus
Filtration
Technologies,
Inc.
14,005‌
714,115‌
AZZ,
Inc.
7,002‌
1,085,660‌
Boise
Cascade
Co.
8,644‌
671,034‌
Brady
Corp.,
Class
A
14,456‌
1,323,736‌
Casella
Waste
Systems,
Inc.,
Class
A(a)
9,619‌
932,754‌
Centuri
Holdings,
Inc.(a)
20,448‌
618,347‌
Construction
Partners,
Inc.,
Class
A(a)
5,011‌
595,156‌
CSW
Industrials,
Inc.
2,278‌
633,967‌
DXP
Enterprises,
Inc.(a)
3,400‌
573,716‌
Enerpac
Tool
Group
Corp.,
Class
A
23,698‌
849,810‌
EnerSys
3,922‌
917,042‌
Enpro,
Inc.
2,782‌
1,048,619‌
ESCO
Technologies,
Inc.
2,917‌
1,021,067‌
Everus
Construction
Group,
Inc.(a)
3,406‌
565,226‌
ExlService
Holdings,
Inc.(a)
25,558‌
660,930‌
Exponent,
Inc.
12,772‌
750,483‌
Flowserve
Corp.
6,669‌
494,573‌
Fortune
Brands
Innovations,
Inc.
14,827‌
814,002‌
Franklin
Electric
Co.,
Inc.
9,323‌
999,332‌
FTI
Consulting,
Inc.(a)
5,564‌
829,092‌
GATX
Corp.
6,599‌
1,169,277‌
Genpact
Ltd.
21,883‌
601,782‌
Granite
Construction,
Inc.
8,670‌
1,370,554‌
Griffon
Corp.
9,668‌
942,920‌
GXO
Logistics,
Inc.(a)
14,493‌
734,795‌
Hayward
Holdings,
Inc.(a)
59,221‌
1,025,115‌
Helios
Technologies,
Inc.
7,167‌
639,655‌
Hexcel
Corp.
10,261‌
1,026,716‌
HNI
Corp.
24,230‌
979,134‌
Huron
Consulting
Group,
Inc.(a)
5,679‌
512,019‌
IES
Holdings,
Inc.(a)
763‌
560,546‌
Kadant,
Inc.
2,278‌
715,816‌
Karman
Holdings,
Inc.(a)
4,509‌
225,089‌
KBR,
Inc.
23,829‌
822,815‌
Kennametal,
Inc.
15,753‌
552,143‌
Kirby
Corp.(a)
4,784‌
650,480‌
Knight-Swift
Transportation
Holdings,
Inc.
11,275‌
877,984‌
Korn
Ferry
15,389‌
1,024,600‌
Landstar
System,
Inc.
4,258‌
880,597‌
Loar
Holdings,
Inc.(a)
11,670‌
940,719‌
Matson,
Inc.
4,095‌
787,182‌
Maximus,
Inc.
11,908‌
640,174‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
US
Small
Cap
Core
ETF
See
notes
to
financial
statements.
6
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(20.1%):
(continued)
McGrath
RentCorp
8,287‌
1,002,976‌
Modine
Manufacturing
Co.(a)
1,632‌
435,777‌
Moog,
Inc.,
Class
A
2,813‌
1,192,262‌
MSA
Safety,
Inc.
6,486‌
1,132,326‌
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
10,735‌
1,276,928‌
Mueller
Water
Products,
Inc.,
Class
A
33,765‌
872,150‌
MYR
Group,
Inc.(a)
2,032‌
1,016,813‌
Powell
Industries,
Inc.
1,947‌
557,543‌
Primoris
Services
Corp.
3,358‌
332,845‌
Robert
Half,
Inc.
20,546‌
630,762‌
Rush
Enterprises,
Inc.,
Class
A
12,218‌
891,731‌
Ryder
System,
Inc.
3,655‌
964,079‌
Schneider
National,
Inc.,
Class
B
24,243‌
885,597‌
Science
Applications
International
Corp.
7,002‌
773,091‌
Simpson
Manufacturing
Co.,
Inc.
5,017‌
1,050,309‌
SiteOne
Landscape
Supply,
Inc.(a)
5,065‌
579,487‌
SkyWest,
Inc.(a)
7,956‌
790,269‌
Standex
International
Corp.
2,770‌
990,746‌
Tecnoglass,
Inc.
15,307‌
716,521‌
Terex
Corp.
8,522‌
616,908‌
The
Brink's
Co.
6,987‌
660,202‌
The
GEO
Group,
Inc.(a)
29,478‌
871,075‌
The
Timken
Co.
8,081‌
1,174,331‌
The
Toro
Co.
10,655‌
1,038,010‌
Trex
Co.,
Inc.(a)
13,015‌
651,271‌
Trinity
Industries,
Inc.
24,135‌
834,588‌
UFP
Industries,
Inc.
9,969‌
904,587‌
UL
Solutions,
Inc.,
Class
A
7,668‌
781,062‌
UniFirst
Corp.
2,576‌
681,249‌
V2X,
Inc.(a)
9,605‌
716,149‌
Valmont
Industries,
Inc.
2,313‌
1,335,989‌
Verra
Mobility
Corp.,
Class
A(a)
60,623‌
257,648‌
Vicor
Corp.(a)
1,789‌
679,426‌
VSE
Corp.
2,576‌
588,616‌
Watts
Water
Technologies,
Inc.,
Class
A
3,721‌
1,456,585‌
Worthington
Enterprises,
Inc.
15,818‌
850,376‌
Zurn
Elkay
Water
Solutions
Corp.
19,392‌
979,878‌
72,309,595‌
Information
Technology
(
11
.9
%
):
ACI
Worldwide,
Inc.(a)
20,488‌
1,030,342‌
ACM
Research,
Inc.,
Class
A(a)
7,357‌
933,530‌
Adeia,
Inc.
16,165‌
532,313‌
Advanced
Energy
Industries,
Inc.
1,385‌
516,425‌
Agilysys,
Inc.(a)
8,036‌
839,762‌
Alarm.com
Holdings,
Inc.(a)
21,120‌
986,726‌
Amkor
Technology,
Inc.
7,178‌
618,959‌
Appfolio,
Inc.,
Class
A(a)
4,215‌
675,875‌
Arrow
Electronics,
Inc.(a)
4,986‌
1,064,062‌
AvePoint,
Inc.(a)
66,379‌
744,109‌
Avnet,
Inc.
12,721‌
1,129,879‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Information
Technology
(11.9%):
(continued)
Axcelis
Technologies,
Inc.(a)
4,733‌
896,667‌
Badger
Meter,
Inc.
4,361‌
647,085‌
Bel
Fuse,
Inc.,
Class
B
2,331‌
776,316‌
Belden,
Inc.
6,011‌
720,779‌
Benchmark
Electronics,
Inc.
11,908‌
1,174,962‌
Blackbaud,
Inc.(a)
19,626‌
581,322‌
BlackLine,
Inc.(a)
20,661‌
579,954‌
Calix,
Inc.(a)
14,127‌
527,220‌
Cirrus
Logic,
Inc.(a)
4,789‌
711,310‌
Clear
Secure,
Inc.,
Class
A
8,348‌
465,234‌
Cognex
Corp.
7,706‌
558,069‌
Crane
NXT
Co.
16,842‌
861,637‌
Diebold
Nixdorf,
Inc.(a)
8,993‌
764,585‌
DigitalOcean
Holdings,
Inc.(a)
4,216‌
662,039‌
Diodes,
Inc.(a)
5,707‌
624,574‌
Dolby
Laboratories,
Inc.,
Class
A
18,311‌
962,792‌
Dropbox,
Inc.,
Class
A(a)
42,842‌
1,176,870‌
DXC
Technology
Co.(a)
48,293‌
427,393‌
Enphase
Energy,
Inc.(a)
11,008‌
542,034‌
ePlus,
Inc.
9,369‌
779,782‌
FormFactor,
Inc.(a)
3,149‌
503,620‌
Freshworks,
Inc.,
Class
A(a)
75,131‌
760,326‌
Insight
Enterprises,
Inc.(a)
8,939‌
1,088,770‌
InterDigital,
Inc.
1,652‌
467,731‌
IPG
Photonics
Corp.(a)
3,356‌
393,726‌
Itron,
Inc.(a)
6,453‌
558,378‌
Knowles
Corp.(a)
27,625‌
1,145,885‌
Lattice
Semiconductor
Corp.(a)
4,603‌
704,075‌
Life360,
Inc.(a)
9,329‌
516,453‌
Lumentum
Holdings,
Inc.(a)
337‌
289,166‌
Mirion
Technologies,
Inc.,
Class
A(a)
24,119‌
432,454‌
MKS,
Inc.
1,863‌
828,662‌
NetScout
Systems,
Inc.(a)
27,828‌
1,211,909‌
Onto
Innovation,
Inc.(a)
1,927‌
729,273‌
OSI
Systems,
Inc.(a)
2,217‌
484,858‌
Photronics,
Inc.(a)
7,469‌
242,967‌
Plexus
Corp.(a)
2,839‌
853,602‌
Power
Integrations,
Inc.
9,037‌
756,939‌
Q2
Holdings,
Inc.(a)
14,108‌
678,595‌
Qualys,
Inc.(a)
8,029‌
1,103,907‌
RingCentral,
Inc.,
Class
A
10,192‌
397,284‌
Semtech
Corp.(a)
4,999‌
809,088‌
SPS
Commerce,
Inc.(a)
10,283‌
587,879‌
Teradata
Corp.(a)
16,081‌
557,207‌
TTM
Technologies,
Inc.(a)
3,349‌
626,330‌
UiPath,
Inc.,
Class
A(a)
39,657‌
431,072‌
Universal
Display
Corp.
7,633‌
660,941‌
Vertex,
Inc.,
Class
A(a)
43,087‌
494,639‌
Vistance
Networks,
Inc.(a)
26,748‌
341,839‌
Vontier
Corp.
24,772‌
718,388‌
42,888,569‌
Materials
(
5
.4
%
):
Avient
Corp.
21,482‌
793,975‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(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,
2026
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Materials
(5.4%):
(continued)
Balchem
Corp.
7,107‌
1,200,728‌
Cabot
Corp.
10,860‌
986,305‌
Century
Aluminum
Co.(a)
6,181‌
284,388‌
Coeur
Mining,
Inc.
18,116‌
295,653‌
Commercial
Metals
Co.
11,649‌
730,975‌
Eagle
Materials
3,889‌
875,025‌
Element
Solutions,
Inc.
18,538‌
885,189‌
Graphic
Packaging
Holding
Co.
65,430‌
691,595‌
Greif,
Inc.,
Class
A
16,519‌
1,230,500‌
H.B.
Fuller
Co.
13,309‌
775,782‌
Hawkins,
Inc.
4,582‌
651,102‌
Hecla
Mining
Co.
18,072‌
278,851‌
Kaiser
Aluminum
Corp.
4,087‌
799,540‌
Knife
River
Corp.(a)
6,819‌
570,409‌
Louisiana-Pacific
Corp.
8,753‌
688,511‌
Materion
Corp.
3,756‌
1,116,997‌
NewMarket
Corp.
1,299‌
1,027,821‌
Sensient
Technologies
Corp.
10,099‌
1,245,106‌
Silgan
Holdings,
Inc.
18,644‌
864,895‌
Sonoco
Products
Co.
18,366‌
1,034,924‌
The
Scotts
Miracle-Gro
Co.
13,195‌
898,711‌
United
States
Lime
&
Minerals,
Inc.
5,056‌
529,212‌
Warrior
Met
Coal,
Inc.
5,672‌
460,340‌
Worthington
Steel,
Inc.
17,354‌
582,747‌
19,499,281‌
Real
Estate
(
0
.7
%
):
Howard
Hughes
Holdings,
Inc.(a)
13,284‌
949,673‌
Newmark
Group,
Inc.,
Class
A
45,410‌
686,145‌
The
St.
Joe
Co.
12,455‌
780,057‌
2,415,875‌
Utilities
(
6
.4
%
):
American
States
Water
Co.
17,796‌
1,470,484‌
Avista
Corp.
35,507‌
1,452,591‌
Black
Hills
Corp.
18,394‌
1,368,514‌
California
Water
Service
Group
24,566‌
1,195,136‌
Chesapeake
Utilities
Corp.
10,687‌
1,308,944‌
Clearway
Energy,
Inc.,
Class
C
23,047‌
787,746‌
Hawaiian
Electric
Industries,
Inc.(a)
50,159‌
678,651‌
IDACORP,
Inc.
11,470‌
1,735,411‌
MDU
Resources
Group,
Inc.
53,811‌
1,141,331‌
MGE
Energy,
Inc.
17,062‌
1,391,236‌
New
Jersey
Resources
Corp.
27,159‌
1,521,990‌
Northwest
Natural
Holding
Co.
26,502‌
1,300,188‌
ONE
Gas,
Inc.
18,286‌
1,409,302‌
Ormat
Technologies,
Inc.
8,231‌
896,356‌
Otter
Tail
Corp.
13,250‌
1,192,235‌
Portland
General
Electric
Co.
27,249‌
1,412,316‌
Southwest
Gas
Holdings,
Inc.
16,511‌
1,464,195‌
Spire,
Inc.
15,835‌
1,236,555‌
22,963,181‌
Total
Common
Stocks
(Cost
$303,848,091)
358,631,355‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(6.4%):
(continued)
Total
Investments
(Cost
$303,848,091)
-
99.8%
358,631,355‌
Other
assets
in
excess
of
liabilities
-
0.2%
800,707‌
$
359,432,062‌
(a)
Non-income
producing
security.
â€
Represents
less
than
0.05
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(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
Futures
9/18/26
4
$
600,889‌
$
609,120‌
$
8,231‌
$
8,231‌
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
9
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.8%)
Consumer
Discretionary
(
5
.9
%
):
Aptiv
PLC(a)
16,046‌
984,903‌
Carvana
Co.,
Class
A(a)
7,920‌
521,294‌
Chipotle
Mexican
Grill,
Inc.,
Class
A(a)
23,389‌
795,226‌
Coupang,
Inc.,
Class
A(a)
41,659‌
723,617‌
D.R.
Horton,
Inc.
5,662‌
922,227‌
Deckers
Outdoor
Corp.(a)
6,142‌
609,839‌
Domino's
Pizza,
Inc.
3,552‌
1,051,534‌
Garmin
Ltd.
4,041‌
959,899‌
Genuine
Parts
Co.
9,978‌
1,177,204‌
Lennar
Corp.,
Class
A
9,722‌
879,744‌
NVR,
Inc.(a)
184‌
1,253,666‌
O'Reilly
Automotive,
Inc.(a)
16,223‌
1,493,976‌
PulteGroup,
Inc.
7,767‌
1,065,710‌
Ross
Stores,
Inc.
6,250‌
1,330,313‌
Somnigroup
International,
Inc.
12,183‌
955,147‌
Toll
Brothers,
Inc.
7,128‌
1,174,338‌
Tractor
Supply
Co.
27,679‌
874,933‌
Williams-Sonoma,
Inc.
4,987‌
1,162,470‌
17,936,040‌
Consumer
Staples
(
4
.1
%
):
BJ's
Wholesale
Club
Holdings,
Inc.(a)
12,157‌
1,060,334‌
Bunge
Global
SA
8,494‌
906,565‌
Casey's
General
Stores,
Inc.
1,878‌
1,492,616‌
Celsius
Holdings,
Inc.(a)
15,148‌
443,533‌
Coca-Cola
Consolidated,
Inc.
5,251‌
1,002,521‌
Costco
Wholesale
Corp.
1,728‌
1,616,492‌
Dollar
General
Corp.
7,759‌
893,138‌
Hormel
Foods
Corp.
54,317‌
1,348,148‌
Kimberly-Clark
Corp.
12,856‌
1,411,203‌
McCormick
&
Co.,
Inc.
22,516‌
1,135,257‌
U.S.
Foods
Holding
Corp.(a)
12,132‌
1,240,497‌
12,550,304‌
Energy
(
7
.2
%
):
Baker
Hughes
Co.,
Class
A
15,482‌
859,251‌
Cheniere
Energy,
Inc.
4,720‌
1,128,127‌
ConocoPhillips
Co.
9,492‌
986,788‌
Devon
Energy
Corp.
21,714‌
897,223‌
Diamondback
Energy,
Inc.
6,005‌
1,055,559‌
DT
Midstream,
Inc.
11,651‌
1,709,668‌
EOG
Resources,
Inc.
9,643‌
1,250,986‌
EQT
Corp.
16,336‌
868,585‌
Expand
Energy
Corp.
9,794‌
893,115‌
Halliburton
Co.
23,938‌
812,695‌
Kinder
Morgan,
Inc.
49,646‌
1,587,183‌
Occidental
Petroleum
Corp.
17,155‌
833,218‌
Ovintiv,
Inc.
16,692‌
878,834‌
Permian
Resources
Corp.,
Class
A
49,481‌
910,945‌
Phillips
66
Co.
7,050‌
1,191,803‌
SLB
Ltd.
18,013‌
837,424‌
Targa
Resources
Corp.
4,909‌
1,316,299‌
Texas
Pacific
Land
Corp.
1,901‌
831,954‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Energy
(7.2%):
(continued)
The
Williams
Cos.,
Inc.
20,460‌
1,520,996‌
Valero
Energy
Corp.
4,072‌
1,060,512‌
Venture
Global,
Inc.,
Class
A
32,718‌
364,151‌
21,795,316‌
Financials
(
12
.6
%
):
Affirm
Holdings,
Inc.,
Class
A(a)
10,643‌
867,937‌
Aflac,
Inc.
16,898‌
1,981,291‌
Arch
Capital
Group
Ltd.(a)
16,657‌
1,616,728‌
Arthur
J.
Gallagher
&
Co.
5,202‌
1,194,223‌
Blue
Owl
Capital,
Inc.,
Class
A
91,286‌
798,752‌
Brown
&
Brown,
Inc.
17,274‌
1,108,127‌
Cboe
Global
Markets,
Inc.
5,257‌
1,275,716‌
Cincinnati
Financial
Corp.
9,745‌
1,804,189‌
CME
Group,
Inc.,
Class
A
5,718‌
1,262,706‌
Corpay,
Inc.(a)
2,891‌
963,484‌
East
West
Bancorp,
Inc.
10,280‌
1,327,045‌
Everest
Group
Ltd.
4,043‌
1,444,281‌
Fidelity
National
Information
Services,
Inc.
25,279‌
982,848‌
First
Citizens
Bancshares,
Inc.,
Class
A
557‌
1,159,000‌
Franklin
Resources,
Inc.
49,450‌
1,645,202‌
Global
Payments,
Inc.
12,135‌
880,516‌
Interactive
Brokers
Group,
Inc.,
Class
A
11,750‌
1,022,720‌
Intercontinental
Exchange,
Inc.
8,892‌
1,094,694‌
LPL
Financial
Holdings,
Inc.
2,835‌
798,563‌
Markel
Group,
Inc.(a)
933‌
1,822,158‌
MSCI,
Inc.,
Class
A
1,995‌
1,117,280‌
Nasdaq,
Inc.
15,372‌
1,211,621‌
Pinnacle
Financial
Partners,
Inc.
10,714‌
1,080,828‌
Principal
Financial
Group,
Inc.
15,490‌
1,669,512‌
Reinsurance
Group
of
America,
Inc.
6,280‌
1,335,442‌
RenaissanceRe
Holdings
Ltd.
4,501‌
1,426,367‌
SoFi
Technologies,
Inc.(a)
36,046‌
646,305‌
The
Progressive
Corp.
6,941‌
1,516,261‌
Toast,
Inc.,
Class
A(a)
29,151‌
810,981‌
Tradeweb
Markets,
Inc.,
Class
A
9,690‌
965,705‌
W.R.
Berkley
Corp.
22,930‌
1,617,253‌
38,447,735‌
Health
Care
(
9
.5
%
):
Agilent
Technologies,
Inc.
9,954‌
1,322,190‌
Align
Technology,
Inc.(a)
3,227‌
544,266‌
Alnylam
Pharmaceuticals,
Inc.(a)
2,625‌
790,204‌
Dexcom,
Inc.(a)
12,405‌
835,477‌
Edwards
Lifesciences
Corp.(a)
17,518‌
1,584,678‌
GE
HealthCare
Technologies,
Inc.
14,811‌
948,052‌
Globus
Medical,
Inc.,
Class
A(a)
6,791‌
536,557‌
HCA
Healthcare,
Inc.
2,435‌
949,382‌
Humana,
Inc.
3,237‌
1,285,801‌
IDEXX
Laboratories,
Inc.(a)
1,205‌
634,360‌
Illumina,
Inc.(a)
5,232‌
919,942‌
Incyte
Corp.(a)
9,977‌
1,130,993‌
Insulet
Corp.(a)
4,887‌
744,046‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
10
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Health
Care
(9.5%):
(continued)
Intuitive
Surgical,
Inc.(a)
2,370‌
942,502‌
IQVIA
Holdings,
Inc.(a)
4,556‌
880,310‌
Medpace
Holdings,
Inc.(a)
866‌
458,625‌
Mettler-Toledo
International,
Inc.(a)
894‌
1,142,094‌
Neurocrine
Biosciences,
Inc.(a)
8,000‌
1,348,280‌
Quest
Diagnostics,
Inc.
6,996‌
1,482,802‌
ResMed,
Inc.
6,023‌
1,173,762‌
Solventum
Corp.(a)
17,898‌
1,380,831‌
STERIS
PLC
5,923‌
1,247,206‌
Stryker
Corp.
4,596‌
1,447,005‌
Tenet
Healthcare
Corp.(a)
3,962‌
741,211‌
United
Therapeutics
Corp.(a)
1,042‌
564,587‌
Veeva
Systems,
Inc.,
Class
A(a)
6,299‌
1,117,883‌
Waters
Corp.(a)
3,046‌
1,142,372‌
West
Pharmaceutical
Services,
Inc.
2,895‌
1,039,305‌
Zoetis,
Inc.,
Class
A
9,723‌
698,695‌
29,033,418‌
Industrials
(
24
.7
%
):
AMETEK,
Inc.
6,492‌
1,570,675‌
ATI,
Inc.(a)
4,726‌
931,495‌
Axon
Enterprise,
Inc.(a)
1,725‌
967,052‌
BWX
Technologies,
Inc.
2,979‌
579,862‌
C.H.
Robinson
Worldwide,
Inc.
4,312‌
812,122‌
Carpenter
Technology
Corp.
1,483‌
914,774‌
Carrier
Global
Corp.
16,245‌
1,191,571‌
Caterpillar,
Inc.
1,223‌
1,302,373‌
Cintas
Corp.
9,662‌
1,643,313‌
Clean
Harbors,
Inc.(a)
3,945‌
1,178,569‌
Comfort
Systems
USA,
Inc.
357‌
707,556‌
Copart,
Inc.(a)
40,132‌
1,131,321‌
CSX
Corp.
34,487‌
1,639,167‌
Curtiss-Wright
Corp.
1,294‌
980,541‌
Deere
&
Co.
1,796‌
1,139,257‌
Dover
Corp.
6,104‌
1,369,005‌
EMCOR
Group,
Inc.
997‌
827,390‌
Equifax,
Inc.
4,858‌
771,062‌
Expeditors
International
of
Washington,
Inc.
7,161‌
1,167,100‌
Fastenal
Co.
27,592‌
1,325,244‌
Ferguson
Enterprises,
Inc.
4,309‌
1,022,655‌
Fortive
Corp.
19,921‌
1,216,974‌
FTAI
Aviation
Ltd.
2,110‌
570,818‌
GE
Vernova,
Inc.
664‌
780,107‌
General
Dynamics
Corp.
4,679‌
1,657,489‌
Graco,
Inc.
19,551‌
1,478,251‌
HEICO
Corp.
3,701‌
1,318,259‌
Howmet
Aerospace,
Inc.
4,432‌
1,191,588‌
Hubbell,
Inc.,
Class
B
2,099‌
1,098,197‌
Huntington
Ingalls
Industries,
Inc.
2,315‌
647,945‌
IDEX
Corp.
6,073‌
1,378,267‌
Illinois
Tool
Works,
Inc.
5,858‌
1,584,413‌
Ingersoll
Rand,
Inc.
11,287‌
925,421‌
ITT,
Inc.
4,877‌
964,476‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Industrials
(24.7%):
(continued)
J.B.
Hunt
Transport
Services,
Inc.
3,629‌
1,050,341‌
Lennox
International,
Inc.
1,902‌
1,089,751‌
Lincoln
Electric
Holdings,
Inc.
4,683‌
1,243,383‌
MasTec,
Inc.(a)
2,301‌
957,354‌
Nextpower,
Inc.,
Class
A(a)
4,624‌
550,903‌
Old
Dominion
Freight
Line,
Inc.
3,915‌
847,989‌
Otis
Worldwide
Corp.
16,116‌
1,153,906‌
PACCAR,
Inc.
9,862‌
1,184,623‌
Parker-Hannifin
Corp.
1,372‌
1,341,981‌
Paychex,
Inc.
15,335‌
1,507,891‌
Quanta
Services,
Inc.
1,637‌
1,178,706‌
RBC
Bearings,
Inc.(a)
2,235‌
1,439,474‌
Republic
Services,
Inc.,
Class
A
8,631‌
1,839,094‌
Rockwell
Automation,
Inc.
3,056‌
1,512,965‌
Rollins,
Inc.
23,588‌
984,563‌
Snap-on,
Inc.
4,143‌
1,667,143‌
SS&C
Technologies
Holdings,
Inc.
19,306‌
1,197,937‌
Textron,
Inc.
14,270‌
1,308,987‌
Trane
Technologies
PLC
2,515‌
1,235,267‌
TransDigm
Group,
Inc.
946‌
1,260,110‌
Union
Pacific
Corp.
6,511‌
1,770,992‌
United
Rentals,
Inc.
1,135‌
1,285,830‌
Verisk
Analytics,
Inc.,
Class
A
6,232‌
1,118,831‌
Vertiv
Holdings
Co.,
Class
A
1,872‌
626,783‌
W.W.
Grainger,
Inc.
1,071‌
1,456,988‌
Waste
Management,
Inc.
7,503‌
1,672,269‌
Watsco,
Inc.
2,541‌
1,058,911‌
Westinghouse
Air
Brake
Technologies
Corp.
5,179‌
1,396,258‌
Woodward,
Inc.
2,350‌
999,784‌
Xylem,
Inc.
10,182‌
1,203,614‌
75,126,937‌
Information
Technology
(
16
.3
%
):
Advanced
Energy
Industries,
Inc.
1,696‌
632,388‌
Akamai
Technologies,
Inc.(a)
7,091‌
838,227‌
Amphenol
Corp.,
Class
A
5,649‌
996,032‌
Analog
Devices,
Inc.
3,169‌
1,258,632‌
AppLovin
Corp.,
Class
A(a)
1,154‌
594,575‌
Arista
Networks,
Inc.(a)
4,289‌
728,615‌
Astera
Labs,
Inc.(a)
2,626‌
1,268,411‌
Broadcom,
Inc.
2,071‌
782,320‌
Cadence
Design
Systems,
Inc.(a)
3,201‌
1,201,399‌
CDW
Corp.
8,203‌
1,153,670‌
Ciena
Corp.(a)
1,003‌
492,032‌
Cognizant
Technology
Solutions
Corp.,
Class
A
18,174‌
703,879‌
Coherent
Corp.(a)
1,566‌
617,740‌
Credo
Technology
Group
Holding
Ltd.(a)
3,643‌
990,714‌
Datadog,
Inc.,
Class
A(a)
5,255‌
1,368,192‌
Entegris,
Inc.
4,285‌
770,700‌
F5,
Inc.(a)
3,222‌
1,340,223‌
Fair
Isaac
Corp.(a)
615‌
734,790‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
See
notes
to
financial
statements.
11
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Information
Technology
(16.3%):
(continued)
First
Solar,
Inc.(a)
3,100‌
731,476‌
Fortinet,
Inc.(a)
10,084‌
1,549,104‌
Jabil,
Inc.
2,688‌
1,036,170‌
Keysight
Technologies,
Inc.(a)
2,405‌
841,918‌
KLA
Corp.
3,990‌
1,203,823‌
Lattice
Semiconductor
Corp.(a)
5,623‌
860,094‌
Lumentum
Holdings,
Inc.(a)
414‌
355,237‌
MACOM
Technology
Solutions
Holdings,
Inc.(a)
2,638‌
1,003,416‌
Marvell
Technology,
Inc.
4,629‌
1,378,933‌
MKS,
Inc.
2,281‌
1,014,589‌
Monolithic
Power
Systems,
Inc.
537‌
742,327‌
Motorola
Solutions,
Inc.
3,419‌
1,419,877‌
NetApp,
Inc.
10,916‌
1,689,360‌
NXP
Semiconductors
NV
4,324‌
1,215,174‌
Okta,
Inc.,
Class
A(a)
11,845‌
1,616,250‌
ON
Semiconductor
Corp.(a)
9,516‌
899,643‌
Palantir
Technologies,
Inc.,
Class
A(a)
5,015‌
585,100‌
Palo
Alto
Networks,
Inc.(a)
5,806‌
1,979,962‌
PTC,
Inc.(a)
8,627‌
980,113‌
Qnity
Electronics,
Inc.
4,473‌
730,486‌
Roper
Technologies,
Inc.
3,647‌
1,234,108‌
Seagate
Technology
Holdings
PLC
964‌
930,260‌
ServiceNow,
Inc.(a)
9,393‌
932,537‌
Super
Micro
Computer,
Inc.(a)
18,337‌
537,824‌
Synopsys,
Inc.(a)
1,303‌
581,229‌
TD
SYNNEX
Corp.
5,927‌
1,584,524‌
TE
Connectivity
PLC
4,272‌
861,278‌
Teledyne
Technologies,
Inc.(a)
1,983‌
1,322,463‌
Teradyne,
Inc.
1,412‌
683,182‌
Trimble,
Inc.(a)
17,344‌
887,666‌
Tyler
Technologies,
Inc.(a)
2,700‌
789,642‌
Western
Digital
Corp.
1,388‌
886,543‌
49,536,847‌
Materials
(
8
.1
%
):
Alcoa
Corp.
8,243‌
429,790‌
Amcor
PLC
25,636‌
1,111,321‌
Avery
Dennison
Corp.
7,932‌
1,287,760‌
Ball
Corp.
19,903‌
1,241,947‌
CF
Industries
Holdings,
Inc.
6,861‌
742,772‌
Coeur
Mining,
Inc.
22,157‌
361,602‌
CRH
PLC
9,129‌
976,803‌
Crown
Holdings,
Inc.
12,335‌
1,379,300‌
Freeport-McMoRan,
Inc.
10,423‌
655,502‌
Hecla
Mining
Co.
22,104‌
341,065‌
Linde
PLC
3,805‌
1,974,567‌
Martin
Marietta
Materials,
Inc.
2,115‌
1,219,721‌
Newmont
Corp.
5,832‌
544,709‌
Nucor
Corp.
6,191‌
1,379,045‌
Packaging
Corp.
of
America
6,170‌
1,470,188‌
PPG
Industries,
Inc.
11,166‌
1,354,324‌
Reliance,
Inc.
3,894‌
1,454,798‌
Royal
Gold,
Inc.
3,076‌
614,000‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Materials
(8.1%):
(continued)
RPM
International,
Inc.
11,681‌
1,298,343‌
Smurfit
Westrock
PLC
18,696‌
864,877‌
Steel
Dynamics,
Inc.
5,100‌
1,170,246‌
The
Sherwin-Williams
Co.
4,264‌
1,468,181‌
Vulcan
Materials
Co.
4,443‌
1,310,729‌
24,651,590‌
Real
Estate
(
0
.2
%
):
CoStar
Group,
Inc.(a)
21,579‌
611,117‌
611,117‌
Utilities
(
11
.2
%
):
Alliant
Energy
Corp.
29,520‌
2,252,081‌
Ameren
Corp.
18,892‌
2,135,552‌
American
Electric
Power
Co.,
Inc.
13,325‌
1,822,993‌
American
Water
Works
Co.,
Inc.
10,567‌
1,390,406‌
Atmos
Energy
Corp.
11,485‌
1,978,521‌
CenterPoint
Energy,
Inc.
47,504‌
2,092,076‌
CMS
Energy
Corp.
26,738‌
2,045,457‌
Consolidated
Edison,
Inc.
17,172‌
1,899,738‌
Constellation
Energy
Corp.
2,461‌
611,239‌
DTE
Energy
Co.
14,048‌
2,140,494‌
Entergy
Corp.
14,252‌
1,636,985‌
Evergy,
Inc.
25,766‌
2,226,955‌
Eversource
Energy
17,808‌
1,286,984‌
NextEra
Energy,
Inc.
16,086‌
1,411,868‌
NiSource,
Inc.
37,431‌
1,779,844‌
NRG
Energy,
Inc.
4,490‌
655,809‌
Public
Service
Enterprise
Group,
Inc.
20,747‌
1,683,827‌
The
Southern
Co.
20,993‌
2,009,240‌
Vistra
Corp.
4,164‌
660,535‌
WEC
Energy
Group,
Inc.
19,048‌
2,224,235‌
33,944,839‌
Total
Common
Stocks
(Cost
$258,096,358)
303,634,143‌
Rights
(0.0%)
â€
Health
Care
(
0
.0
%
):
â€
ABIOMED,
Inc.,
CVR
Expiring 01/04/27(a)(b)
2,152‌
2,195‌
2,195‌
Total
Rights
(Cost
$
)
2,195‌
Total
Investments
(Cost
$258,096,358)
-
99.8%
303,636,338‌
Other
assets
in
excess
of
liabilities
-
0.2%
633,436‌
$
304,269,774‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(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,
2026
.
(a)
Non-income
producing
security.
â€
Represents
less
than
0.05%.
(b)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
0.00%
of
the
Fund's
net
assets
as
of
June
30,
2026.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2)
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
9/18/26
1
$
375,019‌
$
377,412‌
$
2,393‌
$
2,393‌
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
High
Dividend
Stock
ETF
See
notes
to
financial
statements.
13
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.6%)
Consumer
Discretionary
(
4
.6
%
):
Domino's
Pizza,
Inc.
9,362‌
2,771,527‌
Garmin
Ltd.
10,650‌
2,529,801‌
Genuine
Parts
Co.
26,323‌
3,105,588‌
Lennar
Corp.,
Class
A
25,651‌
2,321,159‌
Tractor
Supply
Co.
72,986‌
2,307,087‌
Williams-Sonoma,
Inc.
13,141‌
3,063,167‌
16,098,329‌
Consumer
Staples
(
4
.3
%
):
Bunge
Global
SA
22,388‌
2,389,471‌
Dollar
General
Corp.
20,451‌
2,354,115‌
Hormel
Foods
Corp.
143,197‌
3,554,150‌
Kimberly-Clark
Corp.
33,889‌
3,719,995‌
McCormick
&
Co.,
Inc.
59,358‌
2,992,830‌
15,010,561‌
Energy
(
14
.0
%
):
Baker
Hughes
Co.,
Class
A
40,811‌
2,265,010‌
ConocoPhillips
Co.
25,040‌
2,603,158‌
Devon
Energy
Corp.
57,250‌
2,365,570‌
Diamondback
Energy,
Inc.
15,840‌
2,784,355‌
DT
Midstream,
Inc.
30,684‌
4,502,570‌
EOG
Resources,
Inc.
25,423‌
3,298,126‌
Expand
Energy
Corp.
25,819‌
2,354,435‌
Halliburton
Co.
63,106‌
2,142,449‌
Kinder
Morgan,
Inc.
130,828‌
4,182,571‌
Occidental
Petroleum
Corp.
45,232‌
2,196,918‌
Ovintiv,
Inc.
44,002‌
2,316,705‌
Permian
Resources
Corp.,
Class
A
130,465‌
2,401,861‌
Phillips
66
Co.
18,573‌
3,139,766‌
SLB
Ltd.
47,489‌
2,207,763‌
Targa
Resources
Corp.
12,955‌
3,473,754‌
The
Williams
Cos.,
Inc.
53,908‌
4,007,521‌
Valero
Energy
Corp.
10,750‌
2,799,730‌
49,042,262‌
Financials
(
14
.2
%
):
Aflac,
Inc.
44,529‌
5,221,025‌
Blue
Owl
Capital,
Inc.,
Class
A
240,691‌
2,106,046‌
Cincinnati
Financial
Corp.
25,693‌
4,756,802‌
CME
Group,
Inc.,
Class
A
15,065‌
3,326,804‌
East
West
Bancorp,
Inc.
27,091‌
3,497,177‌
Everest
Group
Ltd.
10,652‌
3,805,214‌
Fidelity
National
Information
Services,
Inc.
66,631‌
2,590,613‌
Franklin
Resources,
Inc.
130,340‌
4,336,412‌
Global
Payments,
Inc.
32,016‌
2,323,081‌
MSCI,
Inc.,
Class
A
5,264‌
2,948,051‌
Pinnacle
Financial
Partners,
Inc.
28,259‌
2,850,768‌
Principal
Financial
Group,
Inc.
40,814‌
4,398,933‌
Reinsurance
Group
of
America,
Inc.
16,554‌
3,520,208‌
The
Progressive
Corp.
18,313‌
4,000,475‌
49,681,609‌
Health
Care
(
2
.6
%
):
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Health
Care
(2.6%):
(continued)
Humana,
Inc.
8,542‌
3,393,053‌
Quest
Diagnostics,
Inc.
18,443‌
3,908,994‌
Zoetis,
Inc.,
Class
A
25,659‌
1,843,856‌
9,145,903‌
Industrials
(
20
.7
%
):
C.H.
Robinson
Worldwide,
Inc.
11,386‌
2,144,439‌
Carrier
Global
Corp.
42,839‌
3,142,241‌
CSX
Corp.
90,900‌
4,320,477‌
Fastenal
Co.
72,749‌
3,494,134‌
Ferguson
Enterprises,
Inc.
11,373‌
2,699,154‌
General
Dynamics
Corp.
12,340‌
4,371,322‌
Graco,
Inc.
51,530‌
3,896,183‌
Huntington
Ingalls
Industries,
Inc.
6,106‌
1,709,008‌
IDEX
Corp.
16,000‌
3,631,200‌
Illinois
Tool
Works,
Inc.
15,436‌
4,174,975‌
Lennox
International,
Inc.
5,024‌
2,878,501‌
Otis
Worldwide
Corp.
42,501‌
3,043,072‌
Paychex,
Inc.
40,419‌
3,974,400‌
Rockwell
Automation,
Inc.
8,052‌
3,986,384‌
Rollins,
Inc.
62,165‌
2,594,767‌
Snap-on,
Inc.
10,912‌
4,390,989‌
SS&C
Technologies
Holdings,
Inc.
50,895‌
3,158,035‌
Union
Pacific
Corp.
17,163‌
4,668,336‌
Waste
Management,
Inc.
19,770‌
4,406,338‌
Watsco,
Inc.
6,699‌
2,791,674‌
Xylem,
Inc.
26,829‌
3,171,456‌
72,647,085‌
Information
Technology
(
5
.2
%
):
Analog
Devices,
Inc.
8,355‌
3,318,355‌
CDW
Corp.
21,633‌
3,042,465‌
Cognizant
Technology
Solutions
Corp.,
Class
A
47,916‌
1,855,787‌
NetApp,
Inc.
28,759‌
4,450,743‌
NXP
Semiconductors
NV
11,408‌
3,205,990‌
TE
Connectivity
PLC
11,260‌
2,270,129‌
18,143,469‌
Materials
(
9
.9
%
):
Amcor
PLC
67,574‌
2,929,333‌
Avery
Dennison
Corp.
20,921‌
3,396,524‌
Ball
Corp.
52,476‌
3,274,502‌
CF
Industries
Holdings,
Inc.
18,099‌
1,959,398‌
CRH
PLC
24,078‌
2,576,346‌
Nucor
Corp.
16,308‌
3,632,607‌
Packaging
Corp.
of
America
16,261‌
3,874,671‌
PPG
Industries,
Inc.
29,432‌
3,569,807‌
Reliance,
Inc.
10,256‌
3,831,642‌
RPM
International,
Inc.
30,804‌
3,423,865‌
Smurfit
Westrock
PLC
49,320‌
2,281,543‌
34,750,238‌
Utilities
(
24
.1
%
):
Alliant
Energy
Corp.
77,765‌
5,932,692‌
Ameren
Corp.
49,762‌
5,625,096‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
High
Dividend
Stock
ETF
See
notes
to
financial
statements.
14
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2026
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Utilities
(24.1%):
(continued)
American
Electric
Power
Co.,
Inc.
35,101‌
4,802,168‌
American
Water
Works
Co.,
Inc.
27,850‌
3,664,503‌
Atmos
Energy
Corp.
30,258‌
5,212,546‌
CenterPoint
Energy,
Inc.
125,154‌
5,511,782‌
CMS
Energy
Corp.
70,439‌
5,388,584‌
Consolidated
Edison,
Inc.
45,244‌
5,005,344‌
DTE
Energy
Co.
37,002‌
5,637,995‌
Entergy
Corp.
37,559‌
4,314,027‌
Evergy,
Inc.
67,877‌
5,866,609‌
Eversource
Energy
46,923‌
3,391,125‌
NextEra
Energy,
Inc.
42,387‌
3,720,307‌
NiSource,
Inc.
98,637‌
4,690,189‌
Public
Service
Enterprise
Group,
Inc.
54,687‌
4,438,397‌
The
Southern
Co.
55,326‌
5,295,251‌
WEC
Energy
Group,
Inc.
50,195‌
5,861,270‌
84,357,885‌
Total
Common
Stocks
(Cost
$315,368,904)
348,877,341‌
Total
Investments
(Cost
$315,368,904)
-
99.6%
348,877,341‌
Other
assets
in
excess
of
liabilities
-
0.4%
1,597,795‌
$
350,475,136‌
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
9/18/26
3
$
1,129,405‌
$
1,132,238‌
$
2,833‌
$
2,833‌
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
15
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.1%)
Australia
(
4
.9
%
):
Communication
Services
(
0
.7
%
):
REA
Group
Ltd.
5,403‌
520,564‌
Telstra
Group
Ltd.
351,704‌
1,236,723‌
1,757,287‌
Consumer
Discretionary
(
0
.4
%
):
Wesfarmers
Ltd.
15,341‌
959,961‌
959,961‌
Consumer
Staples
(
0
.7
%
):
Coles
Group
Ltd.
58,247‌
982,563‌
Woolworths
Group
Ltd.
25,057‌
694,298‌
1,676,861‌
Energy
(
0
.2
%
):
Woodside
Energy
Group
Ltd.
29,929‌
584,422‌
584,422‌
Financials
(
1
.1
%
):
ANZ
Group
Holdings
Ltd.
29,680‌
726,248‌
Commonwealth
Bank
of
Australia
6,091‌
694,069‌
National
Australia
Bank
Ltd.
25,844‌
677,285‌
Westpac
Banking
Corp.
28,194‌
687,154‌
2,784,756‌
Health
Care
(
0
.5
%
):
CSL
Ltd.
5,166‌
410,299‌
Sigma
Healthcare
Ltd.
396,605‌
754,957‌
1,165,256‌
Industrials
(
0
.3
%
):
Brambles
Ltd.
45,320‌
611,097‌
611,097‌
Materials
(
1
.0
%
):
BHP
Group
Ltd.
17,835‌
733,316‌
Evolution
Mining
Ltd.
38,393‌
312,263‌
Fortescue
Ltd.
42,310‌
560,845‌
Northern
Star
Resources
Ltd.
20,420‌
267,853‌
Rio
Tinto
Ltd.
5,521‌
659,270‌
2,533,547‌
12,073,187‌
Austria
(
0
.9
%
):
Energy
(
0
.3
%
):
OMV
AG
12,868‌
810,802‌
810,802‌
Financials
(
0
.3
%
):
Erste
Group
Bank
AG
5,945‌
795,365‌
795,365‌
Utilities
(
0
.3
%
):
Verbund
AG
9,814‌
623,417‌
623,417‌
2,229,584‌
Belgium
(
0
.9
%
):
Financials
(
0
.4
%
):
KBC
Group
NV
6,598‌
899,313‌
899,313‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Belgium
(0.9%):
(continued)
Health
Care
(
0
.2
%
):
UCB
SA
1,697‌
507,973‌
507,973‌
Utilities
(
0
.3
%
):
Elia
Group
SA,
Class
B
5,015‌
801,007‌
801,007‌
2,208,293‌
Canada
(
11
.8
%
):
Consumer
Discretionary
(
0
.6
%
):
Dollarama,
Inc.
6,971‌
922,290‌
Magna
International,
Inc.
9,520‌
626,074‌
1,548,364‌
Consumer
Staples
(
0
.4
%
):
George
Weston
Ltd.
14,137‌
1,014,841‌
1,014,841‌
Energy
(
2
.4
%
):
Cameco
Corp.
2,975‌
303,269‌
Canadian
Natural
Resources
Ltd.
16,066‌
635,797‌
Cenovus
Energy,
Inc.
22,702‌
563,348‌
Imperial
Oil
Ltd.
5,839‌
655,750‌
Pembina
Pipeline
Corp.
23,263‌
1,076,453‌
Suncor
Energy,
Inc.
15,092‌
812,016‌
TC
Energy
Corp.
18,636‌
1,234,252‌
Tourmaline
Oil
Corp.
16,561‌
692,524‌
5,973,409‌
Financials
(
2
.8
%
):
Brookfield
Corp.,
Class
A
16,244‌
693,128‌
Fairfax
Financial
Holdings
Ltd.
509‌
837,292‌
Great-West
Lifeco,
Inc.
24,451‌
1,558,167‌
Intact
Financial
Corp.
5,273‌
1,088,400‌
National
Bank
of
Canada
8,166‌
1,289,365‌
Power
Corp.
of
Canada
21,225‌
1,323,401‌
6,789,753‌
Industrials
(
1
.7
%
):
Bombardier,
Inc.,
Class
B(a)
2,400‌
552,638‌
Canadian
National
Railway
Co.
8,599‌
1,026,289‌
Canadian
Pacific
Kansas
City
Ltd.
10,976‌
951,702‌
Waste
Connections,
Inc.
5,786‌
964,497‌
WSP
Global,
Inc.
4,367‌
541,525‌
4,036,651‌
Information
Technology
(
0
.5
%
):
Celestica,
Inc.(a)
807‌
294,346‌
Constellation
Software,
Inc.
273‌
514,005‌
Shopify,
Inc.,
Class
A(a)
3,062‌
350,356‌
1,158,707‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
16
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Canada
(11.8%):
(continued)
Materials
(
1
.6
%
):
Agnico
Eagle
Mines
Ltd.
2,003‌
311,248‌
Alamos
Gold,
Inc.,
Class
A
7,879‌
238,909‌
Barrick
Mining
Corp.
9,945‌
365,723‌
First
Majestic
Silver
Corp.
12,280‌
208,520‌
Franco-Nevada
Corp.
1,995‌
416,318‌
Ivanhoe
Mines
Ltd.,
Class
A(a)
43,578‌
341,409‌
Kinross
Gold
Corp.
11,157‌
264,193‌
Lundin
Gold,
Inc.
4,166‌
224,766‌
Lundin
Mining
Corp.
13,140‌
320,230‌
LunR
Royalties
Corp.(a)
856‌
11,409‌
Nutrien
Ltd.
8,339‌
525,414‌
Pan
American
Silver
Corp.
6,094‌
273,222‌
Wheaton
Precious
Metals
Corp.
3,077‌
346,171‌
3,847,532‌
Utilities
(
1
.8
%
):
Emera,
Inc.
26,590‌
1,410,596‌
Fortis,
Inc.
26,201‌
1,501,186‌
Hydro
One
Ltd.
35,464‌
1,462,974‌
4,374,756‌
28,744,013‌
Chile
(
0
.2
%
):
Materials
(
0
.2
%
):
Antofagasta
PLC
8,237‌
417,296‌
417,296‌
Denmark
(
1
.7
%
):
Financials
(
0
.4
%
):
Danske
Bank
A/S
16,446‌
880,506‌
880,506‌
Health
Care
(
0
.5
%
):
Coloplast
A/S,
Class
B
11,448‌
651,596‌
Genmab
A/S(a)
1,907‌
523,324‌
1,174,920‌
Industrials
(
0
.4
%
):
DSV
A/S
2,485‌
588,483‌
Vestas
Wind
Systems
A/S
14,147‌
399,256‌
987,739‌
Materials
(
0
.3
%
):
Novonesis
A/S
12,321‌
777,762‌
777,762‌
Utilities
(
0
.1
%
):
Orsted
A/S(a)
13,370‌
300,064‌
300,064‌
4,120,991‌
Finland
(
2
.1
%
):
Energy
(
0
.2
%
):
Neste
Oyj
14,725‌
481,822‌
481,822‌
Financials
(
0
.4
%
):
Sampo
Oyj,
Class
A
102,403‌
1,075,660‌
1,075,660‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Finland
(2.1%):
(continued)
Industrials
(
0
.8
%
):
Kone
Oyj,
Class
B
14,069‌
799,837‌
Metso
Oyj
31,157‌
541,075‌
Wartsila
Oyj
Abp
14,462‌
551,534‌
1,892,446‌
Information
Technology
(
0
.2
%
):
Nokia
Oyj
45,036‌
594,549‌
594,549‌
Materials
(
0
.3
%
):
UPM-Kymmene
Oyj
23,247‌
616,188‌
616,188‌
Utilities
(
0
.2
%
):
Fortum
Oyj
24,763‌
574,041‌
574,041‌
5,234,706‌
France
(
6
.1
%
):
Consumer
Discretionary
(
0
.6
%
):
Cie
Generale
des
Etablissements
Michelin
SCA
21,719‌
837,475‌
Hermes
International
SCA
323‌
589,708‌
1,427,183‌
Energy
(
0
.7
%
):
Bollore
SE
202,352‌
937,699‌
TotalEnergies
SE
10,425‌
810,279‌
1,747,978‌
Financials
(
0
.9
%
):
Amundi
SA
9,105‌
873,290‌
Credit
Agricole
SA
39,589‌
795,833‌
Societe
Generale
SA
6,580‌
581,643‌
2,250,766‌
Health
Care
(
0
.5
%
):
Ipsen
SA
3,612‌
696,591‌
Sartorius
Stedim
Biotech
2,560‌
531,146‌
1,227,737‌
Industrials
(
2
.1
%
):
Bouygues
SA
13,176‌
734,768‌
Bureau
Veritas
SA
30,879‌
944,782‌
Eiffage
SA
4,618‌
681,143‌
Legrand
SA
3,993‌
673,810‌
Safran
SA
2,017‌
795,029‌
Thales
SA
1,924‌
494,151‌
Vinci
SA
4,712‌
688,009‌
5,011,692‌
Information
Technology
(
0
.2
%
):
Dassault
Systemes
SE
25,330‌
515,559‌
515,559‌
Materials
(
0
.4
%
):
Air
Liquide
SA
5,485‌
1,085,883‌
1,085,883‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
17
SECURITY
DESCRIPTION
SHARES
VALUE
($)
France
(6.1%):
(continued)
Utilities
(
0
.7
%
):
Engie
SA
25,202‌
794,410‌
Veolia
Environnement
SA
23,022‌
958,472‌
1,752,882‌
15,019,680‌
Germany
(
3
.7
%
):
Financials
(
1
.1
%
):
Commerzbank
AG
12,296‌
523,016‌
Hannover
Rueck
SE
2,828‌
783,195‌
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen,
Registered
Shares
1,370‌
764,615‌
Talanx
AG
5,947‌
751,469‌
2,822,295‌
Industrials
(
1
.2
%
):
Deutsche
Post
AG
13,126‌
796,315‌
Knorr-Bremse
AG
5,556‌
644,932‌
MTU
Aero
Engines
AG
1,740‌
723,418‌
Rheinmetall
AG
248‌
280,649‌
Siemens
Energy
AG
2,069‌
391,925‌
2,837,239‌
Information
Technology
(
0
.4
%
):
Infineon
Technologies
AG
9,990‌
932,151‌
932,151‌
Materials
(
0
.2
%
):
Heidelberg
Materials
AG
2,477‌
472,324‌
472,324‌
Real
Estate
(
0
.2
%
):
Vonovia
SE
24,472‌
603,643‌
603,643‌
Utilities
(
0
.6
%
):
E.ON
SE
38,308‌
788,902‌
RWE
AG
10,854‌
702,130‌
1,491,032‌
9,158,684‌
Hong
Kong
(
3
.6
%
):
Consumer
Staples
(
0
.2
%
):
WH
Group
Ltd.
538,312‌
569,021‌
569,021‌
Financials
(
0
.5
%
):
AIA
Group
Ltd.
52,732‌
480,415‌
Prudential
PLC
52,859‌
703,123‌
1,183,538‌
Industrials
(
0
.6
%
):
CK
Hutchison
Holdings
Ltd.
98,864‌
835,149‌
Techtronic
Industries
Co.
Ltd.
40,354‌
666,341‌
1,501,490‌
Real
Estate
(
0
.7
%
):
Henderson
Land
Development
Co.
Ltd.
203,823‌
644,533‌
Hongkong
Land
Holdings
Ltd.
79,900‌
568,888‌
Sun
Hung
Kai
Properties
Ltd.
38,243‌
547,610‌
1,761,031‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Hong
Kong
(3.6%):
(continued)
Utilities
(
1
.6
%
):
CLP
Holdings
Ltd.
185,156‌
1,728,179‌
Hong
Kong
&
China
Gas
Co.
Ltd.
1,315,974‌
1,090,688‌
Power
Assets
Holdings
Ltd.
145,059‌
1,056,138‌
3,875,005‌
8,890,085‌
Ireland
(
1
.4
%
):
Financials
(
0
.6
%
):
AIB
Group
PLC
59,979‌
704,107‌
Bank
of
Ireland
Group
PLC
34,175‌
680,361‌
1,384,468‌
Industrials
(
0
.8
%
):
Experian
PLC
20,257‌
683,176‌
Kingspan
Group
PLC
6,424‌
586,789‌
Ryanair
Holdings
PLC
23,635‌
738,535‌
2,008,500‌
3,392,968‌
Israel
(
0
.9
%
):
Financials
(
0
.5
%
):
Bank
Leumi
Le-Israel
BM
27,818‌
622,450‌
Mizrahi
Tefahot
Bank
Ltd.
8,166‌
541,050‌
1,163,500‌
Industrials
(
0
.2
%
):
Elbit
Systems
Ltd.
530‌
402,852‌
402,852‌
Real
Estate
(
0
.2
%
):
Azrieli
Group
Ltd.
3,929‌
534,253‌
534,253‌
2,100,605‌
Italy
(
5
.1
%
):
Consumer
Discretionary
(
0
.2
%
):
Moncler
SpA
9,053‌
525,222‌
525,222‌
Energy
(
0
.3
%
):
Eni
SpA
34,690‌
817,243‌
817,243‌
Financials
(
2
.9
%
):
Banca
Monte
dei
Paschi
di
Siena
SpA
58,953‌
731,735‌
Banco
BPM
SpA
46,890‌
809,473‌
BPER
Banca
SpA
45,388‌
712,086‌
Generali
23,695‌
1,153,523‌
Intesa
Sanpaolo
SpA
113,702‌
778,131‌
Poste
Italiane
SpA
39,567‌
1,293,781‌
UniCredit
SpA
8,076‌
722,095‌
Unipol
Assicurazioni
SpA
27,686‌
772,122‌
6,972,946‌
Industrials
(
0
.4
%
):
Leonardo
SpA
6,934‌
371,746‌
Prysmian
SpA
4,102‌
684,471‌
1,056,217‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
18
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Italy
(5.1%):
(continued)
Utilities
(
1
.3
%
):
Enel
SpA
77,134‌
886,018‌
Snam
SpA
159,214‌
1,148,898‌
Terna
-
Rete
Elettrica
Nazionale
99,992‌
1,169,831‌
3,204,747‌
12,576,375‌
Japan
(
19
.7
%
):
Consumer
Discretionary
(
2
.4
%
):
Asics
Corp.
17,410‌
468,500‌
Bridgestone
Corp.
40,140‌
841,908‌
Denso
Corp.
57,336‌
661,596‌
Fast
Retailing
Co.
Ltd.
1,442‌
734,481‌
Oriental
Land
Co.
Ltd.
39,792‌
609,436‌
Pan
Pacific
International
Holdings
Corp.
116,062‌
587,520‌
Sekisui
House
Ltd.
43,082‌
896,195‌
Sumitomo
Electric
Industries
Ltd.
21,440‌
385,994‌
Suzuki
Motor
Corp.
53,598‌
644,673‌
5,830,303‌
Consumer
Staples
(
0
.8
%
):
Aeon
Co.
Ltd.
41,842‌
345,123‌
Ajinomoto
Co.,
Inc.
16,484‌
595,464‌
Kao
Corp.
53,524‌
1,061,065‌
2,001,652‌
Energy
(
0
.4
%
):
ENEOS
Holdings,
Inc.
68,218‌
502,257‌
Inpex
Corp.
20,578‌
413,256‌
915,513‌
Financials
(
2
.9
%
):
Dai-ichi
Life
Holdings,
Inc.
69,214‌
757,148‌
Japan
Post
Bank
Co.
Ltd.
35,560‌
669,949‌
Japan
Post
Holdings
Co.
Ltd.
59,080‌
788,193‌
MS&AD
Insurance
Group
Holdings,
Inc.
28,788‌
750,776‌
ORIX
Corp.
23,072‌
872,615‌
Resona
Holdings,
Inc.
39,806‌
515,632‌
Sompo
Holdings,
Inc.
17,750‌
681,046‌
Sumitomo
Mitsui
Financial
Group,
Inc.
16,168‌
631,087‌
Sumitomo
Mitsui
Trust
Group,
Inc.
21,680‌
807,699‌
Tokio
Marine
Holdings,
Inc.
10,956‌
485,331‌
6,959,476‌
Health
Care
(
1
.1
%
):
Chugai
Pharmaceutical
Co.
Ltd.
8,338‌
386,385‌
Daiichi
Sankyo
Co.
Ltd.
30,950‌
496,575‌
Hoya
Corp.
3,420‌
545,879‌
Shionogi
&
Co.
Ltd.
34,462‌
591,183‌
Terumo
Corp.
51,792‌
711,670‌
2,731,692‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Japan
(19.7%):
(continued)
Industrials
(
5
.2
%
):
Central
Japan
Railway
Co.
26,924‌
574,482‌
Daifuku
Co.
Ltd.
13,900‌
609,162‌
Daikin
Industries
Ltd.
4,660‌
707,541‌
East
Japan
Railway
Co.
37,028‌
776,180‌
Ebara
Corp.
12,100‌
465,602‌
FANUC
Corp.
11,806‌
534,095‌
Fujikura
Ltd.
9,976‌
382,767‌
Hitachi
Ltd.
15,100‌
415,255‌
IHI
Corp.
17,526‌
292,298‌
ITOCHU
Corp.
56,010‌
638,717‌
Kajima
Corp.
13,972‌
504,635‌
Kawasaki
Heavy
Industries
Ltd.
18,000‌
323,564‌
Komatsu
Ltd.
11,510‌
444,740‌
Kubota
Corp.
27,840‌
459,862‌
Marubeni
Corp.
14,712‌
424,402‌
Mitsubishi
Corp.
18,128‌
484,699‌
Mitsubishi
Electric
Corp.
15,362‌
555,217‌
Mitsubishi
Heavy
Industries
Ltd.
15,032‌
338,955‌
NIDEC
Corp.(a)
25,970‌
422,504‌
Obayashi
Corp.
25,600‌
512,850‌
Secom
Co.
Ltd.
25,718‌
1,021,254‌
Shimizu
Corp.
29,900‌
468,877‌
SMC
Corp.
1,040‌
455,967‌
Taisei
Corp.
5,400‌
473,305‌
Toyota
Tsusho
Corp.
13,200‌
485,359‌
12,772,289‌
Information
Technology
(
3
.7
%
):
Advantest
Corp.
1,780‌
354,073‌
Canon,
Inc.
31,776‌
810,524‌
Disco
Corp.
804‌
401,852‌
FUJIFILM
Holdings
Corp.
39,128‌
838,251‌
Fujitsu
Ltd.
26,012‌
519,504‌
Ibiden
Co.
Ltd.
4,500‌
659,168‌
Keyence
Corp.
1,474‌
734,915‌
Kyocera
Corp.
40,278‌
882,212‌
Lasertec
Corp.
1,200‌
366,835‌
Murata
Manufacturing
Co.
Ltd.
18,450‌
1,293,134‌
NEC
Corp.
16,170‌
390,375‌
Nomura
Research
Institute
Ltd.
15,914‌
449,484‌
TDK
Corp.
31,976‌
702,142‌
Tokyo
Electron
Ltd.
1,544‌
732,683‌
9,135,152‌
Materials
(
1
.5
%
):
Asahi
Kasei
Corp.
65,200‌
718,251‌
JX
Advanced
Metals
Corp.
10,700‌
289,449‌
Nippon
Paint
Holdings
Co.
Ltd.
99,898‌
647,020‌
Nippon
Sanso
Holdings
Corp.
16,518‌
609,189‌
Nitto
Denko
Corp.
29,900‌
582,993‌
Shin-Etsu
Chemical
Co.
Ltd.
13,110‌
565,106‌
Sumitomo
Metal
Mining
Co.
Ltd.
5,100‌
234,296‌
3,646,304‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
19
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Japan
(19.7%):
(continued)
Real
Estate
(
1
.0
%
):
Daiwa
House
Industry
Co.
Ltd.
32,394‌
880,085‌
Mitsubishi
Estate
Co.
Ltd.
19,614‌
500,062‌
Mitsui
Fudosan
Co.
Ltd.
59,582‌
549,351‌
Sumitomo
Realty
&
Development
Co.
Ltd.
19,368‌
445,662‌
2,375,160‌
Utilities
(
0
.7
%
):
Osaka
Gas
Co.
Ltd.
17,700‌
593,992‌
The
Kansai
Electric
Power
Co.,
Inc.
37,716‌
530,200‌
Tokyo
Gas
Co.
Ltd.
15,322‌
576,860‌
1,701,052‌
48,068,593‌
Luxembourg
(
0
.5
%
):
Energy
(
0
.3
%
):
Tenaris
SA
23,120‌
639,500‌
639,500‌
Materials
(
0
.2
%
):
ArcelorMittal
SA
8,382‌
504,680‌
504,680‌
1,144,180‌
Mexico
(
0
.1
%
):
Materials
(
0
.1
%
):
Fresnillo
PLC
7,034‌
255,695‌
255,695‌
Netherlands
(
2
.2
%
):
Financials
(
0
.9
%
):
Adyen
NV(a)
444‌
416,166‌
Euronext
NV
5,110‌
817,348‌
NN
Group
NV
12,259‌
1,073,697‌
2,307,211‌
Health
Care
(
0
.3
%
):
Argenx
SE(a)
753‌
698,052‌
698,052‌
Industrials
(
0
.6
%
):
Ferrovial
NV
13,244‌
907,577‌
Wolters
Kluwer
NV
7,604‌
490,329‌
1,397,906‌
Information
Technology
(
0
.4
%
):
ASM
International
NV
506‌
578,396‌
BE
Semiconductor
Industries
NV
1,517‌
497,596‌
1,075,992‌
5,479,161‌
Norway
(
1
.3
%
):
Communication
Services
(
0
.3
%
):
Telenor
ASA
47,485‌
680,434‌
680,434‌
Energy
(
0
.4
%
):
Aker
BP
ASA
16,825‌
515,511‌
Equinor
ASA
14,580‌
461,900‌
977,411‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Norway
(1.3%):
(continued)
Financials
(
0
.3
%
):
DNB
Bank
ASA
29,151‌
868,135‌
868,135‌
Industrials
(
0
.1
%
):
Kongsberg
Gruppen
ASA
9,375‌
282,604‌
282,604‌
Materials
(
0
.2
%
):
Norsk
Hydro
ASA
54,690‌
496,293‌
496,293‌
3,304,877‌
Portugal
(
0
.5
%
):
Consumer
Staples
(
0
.3
%
):
Jeronimo
Martins
SGPS
SA
31,510‌
603,366‌
603,366‌
Energy
(
0
.2
%
):
Galp
Energia
SGPS
SA
26,498‌
564,460‌
564,460‌
1,167,826‌
Russian
Federation
(
0
.0
%
):
Materials
(
0
.0
%
):
Evraz
PLC(a)(b)(c)
38,723‌
-‌
-‌
Singapore
(
3
.4
%
):
Communication
Services
(
0
.3
%
):
Singapore
Telecommunications
Ltd.
218,776‌
745,943‌
745,943‌
Consumer
Staples
(
0
.4
%
):
Wilmar
International
Ltd.
329,840‌
920,614‌
920,614‌
Financials
(
1
.7
%
):
DBS
Group
Holdings
Ltd.
26,168‌
1,323,169‌
Oversea-Chinese
Banking
Corp.
Ltd.
73,684‌
1,412,267‌
United
Overseas
Bank
Ltd.
44,198‌
1,358,677‌
4,094,113‌
Industrials
(
1
.0
%
):
Keppel
Ltd.
87,100‌
736,720‌
Singapore
Airlines
Ltd.
208,980‌
1,240,890‌
Singapore
Technologies
Engineering
Ltd.
79,176‌
636,028‌
2,613,638‌
8,374,308‌
South
Korea
(
5
.2
%
):
Communication
Services
(
0
.3
%
):
Kakao
Corp.
11,610‌
258,975‌
NAVER
Corp.
3,070‌
394,428‌
653,403‌
Consumer
Discretionary
(
0
.5
%
):
Hyundai
Mobis
Co.
Ltd.
1,323‌
427,078‌
Kia
Corp.
3,667‌
326,713‌
LG
Electronics,
Inc.
4,348‌
569,852‌
1,323,643‌
Energy
(
0
.1
%
):
HD
Hyundai
Co.
Ltd.
1,893‌
243,821‌
243,821‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
20
SECURITY
DESCRIPTION
SHARES
VALUE
($)
South
Korea
(5.2%):
(continued)
Financials
(
1
.2
%
):
Hana
Financial
Group,
Inc.
6,242‌
461,833‌
KB
Financial
Group,
Inc.
4,497‌
461,633‌
Mirae
Asset
Securities
Co.
Ltd.
5,014‌
138,387‌
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
1,014‌
404,579‌
Samsung
Life
Insurance
Co.
Ltd.
2,513‌
650,599‌
Shinhan
Financial
Group
Co.
Ltd.
7,939‌
491,030‌
Woori
Financial
Group,
Inc.
22,599‌
423,120‌
3,031,181‌
Health
Care
(
0
.2
%
):
Celltrion,
Inc.(a)
3,458‌
386,924‌
386,924‌
Industrials
(
1
.7
%
):
Doosan
Co.
Ltd.
286‌
274,570‌
Doosan
Enerbility
Co.
Ltd.(a)
4,296‌
240,747‌
Hanwha
Aerospace
Co.
Ltd.
329‌
211,347‌
Hanwha
Ocean
Co.
Ltd.(a)
3,541‌
229,300‌
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
1,410‌
318,613‌
Hyosung
Heavy
Industries
Corp.
151‌
335,165‌
Hyundai
Electric
Energy
Systems
Co.
Ltd.
481‌
301,848‌
Hyundai
Rotem
Co.
Ltd.
2,265‌
252,983‌
LS
Electric
Co.
Ltd.
2,543‌
390,751‌
Samsung
C&T
Corp.
1,768‌
534,772‌
Samsung
Heavy
Industries
Co.
Ltd.(a)
18,276‌
274,924‌
SK
Square
Co.
Ltd.(a)
660‌
723,107‌
4,088,127‌
Information
Technology
(
0
.9
%
):
Hanmi
Semiconductor
Co.
Ltd.
1,204‌
199,384‌
Samsung
Electro-Mechanics
Co.
Ltd.
926‌
1,305,690‌
SK
hynix,
Inc.
409‌
699,755‌
2,204,829‌
Materials
(
0
.2
%
):
Korea
Zinc
Co.
Ltd.
225‌
156,885‌
POSCO
Holdings,
Inc.
1,593‌
326,026‌
482,911‌
Utilities
(
0
.1
%
):
Korea
Electric
Power
Corp.
10,953‌
261,644‌
261,644‌
12,676,483‌
Spain
(
3
.8
%
):
Consumer
Discretionary
(
0
.6
%
):
Amadeus
IT
Group
SA
12,465‌
727,447‌
Industria
de
Diseno
Textil
SA
11,655‌
733,972‌
1,461,419‌
Energy
(
0
.3
%
):
Repsol
SA
26,455‌
665,251‌
665,251‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Spain
(3.8%):
(continued)
Financials
(
1
.2
%
):
Banco
Bilbao
Vizcaya
Argentaria
SA
27,296‌
682,034‌
Banco
de
Sabadell
SA
198,947‌
704,396‌
Banco
Santander
SA
51,312‌
708,415‌
CaixaBank
SA
60,187‌
851,641‌
2,946,486‌
Industrials
(
0
.6
%
):
ACS
Actividades
de
Construccion
y
Servicios
SA
4,691‌
689,766‌
Aena
SME
SA
27,668‌
842,745‌
1,532,511‌
Utilities
(
1
.1
%
):
Acciona
SA
1,953‌
618,519‌
Endesa
SA
19,793‌
901,830‌
Iberdrola
SA
46,402‌
1,157,837‌
2,678,186‌
9,283,853‌
Sweden
(
5
.3
%
):
Financials
(
2
.1
%
):
EQT
AB
17,049‌
481,883‌
Industrivarden
AB,
Class
C
17,005‌
933,213‌
Investor
AB,
Class
B
24,522‌
1,018,282‌
Skandinaviska
Enskilda
Banken
AB,
Class
A
46,281‌
920,932‌
Svenska
Handelsbanken
AB,
Class
A
52,555‌
773,083‌
Swedbank
AB,
Class
A
25,673‌
958,689‌
5,086,082‌
Health
Care
(
0
.3
%
):
Swedish
Orphan
Biovitrum
AB(a)
14,598‌
695,709‌
695,709‌
Industrials
(
2
.2
%
):
Alfa
Laval
AB
14,811‌
881,562‌
Assa
Abloy
AB,
Class
B
21,996‌
776,909‌
Atlas
Copco
AB,
Class
A
36,616‌
740,887‌
Epiroc
AB,
Class
A
24,002‌
658,352‌
Lifco
AB,
Class
B
24,103‌
789,170‌
Saab
AB,
Class
B
6,851‌
355,338‌
Sandvik
AB
16,416‌
677,191‌
Volvo
AB,
Class
B
19,477‌
662,018‌
5,541,427‌
Information
Technology
(
0
.5
%
):
Hexagon
AB,
Class
B
76,617‌
633,226‌
Telefonaktiebolaget
LM
Ericsson,
Class
B
49,394‌
551,053‌
1,184,279‌
Materials
(
0
.2
%
):
Boliden
AB
7,250‌
408,939‌
408,939‌
12,916,436‌
Switzerland
(
8
.5
%
):
Communication
Services
(
0
.4
%
):
Swisscom
AG,
Registered
Shares
1,236‌
954,006‌
954,006‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
21
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Switzerland
(8.5%):
(continued)
Consumer
Discretionary
(
0
.3
%
):
Cie
Financiere
Richemont
SA,
Registered
Shares
3,419‌
789,570‌
789,570‌
Consumer
Staples
(
0
.3
%
):
Chocoladefabriken
Lindt
&
Spruengli
AG,
Participation
Certificates
58‌
674,919‌
674,919‌
Financials
(
1
.7
%
):
Helvetia
Baloise
Holding
AG
3,626‌
936,350‌
Julius
Baer
Group
Ltd.
9,886‌
854,225‌
Partners
Group
Holding
AG
620‌
508,250‌
Swiss
Life
Holding
AG
959‌
1,056,111‌
Swiss
Re
AG
4,948‌
787,098‌
4,142,034‌
Health
Care
(
1
.6
%
):
Alcon
AG
9,618‌
650,090‌
Galderma
Group
AG(a)
3,408‌
775,850‌
Lonza
Group
AG,
Registered
Shares
1,329‌
897,955‌
Sonova
Holding
AG
3,238‌
770,017‌
Straumann
Holding
AG,
Registered
Shares
5,640‌
742,877‌
3,836,789‌
Industrials
(
2
.1
%
):
ABB
Ltd.,
Registered
Shares
8,636‌
936,297‌
Geberit
AG,
Registered
Shares
1,352‌
903,453‌
Kuehne
+
Nagel
International
AG,
Registered
Shares
2,823‌
684,782‌
Schindler
Holding
AG,
Participation
Certificates
2,702‌
896,430‌
SGS
SA,
Registered
Shares
9,050‌
1,049,970‌
VAT
Group
AG
621‌
542,895‌
5,013,827‌
Information
Technology
(
0
.3
%
):
STMicroelectronics
NV
11,206‌
825,659‌
825,659‌
Materials
(
1
.8
%
):
Amrize
Ltd.(a)
9,145‌
484,760‌
EMS-Chemie
Holding
AG
1,085‌
930,806‌
Givaudan
SA,
Registered
Shares
232‌
982,223‌
Glencore
PLC(a)
75,494‌
514,420‌
Holcim
AG(a)
7,860‌
709,132‌
Sika
AG,
Registered
Shares
3,945‌
814,346‌
4,435,687‌
20,672,491‌
United
Kingdom
(
4
.1
%
):
Consumer
Discretionary
(
0
.4
%
):
Next
PLC
4,539‌
875,559‌
875,559‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
United
Kingdom
(4.1%):
(continued)
Financials
(
1
.6
%
):
3i
Group
PLC
12,184‌
401,700‌
Legal
&
General
Group
PLC
246,547‌
935,141‌
Lloyds
Banking
Group
PLC
503,646‌
742,080‌
London
Stock
Exchange
Group
PLC
4,676‌
506,154‌
NatWest
Group
PLC
77,097‌
681,985‌
Standard
Chartered
PLC
28,250‌
764,668‌
4,031,728‌
Health
Care
(
0
.6
%
):
Haleon
PLC
173,228‌
798,793‌
Smith
&
Nephew
PLC
39,845‌
576,250‌
1,375,043‌
Industrials
(
0
.6
%
):
International
Consolidated
Airlines
Group
SA
108,503‌
687,110‌
Rolls-Royce
Holdings
PLC
35,507‌
680,257‌
1,367,367‌
Information
Technology
(
0
.3
%
):
Halma
PLC
14,388‌
750,665‌
750,665‌
Materials
(
0
.4
%
):
Endeavour
Mining
PLC
6,259‌
307,459‌
Rio
Tinto
PLC
7,238‌
683,647‌
991,106‌
Utilities
(
0
.2
%
):
SSE
PLC
17,142‌
553,796‌
553,796‌
9,945,264‌
United
States
(
1
.2
%
):
Consumer
Discretionary
(
0
.3
%
):
Restaurant
Brands
International,
Inc.
10,816‌
784,600‌
784,600‌
Health
Care
(
0
.2
%
):
BeOne
Medicines
Ltd.,
Class
H(a)
19,700‌
428,032‌
428,032‌
Industrials
(
0
.6
%
):
RB
Global,
Inc.
6,954‌
809,657‌
Sunbelt
Rentals
Holdings,
Inc.
8,851‌
645,135‌
1,454,792‌
Information
Technology
(
0
.0
%
):
Octave
Intelligence
PLC,
Class
SDR(a)
1‌
8‌
8‌
Materials
(
0
.1
%
):
Anglogold
Ashanti
PLC
3,043‌
246,148‌
246,148‌
2,913,580‌
Total
Common
Stocks
(Cost
$203,156,655)
242,369,214‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
22
Security
Name
Acquisition
Date
Cost
Evraz
PLC
12/4/2019
$
247,473
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2026
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Rights
(0.0%)â€
Spain
(
0
.0
%
):
Financials
(
0
.0
%
):
ACS
Actividades
de
Construccion
y
Servicios
SA,
expiring 7/13/26
(a)
4,619‌
9,694‌
9,694‌
Total
Rights
(Cost
$9,847)
9,694‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Warrant
(0.0%)â€
Canada
(
0
.0
%
):
Information
Technology
(
0
.0
%
):
Constellation
Software,
Inc.,
expiring 3/31/40
(a)(c)
141‌
-‌
-‌
Total
Warrant
(Cost
$-)
-‌
VALUE
($)
Total
Investments
(Cost
$
203,166,502
)-
99
.1
%
242,378,908‌
Other
assets
in
excess
of
liabilities
-
0.9%
2,193,778‌
NET
ASSETS
-
100.00%
$
244,572,686‌
(a)
Non-income
producing
security.
(b)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
June
30,
2026.
(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,
2026.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
â€
Represents
less
than
0.05%.
Futures
Contracts
Long
Futures
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
International
ETF
See
notes
to
financial
statements.
23
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
Mini
MSCI
EAFE
Index
9/18/26
8
$
1,256,027‌
$
1,258,120‌
$
2,093‌
$
2,093‌
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
Free
Cash
Flow
ETF
See
notes
to
financial
statements.
24
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2026
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.9%)
Communications
Equipment
(
1
.1
%
):
F5,
Inc.(a)
1,069‌
444,661‌
444,661‌
Consumer
Discretionary
(
3
.7
%
):
Aptiv
PLC(a)
7,810‌
479,378‌
Deckers
Outdoor
Corp.(a)
4,224‌
419,401‌
Toll
Brothers,
Inc.
3,275‌
539,556‌
1,438,335‌
Consumer
Staples
(
0
.7
%
):
McCormick
&
Co.,
Inc.
5,227‌
263,545‌
263,545‌
Electronic
Equipment,
Instruments
&
Components
(
5
.6
%
):
Jabil,
Inc.
1,575‌
607,131‌
TD
SYNNEX
Corp.
2,459‌
657,389‌
TE
Connectivity
PLC
4,535‌
914,301‌
2,178,821‌
Energy
(
21
.6
%
):
Devon
Energy
Corp.
31,181‌
1,288,399‌
Diamondback
Energy,
Inc.
8,002‌
1,406,592‌
EQT
Corp.
18,776‌
998,320‌
Expand
Energy
Corp.
13,606‌
1,240,731‌
Permian
Resources
Corp.,
Class
A
41,709‌
767,863‌
Phillips
66
Co.
9,260‌
1,565,403‌
SLB
Ltd.
25,202‌
1,171,641‌
8,438,949‌
Health
Care
(
22
.8
%
):
Dexcom,
Inc.(a)
4,658‌
313,716‌
GE
HealthCare
Technologies,
Inc.
5,862‌
375,227‌
HCA
Healthcare,
Inc.
3,028‌
1,180,587‌
Humana,
Inc.
3,402‌
1,351,342‌
Incyte
Corp.(a)
10,268‌
1,163,980‌
IQVIA
Holdings,
Inc.(a)
4,217‌
814,808‌
Medpace
Holdings,
Inc.(a)
317‌
167,880‌
Neurocrine
Biosciences,
Inc.(a)
2,831‌
477,123‌
ResMed,
Inc.
2,075‌
404,376‌
Tenet
Healthcare
Corp.(a)
6,738‌
1,260,545‌
Veeva
Systems,
Inc.,
Class
A(a)
3,595‌
638,005‌
Waters
Corp.(a)
941‌
352,913‌
Zoetis,
Inc.,
Class
A
5,855‌
420,740‌
8,921,242‌
Industrials
(
7
.1
%
):
Copart,
Inc.(a)
11,150‌
314,319‌
General
Dynamics
Corp.
3,210‌
1,137,110‌
Graco,
Inc.
1,705‌
128,915‌
Paychex,
Inc.
9,894‌
972,877‌
Textron,
Inc.
2,583‌
236,939‌
2,790,160‌
IT
Services
(
4
.5
%
):
Cognizant
Technology
Solutions
Corp.,
Class
A
25,454‌
985,834‌
Okta,
Inc.,
Class
A(a)
5,667‌
773,262‌
1,759,096‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Materials
(
10
.4
%
):
Amcor
PLC
13,735‌
595,412‌
Coeur
Mining,
Inc.
78,376‌
1,279,096‌
Crown
Holdings,
Inc.
2,964‌
331,434‌
Newmont
Corp.
12,979‌
1,212,239‌
RPM
International,
Inc.
1,511‌
167,948‌
Steel
Dynamics,
Inc.
2,327‌
533,953‌
4,120,082‌
Semiconductors
&
Semiconductor
Equipment
(
5
.5
%
):
NXP
Semiconductors
NV
4,851‌
1,363,277‌
ON
Semiconductor
Corp.(a)
8,252‌
780,144‌
2,143,421‌
Software
(
7
.5
%
):
PTC,
Inc.(a)
1,889‌
214,609‌
Roper
Technologies,
Inc.
2,517‌
851,728‌
ServiceNow,
Inc.(a)
17,200‌
1,707,616‌
Tyler
Technologies,
Inc.(a)
567‌
165,825‌
2,939,778‌
Technology
Hardware,
Storage
&
Peripherals
(
3
.0
%
):
NetApp,
Inc.
7,688‌
1,189,795‌
1,189,795‌
Utilities
(
6
.4
%
):
NRG
Energy,
Inc.
7,311‌
1,067,845‌
Vistra
Corp.
9,261‌
1,469,072‌
2,536,917‌
Total
Common
Stocks
(Cost
$39,659,919)
39,164,802‌
Total
Investments
(Cost
$39,659,919)
-
99.9%
39,164,802‌
Other
assets
in
excess
of
liabilities
-
0.1%
56,372‌
$
39,221,174‌
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
Free
Cash
Flow
Growth
ETF
See
notes
to
financial
statements.
25
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2026
.
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Common
Stocks
(99.9%)
Communications
Equipment
(
4
.1
%
):
Arista
Networks,
Inc.(a)
7,191‌
1,221,607‌
Motorola
Solutions,
Inc.
565‌
234,639‌
1,456,246‌
Consumer
Discretionary
(
1
.5
%
):
Carvana
Co.,
Class
A(a)
5,910‌
388,996‌
Deckers
Outdoor
Corp.(a)
1,279‌
126,992‌
515,988‌
Consumer
Staples
(
3
.3
%
):
Coca-Cola
Consolidated,
Inc.
1,020‌
194,738‌
Costco
Wholesale
Corp.
1,071‌
1,001,888‌
1,196,626‌
Electronic
Equipment,
Instruments
&
Components
(
6
.3
%
):
Amphenol
Corp.,
Class
A
8,368‌
1,475,446‌
TE
Connectivity
PLC
3,625‌
730,836‌
2,206,282‌
Health
Care
(
9
.2
%
):
Alnylam
Pharmaceuticals,
Inc.(a)
810‌
243,834‌
Dexcom,
Inc.(a)
2,554‌
172,012‌
IDEXX
Laboratories,
Inc.(a)
616‌
324,287‌
Incyte
Corp.(a)
7,246‌
821,407‌
Intuitive
Surgical,
Inc.(a)
1,270‌
505,054‌
Medpace
Holdings,
Inc.(a)
413‌
218,720‌
Neurocrine
Biosciences,
Inc.(a)
1,426‌
240,331‌
ResMed,
Inc.
817‌
159,217‌
Veeva
Systems,
Inc.,
Class
A(a)
2,044‌
362,749‌
Waters
Corp.(a)
565‌
211,898‌
3,259,509‌
Industrials
(
24
.9
%
):
Caterpillar,
Inc.
1,483‌
1,579,246‌
Cintas
Corp.
2,905‌
494,082‌
Comfort
Systems
USA,
Inc.
663‌
1,314,033‌
EMCOR
Group,
Inc.
1,015‌
842,328‌
FTAI
Aviation
Ltd.
1,789‌
483,978‌
GE
Vernova,
Inc.
1,222‌
1,435,679‌
Lincoln
Electric
Holdings,
Inc.
658‌
174,706‌
Nextpower,
Inc.,
Class
A(a)
2,756‌
328,350‌
Rollins,
Inc.
1,581‌
65,991‌
Trane
Technologies
PLC
1,535‌
753,931‌
Vertiv
Holdings
Co.,
Class
A
4,083‌
1,367,070‌
8,839,394‌
Materials
(
5
.1
%
):
Coeur
Mining,
Inc.
53,497‌
873,071‌
Newmont
Corp.
9,893‌
924,006‌
1,797,077‌
Semiconductors
&
Semiconductor
Equipment
(
13
.9
%
):
Astera
Labs,
Inc.(a)
606‌
292,710‌
Broadcom,
Inc.
3,261‌
1,231,843‌
Credo
Technology
Group
Holding
Ltd.(a)
1,583‌
430,497‌
KLA
Corp.
6,640‌
2,003,354‌
Lattice
Semiconductor
Corp.(a)
408‌
62,408‌
SECURITY
DESCRIPTION
SHARES
VALUE
($)
Semiconductors
&
Semiconductor
Equipment
(13.9%):
(continued)
Monolithic
Power
Systems,
Inc.
255‌
352,502‌
Teradyne,
Inc.
1,218‌
589,317‌
4,962,631‌
Software
(
14
.7
%
):
AppLovin
Corp.,
Class
A(a)
1,986‌
1,023,247‌
Cadence
Design
Systems,
Inc.(a)
667‌
250,338‌
Datadog,
Inc.,
Class
A(a)
1,117‌
290,822‌
Fair
Isaac
Corp.(a)
198‌
236,566‌
Fortinet,
Inc.(a)
4,084‌
627,384‌
Palantir
Technologies,
Inc.,
Class
A(a)
7,645‌
891,942‌
Palo
Alto
Networks,
Inc.(a)
2,606‌
888,698‌
ServiceNow,
Inc.(a)
10,508‌
1,043,235‌
5,252,232‌
Technology
Hardware,
Storage
&
Peripherals
(
12
.4
%
):
Seagate
Technology
Holdings
PLC
2,297‌
2,216,605‌
Western
Digital
Corp.
3,416‌
2,181,868‌
4,398,473‌
Utilities
(
4
.5
%
):
NRG
Energy,
Inc.
5,305‌
774,848‌
Vistra
Corp.
5,104‌
809,648‌
1,584,496‌
Total
Common
Stocks
(Cost
$32,656,577)
35,468,954‌
Total
Investments
(Cost
$32,656,577)
-
99.9%
35,468,954‌
Other
assets
in
excess
of
liabilities
-
0.1%
22,958‌
$
35,491,912‌
(a)
Non-income
producing
security.
Schedule
of
Portfolio
Investments
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
26
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Asset-Backed
Securities
(15.5%)
ABS
Auto
(
7
.1
%
):
Ally
Bank
Series
2026-A,
Class
E,
6.37%,
3/15/34,
Callable
11/15/29
@
100(a)
46,360‌
46,105‌
Series
2026-A,
Class
D,
5.25%,
3/15/34,
Callable
11/15/29
@
100(a)
46,360‌
46,333‌
Series
2026-A,
Class
C,
4.86%,
3/15/34,
Callable
11/15/29
@
100(a)
46,360‌
46,283‌
American
Credit
Acceptance
Receivables
Trust,
Series
2026-2,
Class
C,
4.85%,
5/10/32,
Callable
7/8/29
@
100(a)
100,000‌
99,613‌
AutoNation
Finance
Trust
Series
2026-1A,
Class
A4,
4.18%,
6/11/31,
Callable
5/11/29
@
100(a)
25,000‌
24,767‌
Series
2026-1A,
Class
C,
4.56%,
10/14/31,
Callable
5/11/29
@
100(a)
150,000‌
148,171‌
Series
2025-1A,
Class
D,
5.63%,
9/10/32,
Callable
9/10/28
@
100(a)
10,000‌
10,058‌
Chase
Auto
Owner
Trust
Series
2026-1A,
Class
C,
5.11%,
6/25/32,
Callable
2/25/30
@
100(a)
50,000‌
49,984‌
Series
2026-1A,
Class
D,
5.56%,
9/26/33,
Callable
2/25/30
@
100(a)
50,000‌
50,179‌
Chesapeake
IV
Funding
DAC,
Series
2026-1A,
Class
C,
4.96%,
2/15/35(a)
100,000‌
99,750‌
Ent
Auto
Receivables
Trust,
Series
2023-1A,
Class
A4,
6.26%,
11/15/29,
Callable
4/15/28
@
100(a)
50,000‌
50,627‌
Enterprise
Fleet
Financing
LLC,
Series
2024-1,
Class
A2,
5.23%,
3/20/30,
Callable
7/20/27
@
100(a)
90,136‌
90,440‌
GLS
Auto
Select
Receivables
Issuer
Trust,
Series
2025-4A,
Class
C,
5.14%,
12/15/31,
Callable
11/15/29
@
100(a)
100,000‌
99,838‌
GLS
Auto
Select
Receivables
Trust,
Series
2024-3A,
Class
C,
5.92%,
8/15/30,
Callable
5/15/29
@
100(a)
100,000‌
101,855‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
ABS
Auto
(7.1%):
(continued)
GreenState
Auto
Receivables
Trust,
Series
2024-1A,
Class
A3,
5.19%,
1/16/29,
Callable
1/15/28
@
100(a)
124,207‌
124,615‌
LAD
Auto
Receivables
Trust,
Series
2024-1A,
Class
C,
5.64%,
6/15/29,
Callable
1/15/28
@
100(a)
100,000‌
101,036‌
Merchants
Fleet
Funding
LLC,
Series
2023-1A,
Class
A,
7.21%,
5/20/36,
Callable
8/20/26
@
100(a)
123,897‌
124,043‌
PenFed
Auto
Receivables
Owner
Trust,
Series
2025-A,
Class
B,
4.37%,
7/15/31,
Callable
10/15/29
@
100(a)
25,000‌
24,484‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2026-A,
Class
C,
4.95%,
7/17/34,
Callable
7/15/30
@
100(a)
23,000‌
22,954‌
SFS
Auto
Receivables
Securitization
Trust,
Series
2026-2A,
Class
C,
4.99%,
7/20/34,
Callable
9/20/30
@
100(a)
10,000‌
9,976‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2026-BA,
Class
B,
4.75%,
7/20/30,
Callable
4/20/29
@
100(a)
21,000‌
20,880‌
Series
2026-BA,
Class
C,
5.04%,
3/20/31,
Callable
4/20/29
@
100(a)
24,000‌
23,877‌
Truist
Bank
Auto
Credit-Linked
Notes,
Series
2026-1,
Class
B,
5.07%,
6/26/34,
Callable
4/25/30
@
100(a)
19,000‌
18,984‌
Westlake
Automobile
Receivables
Trust,
Series
2026-P1,
Class
C,
4.38%,
8/15/31,
Callable
11/15/28
@
100(a)
100,000‌
98,754‌
1,533,606‌
ABS
Other
(
8
.4
%
):
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
D,
7.25%,
5/21/29,
Callable
8/20/26
@
100(a)
100,000‌
100,349‌
Auxilior
Term
Funding
LLC,
Series
2024-1A,
Class
A3,
5.49%,
7/15/31,
Callable
2/15/29
@
100(a)
120,088‌
121,115‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
27
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
ABS
Other
(8.4%):
(continued)
CCG
Receivables
Trust
Series
2025-1,
Class
B,
4.69%,
10/14/32,
Callable
10/14/28
@
100(a)
100,000‌
99,822‌
Series
2026-1,
Class
C,
5.17%,
1/17/34,
Callable
2/14/30
@
100(a)
6,000‌
5,989‌
Clarus
Capital
Funding
LLC,
Series
2024-1A,
Class
A2,
4.71%,
8/20/32,
Callable
1/20/28
@
100(a)
87,615‌
87,733‌
Crossroads
Asset
Trust,
Series
2024-
A,
Class
A2,
5.90%,
8/20/30,
Callable
1/20/28
@
100(a)
30,013‌
30,192‌
Dext
ABS
LLC,
Series
2025-1,
Class
D,
5.65%,
2/15/36,
Callable
3/15/29
@
100(a)
100,000‌
100,171‌
DLLAD
LLC,
Series
2024-1A,
Class
A3,
5.30%,
7/20/29,
Callable
1/20/29
@
100(a)
100,000‌
100,905‌
DLLMT
LLC,
Series
2024-1A,
Class
A3,
4.84%,
8/21/28,
Callable
5/20/28
@
100(a)
86,393‌
86,618‌
DLLST
LLC,
Series
2024-1A,
Class
A3,
5.05%,
8/20/27,
Callable
8/20/27
@
100(a)
72,400‌
72,534‌
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2026-1,
Class
C,
5.44%,
5/15/34,
Callable
10/15/30
@
100(a)
25,000‌
25,110‌
NMEF
Funding
LLC
Series
2024-A,
Class
A2,
5.15%,
12/15/31,
Callable
2/15/28
@
100(a)
82,129‌
82,410‌
Series
2026-A,
Class
B,
4.48%,
2/15/34,
Callable
12/15/29
@
100(a)
100,000‌
98,125‌
Series
2026-A,
Class
C,
4.71%,
2/15/34,
Callable
12/15/29
@
100(a)
100,000‌
98,818‌
PEAC
Solutions
Receivables
LLC
Series
2025-1A,
Class
A2,
4.94%,
10/20/28,
Callable
10/20/28
@
100(a)
97,305‌
97,543‌
Series
2025-1A,
Class
B,
5.20%,
7/20/32,
Callable
10/20/28
@
100(a)
95,000‌
95,577‌
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
A2,
5.59%,
11/15/29,
Callable
3/15/27
@
100(a)
10,309‌
10,318‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
ABS
Other
(8.4%):
(continued)
QTS
Issuer
ABS
II
LLC,
Series
2026-
7A,
Class
A23,
6.22%,
7/5/56,
Callable
7/5/30
@
100(a)
25,000‌
24,965‌
SCF
Equipment
Leasing
LLC
Series
2024-1A,
Class
A3,
5.52%,
1/20/32,
Callable
11/20/29
@
100(a)
90,659‌
91,578‌
Series
2025-1A,
Class
A3,
5.11%,
11/21/33,
Callable
10/20/28
@
100(a)
100,000‌
100,658‌
Trinity
Rail
Leasing
LLC,
Series
2021-
1A,
Class
A,
2.26%,
7/19/51,
Callable
7/19/26
@
100(a)
159,014‌
149,788‌
Volvo
Financial
Equipment
LLC,
Series
2025-1A,
Class
A3,
4.46%,
5/15/29,
Callable
2/15/29
@
100(a)
80,000‌
80,013‌
1,760,331‌
Total
Asset-Backed
Securities
(Cost
$3,305,088)
3,293,937‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Collateralized
Loan
Obligations
(0.2%)
Cash
Flow
CLO
(
0
.2
%
):
720
East
CLO
IV
Ltd.,
Series
2024-1A,
Class
A2R,
5.07%
(TSFR3M+140bps),
7/15/39(a)(b)
5,000‌
5,000‌
OCP
CLO
Ltd.,
Series
2020-18AR,
Class
A2R3
(TSFR3M+140bps),
7/21/39(a)(b)
14,000‌
14,000‌
Venture
47
CLO
Ltd.,
Series
2023-
47A,
Class
AJRR,
5.22%
(TSFR3M+155bps),
4/20/36(a)(b)
25,000‌
25,000‌
44,000‌
Total
Collateralized
Loan
Obligations
(Cost
$44,000)
44,000‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Collateralized
Mortgage
Obligations
(8.4%)
Agency
CMO
Other
(
0
.2
%
):
Federal
Home
Loan
Mortgage
Corporation
REMICs,
Series
5665,
Class
HE,
5.00%,
6/25/36
17,213‌
17,110‌
Federal
Home
Loan
Mortgage
Corporation
STRIPS
Series
440,
Class
DB,
4.50%,
5/25/36
10,222‌
10,022‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
28
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Agency
CMO
Other
(0.2%):
(continued)
Series
452,
Class
AB,
5.05%,
6/25/36
17,470‌
17,460‌
44,592‌
Commercial
MBS
(
8
.2
%
):
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2020-
MF1,
Class
AS,
3.06%,
5/15/53,
Callable
5/15/30
@
100(a)(c)
150,000‌
139,513‌
BOS
Trust,
Series
2026-LYRK,
Class
A,
5.22%,
5/11/41(a)(c)(d)
100,000‌
99,276‌
BX
Trust
Series
2025-ROIC,
Class
A,
4.77%
(TSFR1M+114bps),
3/15/30(a)(b)(d)
24,099‌
24,056‌
Series
2026-CLS,
Class
A,
5.03%
(TSFR1M+140bps),
5/15/43(a)
(b)(d)
150,000‌
150,164‌
Series
2025-VOLT,
Class
A,
5.33%
(TSFR1M+170bps),
12/15/44(a)
(b)(d)
150,000‌
150,127‌
COMM
Mortgage
Trust,
Series
2024-
277P,
Class
B,
7.23%,
8/10/44(a)
(c)(d)
100,000‌
104,721‌
Hudson
Yards
Mortgage
Trust
Series
2026-10HY,
Class
A,
5.09%,
12/10/39(a)(c)(d)
19,000‌
19,050‌
Series
2026-10HY,
Class
B,
5.33%,
12/10/39(a)(c)(d)
10,000‌
10,024‌
INT
Commercial
Mortgage
Trust,
Series
2025-PLAZA,
Class
B,
5.34%,
11/5/37(a)(c)(d)
150,000‌
149,457‌
IRV
Trust,
Series
2025-200P,
Class
A,
5.47%,
3/14/47,
Callable
2/14/35
@
100(a)(c)(d)
10,000‌
10,067‌
JW
Commercial
Mortgage
Trust,
Series
2026-MRCO,
Class
A,
5.13%
(TSFR1M+150bps),
6/15/39(a)(b)(d)
150,000‌
150,335‌
Manhattan
West
Mortgage
Trust
Series
2020-1MW,
Class
A,
2.13%,
9/10/39(a)(d)
150,000‌
145,194‌
Series
2026-2MW,
Class
A,
5.50%,
6/10/48(a)(c)(d)
25,000‌
25,181‌
Series
2026-2MW,
Class
C,
5.92%,
6/10/48(a)(c)(d)
25,000‌
25,045‌
Series
2026-2MW,
Class
B,
5.72%,
6/10/48(a)(c)(d)
25,000‌
25,131‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Commercial
MBS
(8.2%):
(continued)
NYC
Commercial
Mortgage
Trust,
Series
2026-1PARK,
Class
A,
4.88%
(TSFR1M+125bps),
2/15/43(a)(b)(d)
25,000‌
24,971‌
SCOTT
Trust,
Series
2023-SFS,
Class
A,
5.91%,
3/10/40(a)(d)
100,000‌
101,135‌
SHOPS
Commercial
Mortgage
Trust,
Series
2026-CSTL,
Class
A,
4.97%,
5/5/39(a)(c)(d)
150,000‌
148,831‌
SLG
Office
Trust
Series
2026-OMA,
Class
A,
5.13%,
4/15/41(a)(c)(d)
30,000‌
29,952‌
Series
2026-OMA,
Class
B,
5.33%,
4/15/41(a)(c)(d)
100,000‌
99,968‌
Series
2021-OVA,
Class
A,
2.59%,
7/15/41(a)(d)
4,000‌
3,561‌
SWCH
Commercial
Mortgage
Trust,
Series
2025-DATA,
Class
A,
5.07%
(TSFR1M+144bps),
2/15/42(a)
(b)(d)
100,000‌
99,328‌
1,735,087‌
Total
Collateralized
Mortgage
Obligations
(Cost
$1,786,478)
1,779,679‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Senior
Secured
Loan
(2.1%)
Energy
(
0
.5
%
):
Colossus
Acquireco
LLC,
Initial
Term
Loan,
First
Lien,
5.39%
(SOFR01M+175bps),
1/10/33(b)
100,000‌
99,292‌
Financials
(
1
.0
%
):
Ardonagh
Group
Finco
Pty
Ltd.,
Syndicated
Facility
B
Loan,
First
Lien,
6.70%
(SOFR03M+300bps),
2/18/31(b)
100,000‌
96,563‌
The
Edelman
Financial
Engines
Center
LLC,
Initial
Term
Loan,
First
Lien,
7.62%
(SOFR01M+400bps),
11/28/31(b)
100,000‌
100,203‌
196,766‌
Information
Technology
(
0
.6
%
):
Metropolis
Technologies,
Inc.,
Initial
Term
Loan,
First
Lien,
8.92%
(SOFR03M+525bps),
11/3/32(b)
100,000‌
98,167‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
29
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Information
Technology
(0.6%):
(continued)
Shift4
Payments
LLC,
Term
Loan
B,
First
Lien,
7/30/32(c)(e)
50,000‌
49,250‌
147,417‌
Total
Senior
Secured
Loan
(Cost
$447,498)
443,475‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Corporate
Bonds
(18.0%)
Communication
Services
(
0
.3
%
):
Lamar
Media
Corp.
3.63%,
1/15/31,
Callable
7/17/26
@
101.81
12,000‌
11,187‌
5.38%,
11/1/33,
Callable
11/1/28
@
102.69
(a)
12,000‌
11,760‌
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC,
6.50%,
2/15/29,
Callable
7/12/26
@
100
(a)
50,000‌
49,605‌
72,552‌
Consumer
Discretionary
(
0
.9
%
):
Asbury
Automotive
Group,
Inc.,
5.00%,
2/15/32,
Callable
11/15/26
@
102.5
(a)
12,000‌
11,460‌
AutoNation,
Inc.,
5.89%,
3/15/35,
Callable
12/15/34
@
100
5,000‌
5,102‌
D.R.
Horton,
Inc.,
5.50%,
10/15/35,
Callable
7/15/35
@
100
35,000‌
35,728‌
Genuine
Parts
Co.,
2.75%,
2/1/32,
Callable
11/1/31
@
100
15,000‌
13,071‌
Group
1
Automotive,
Inc.,
6.38%,
1/15/30,
Callable
7/15/26
@
103.19
(a)
12,000‌
12,156‌
LKQ
Corp.,
6.25%,
6/15/33,
Callable
3/15/33
@
100
15,000‌
15,500‌
Meritage
Homes
Corp.,
5.65%,
3/15/35,
Callable
12/15/34
@
100
35,000‌
35,369‌
O'Reilly
Automotive,
Inc.,
5.00%,
8/19/34,
Callable
5/19/34
@
100
35,000‌
34,621‌
Taylor
Morrison
Communities,
Inc.,
5.75%,
11/15/32,
Callable
5/15/32
@
100
(a)
29,000‌
29,857‌
Toll
Brothers
Finance
Corp.,
5.60%,
6/15/35,
Callable
3/15/35
@
100
15,000‌
15,285‌
208,149‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Consumer
Staples
(
0
.4
%
):
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
6.63%,
7/15/30,
Callable
7/16/26
@
103.31
(a)
25,000‌
25,010‌
5.60%,
1/15/31,
Callable
12/15/30
@
100
(a)
25,000‌
24,335‌
The
J.M.
Smucker
Co.,
6.50%,
11/15/53,
Callable
5/15/53
@
100
35,000‌
38,164‌
87,509‌
Energy
(
1
.3
%
):
Cheniere
Energy
Partners
LP,
5.55%,
10/30/35,
Callable
4/30/35
@
100
35,000‌
35,543‌
Coterra
Energy,
Inc.,
5.40%,
2/15/35,
Callable
11/15/34
@
100
15,000‌
14,905‌
Diamondback
Energy,
Inc.
5.40%,
4/18/34,
Callable
1/18/34
@
100
35,000‌
35,495‌
5.75%,
4/18/54,
Callable
10/18/53
@
100
35,000‌
34,024‌
DT
Midstream,
Inc.,
5.80%,
12/15/34,
Callable
9/15/34
@
100
(a)
35,000‌
35,778‌
Enterprise
Products
Operating
LLC,
5.20%,
1/15/36,
Callable
10/15/35
@
100
15,000‌
15,051‌
Florida
Gas
Transmission
Co.
LLC,
5.75%,
7/15/35,
Callable
4/15/35
@
100
(a)
13,000‌
13,357‌
Murphy
Oil
USA,
Inc.,
5.88%,
6/1/34,
Callable
6/1/29
@
102.94
(a)
25,000‌
25,072‌
NGPL
PipeCo
LLC,
5.60%,
8/15/36,
Callable
2/15/36
@
100
(a)
16,000‌
15,893‌
Permian
Resources
Operating
LLC,
6.25%,
2/1/33,
Callable
8/1/27
@
103.13
(a)
19,000‌
19,405‌
Plains
All
American
Pipeline
LP/
PAA
Finance
Corp.,
5.70%,
9/15/34,
Callable
6/15/34
@
100
15,000‌
15,325‌
Viper
Energy
Partners
LLC,
5.70%,
8/1/35,
Callable
5/1/35
@
100
12,000‌
12,160‌
272,008‌
Financials
(
4
.7
%
):
Acrisure
LLC/Acrisure
Finance,
Inc.
8.25%,
2/1/29,
Callable
8/1/26
@
104.13
(a)
25,000‌
23,525‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
30
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Financials
(4.7%):
(continued)
6.00%,
8/1/29,
Callable
8/1/26
@
100
(a)
19,000‌
16,810‌
7.50%,
11/6/30,
Callable
8/1/26
@
103.75
(a)
35,000‌
33,186‌
6.75%,
7/1/32,
Callable
7/1/28
@
103.38
(a)
25,000‌
22,476‌
Affiliated
Managers
Group,
Inc.,
5.50%,
2/15/36,
Callable
11/15/35
@
100
15,000‌
14,842‌
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer
6.50%,
10/1/31,
Callable
10/1/27
@
103.25
(a)
5,000‌
4,985‌
7.38%,
10/1/32,
Callable
10/1/27
@
103.69
(a)
8,000‌
7,948‌
Amynta
Agency
Borrower,
Inc.
and
Amynta
Warranty
Borrower,
Inc.,
7.50%,
7/15/33,
Callable
7/15/28
@
103.75
(a)
35,000‌
33,590‌
Arthur
J.
Gallagher
&
Co.
5.15%,
2/15/35,
Callable
11/15/34
@
100
33,000‌
32,771‌
5.55%,
2/15/55,
Callable
8/15/54
@
100
25,000‌
23,727‌
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance,
7.13%,
5/15/31,
Callable
5/15/27
@
103.56
(a)
27,000‌
27,084‌
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.,
9.50%,
7/1/32,
Callable
7/1/28
@
104.75
(a)
15,000‌
14,467‌
Block
Financial
LLC
3.88%,
8/15/30,
Callable
5/15/30
@
100
16,000‌
15,194‌
5.38%,
9/15/32,
Callable
7/15/32
@
100
35,000‌
34,291‌
Blue
Owl
Finance
LLC,
6.25%,
4/18/34,
Callable
1/18/34
@
100
15,000‌
14,680‌
Brown
&
Brown,
Inc.
5.65%,
6/11/34,
Callable
3/11/34
@
100
33,000‌
33,404‌
5.55%,
6/23/35,
Callable
3/23/35
@
100
33,000‌
32,949‌
6.25%,
6/23/55,
Callable
12/12/54
@
100
33,000‌
33,292‌
Burford
Capital
Global
Finance
LLC
6.25%,
4/15/28,
Callable
8/1/26
@
100
(a)
12,000‌
11,878‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Financials
(4.7%):
(continued)
7.50%,
7/15/33,
Callable
7/15/28
@
103.75
(a)
12,000‌
10,166‌
Citadel
Securities
Global
Holdings
LLC,
5.75%,
3/27/36,
Callable
12/27/35
@
100
(a)
35,000‌
34,653‌
CoBank
ACB,
6.25%(TSFR3M+466bps)
(b)(f)
7,000‌
7,000‌
Enstar
Finance
LLC,
5.50%(H15T5Y+401bps),
1/15/42,
Callable
1/15/27
@
100
(b)
35,000‌
34,924‌
EZCORP,
Inc.,
7.38%,
4/1/32,
Callable
4/1/28
@
103.69
(a)
12,000‌
12,586‌
Global
Payments,
Inc.,
5.55%,
11/15/35,
Callable
8/15/35
@
100
27,000‌
26,159‌
Hightower
Holding
LLC
6.75%,
4/15/29,
Callable
8/1/26
@
100
(a)
12,000‌
11,956‌
9.13%,
1/31/30,
Callable
8/1/26
@
104.56
(a)
12,000‌
12,505‌
HUB
International
Ltd.
5.63%,
12/1/29,
Callable
8/1/26
@
101.41
(a)
9,000‌
8,949‌
7.38%,
1/31/32,
Callable
1/31/27
@
103.69
(a)
18,000‌
18,330‌
Jane
Street
Group/JSG
Finance,
Inc.,
6.75%,
5/1/33,
Callable
5/1/28
@
103.38
(a)
18,000‌
18,495‌
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.,
6.63%,
10/15/31,
Callable
10/15/27
@
103.31
(a)
12,000‌
11,815‌
Jefferies
Financial
Group,
Inc.,
5.50%,
2/15/36,
Callable
11/15/35
@
100
15,000‌
14,474‌
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.,
7.00%,
7/15/31,
Callable
7/15/27
@
103.5
(a)
19,000‌
19,696‌
LPL
Holdings,
Inc.
5.65%,
3/15/35,
Callable
12/15/34
@
100
35,000‌
34,793‌
5.75%,
6/15/35,
Callable
3/15/35
@
100
35,000‌
35,023‌
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
8/1/26
@
104.5
(a)
25,000‌
16,703‌
MSCI,
Inc.,
5.15%,
3/15/36,
Callable
12/15/35
@
100
32,000‌
30,908‌
MSD
Investment
Corp.
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
31
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Financials
(4.7%):
(continued)
6.38%,
6/12/29,
Callable
5/12/29
@
100
(a)
7,000‌
7,014‌
6.13%,
2/5/31,
Callable
1/5/31
@
100
(a)
11,000‌
10,739‌
Osaic
Holdings,
Inc.
6.75%,
8/1/32,
Callable
8/1/28
@
103.38
(a)
25,000‌
25,050‌
8.00%,
8/1/33,
Callable
8/1/28
@
104
(a)
25,000‌
25,054‌
Rocket
Cos.,
Inc.
6.38%,
8/1/33,
Callable
8/1/28
@
103.19
(a)
12,000‌
12,207‌
6.50%,
6/15/34,
Callable
6/15/29
@
103.25
(a)
10,000‌
10,256‌
Ryan
Specialty
LLC,
5.88%,
8/1/32,
Callable
8/1/27
@
102.94
(a)
31,000‌
30,499‌
Santander
Holdings
USA,
Inc.,
5.70%(SOFR+160bps),
6/5/37,
Callable
6/5/36
@
100
(b)
25,000‌
24,988‌
Stewart
Information
Services
Corp.,
3.60%,
11/15/31,
Callable
8/15/31
@
100
12,000‌
10,665‌
Stonebriar
ABF
Issuer
LLC,
8.13%,
12/15/30,
Callable
12/15/27
@
104.06
(a)
12,000‌
12,540‌
Willis
North
America,
Inc.,
5.15%,
3/15/36,
Callable
12/15/35
@
100
22,000‌
21,568‌
980,814‌
Health
Care
(
1
.0
%
):
180
Medical,
Inc.,
5.30%,
10/8/35,
Callable
7/8/35
@
100
(a)
15,000‌
14,710‌
Alcon
Finance
Corp.,
5.75%,
12/6/52,
Callable
6/6/52
@
100
(a)
30,000‌
29,755‌
AthenaHealth
Group,
Inc.,
6.50%,
2/15/30,
Callable
8/1/26
@
101.63
(a)
12,000‌
11,507‌
Baxter
International,
Inc.,
5.65%,
12/15/35,
Callable
9/15/35
@
100
12,000‌
11,896‌
Centene
Corp.
4.63%,
12/15/29,
Callable
8/1/26
@
101.54
7,000‌
6,818‌
2.50%,
3/1/31,
Callable
12/1/30
@
100
25,000‌
21,834‌
DENTSPLY
Sirona,
Inc.
3.25%,
6/1/30,
Callable
3/1/30
@
100
18,000‌
16,633‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Health
Care
(1.0%):
(continued)
8.37%(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100
(b)
4,000‌
3,997‌
Gaia
Purchaser,
Inc.,
7.63%,
7/15/33,
Callable
7/15/29
@
103.81
(a)
9,000‌
9,103‌
GE
Healthcare
Technologies,
Inc.,
4.95%,
12/15/35,
Callable
9/15/35
@
100
13,000‌
12,681‌
Prestige
Brands,
Inc.,
6.25%,
7/15/34,
Callable
7/15/29
@
103.13
25,000‌
25,000‌
VSP
Optical
Group,
Inc.
5.45%,
12/1/35,
Callable
9/1/35
@
100
(a)
2,000‌
1,984‌
5.65%,
6/1/36,
Callable
3/1/36
@
100
(a)
4,000‌
4,010‌
Zoetis,
Inc.,
5.00%,
8/17/35,
Callable
5/17/35
@
100
35,000‌
34,564‌
204,492‌
Industrials
(
2
.4
%
):
Acuity
Brands
Lighting,
Inc.,
2.15%,
12/15/30,
Callable
9/15/30
@
100
15,000‌
13,435‌
American
Builders
&
Contractors
Supply
Co.,
Inc.,
4.00%,
1/15/28,
Callable
8/1/26
@
100
(a)
12,000‌
11,795‌
Arcosa,
Inc.,
6.88%,
8/15/32,
Callable
8/15/27
@
103.44
(a)
35,000‌
36,518‌
Axon
Enterprise,
Inc.,
6.25%,
3/15/33,
Callable
3/15/28
@
103.13
(a)
12,000‌
12,305‌
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/29,
Callable
8/1/26
@
101.5
(a)
12,000‌
11,841‌
Carlisle
Cos.,
Inc.,
5.55%,
9/15/40,
Callable
6/15/40
@
100
35,000‌
34,757‌
Carpenter
Technology
Corp.,
5.63%,
3/1/34,
Callable
3/1/29
@
102.81
(a)
17,000‌
16,999‌
Experian
Finance
US,
Inc.,
5.35%,
8/24/36,
Callable
5/24/36
@
100
(a)
20,000‌
19,917‌
GATX
Corp.,
5.50%,
6/15/35,
Callable
3/15/35
@
100
13,000‌
13,144‌
Genesee
&
Wyoming,
Inc.,
6.25%,
4/15/32,
Callable
4/15/27
@
103.13
(a)
12,000‌
12,181‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
32
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Industrials
(2.4%):
(continued)
GXO
Logistics,
Inc.,
6.50%,
5/6/34,
Callable
2/6/34
@
100
15,000‌
15,716‌
Herc
Holdings,
Inc.,
7.25%,
6/15/33,
Callable
6/15/28
@
103.63
(a)
5,000‌
5,214‌
Hubbell,
Inc.,
4.80%,
11/15/35,
Callable
8/15/35
@
100
13,000‌
12,637‌
JH
North
America
Holdings,
Inc.,
6.13%,
7/31/32,
Callable
7/31/28
@
103.06
(a)
35,000‌
35,310‌
Kennametal,
Inc.,
5.80%,
5/28/36,
Callable
2/28/36
@
100
5,000‌
5,053‌
MasTec,
Inc.,
5.90%,
6/15/29,
Callable
5/15/29
@
100
15,000‌
15,430‌
Masterbrand,
Inc.,
7.00%,
7/15/32,
Callable
7/15/27
@
103.5
(a)
12,000‌
12,137‌
Otis
Worldwide
Corp.
5.13%,
9/4/35,
Callable
6/4/35
@
100
35,000‌
34,859‌
3.11%,
2/15/40,
Callable
8/15/39
@
100
33,000‌
25,361‌
Paychex,
Inc.,
5.60%,
4/15/35,
Callable
1/15/35
@
100
30,000‌
30,297‌
Penske
Truck
Leasing
Co.
LP/PTL
Finance
Corp.,
6.20%,
6/15/30,
Callable
4/15/30
@
100
(a)
15,000‌
15,658‌
Regal
Rexnord
Corp.,
6.40%,
4/15/33,
Callable
1/15/33
@
100
12,000‌
12,736‌
Resideo
Funding,
Inc.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25
(a)
12,000‌
12,072‌
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29,
Callable
8/1/26
@
101.09
(a)
12,000‌
11,714‌
RXO,
Inc.,
6.38%,
5/15/31,
Callable
5/15/28
@
103.19
(a)
12,000‌
12,195‌
Stonepeak
Nile
Parent
LLC,
7.25%,
3/15/32,
Callable
3/15/28
@
103.63
(a)
12,000‌
12,430‌
Textron,
Inc.,
4.95%,
3/15/36,
Callable
12/15/35
@
100
15,000‌
14,601‌
The
Timken
Co.,
4.13%,
4/1/32,
Callable
1/1/32
@
100
32,000‌
30,394‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Industrials
(2.4%):
(continued)
Verisk
Analytics,
Inc.,
5.13%,
3/15/36,
Callable
12/15/35
@
100
15,000‌
14,656‌
511,362‌
Information
Technology
(
2
.4
%
):
Broadcom,
Inc.,
4.95%,
1/15/36,
Callable
10/15/35
@
100
48,000‌
47,161‌
Cadence
Design
Systems,
Inc.,
4.70%,
9/10/34,
Callable
6/10/34
@
100
22,000‌
21,534‌
Citadel
Finance
LLC,
5.15%,
2/14/31,
Callable
1/14/31
@
100
(a)
15,000‌
14,643‌
Cloud
Software
Group
LLC,
6.50%,
3/31/29,
Callable
7/12/26
@
103.25
(a)
26,000‌
25,237‌
Ellucian
Holdings,
Inc.,
6.50%,
12/1/29,
Callable
12/1/26
@
103.25
(a)
25,000‌
24,222‌
Foundry
JV
Holdco
LLC
6.40%,
1/25/38,
Callable
10/25/37
@
100
(a)
35,000‌
37,469‌
6.30%,
1/25/39,
Callable
10/25/38
@
100
(a)
35,000‌
37,200‌
Keysight
Technologies,
Inc.,
4.95%,
10/15/34,
Callable
7/15/34
@
100
35,000‌
34,592‌
NCR
Voyix
Corp.,
5.13%,
4/15/29,
Callable
7/12/26
@
100
(a)
12,000‌
11,705‌
Qnity
Electronics,
Inc.
5.75%,
8/15/32,
Callable
8/15/28
@
102.88
(a)
32,000‌
32,192‌
6.25%,
8/15/33,
Callable
8/15/28
@
103.13
(a)
25,000‌
25,441‌
Rocket
Software,
Inc.,
9.00%,
11/28/28,
Callable
7/12/26
@
102
(a)
27,000‌
26,794‌
Roper
Technologies,
Inc.,
5.10%,
9/15/35,
Callable
6/15/35
@
100
32,000‌
31,089‌
ServiceNow,
Inc.
5.40%,
5/15/36,
Callable
2/15/36
@
100
10,000‌
9,988‌
6.30%,
5/15/56,
Callable
11/15/55
@
100
3,000‌
3,051‌
Synopsys,
Inc.,
5.15%,
4/1/35,
Callable
1/1/35
@
100
35,000‌
34,825‌
TD
SYNNEX
Corp.,
5.30%,
10/10/35,
Callable
7/10/35
@
100
8,000‌
7,871‌
Trimble,
Inc.,
6.10%,
3/15/33,
Callable
12/15/32
@
100
35,000‌
36,542‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
33
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Information
Technology
(2.4%):
(continued)
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44
(a)
29,000‌
28,157‌
VMware
LLC,
2.20%,
8/15/31,
Callable
5/15/31
@
100
15,000‌
13,211‌
502,924‌
Materials
(
1
.8
%
):
Amcor
Flexibles
North
America,
Inc.,
5.13%,
3/12/36,
Callable
12/12/35
@
100
32,000‌
31,411‌
AmeriTex
HoldCo
Intermediate
LLC,
7.63%,
8/15/33,
Callable
8/15/28
@
103.81
(a)
25,000‌
26,134‌
Amrize
Finance
US
LLC,
5.40%,
4/7/35,
Callable
1/7/35
@
100
12,000‌
12,187‌
AptarGroup,
Inc.,
3.60%,
3/15/32,
Callable
12/15/31
@
100
13,000‌
12,035‌
CRH
America
Finance,
Inc.
5.00%,
2/9/36,
Callable
11/9/35
@
100
30,000‌
29,353‌
5.88%,
1/9/55,
Callable
7/9/54
@
100
35,000‌
35,299‌
Eagle
Materials,
Inc.,
5.00%,
3/15/36,
Callable
12/15/35
@
100
5,000‌
4,831‌
LYB
International
Finance
III
LLC,
3.38%,
10/1/40,
Callable
4/1/40
@
100
9,000‌
6,579‌
Martin
Marietta
Materials,
Inc.
5.15%,
12/1/34,
Callable
9/1/34
@
100
35,000‌
35,012‌
5.50%,
12/1/54,
Callable
6/1/54
@
100
35,000‌
33,506‌
Sonoco
Products
Co.,
5.00%,
9/1/34,
Callable
6/1/34
@
100
25,000‌
24,490‌
Southern
Copper
Corp.,
5.35%,
6/24/36,
Callable
3/24/36
@
100
8,000‌
7,945‌
Sword
Purchaser
LLC,
8.25%,
4/15/33,
Callable
4/15/29
@
104.13
(a)
12,000‌
12,413‌
Syensqo
Finance
America
LLC,
5.85%,
6/4/34,
Callable
3/4/34
@
100
(a)
15,000‌
15,326‌
The
Sherwin-Williams
Co.,
5.15%,
8/15/35,
Callable
5/15/35
@
100
33,000‌
33,050‌
Vulcan
Materials
Co.
5.35%,
12/1/34,
Callable
9/1/34
@
100
29,000‌
29,430‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Materials
(1.8%):
(continued)
5.70%,
12/1/54,
Callable
6/1/54
@
100
35,000‌
34,730‌
Westlake
Corp.,
5.55%,
11/15/35,
Callable
8/15/35
@
100
10,000‌
9,909‌
393,640‌
Real
Estate
(
1
.4
%
):
Alexandria
Real
Estate
Equities,
Inc.,
5.50%,
10/1/35,
Callable
7/1/35
@
100
33,000‌
32,966‌
American
Assets
Trust
LP,
6.15%,
10/1/34,
Callable
7/1/34
@
100
6,000‌
6,098‌
Boston
Properties
LP,
2.45%,
10/1/33,
Callable
7/1/33
@
100
35,000‌
28,782‌
Essex
Portfolio
LP,
5.50%,
4/1/34,
Callable
1/1/34
@
100
33,000‌
33,643‌
Extra
Space
Storage
LP,
5.35%,
1/15/35,
Callable
10/15/34
@
100
33,000‌
33,142‌
Healthpeak
OP
LLC,
5.38%,
2/15/35,
Callable
11/15/34
@
100
15,000‌
15,094‌
Kilroy
Realty
LP,
6.25%,
1/15/36,
Callable
10/15/35
@
100
35,000‌
35,503‌
Public
Storage
Operating
Co.,
5.00%,
7/1/35,
Callable
4/1/35
@
100
31,000‌
30,879‌
Regency
Centers
LP,
5.10%,
1/15/35,
Callable
10/15/34
@
100
31,000‌
30,995‌
South
Bow
USA
Infrastructure
Holdings
LLC,
5.58%,
10/1/34,
Callable
7/1/34
@
100
15,000‌
14,942‌
The
Howard
Hughes
Corp.
5.88%,
3/1/32,
Callable
9/1/28
@
102.94
(a)
13,000‌
12,901‌
6.13%,
3/1/34,
Callable
3/1/29
@
103.06
(a)
10,000‌
9,893‌
284,838‌
Utilities
(
1
.4
%
):
Black
Hills
Corp.,
6.00%,
1/15/35,
Callable
10/15/34
@
100
15,000‌
15,576‌
CenterPoint
Energy
Houston
Electric
LLC,
5.05%,
3/1/35,
Callable
12/1/34
@
100
35,000‌
34,938‌
CenterPoint
Energy
Restoration
Bond
Co.
III
LLC,
4.86%,
12/15/39
35,000‌
33,947‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
34
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Utilities
(1.4%):
(continued)
Cleco
Power
LLC,
5.30%,
1/15/36,
Callable
10/15/35
@
100
(a)
33,000‌
32,760‌
CMS
Energy
Corp.,
4.75%(H15T5Y+412bps),
6/1/50,
Callable
3/1/30
@
100
(b)
12,000‌
11,749‌
Constellation
Energy
Generation
LLC,
5.00%,
2/1/31,
Callable
2/1/27
@
101.67
(a)
9,000‌
8,988‌
Duquesne
Light
Holdings,
Inc.,
2.78%,
1/7/32,
Callable
10/7/31
@
100
(a)
15,000‌
13,207‌
Entergy
Louisiana
LLC,
5.15%,
9/15/34,
Callable
6/15/34
@
100
35,000‌
35,314‌
Evergy
Missouri
West
Storm
Funding
I
LLC,
5.10%,
12/1/38
13,363‌
13,442‌
Interstate
Power
and
Light
Co.,
5.60%,
6/29/35,
Callable
3/29/35
@
100
15,000‌
15,388‌
NextEra
Energy
Capital
Holdings,
Inc.,
6.00%(H15T5Y+184bps),
10/1/56,
Callable
7/4/31
@
100
(b)
8,000‌
7,996‌
Public
Service
Co.
of
Oklahoma,
5.45%,
1/15/36,
Callable
10/15/35
@
100
23,000‌
23,232‌
The
AES
Corp.,
5.75%,
7/15/33,
Callable
5/15/33
@
100
4,000‌
4,024‌
Vistra
Operations
Co.
LLC
7.75%,
10/15/31,
Callable
10/15/26
@
103.88
(a)
20,000‌
20,953‌
6.88%,
4/15/32,
Callable
4/15/27
@
103.44
(a)
20,000‌
20,718‌
292,232‌
Total
Corporate
Bonds
(Cost
$3,832,726)
3,810,520‌
Yankee
Dollar
(3.7%)
Communication
Services
(
0
.4
%
):
Altice
France
Lux
3/Altice
Holdings
1,
10.00%,
1/15/33,
Callable
10/1/26
@
101
(a)
20,495‌
20,132‌
Altice
France
SA
9.50%,
11/1/29,
Callable
10/1/26
@
101
(a)
12,000‌
12,185‌
6.50%,
4/15/32,
Callable
10/1/26
@
101
(a)
20,835‌
20,140‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Communication
Services
(0.4%):
(continued)
Telecom
Italia
Capital
SA,
7.20%,
7/18/36
25,000‌
27,353‌
79,810‌
Consumer
Discretionary
(
0
.4
%
):
Gildan
Activewear,
Inc.,
5.40%,
10/7/35,
Callable
7/7/35
@
100
(a)
33,000‌
32,015‌
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/29,
Callable
7/17/26
@
100
(a)
40,000‌
39,971‌
71,986‌
Energy
(
0
.2
%
):
Breakwater
Energy
Holdings
SARL,
9.25%,
11/15/30,
Callable
11/15/27
@
104.63
(a)
12,000‌
12,663‌
Harbour
Energy
PLC,
6.33%,
4/1/35,
Callable
1/1/35
@
100
(a)
15,000‌
15,287‌
27,950‌
Financials
(
1
.4
%
):
Ardonagh
Finco
Ltd.,
7.75%,
2/15/31,
Callable
2/15/27
@
103.88
(a)
25,000‌
25,285‌
Ardonagh
Group
Finance
Ltd.,
8.88%,
2/15/32,
Callable
2/15/27
@
104.44
(a)
25,000‌
24,290‌
Ascot
Group
Ltd.,
6.35%(H15T5Y+238bps),
6/15/35,
Callable
3/15/30
@
100
(a)(b)
13,000‌
13,094‌
Azorra
Finance
Ltd.,
6.25%,
2/15/34,
Callable
2/15/29
@
103.13
(a)
22,000‌
21,317‌
Credit
Agricole
SA,
6.25%(SOFR+267bps),
1/10/35,
Callable
1/10/34
@
100
(a)(b)
25,000‌
26,042‌
Fidelis
Insurance
Holdings
Ltd.,
7.75%(H15T5Y+428bps),
6/15/55,
Callable
12/15/34
@
100
(b)
12,000‌
12,622‌
GGAM
Finance
Ltd.
6.88%,
4/15/29,
Callable
8/1/26
@
103.44
(a)
12,000‌
12,274‌
5.88%,
3/15/30,
Callable
9/15/26
@
102.94
(a)
12,000‌
12,032‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
35
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Financials
(1.4%):
(continued)
Howden
UK
Refinance
PLC/Howden
UK
Refinance
2
PLC/Howden
US
Refinance
LLC
7.25%,
2/15/31,
Callable
2/15/27
@
103.63
(a)
25,000‌
24,215‌
8.13%,
2/15/32,
Callable
2/15/27
@
104.06
(a)
55,000‌
49,514‌
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30,
Callable
8/1/26
@
104.25
(a)
31,000‌
31,663‌
6.88%,
10/1/33,
Callable
10/1/28
@
103.44
(a)
30,000‌
27,936‌
Nationwide
Building
Society,
5.54%(SOFR+165bps),
7/14/36,
Callable
7/14/35
@
100
(a)(b)
35,000‌
35,255‌
Westpac
Banking
Corp.,
3.02%(H15T5Y+153bps),
11/18/36,
Callable
11/18/31
@
100
(b)
15,000‌
13,402‌
328,941‌
Health
Care
(
0
.2
%
):
1261229
BC
Ltd.,
10.00%,
4/15/32,
Callable
4/15/28
@
105
(a)
25,000‌
25,306‌
Bausch
+
Lomb
Corp.,
8.38%,
10/1/28,
Callable
7/12/26
@
104.19
(a)
12,000‌
12,344‌
37,650‌
Industrials
(
0
.7
%
):
Avianca
Midco
2
PLC,
9.50%,
1/28/31,
Callable
1/28/28
@
104.75
(a)
25,000‌
24,615‌
Avilease
Capital
Ltd.,
5.50%,
6/30/31,
Callable
5/30/31
@
100
(a)
8,000‌
8,044‌
Bombardier,
Inc.,
7.25%,
7/1/31,
Callable
7/1/27
@
103.63
(a)
25,000‌
26,172‌
Latam
Airlines
Group
SA,
7.63%,
1/7/31,
Callable
7/7/27
@
103.81
(a)
12,000‌
12,444‌
LG
Energy
Solution
Ltd.,
5.88%,
4/2/36
(a)
35,000‌
35,316‌
nVent
Finance
SARL,
5.65%,
5/15/33,
Callable
2/15/33
@
100
15,000‌
15,406‌
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
Industrials
(0.7%):
(continued)
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.,
9.50%,
6/1/28,
Callable
8/1/26
@
102.38
(a)
25,000‌
25,330‌
147,327‌
Information
Technology
(
0
.3
%
):
Open
Text
Corp.,
6.90%,
12/1/27,
Callable
11/1/27
@
100
(a)
50,000‌
51,117‌
Seagate
Data
Storage
Technology
Pte
Ltd.,
8.50%,
7/15/31,
Callable
7/15/26
@
104.25
(a)
12,000‌
12,540‌
63,657‌
Materials
(
0
.1
%
):
Cemex
SAB
de
CV,
5.75%,
6/5/36,
Callable
3/5/36
@
100
25,000‌
24,894‌
Total
Yankee
Dollar
(Cost
$788,637)
782,215‌
Municipal
Bond
(0.0%)
â€
Higher
Education
(
0
.0
%
):
San
Antonio
Education
Facilities
Corp.
Revenue,
3.15%,
4/1/37
5,000‌
3,772‌
Total
Municipal
Bond
(Cost
$3,756)
3,772‌
U.S.
Government
Agency
Mortgage
(27.0%)
U.S.
Government
Agency
Mortgage
(
27
.0
%
):
Federal
Home
Loan
Mortgage
Corporation
2.50%,
1/1/52
447,753‌
377,860‌
5.00%,
12/1/55
-
3/1/56
1,171,264‌
1,157,603‌
5.50%,
9/1/55
-
6/1/56
780,609‌
783,980‌
6.00%,
8/1/54
363,854‌
372,289‌
2,691,732‌
Federal
National
Mortgage
Association
3.00%,
3/1/53
442,474‌
387,512‌
3.50%,
12/1/52
12,093‌
11,102‌
4.00%,
7/1/53
-
2/1/55
431,706‌
406,727‌
4.50%,
3/1/56
810,876‌
778,836‌
5.00%,
6/1/56
10,000‌
9,836‌
5.50%,
10/1/55
-
6/1/56
791,094‌
794,589‌
2,388,602‌
Schedule
of
Portfolio
Investments
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
Fixed
Income
ETF
See
notes
to
financial
statements.
36
Percentages
indicated
are
based
on
net
assets
as
of
June
30,
2026
.
SECURITY
DESCRIPTION
PRINCIPAL
AMOUNT
($)
VALUE
($)
U.S.
Government
Agency
Mortgage
(27.0%):
(continued)
Government
National
Mortgage
Association
3.00%,
2/20/52
-
4/20/52
43,319‌
38,127‌
3.50%,
4/20/56
648,803‌
582,614‌
4.50%,
9/20/52
-
3/20/56
35,585‌
33,897‌
654,638‌
Total
U.S.
Government
Agency
Mortgage
(Cost
$5,774,718)
5,734,972‌
U.S.
Treasury
Obligations
(24.5%)
U.S.
Treasury
Bonds
5.00%,
5/15/37
250,000‌
262,344‌
4.38%,
11/15/39
416,000‌
403,975‌
4.63%,
2/15/46
1,096,000‌
1,052,331‌
4.75%,
2/15/56
551,000‌
535,417‌
U.S.
Treasury
Notes
3.88%,
4/15/29
25,000‌
24,813‌
4.63%,
5/31/31
150,000‌
152,695‌
4.13%,
4/30/33
850,000‌
840,836‌
3.38%,
5/15/33
278,000‌
262,580‌
4.25%,
5/15/35
49,000‌
48,426‌
4.13%,
2/15/36
1,650,000‌
1,610,296‌
Total
U.S.
Treasury
Obligations
(Cost
$5,196,322)
5,193,713‌
Total
Investments
(Cost
$21,179,223)
-
99.4%
21,086,283‌
Other
assets
in
excess
of
liabilities
-
0.6%
131,190‌
$
21,217,473‌
â€
Represents
less
than
0.05%.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2026,
the
fair
value
of
these
securities
was
$7,286
(thousands)
and
amounted
to
34.3%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
June
30,
2026.
(c)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
June
30,
2026.
(d)
Security
is
interest
only.
(e)
The
rates
for
this
senior
secured
loan
will
be
known
on
settlement
date
of
the
loan,
subsequent
to
this
report
date.
Senior
secured
loans
have
rates
that
will
fluctuate
over
time
in
line
with
prevailing
interest
rates.
(f)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
ABS
Asset-Based
Securities
bps
Basis
Points
CMO
Collateralized
Mortgage
Obligations
Continuously
callable
Investment
is
continuously
callable
or
will
be
continuously
callable
on
any
date
after
the
first
call
date
until
its
maturity.
H15T5Y
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
June
30,
2026
LLC
Limited
Liability
Corporation
LP
Limited
Partnership
MBS
Mortgage
-Based
Securities
SOFR
Secured
Overnight
Financing
Rate
SOFR01M
1
Month
SOFR,
rate
disclosed
as
of
June
30,
2026
SOFR03M
3
Month
SOFR,
rate
disclosed
as
of
June
30,
2026
TSFR1M
1
Month
Term
SOFR,
rate
disclosed
as
of
June
30,
2026
TSFR3M
3
Month
Term
SOFR,
rate
disclosed
as
of
June
30,
2026
Futures
Contracts
Long
Futures
Index
Futures
Expiration
Date
Number
of
Contracts
Notional
Amount
Value
Value
and
Unrealized
Appreciation/
(Depreciation)
10-Year
U.S.
Treasury
Note
Futures
9/21/26
3
$
327,528‌
$
329,672‌
$
2,144‌
30-Year
U.S.
Treasury
Bond
Futures
9/21/26
2
221,320‌
227,000‌
5,680‌
$
7,824‌
Statements
of
Assets
and
Liabilities
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
37
Timothy
Plan
US
Small
Cap
Core
ETF
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
ASSETS:
Investments,
at
value
(Cost
$303,848,091
and
$258,096,358)
$
358,631,355‌
$
303,636,338‌
Cash
540,099‌
550,854‌
Deposits
with
broker
for
futures
contracts
43,457‌
36,966‌
Interest
and
dividends
receivable
249,330‌
169,886‌
Receivable
for
capital
shares
issued
12,333‌
-‌
Receivable
for
investments
sold
105,711‌
-‌
Variation
margin
receivable
on
open
futures
contracts
2,676‌
2,400‌
Reclaims
receivable
-‌
1,284‌
Total
Assets
359,584,961‌
304,397,728‌
LIABILITIES:
Payable
for
investments
purchased
7,745‌
-‌
Accrued
expenses
and
other
payables:
-‌
-‌
Investment
advisory
fees
145,154‌
127,954‌
Total
Liabilities
152,899‌
127,954‌
Net
Assets
359,432,062‌
304,269,774‌
NET
ASSETS
CONSIST
OF:
Capital
$
321,785,257‌
$
272,544,863‌
Total
distributable
earnings/(loss)
37,646,805‌
31,724,911‌
Net
Assets
$
359,432,062‌
$
304,269,774‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
7,500,000‌
6,037,008‌
Net
asset
value
per
share:
$
47.92‌
$
50.40‌
Statements
of
Assets
and
Liabilities
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
38
Timothy
Plan
High
Dividend
Stock
ETF
Timothy
Plan
International
ETF
ASSETS:
Investments,
at
value
(Cost
$315,368,904
and
$203,166,502)
$
348,877,341‌
$
242,378,908‌
Foreign
currency,
at
value
(Cost
$-
and
$414,902)
-‌
414,865‌
Cash
1,287,936‌
1,254,916‌
Deposits
with
broker
for
futures
contracts
113,698‌
76,926‌
Interest
and
dividends
receivable
334,231‌
177,583‌
Variation
margin
receivable
on
open
futures
contracts
7,200‌
3,503‌
Reclaims
receivable
3,224‌
728,252‌
Total
Assets
350,623,630‌
245,034,953‌
LIABILITIES:
Payable
for
investments
purchased
-‌
338,944‌
Accrued
expenses
and
other
payables:
-‌
-‌
Investment
advisory
fees
148,494‌
123,323‌
Total
Liabilities
148,494‌
462,267‌
Net
Assets
350,475,136‌
244,572,686‌
NET
ASSETS
CONSIST
OF:
Capital
$
338,103,518‌
$
198,873,233‌
Total
distributable
earnings/(loss)
12,371,618‌
45,699,453‌
Net
Assets
$
350,475,136‌
$
244,572,686‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
8,297,350‌
6,600,000‌
Net
asset
value
per
share:
$
42.24‌
$
37.06‌
Statements
of
Assets
and
Liabilities
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
39
Timothy
Plan
Free
Cash
Flow
ETF
Timothy
Plan
Free
Cash
Flow
Growth
ETF
ASSETS:
Investments,
at
value
(Cost
$39,659,919
and
$32,656,577)
$
39,164,802‌
$
35,468,954‌
Cash
60,385‌
33,133‌
Interest
and
dividends
receivable
16,046‌
6,116‌
Total
Assets
39,241,233‌
35,508,203‌
LIABILITIES:
Payable
for
capital
shares
redeemed
834‌
-‌
Accrued
expenses
and
other
payables:
-‌
-‌
Investment
advisory
fees
19,225‌
16,291‌
Total
Liabilities
20,059‌
16,291‌
Net
Assets
39,221,174‌
35,491,912‌
NET
ASSETS
CONSIST
OF:
Capital
$
39,655,900‌
$
32,629,533‌
Total
distributable
earnings/(loss)
(
434,726‌
)
2,862,379‌
Net
Assets
$
39,221,174‌
$
35,491,912‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
1,575,000‌
1,275,000‌
Net
asset
value
per
share:
$
24.90‌
$
27.84‌
Statements
of
Assets
and
Liabilities
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
40
Timothy
Plan
Fixed
Income
ETF
ASSETS:
Investments,
at
value
(Cost
$21,179,223)
$
21,086,283‌
Cash
325,283‌
Deposits
with
broker
for
futures
contracts
35,029‌
Interest
and
dividends
receivable
180,214‌
Receivable
for
investments
sold
58,912‌
Total
Assets
21,685,721‌
LIABILITIES:
Payable
for
investments
purchased
456,702‌
Variation
margin
payable
on
open
futures
contracts
2,203‌
Accrued
expenses
and
other
payables:
-‌
Investment
advisory
fees
9,343‌
Total
Liabilities
468,248‌
Net
Assets
21,217,473‌
NET
ASSETS
CONSIST
OF:
Capital
$
21,263,377‌
Total
distributable
earnings/(loss)
(
45,904‌
)
Net
Assets
$
21,217,473‌
Shares
Outstanding
(unlimited
shares
authorized,
no
par
value):
850,000‌
Net
asset
value
per
share:
$
24.96‌
Statements
of
Operations
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
41
Timothy
Plan
US
Small
Cap
Core
ETF
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
Investment
Income:
Dividend
income
$
2,768,600‌
$
2,410,706‌
Interest
income
1,945‌
1,738‌
Foreign
tax
withholding
(2,411‌)
(49‌)
Total
Income
2,768,134‌
2,412,395‌
Expenses:
Investment
advisory
fees
796,809‌
856,946‌
Total
Expenses
796,809‌
856,946‌
Net
Investment
Income
(Loss)
1,971,325‌
1,555,449‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
6,220,462‌
7,748,840‌
Net
realized
gains
(losses)
from
in-kind
transactions
5,473,247‌
19,096,678‌
Net
realized
gains
(losses)
from
futures
contracts
129,102‌
80,730‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
33,132,047‌
5,880,519‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
35,589‌
(567‌)
Net
realized/unrealized
gains
on
investments
44,990,447‌
32,806,200‌
Change
in
net
assets
resulting
from
operations
$
46,961,772‌
$
34,361,649‌
Statements
of
Operations
-
continued
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
42
Timothy
Plan
High
Dividend
Stock
ETF
Timothy
Plan
International
ETF
Investment
Income:
Dividend
income
$
4,557,573‌
$
4,863,022‌
Interest
income
2,363‌
134‌
Foreign
tax
withholding
19‌
(723,072‌)
Total
Income
4,559,955‌
4,140,084‌
Expenses:
Investment
advisory
fees
878,585‌
694,729‌
Total
Expenses
878,585‌
694,729‌
Net
Investment
Income
(Loss)
3,681,370‌
3,445,355‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
and
foreign
currency
transactions
8,117,825‌
(927,307‌)
Net
realized
gains
(losses)
from
in-kind
transactions
3,089,009‌
13,683,494‌
Net
realized
gains
(losses)
from
futures
contracts
63,284‌
34,919‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
and
foreign
currency
translations
19,517,996‌
357,619‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
5,336‌
2,121‌
Net
realized/unrealized
gains
on
investments
30,793,450‌
13,150,846‌
Change
in
net
assets
resulting
from
operations
$
34,474,820‌
$
16,596,201‌
Statements
of
Operations
-
continued
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
43
Timothy
Plan
Free
Cash
Flow
ETF
(a)
Timothy
Plan
Free
Cash
Flow
Growth
ETF
(a)
Investment
Income:
Dividend
income
$
78,786‌
$
19,917‌
Foreign
tax
withholding
(750‌)
-‌
Total
Income
78,036‌
19,917‌
Expenses:
Investment
advisory
fees
28,017‌
24,404‌
Total
Expenses
28,017‌
24,404‌
Net
Investment
Income
(Loss)
50,019‌
(4,487‌)
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
in-kind
transactions
46,572‌
54,489‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
(495,117‌)
2,812,377‌
Net
realized/unrealized
gains/losses
on
investments
(448,545‌)
2,866,866‌
Change
in
net
assets
resulting
from
operations
$
(398,526‌)
$
2,862,379‌
(a)
Commencement
of
operations
on
May
5,
2026.
Statements
of
Operations
-
continued
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
Timothy
Plan
See
notes
to
financial
statements.
44
Timothy
Plan
Fixed
Income
ETF
(a)
Investment
Income:
Interest
income
$
145,254‌
Total
Income
145,254‌
Expenses:
Investment
advisory
fees
16,906‌
Total
Expenses
16,906‌
Net
Investment
Income
(Loss)
128,348‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investments
(22,939‌)
Net
change
in
unrealized
appreciation/depreciation
on
investments
(92,940‌)
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
7,824‌
Net
realized/unrealized
losses
on
investments
(108,055‌)
Change
in
net
assets
resulting
from
operations
$
20,293‌
(a)
Commencement
of
operations
on
May
5,
2026.
Statements
of
Changes
in
Net
Assets
Timothy
Plan
See
notes
to
financial
statements.
45
Timothy
Plan
US
Small
Cap
Core
ETF
Timothy
Plan
US
Large/Mid
Cap
Core
ETF
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
(Unaudited)
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
1,971,325‌
$
2,426,523‌
$
1,555,449‌
$
2,652,940‌
Net
realized
gains
(losses)
11,822,811‌
10,341,636‌
26,926,248‌
19,019,633‌
Net
change
in
unrealized
appreciation/depreciation
33,167,636‌
3,454,985‌
5,879,952‌
4,283,554‌
Change
in
net
assets
resulting
from
operations
46,961,772‌
16,223,144‌
34,361,649‌
25,956,127‌
Distributions
to
Shareholders:
Distributions
(
1,575,022‌
)
(
2,465,950‌
)
(
1,403,374‌
)
(
2,714,595‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
1,575,022‌
)
(
2,465,950‌
)
(
1,403,374‌
)
(
2,714,595‌
)
Change
in
net
assets
resulting
from
capital
transactions
36,824,048‌
93,698,090‌
(
46,395,594‌
)
26,667,469‌
Change
in
net
assets
82,210,798‌
107,455,284‌
(
13,437,319‌
)
49,909,001‌
Net
Assets:
Beginning
of
period
277,221,264‌
169,765,980‌
317,707,093‌
267,798,092‌
End
of
period
$
359,432,062‌
$
277,221,264‌
$
304,269,774‌
$
317,707,093‌
Capital
Transactions:
Proceeds
from
shares
issued
$
58,256,101‌
$
155,876,643‌
$
23,918,998‌
$
78,804,046‌
Proceeds
from
shares
issued
in
reorganization
-‌
-‌
-‌
18,016,109‌
Cost
of
shares
redeemed
(
21,432,053‌
)
(
62,178,553‌
)
(
70,314,592‌
)
(
70,152,686‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
36,824,048‌
$
93,698,090‌
$
(
46,395,594‌
)
$
26,667,469‌
Share
Transactions:
Issued
1,300,000‌
3,900,000‌
500,000‌
1,949,984‌
Issued
in
reorganization
-‌
-‌
-‌
387,025‌
Redeemed
(
500,000‌
)
(
1,550,000‌
)
(
1,450,000‌
)
(
1,600,001‌
)
Change
in
Shares
800,000‌
2,350,000‌
(
950,000‌
)
737,008‌
Statements
of
Changes
in
Net
Assets
-
continued
Timothy
Plan
See
notes
to
financial
statements.
46
Timothy
Plan
High
Dividend
Stock
ETF
Timothy
Plan
International
ETF
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
(Unaudited)
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
3,681,370‌
$
6,091,405‌
$
3,445,355‌
$
3,115,132‌
Net
realized
gains
(losses)
11,270,118‌
16,926,028‌
12,791,106‌
8,512,357‌
Net
change
in
unrealized
appreciation/depreciation
19,523,332‌
1,754,900‌
359,740‌
30,133,118‌
Change
in
net
assets
resulting
from
operations
34,474,820‌
24,772,333‌
16,596,201‌
41,760,607‌
Distributions
to
Shareholders:
Distributions
(
3,455,155‌
)
(
6,168,429‌
)
(
3,614,575‌
)
(
4,322,462‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
3,455,155‌
)
(
6,168,429‌
)
(
3,614,575‌
)
(
4,322,462‌
)
Change
in
net
assets
resulting
from
capital
transactions
1,976,726‌
60,743,170‌
35,570,220‌
46,457,702‌
Change
in
net
assets
32,996,391‌
79,347,074‌
48,551,846‌
83,895,847‌
Net
Assets:
Beginning
of
period
317,478,745‌
238,131,671‌
196,020,840‌
112,124,993‌
End
of
period
$
350,475,136‌
$
317,478,745‌
$
244,572,686‌
$
196,020,840‌
Capital
Transactions:
Proceeds
from
shares
issued
$
16,575,613‌
$
93,345,152‌
$
74,404,637‌
$
56,900,868‌
Proceeds
from
shares
issued
in
reorganization
-‌
23,553,231‌
-‌
-‌
Cost
of
shares
redeemed
(
14,598,887‌
)
(
56,155,213‌
)
(
38,834,417‌
)
(
10,443,166‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
1,976,726‌
$
60,743,170‌
$
35,570,220‌
$
46,457,702‌
Share
Transactions:
Issued
400,000‌
2,599,982‌
2,000,000‌
1,750,000‌
Issued
in
reorganization
-‌
597,368‌
-‌
-‌
Redeemed
(
350,000‌
)
(
1,500,000‌
)
(
1,050,000‌
)
(
350,000‌
)
Change
in
Shares
50,000‌
1,697,350‌
950,000‌
1,400,000‌
Statements
of
Changes
in
Net
Assets
-
continued
Timothy
Plan
See
notes
to
financial
statements.
47
Timothy
Plan
Free
Cash
Flow
ETF
Timothy
Plan
Free
Cash
Flow
Growth
ETF
Timothy
Plan
Fixed
Income
ETF
For
the
Period
May
5,
2026
(a)
through
June
30,
2026
For
the
Period
May
5,
2026
(a)
through
June
30,
2026
For
the
Period
May
5,
2026
(a)
through
June
30,
2026
(Unaudited)
(Unaudited)
(Unaudited)
From
Investment
Activities:
Operations:
Net
investment
income
(loss)
$
50,019‌
$
(
4,487‌
)
$
128,348‌
Net
realized
gains
(losses)
46,572‌
54,489‌
(
22,939‌
)
Net
change
in
unrealized
appreciation/depreciation
(
495,117‌
)
2,812,377‌
(
85,116‌
)
Change
in
net
assets
resulting
from
operations
(
398,526‌
)
2,862,379‌
20,293‌
Distributions
to
Shareholders:
Distributions
(
36,200‌
)
-‌
(
66,197‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
36,200‌
)
-‌
(
66,197‌
)
Change
in
net
assets
resulting
from
capital
transactions
39,655,900‌
32,629,533‌
21,263,377‌
Change
in
net
assets
39,221,174‌
35,491,912‌
21,217,473‌
Net
Assets:
Beginning
of
period
-‌
-‌
-‌
End
of
period
$
39,221,174‌
$
35,491,912‌
$
21,217,473‌
Capital
Transactions:
Proceeds
from
shares
issued
$
40,278,458‌
$
34,486,228‌
$
21,263,377‌
Cost
of
shares
redeemed
(
622,558‌
)
(
1,856,695‌
)
-‌
Change
in
net
assets
resulting
from
capital
transactions
$
39,655,900‌
$
32,629,533‌
$
21,263,377‌
Share
Transactions:
Issued
1,600,000‌
1,350,000‌
850,000‌
Redeemed
(
25,000‌
)
(
75,000‌
)
-‌
Change
in
Shares
1,575,000‌
1,275,000‌
850,000‌
(a)
Commencement
of
operations.
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
48
Timothy
Plan
US
Small
Cap
Core
ETF
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
41.38‌
$
39.03‌
$
35.34‌
$
30.39‌
$
35.49‌
$
27.71‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.28‌
0.45‌
0.38‌
0.36‌
0.34‌
0.40‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
6.48‌
2.34‌
3.69‌
4.97‌
(5.11‌)
7.78‌
Total
from
Investment
Activities
6.76‌
2.79‌
4.07‌
5.33‌
(4.77‌)
8.18‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.22‌)
(0.44‌)
(0.38‌)
(0.38‌)
(0.33‌)
(0.40‌)
Total
Distributions
(0.22‌)
(0.44‌)
(0.38‌)
(0.38‌)
(0.33‌)
(0.40‌)
Net
Asset
Value,
End
of
Period
$
47.92‌
$
41.38‌
$
39.03‌
$
35.34‌
$
30.39‌
$
35.49‌
Total
Return
(b)(c)
16.40‌%
7.22‌%
11.57‌%
17.64‌%
(13.45‌%)
29.62‌%
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)
1.28‌%
1.14‌%
1.02‌%
1.13‌%
1.09‌%
1.20‌%
Net
Assets,
End
of
Period
(000's)
$
359,432‌
$
277,221‌
$
169,766‌
$
102,476‌
$
71,422‌
$
56,792‌
Portfolio
Turnover
(b)(e)
30‌%
47‌%
44‌%
60‌%
59‌%
57‌%
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
ETF
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
45.47‌
$
42.85‌
$
38.22‌
$
33.47‌
$
38.65‌
$
30.93‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.22‌
0.40‌
0.37‌
0.36‌
0.35‌
0.24‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
4.92‌
2.62‌
4.64‌
4.73‌
(5.17‌)
7.72‌
Total
from
Investment
Activities
5.14‌
3.02‌
5.01‌
5.09‌
(4.82‌)
7.96‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.21‌)
(0.40‌)
(0.38‌)
(0.34‌)
(0.36‌)
(0.24‌)
Total
Distributions
(0.21‌)
(0.40‌)
(0.38‌)
(0.34‌)
(0.36‌)
(0.24‌)
Net
Asset
Value,
End
of
Period
$
50.40‌
$
45.47‌
$
42.85‌
$
38.22‌
$
33.47‌
$
38.65‌
Total
Return
(b)(c)
11.32‌%
7.09‌%
13.12‌%
15.30‌%
(12.48‌%)
25.82‌%
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)
0.94‌%
0.89‌%
0.90‌%
1.03‌%
1.02‌%
0.69‌%
Net
Assets,
End
of
Period
(000's)
$
304,270‌
$
317,707‌
$
267,798‌
$
236,951‌
$
179,060‌
$
168,140‌
Portfolio
Turnover
(b)(e)
20‌%
38‌%
(f)
25‌%
30‌%
26‌%
27‌%
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.
(f)
Excludes
the
merger
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
50
Timothy
Plan
High
Dividend
Stock
ETF
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
38.49‌
$
36.36‌
$
33.16‌
$
31.13‌
$
32.49‌
$
25.88‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.45‌
0.81‌
0.77‌
0.75‌
0.73‌
0.61‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
3.72‌
2.13‌
3.19‌
2.01‌
(1.35‌)
6.60‌
Total
from
Investment
Activities
4.17‌
2.94‌
3.96‌
2.76‌
(0.62‌)
7.21‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.42‌)
(0.81‌)
(0.76‌)
(0.73‌)
(0.74‌)
(0.60‌)
Total
Distributions
(0.42‌)
(0.81‌)
(0.76‌)
(0.73‌)
(0.74‌)
(0.60‌)
Net
Asset
Value,
End
of
Period
$
42.24‌
$
38.49‌
$
36.36‌
$
33.16‌
$
31.13‌
$
32.49‌
Total
Return
(b)(c)
10.84‌%
8.19‌%
11.99‌%
9.03‌%
(1.88‌%)
28.10‌%
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)
2.17‌%
2.13‌%
2.15‌%
2.39‌%
2.32‌%
2.07‌%
Net
Assets,
End
of
Period
(000's)
$
350,475‌
$
317,479‌
$
238,132‌
$
228,798‌
$
178,986‌
$
131,582‌
Portfolio
Turnover
(b)(e)
20‌%
49‌%
(f)
34‌%
41‌%
42‌%
43‌%
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.
(f)
Excludes
the
merger
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
51
Timothy
Plan
International
ETF
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
For
the
Year
Ended
December
31,
2024
For
the
Year
Ended
December
31,
2023
For
the
Year
Ended
December
31,
2022
For
the
Year
Ended
December
31,
2021
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
34.69‌
$
26.38‌
$
26.43‌
$
23.30‌
$
29.06‌
$
26.98‌
Investment
Activities:
Net
Investment
Income
(Loss)
(a)
0.56‌
0.68‌
0.63‌
0.64‌
0.66‌
0.56‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
2.38‌
8.55‌
0.11‌
3.12‌
(5.82‌)
2.21‌
Total
from
Investment
Activities
2.94‌
9.23‌
0.74‌
3.76‌
(5.16‌)
2.77‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.57‌)
(0.92‌)
(0.79‌)
(0.63‌)
(0.60‌)
(0.69‌)
Total
Distributions
(0.57‌)
(0.92‌)
(0.79‌)
(0.63‌)
(0.60‌)
(0.69‌)
Net
Asset
Value,
End
of
Period
$
37.06‌
$
34.69‌
$
26.38‌
$
26.43‌
$
23.30‌
$
29.06‌
Total
Return
(b)(c)
8.46‌%
35.44‌%
2.77‌%
16.41‌%
(17.80‌%)
10.34‌%
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)
3.07‌%
2.17‌%
2.34‌%
2.60‌%
2.72‌%
1.94‌%
Net
Assets,
End
of
Period
(000's)
$
244,573‌
$
196,021‌
$
112,125‌
$
97,801‌
$
76,875‌
$
82,827‌
Portfolio
Turnover
(b)(e)
18‌%
32‌%
35‌%
34‌%
39‌%
42‌%
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.
52
Timothy
Plan
Free
Cash
Flow
ETF
For
the
period
May
5,
2026
(a)
to
June
30,
2026
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
25.00‌
Investment
Activities:
Net
Investment
Income
(Loss)
(b)
0.04‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
(0.12‌)
Total
from
Investment
Activities
(0.08‌)
Distributions
to
Shareholders:
Net
Investment
Income
(0.02‌)
Total
Distributions
(0.02‌)
Net
Asset
Value,
End
of
Period
$
24.90‌
Total
Return
(c)(d)
(0.30‌%)
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(e)
0.59‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(e)
1.03‌%
Net
Assets,
End
of
Period
(000's)
$
39,221‌
Portfolio
Turnover
(c)(f)
0‌%
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.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
53
Timothy
Plan
Free
Cash
Flow
Growth
ETF
For
the
period
May
5,
2026
(a)
to
June
30,
2026
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
25.00‌
Investment
Activities:
Net
Investment
Income
(Loss)
(b)
-‌
(c)
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
2.84‌
Total
from
Investment
Activities
2.84‌
Net
Asset
Value,
End
of
Period
$
27.84‌
Total
Return
(d)(e)
11.35‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(f)
0.59‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(f)
(0.11‌%)
Net
Assets,
End
of
Period
(000's)
$
35,492‌
Portfolio
Turnover
(d)(g)
0‌%
Table
Line
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
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.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Excludes
impact
of
in-kind
transactions.
Financial
Highlights
-
continued
For
a
Share
Outstanding
Throughout
Each
Period
Timothy
Plan
See
notes
to
financial
statements.
54
Timothy
Plan
Fixed
Income
ETF
For
the
period
May
5,
2026
(a)
to
June
30,
2026
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
25.00‌
Investment
Activities:
Net
Investment
Income
(Loss)
(b)
0.16‌
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
(0.12‌)
Total
from
Investment
Activities
0.04‌
Distributions
to
Shareholders:
Net
Investment
Income
(0.08‌)
Total
Distributions
(0.08‌)
Net
Asset
Value,
End
of
Period
$
24.96‌
Total
Return
(c)(d)
0.17‌%
Ratios/Supplemental
Data:
Ratio
of
Expenses
to
Average
Net
Assets
(e)
0.55‌%
Ratio
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
(e)
4.11‌%
Net
Assets,
End
of
Period
(000's)
$
21,217‌
Portfolio
Turnover
(c)
32‌%
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.
Notes
to
Financial
Statements
June
30,
2026
(Unaudited)
Timothy
Plan
55
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
Free
Cash
Flow
ETF*
("Free
Cash
Flow
ETF"),
Timothy
Plan
Free
Cash
Flow
Growth
ETF*
("Free
Cash
Flow
Growth
ETF"),
and
Timothy
Plan
Fixed
Income
ETF*
("Fixed
Income
ETF")
(individually,
a
"Fund"
and
collectively,
the
"Funds").
The
Funds
seek
to
provide
investment
results
that
track
the
performance
of
an
underlying
index,
before
fees
and
expenses.
The
underlying
indices
for
the
US
Small
Cap
Core
ETF,
US
Large/Mid
Cap
Core
ETF,
High
Dividend
Stock
ETF,
International
ETF,
Free
Cash
Flow
ETF,
Free
Cash
Flow
Growth
ETF,
and
Fixed
Income
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
Volatility
Weighted
BRI
Index,
Victory
Free
Cash
Flow
Growth
BRI
Index,
and
Bloomberg
U.S.
Aggregate
Index
(individually,
an
"Index"
and
collectively,
the
"Indices"),
respectively.
*
Commenced
operations
May
5,
2026.
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")
for
US
Small
Cap
Core
ETF,
US
Large/Mid
Cap
Core
ETF,
High
Dividend
Stock
ETF
and
International
ETF
and
in
aggregations
for
25,000
Shares
(each
a
"Creation
Unit")
for
Free
Cash
Flow
ETF,
Free
Cash
Flow
Growth
ETF
and
Fixed
Income
ETF.
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.
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
56
Transaction
Fees
include
a
fixed
fee
("Fixed
Fee")
payable
to
the
Custodian
("Citibank
N.A."),
which
is
imposed
on
each
creation
and
redemption
transaction
regardless
of
the
number
of
Creation
Units
involved
in
the
transaction.
Transaction
Fees
may
also
include
an
additional
variable
charge
("Variable
Charge")
for
purchases
and
redemptions
of
Creation
Units
for
cash
or
involving
cash-in-lieu,
to
compensate
each
Fund
and
its
ongoing
shareholders
for
brokerage
and
market
impact
expenses
relating
to
Creation
Unit
transactions.
Under
certain
circumstances,
the
Transaction
Fees
may
be
waived
or
adjusted.
In
such
cases,
the
Authorized
Participant
will
reimburse
each
Fund
for,
among
other
things,
any
difference
between
the
market
value
at
which
the
securities
and/or
financial
instruments
were
purchased
by
each
Fund
and
the
cash-in-lieu
amount,
applicable
registration
fees,
brokerage
commissions
and
certain
taxes
and
other
costs
and
expenses
related
to
the
execution
of
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.
Debt
securities
are
valued
each
business
day
by
a
pricing
service
approved
by
the
valuation
designee
and
subject
to
the
oversight
of
the
Board.
The
pricing
service
uses
the
evaluated
bid
or
market
quotes
to
value
securities.
Debt
obligations
maturing
within
60
days
may
be
valued
at
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%
Free
Cash
Flow
ETF
$500
2.00%
Free
Cash
Flow
Growth
ETF
$250
2.00%
Fixed
Income
ETF
$250
2.00%
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
57
amortized
cost,
provided
that
the
amortized
cost
represents
the
fair
value
of
such
securities.
These
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy
.
Investments
for
which
there
are
no
such
quotations,
or
for
which
quotations
do
not
appear
reliable,
are
valued
at
fair
value
in
accordance
with
procedures
established
by
valuation
designee
and
under
the
general
supervision
and
oversight
of
the
Trust's
Board.
These
valuations
are
typically
categorized
as
Level
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,
2026
,
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
$
358,631,355
$
-
$
-
$
358,631,355
Total
358,631,355
-
-
358,631,355
Other
Financial
Instruments*
Assets:
Futures
Contracts
8,231
-
-
8,231
Total
$
8,231
$
-
$
-
$
8,231
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
$
303,634,143
$
-
$
-
$
303,634,143
Rights
$
-
$
-
$
2,195
$
2,195
Total
303,634,143
-
2,195
303,636,338
Other
Financial
Instruments*
Assets:
Futures
Contracts
2,393
-
-
2,393
Total
$
2,393
$
-
$
-
$
2,393
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
$
348,877,341
$
-
$
-
$
348,877,341
Total
348,877,341
-
-
348,877,341
Other
Financial
Instruments*
Assets:
Futures
Contracts
2,833
-
-
2,833
Total
$
2,833
$
-
$
-
$
2,833
International
ETF
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
58
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
242,369,214
$
-
$
-
$
242,369,214
Rights
$
9,694
$
-
$
-
$
9,694
Warrants
$
-
$
-
$
-(a)
$
-
Total
242,378,908
-
-
242,378,908
Other
Financial
Instruments*
Assets:
Futures
Contracts
2,093
-
-
2,093
Total
$
2,093
$
-
$
-
$
2,093
Free
Cash
Flow
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
39,164,802
$
-
$
-
$
39,164,802
Total
39,164,802
-
-
39,164,802
Free
Cash
Flow
Growth
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Common
Stocks
$
35,468,954
$
-
$
-
$
35,468,954
Total
35,468,954
-
-
35,468,954
Fixed
Income
ETF
Investment
Securities:
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Other
Significant
Unobservable
Inputs
Total
Corporate
Bonds
$
-
$
3,810,520
$
-
$
3,810,520
Collateralized
Mortgage
Obligations
$
-
$
1,779,679
$
-
$
1,779,679
Senior
Secured
Loan
$
-
$
443,475
$
-
$
443,475
U.S.
Government
Agency
Mortgage
$
-
$
5,734,972
$
-
$
5,734,972
U.S.
Treasury
Obligations
$
-
$
5,193,713
$
-
$
5,193,713
Asset-Backed
Securities
$
-
$
3,293,937
$
-
$
3,293,937
Municipal
Bonds
$
-
$
3,772
$
-
$
3,772
Collateralized
Loan
Obligations
$
-
$
44,000
$
-
$
44,000
Yankee
Dollar
$
-
$
782,215
$
-
$
782,215
Total
-
21,086,283
-
21,086,283
Other
Financial
Instruments*
Assets:
Futures
Contracts
7,824
-
-
7,824
Total
$
7,824
$
-
$
-
$
7,824
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
59
As
of
June
30,
2026
,
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,
2026
.
Municipal
Obligations:
The
values
of
municipal
obligations
can
fluctuate
and
may
be
affected
by
adverse
tax,
legislative,
or
political
changes,
and
by
financial
developments
affecting
municipal
issuers.
Payments
of
municipal
obligations
may
depend
on
a
relatively
limited
source
of
revenue,
resulting
in
greater
credit
risk.
Future
changes
in
federal
tax
laws
or
the
activity
of
an
issuer
may
adversely
affect
the
tax-exempt
status
of
municipal
obligations.
Mortgage-
and
Asset-Backed
Securities:
The
values
of
some
mortgage-related
or
asset-backed
securities
may
be
particularly
sensitive
to
changes
in
prevailing
interest
rates.
Early
repayment
of
principal
on
some
mortgage-related
securities
may
expose
the
Funds
to
a
lower
rate
of
return
upon
reinvestment
of
principal.
The
values
of
mortgage-
and
asset-backed
securities
depend
in
part
on
the
credit
quality
and
adequacy
of
the
underlying
assets
or
collateral
and
may
fluctuate
in
response
to
the
market's
perception
of
these
factors
as
well
as
current
and
future
repayment
rates.
Some
mortgage-
backed
securities
are
backed
by
the
full
faith
and
credit
of
the
U.S.
government
(e.g.,
mortgage-backed
securities
issued
by
the
Government
National
Mortgage
Association,
commonly
known
as
"Ginnie
Mae"),
while
other
mortgage-backed
securities
(e.g.,
mortgage-backed
securities
issued
by
the
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
commonly
known
as
"Fannie
Mae"
and
"Freddie
Mac,"
respectively),
are
backed
only
by
the
credit
of
the
government
entity
issuing
them.
In
addition,
some
mortgage-backed
securities
are
issued
by
private
entities
and,
as
such,
are
not
guaranteed
by
the
U.S.
government
or
any
agency
or
instrumentality
of
the
U.S.
government.
Collateralized
Loan
Obligations
("CLOs"):
CLOs
are
securities
issued
by
entities
that
are
collateralized
by
a
pool
of
loans.
CLOs
are
issued
in
multiple
classes
(tranches)
and
can
be
equity
or
debt
with
specific
adjustable
or
fixed
interest
rates
and
varying
maturities.
The
cash
flow
from
the
underlying
loans
is
used
to
pay
off
each
tranche
separately
within
the
debt,
or
senior
tranches.
Equity,
or
subordinated
tranches,
typically
are
not
paid
a
cash
flow
but
do
offer
ownership
in
the
CLO
itself
in
the
event
of
a
sale.
Real
Estate
Investment
Trusts
("REITs"):
The
Funds
may
invest
in
REITs
which
report
information
on
the
source
of
their
distributions
annually.
REITs
are
pooled
investment
vehicles
that
invest
primarily
in
income-producing
real
estate
or
real
estate
related
loans
or
interests
(such
as
mortgages).
Certain
distributions
received
from
REITs
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
Investment
Companies:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
on
the
last
business
day
of
the
reporting
period.
Interest
income
is
recognized
on
an
accrual
basis
and
includes,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received.
Gains
or
losses
realized
on
sales
of
securities
are
determined
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Withholding
taxes
on
interest,
dividends
and
gains
as
a
result
of
certain
investments
in
ADRs
by
the
Funds
have
been
provided
for
in
accordance
with
each
investment's
applicable
country's
tax
rules
and
rates.
Futures
Contracts:
During
the
period
ended
June
30,
2026
,
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
(a)
Zero
market
value.
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
60
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.
Summary
of
Derivative
Instruments
The
following
is
a
summary
of
the
fair
values
of
derivative
instruments
on
Statements
of
Assets
and
Liabilities,
categorized
by
risk
exposure,
as
of
June
30,
2026
:
*
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,
2026
:
Average
Notional
Value
The
table
below
summarizes
the
monthly
average
notional
value
of
futures
contracts
for
the
period
ended
June
30,
2026
:
Assets
Fund
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
-
US
Small
Cap
Core
ETF
$
8,231
US
Large/Mid
Cap
Core
ETF
2,393
High
Dividend
Stock
ETF
2,833
International
ETF
2,093
Interest
Rate
Risk
Exposure:
-
Fixed
Income
ETF
7,824
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
$
129,102
$
35,589
US
Large/Mid
Cap
Core
ETF
80,730
(567)
High
Dividend
Stock
ETF
63,284
5,336
International
ETF
34,919
2,121
Interest
Rate
Risk
Exposure:
-
-
Fixed
Income
ETF
-
7,824
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
61
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.
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,
2026
,
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,
2026,
were
as
follows:
Average
Notional
Value
Fund
Long
US
Small
Cap
Core
ETF
$
688,927
US
Large/Mid
Cap
Core
ETF
532,263
High
Dividend
Stock
ETF
954,875
International
ETF
1,175,228
Fixed
Income
ETF
185,099
Excluding
in-kind
transactions
Associated
with
in-kind
transactions
Fund
Purchases
Sales
Purchases
Sales
US
Small
Cap
Core
ETF
$
94,001,909
$
92,836,063
$
55,685,160
$
21,342,781
US
Large/Mid
Cap
Core
ETF
66,473,313
65,821,456
23,869,964
70,131,053
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
62
For
the
period
ended
June
30,
2026
,
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
pay
a
Management
Fee
equivalent
to
0.52%
and
International
ETF
pays
a
Management
Fee
equivalent
to
0.62%,
Free
Cash
Flow
ETF
and
Free
Cash
Flow
Growth
ETF
pays
a
Management
Fee
equivalent
to
0.59%
and
Fixed
Income
ETF
pays
a
Management
Fee
equivalent
to
0.55%,
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.
Pine
Advisor
Solutions
provides
compliance
services
to
the
Trust.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Advisor.
5.
INVESTMENT
RISKS:
The
following
describes
the
principal
risks
that
you
may
assume
as
an
investor
in
each
Fund.
The
risk
descriptions
below
provide
a
more
detailed
explanation
of
the
principal
investment
risks.
Excluding
in-kind
transactions
Associated
with
in-kind
transactions
Fund
Purchases
Sales
Purchases
Sales
High
Dividend
Stock
ETF
67,756,746
67,712,163
16,512,023
14,541,329
International
ETF
68,705,422
39,913,295
43,223,272
37,961,957
Free
Cash
Flow
ETF
131,481
-
40,103,590
-
Free
Cash
Flow
Growth
ETF
150,834
-
34,305,215
1,853,961
Fixed
Income
ETF
11,729,810
1,556,127
-
-
US
Small
Cap
Core
ET
US
Large/Mid
Cap
Core
ET
High
Dividend
Stock
ETF
International
ETF
Free
Cash
Flow
ETF
Free
Cash
Flow
Growth
ETF
Fixed
Income
ETF
Excluded
Security
Risk
X
X
X
X
X
X
X
Equity
Securities
Risk
X
X
X
X
X
X
Index
Risk
X
X
X
X
X
X
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
63
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.
Equity
Securities
Risk
The
value
of
the
equity
securities
in
which
the
Fund
invests
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company's
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
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.
Limited
History
of
Operations
The
Fund
is
fairly
new
and,
therefore,
has
a
limited
history
of
operations
for
investors
to
evaluate
.
Foreign
Investing
Risk
Foreign
investing
risk
is
the
possibility
that
the
value
of
a
Fund's
investments
in
foreign
companies,
or
securities
of
companies
with
significant
business
operations
outside
of
the
U.S.,
will
decrease
because
of
currency
exchange-rate
fluctuations;
foreign
market
illiquidity;
emerging-
market
risk;
increased
price
volatility;
uncertain
political
conditions;
exchange
control
regulations;
foreign
ownership
limits;
different
accounting,
reporting,
and
disclosure
requirements;
less
publicly
available
information
about
foreign
issuers;
difficulties
in
obtaining
legal
judgments;
and
foreign
withholding
taxes,
among
other
challenges
in
non-U.S.
investments.
Foreign
investing
may
result
in
a
Fund
experiencing
more
rapid
and
extreme
changes
in
value
than
a
fund
that
invests
exclusively
in
securities
of
U.S.
companies
or
companies
primarily
with
domestic
operations.
Foreign
investments
may
be
more
difficult
to
value
than
U.S.
securities.
Risks
that
require
additional
consideration
are:
•
Currency
Risk
-
Investments
in
foreign
currencies
and
in
securities
that
trade
in,
or
receive
revenues
in,
or
in
derivatives
that
provide
exposure
to,
foreign
currencies
are
subject
to
the
risk
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Any
such
decline
may
erode
or
reverse
any
potential
gains
from
an
investment
in
securities
denominated
in
foreign
currency
or
may
widen
existing
losses.
Currency
rates
may
fluctuate
significantly
over
short
periods
of
time
for
a
number
of
reasons,
including
changes
in
interest
rates;
intervention
(or
the
failure
to
intervene)
by
governments,
central
banks
or
supranational
entities;
the
imposition
of
currency
controls;
or
other
political
Large-Capitalization
Stock
Risk
X
X
X
X
Limited
History
of
Operations
X
X
X
Foreign
Investing
Risk
X
X
Foreign
Securities
Risk
X
X
Mid-Capitalization
Stock
Risk
X
X
Small
Company
Risk
X
Debt
Securities
or
Bond
Risk
X
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
64
developments
in
the
United
States
or
abroad.
•
Depositary
Receipts
Risk
-
Foreign
securities
may
trade
in
the
form
of
depositary
receipts,
which
include
ADRs
and
GDRs
(collectively
Depositary
Receipts).
To
the
extent
a
Fund
acquires
Depositary
Receipts
through
banks
that
do
not
have
a
contractual
relationship
with
the
foreign
issuer
of
the
security
underlying
the
Depositary
Receipts
to
issue
and
service
such
unsponsored
Depositary
Receipts,
a
Fund
may
not
become
aware
of
and
be
able
to
respond
to
corporate
actions
such
as
stock
splits
or
rights
offerings
involving
the
foreign
issuer
in
a
timely
manner.
In
addition,
the
lack
of
information
may
result
in
inefficiencies
in
the
valuation
of
such
instruments.
Investment
in
Depositary
Receipts
does
not
eliminate
all
the
risks
inherent
in
investing
in
securities
of
non-U.S.
issuers.
The
market
value
of
Depositary
Receipts
is
dependent
upon
the
market
value
of
the
underlying
securities
and
fluctuations
in
the
relative
value
of
the
currencies
in
which
the
Depositary
Receipts
and
the
underlying
securities
are
quoted.
•
Political
Risk
-
Political
risk
includes
a
greater
potential
for
coups
d'état,
revolts,
and
expropriation
by
governmental
organizations.
•
European
Economic
Risk
-
On
January
31,
2020,
the
United
Kingdom
("UK")
left
the
European
Union
("EU"),
commonly
referred
to
as
a
"Brexit."
The
impact
of
Brexit
is
so
far
uncertain.
The
effect
on
the
UK's
economy
will
likely
depend
on
the
ongoing
nature
of
trade
relations
with
the
EU.
Brexit
may
cause
increased
volatility
and
may
have
a
significant
adverse
impact
for
some
time
on
business
activity,
world
financial
markets,
international
trade
agreements,
the
UK
and
European
economies
and
the
broader
global
economy.
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
Mid-Capitalization
Stock
Risk
Mid-sized
companies
may
be
subject
to
a
number
of
risks
not
associated
with
larger,
more
established
companies,
potentially
making
their
stock
prices
more
volatile
and
increasing
the
risk
of
loss.
Small
Company
Risk
Small
company
stocks
present
above-average
risks.
This
means
that
when
stock
prices
decline
overall,
the
Portfolios
may
decline
more
than
a
broad-based
securities
market
index.
These
companies
usually
offer
a
smaller
range
of
products
and
services
than
larger
companies.
They
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.
Debt
Securities
or
Bond
Risk
The
Fund
is
subject
to
the
risk
that
the
market
value
of
the
bonds
in
the
Fund's
portfolio
will
fluctuate
because
of
changes
in
interest
rates,
changes
in
the
supply
of
and
demand
for
debt
securities,
and
other
market
factors.
Bond
prices
generally
are
linked
to
the
prevailing
market
interest
rates.
In
general,
when
interest
rates
rise,
bond
prices
typically
fall;
conversely,
when
interest
rates
fall,
bond
prices
typically
rise.
The
price
volatility
of
a
bond
also
depends
on
its
duration,
which
is
a
measure
of
a
bond's
sensitivity
to
a
change
in
interest
rates
Generally,
the
longer
the
duration
of
a
bond,
the
greater
is
its
sensitivity
to
interest
rates.
To
compensate
investors
for
this
higher
interest
rate
risk,
bonds
with
longer
durations
generally
offer
higher
yields
than
bonds
with
shorter
durations.
Should
the
U.S.Federal
Reserve
raise
interest
rates,
the
Fund
may
be
subject
to
risks
associated
with
rising
interest
rates.
The
fixed-income
securities
in
the
Fund's
portfolio
also
are
subject
to
credit
risk,
which
is
the
possibility
that
an
issuer
of
a
fixed-income
security
cannot
make
timely
interest
and
principal
payments
on
its
securities
or
that
negative
market
perceptions
of
the
issuer's
ability
to
make
such
payments
will
cause
the
price
of
that
security
to
decline.
The
Fund
accepts
some
credit
risk
as
a
recognized
means
to
enhance
an
investor's
return.
6.
FEDERAL
INCOME
TAX
INFORMATION:
The
tax
characteristics
of
distributions
paid
to
shareholders
during
the
year/period
ended
December
31,
2025
were
as
follows:
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
65
.
At
December
3
1
,
202
5
,
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
3
1
,
202
5
,
the
cost
basis
for
federal
income
tax
purposes,
gross
unrealized
appreciation,
gross
unrealized
depreciation
and
net
unrealized
appreciation
(depreciation)
for
investments
were
as
follows:
In
this
reporting
period,
the
Funds
adopted
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Update
2023-09,
"Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures"
("ASU
2023-09").
Adoption
of
the
new
standard
by
the
Funds
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds'
financial
position
or
results
of
operations.
A
disaggregation
of
income
taxes
paid
by
jurisdiction
is
presented
when
significant
income
taxes
are
paid.
Income
taxes
paid
by
the
Funds
for
the
year
ended
December
31,
2025,
were
determined
to
not
be
significant.
7.
SEGMENT
REPORTING:
The
Adviser's
Management
Committee acts
as
each
Fund's
Chief
Operating
Decision
Maker
("CODM").
Each
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
each
Fund
as
a
whole
and
the
Fund's
long-term
strategic
asset
allocation
is
predetermined
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.
Year
Ended
December
31,
2025
Distributions
Paid
From:
Fund
Ordinary
Income
Total
Taxable
Distributions
Total
Distributions
Paid
*
US
Small
Cap
Core
ETF
$
2,465,950
$
2,465,950
$
2,465,950
US
Large/Mid
Cap
Core
ETF
2,714,595
2,714,595
2,714,595
High
Dividend
Stock
ETF
6,168,429
6,168,429
6,168,429
International
ETF
4,322,462
4,322,462
4,322,462
*
Total
distributions
paid
may
differ
from
the
Statements
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
Fund
Short-Term
Amount
Long-Term
Amount
Total
US
Small
Cap
Core
ETF
$
(19,316,930)
$
(9,943,863)
$
(29,260,793)
US
Large/Mid
Cap
Core
ETF*
(11,735,681)
(16,452,664)
(28,188,345)
High
Dividend
Stock
ETF*
(7,975,457)
(12,831,058)
(20,806,515)
International
ETF
(591,243)
(3,945,222)
(4,536,465)
*
All
or
a
portion
are
limited
as
a
result
of
changes
in
ownership
in
connection
with
merger
reorganization.
Unused
limitations
during
a
year
accumulate
for
future
use
in
offsetting
net
capital
gains.
IRC
Section
382
limitations
of
short-term
$9,771,987
and
long-term
$2,791,824
and
short-term
$11,379,751
and
long-term
$577,195
are
included
in
the
above
amounts
for
US
Large/Mid
Cap
Core
ETF
and
High
Dividend
Stock
ETF,
respectively.
Fund
Cost
of
Investments
for
Federal
Tax
Purposes
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
US
Small
Cap
Core
ETF
$
254,392,782
$
32,771,312
$
(11,250,464)
$
21,520,848
US
Large/Mid
Cap
Core
ETF
277,032,509
51,532,126
(12,045,084)
39,487,042
High
Dividend
Stock
ETF
302,254,071
26,918,525
(13,035,363)
13,883,162
International
ETF
158,643,134
41,625,890
(5,034,804)
36,591,086
Notes
to
Financial
Statements
-
continued
June
30,
2026
(Unaudited)
Timothy
Plan
66
8.
SUBSEQUENT
EVENTS:
Management
has
evaluated
subsequent
events
through
the
date
these
financial
statements
were
issued.
Distributions
Subsequent
to
June
30,
2026,
the
Funds
paid
a
distribution
from
ordinary
income
for
the
following
amounts:
Fund
7/9/2026
8/7/2026
US
Small
Cap
Core
ETF
$
413,160
$
110,347
US
Large/Mid
Cap
Core
ETF
157,234
60,670
High
Dividend
Stock
ETF
408,962
281,35
6
International
ETF
476,982
-
Free
Cash
Flow
ETF
16,964
16,334
Fixed
Income
ETF
82,103
77,77
4
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
(Form
N-CSR
Item
11)
June
30,
2026
Timothy
Plan
67
Renewal
of
Investment
Advisory
Agreement
between
the
Trust
and
Timothy
Partners,
Ltd.
("TPL")
At
an
in-person
meeting
held
on
February
26-27,
2026,
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,
and
International
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
2026
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
other
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
considered
the
fees
charged
by
the
Advisor
in
light
of
the
services
provided
to
the
Funds
by
the
Advisor,
the
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
(Form
N-CSR
Item
11)
-
continued
June
30,
2026
Timothy
Plan
68
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
within
the
range
of
fees
charged
by
competitors
with
similar
screens.
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.
Renewal
of
Sub-Advisory
Agreement
with
Victory
Capital
Management,
Inc.
The
Trustees
next
considered
the
Sub-Advisory
Agreement
between
the
Trust,
TPL
and
Victory
Capital
Management,
Inc.
(the
"Sub-Advisor"
or
"Victory"),
on
behalf
of
each
Fund.
The
Trustees
reviewed
the
2026
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
providing
a
qualified
compliance
officer
to
oversee
its
compliance
program.
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
(Form
N-CSR
Item
11)
-
continued
June
30,
2026
Timothy
Plan
69
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
it
received
and
represented
an
arms'-length
negotiation
between
the
Advisor
and
Victory.
Accordingly,
the
Trustees
did
not
consider
the
profitability
of
the
Sub-Advisor's
relationship
with
the
Funds,
but
rather
limited
their
inquiry
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.
Consideration
of
Matters
Related
to
Launch
of
New
ETFs:
Timothy
Plan
Free
Cash
Flow
ETF,
Timothy
Plan
Free
Cash
Flow
Growth
ETF,
and
Timothy
Plan
Fixed
Income
ETF
At
the
same
Board
meeting
held
February
26-27,
2026,
the
Trustees
also
considered
a
new
Investment
Advisory
Agreement
between
the
Trust
and
TPL
and
a
new
Sub-Advisory
Agreement
with
Victory
with
respect
to
three
new
ETFs:
Timothy
Plan
Free
Cash
Flow
ETF,
Timothy
Plan
Free
Cash
Flow
Growth
ETF,
and
Timothy
Plan
Fixed
Income
ETF
(the
"New
Funds").
Fund
counsel
reviewed
the
standards
of
review
required
of
Trustees,
and
Independent
Trustees
in
particular,
with
respect
to
the
approval
of
advisory
and
sub-advisory
agreements.
The
Trustees
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
services
to
be
provided
to
the
New
Funds
by
the
Advisor.
The
Trustees
specifically
reviewed
the
qualifications,
backgrounds,
and
responsibilities
of
the
key
personnel
who
oversee
the
investment
management
and
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
(Form
N-CSR
Item
11)
-
continued
June
30,
2026
Timothy
Plan
70
day-to-day
operations
of
the
New
Funds.
The
Trustees
considered
that
the
Advisor
has
a
staff
of
skilled
investment
professionals
who
provide
research
and
trading
services
to
the
New
Funds
and
determined
that
the
Advisor
possesses
adequate
resources
to
manage
the
New
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
New
Funds,
as
set
forth
in
the
New
Funds'
prospectuses.
The
Trustees
considered
that
the
Advisor
has
not
previously
served
as
the
investment
advisor
to
the
New
Funds
and,
as
such,
does
not
have
a
record
of
prior
performance
of
managing
the
New
Funds
to
submit
at
the
Meeting.
The
Trustees
took
into
account
information
that
they
received
about
the
Advisor's
management
of
other
ETFs.
The
Trustees
concluded
that
based
on
the
New
Funds'
investment
strategy
and
the
Advisor's
presentation,
the
Advisor
had
the
expertise
to
fulfill
the
New
Funds'
investment
mandate.
The
Trustees
next
considered
information
regarding
the
New
Funds'
projected
expense
ratios
and
their
various
components,
including
the
proposed
management
fees
for
the
New
Funds.
They
compared
each
New
Fund's
proposed
fees,
projected
expenses
and
overall
expense
ratio
to
expense
information
for
each
New
Fund's
peer
group,
as
presented
by
the
Advisor.
The
Trustees
found
that
the
proposed
management
fee
rate
appeared
to
be
reasonable
for
the
management
of
each
New
Fund's
portfolio
under
the
strategy
described
for
the
initial
term
of
the
Investment
Advisory
Agreement.
The
Trustees
considered
the
Advisor's
anticipated
profitability.
The
Trustees
considered
that,
as
the
Advisor
has
not
previously
served
as
the
investment
advisor
to
the
New
Funds,
no
record
of
profitability
with
respect
to
each
New
Fund
exists.
The
Trustees
also
took
into
account
the
Advisor's
estimated
costs
of
managing
the
New
Funds
and
information
provided
by
the
Advisor
regarding
its
financial
condition.
The
Trustees
considered
whether
the
Advisor
would
realize
economies
of
scale
with
respect
to
its
management
of
the
New
Funds,
but
noted
that,
as
the
New
Funds
currently
had
no
assets,
there
were
no
economies
of
scale.
The
Trustees
also
reviewed
materials
provided
by
the
Sub-Advisor
regarding
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
New
Funds
by
the
Sub-Advisor,
including
an
overview
of
the
Sub-Advisor
and
the
personnel
who
would
perform
services
for
the
New
Funds.
The
Trustees
reviewed
the
most
recent
Form
ADV
for
the
Sub-Advisor
and
considered
the
qualifications,
background
and
responsibilities
of
the
members
of
the
Sub-Advisor's
portfolio
management
team.
The
Trustees
also
took
into
account
information
previously
presented
by
the
Sub-Advisor
regarding
the
proposed
operation
of
the
New
Funds
at
the
November
21,
2025
regular
Board
meeting
and
at
the
special
Board
meeting
held
December
1,
2025.
The
Trustees
considered
that
the
Sub-Advisor
has
not
previously
served
as
the
investment
advisor
to
the
New
Funds
and,
as
such,
does
not
have
a
record
of
prior
performance
of
managing
the
New
Funds
to
submit
at
the
Meeting.
The
Trustees
took
into
account
information
that
they
had
received
about
Victory's
management
of
other
ETFs.
The
Trustees
concluded
that
based
on
the
New
Funds'
investment
strategy
and
the
Sub-Advisor's
presentations,
the
Sub-Advisor
had
the
expertise
to
fulfill
the
New
Funds'
investment
mandate.
The
Trustees
next
considered
information
regarding
the
New
Funds'
projected
expense
ratios,
including
the
proposed
sub-advisory
fee
for
each
New
Fund.
The
Trustees
noted
that
the
sub-advisory
fee
would
be
paid
by
the
Advisor
out
of
the
unitary
fee
it
received
and
represented
an
arms'-length
negotiation
Approval
of
Investment
Advisory
and
Sub-Advisory
Agreement
(Form
N-CSR
Item
11)
-
continued
June
30,
2026
Timothy
Plan
71
between
the
Advisor
and
Victory.
Accordingly,
the
Trustees
did
not
consider
Victory's
projected
profitability
or
possible
economies
of
scale.
The
Trustees
found
that
the
proposed
sub-advisory
fee
rate
appeared
to
be
fair
and
reasonable
for
the
management
of
each
New
Fund's
portfolio
under
the
strategy
described
for
the
initial
term
of
the
Sub-Advisory
Agreement.
The
Trustees,
having
requested
and
received
such
information
from
the
Advisor
and
Sub-Advisor
as
they
believed
reasonably
necessary
to
evaluate
the
terms
of
the
proposed
Advisory
Agreement
and
Sub-
Advisory
Agreement,
determined
that
approval
of
the
Advisory
Agreement
and
Sub-Advisory
Agreement
for
initial
two-year
terms
was
in
the
best
interests
of
the
New
Funds
and
their
shareholders.
Visit
our
website
at
etf.timothyplan.com
Call
Timothy
Plan
at
800.846.7526
Timothy
Plan
1055
Maitland
Center
Commons
Maitland,
Florida
32751
PAST
PERFORMANCE
DOES
NOT
GUARANTEE
FUTURE
RESULTS,
AND
YOU
MAY
LOSE
MONEY.
You
should
consider
the
Fund's
investment
objectives,
risks,
charges,
and
expenses.
This
and
other
important
information
can
be
found
in
the
Fund's
prospectus.
To
obtain
a
copy,
visit
timothyplan.com
or
call
800.846.7526.
Read
the
prospectus
carefully
before
investing
or
sending
money.
ETFs
distributed
by
Foreside
Fund
Services,
LLC,
member
FINRA
and
SIPC.
Timothy
Partners,
Ltd.
is
not
affiliated
with
Foreside
Fund
Services,
LLC.
(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) 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 4, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Brian Mumbert
Brian Mumbert, President and Principal Executive Officer
Date September 4, 2026
By (Signature and Title) /s/ Greg Ally
Greg Ally, Treasurer and Principal Financial Officer
Date September 4, 2026
Timothy Plan published this content on September 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 04, 2026 at 17:22 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]